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251114.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 Friday, November 14, 2025, Vol. 28, No. 228 Headlines A U S T R A L I A ARCHITECTURAL SIGN: First Creditors' Meeting Set for Nov. 17 DERRIMUT 247: First Creditors' Meeting Set for Nov. 17 EXOTICATHLETICA: To Shut Doors After Falling Into Administration GRAPE EXPECTATIONS: First Creditors' Meeting Set for Nov. 19 GRAPE EXPECTATIONS: Placed in Voluntary Administration HIGH-ST HIRE: First Creditors' Meeting Set for Nov. 19 LIBERTY FUNDING 2025-1: Moody's Assigns B1 Rating to AUD5MM F Notes MENULOG PTY: Closing Down After Nearly Two Decades MINERAL RESOURCES: Inks AUD1.2BB Lithium Deal With Korea's POSCO SUPERIOR WALLS: First Creditors' Meeting Set for Nov. 18 THIRD SECTOR: Second Creditors' Meeting Set for Nov. 18 WYNN HEALTHCARE: Second Creditors' Meeting Set for Nov. 18 C H I N A FANTASIA HOLDINGS: Faces Legal Dispute Over Subsidiary Shares ZHONGLIANG HOLDINGS: Posts RMB10.31BB in Contracted Sales I N D I A ANI TECHNOLOGIES: Moody's Lowers CFR to Caa1, Outlook Negative APEX SURATGARH: CARE Keeps C Debt Rating in Not Cooperating BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating COMPUAGE INFOCOM: CARE Keeps D Debt Ratings in Not Cooperating DAKSHA PROPERTY: CRISIL Keeps D Debt Ratings in Not Cooperating DYNAMIC REFRACTORIES: CARE Keeps D Debt Ratings in Not Cooperating EISHA CONCORD: CARE Keeps B- Debt Rating in Not Cooperating FASHION IMPEX: CARE Keeps C Debt Ratings in Not Cooperating HARIOM FLEXI: CARE Keeps B- Debt Ratings in Not Cooperating INDIAN MARINE: CRISIL Reaffirms B Rating on INR9cr Export Debt JD HARDSCAPES: CARE Lowers Rating on INR30.50cr LT Loan to B+ JOSHODA OIL: CARE Keeps B Debt Rating in Not Cooperating Category KUDROLI BUILDERS: CARE Reaffirms D Rating on INR17cr LT Loan LAKSHMI ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating LOKESH INFRAPROJECT: CARE Keeps B- Debt Rating in Not Cooperating NSL KRISHNAVENI: CRISIL Lowers Rating on INR49.89cr Loan to D NYALKARAN INFRA: CARE Keeps B- Debt Rating in Not Cooperating PRASAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating RAAJMAHAL DEVELOPERS: CRISIL Keeps B Ratings in Not Cooperating RAMESHWAR COTEX: CARE Keeps B- Debt Ratings in Not Cooperating S. SATYANARAYANA: CARE Lowers Rating on INR12cr ST/LT Loans to D SHUBH MANGAL: CRISIL Keeps D Debt Ratings in Not Cooperating SIDDHARTH AGRO: CARE Keeps C Debt Rating in Not Cooperating SUBHLENE FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating SUN FOODS: CRISIL Reaffirms B Rating on INR25cr Cash Credit J A P A N SHISEIDO CO: Expects to Post Record Annual Net Loss of JPY52BB N E W Z E A L A N D INDIAN VILLAGE: Creditors' Proofs of Debt Due on Dec. 8 JIMMYS SMOKE: Creditors' Proofs of Debt Due on Nov. 30 KAMO WILDLIFE: Begins Euthanizing Lions, Citing Financial Troubles MANAWATU LOG: Creditors' Proofs of Debt Due on Dec. 12 TURNERS' CONTRACTING: Court to Hear Wind-Up Petition on Dec. 8 WIKELEY FAMILY: Court to Hear Wind-Up Petition on Feb. 9 S I N G A P O R E EURO SCAFFOLD: Commences Wind-Up Proceedings GROWY SINGAPORE: Creditors' Meeting Set for Nov. 26 GUTHRIE DBP: Creditors' Proofs of Debt Due on Dec. 11 H.I.T. GYM: Placed in Creditors' Voluntary Liquidation KOZE PTE: Court to Hear Wind-Up Petition on Nov. 28 LIBERTY INDUSTRIES: Creditors' Meeting Set for Nov. 26 MECH MARINE: Court Enters Wind-Up Order MYDOCLAB PTE: Placed in Creditors' Voluntary Liquidation THANYAPURA WORLD: Creditors' Proofs of Debt Due on Dec. 16 ZACK MARINE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ARCHITECTURAL SIGN: First Creditors' Meeting Set for Nov. 17 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Architectural Sign Industries Pty Limited and Hillmont Engraved Signs NSW Pty Limited will be held on Nov. 17, 2025 at 10:30 a.m. virtually via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on Nov. 5, 2025. DERRIMUT 247: First Creditors' Meeting Set for Nov. 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Derrimut 247 Gym (SA) Pty Ltd, Derrimut 247 Gym (VIC) Pty Ltd and A.C.N. 139 283 104 Pty Ltd will be held on Nov. 17, 2025 at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Nov. 5, 2025. EXOTICATHLETICA: To Shut Doors After Falling Into Administration ---------------------------------------------------------------- News.com.au reports that Australian active wear label Exoticathletica will cease trading after it fell into voluntary administration with AUD13 million in debts. According to news.com.au, the company posted on social media they will close its doors on Sunday [Nov. 16] after 10 years of "wild, messy, fabulous leggings, crops and chaos". "It's time for us to say something we never thought we would: Exotica is closing our doors on Sunday," the post read. "We built this brand for women who dare themselves, who sweat, laugh, cry and strut in every shape and size imaginable. "We've loved watching you own your bodies, your moves, and your boldness. You made it bigger, louder, and wilder than we ever imagined. "To our creators, our ride-or-die customers, and our team of absolute legends: thank you for every story, every post, every cheer, every 'yes you can.' "You made Exotica unforgettable." The company was established in 2014 and built a loyal customer base and following for its bold and body-positive designs, but went into voluntary administration in April. SV Partners administrators Matthew Hudson and Terry van der Velde said in a statement earlier this year, a change of senior management and increased operational expenses had challenged the company in recent years, news.com.au recalls. They had hoped to find a buyer while the company remained operational. The Courier Mail reported on Nov. 11 the company owed AUD6.2 million to unsecured creditors including AUD800,000 to the Australian Taxation Office and left customers AUD172,576 out of pocket, news.com.au discloses. Exoticathletica, an online Australian activewear label, was founded by Leilani Chandler in Noosa in 2014, offering boldly printed, vibrant workout clothes for women of all shapes and sizes. GRAPE EXPECTATIONS: First Creditors' Meeting Set for Nov. 19 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Grape Expectations Enterprises Pty Ltd and Grape Expectations Vintners Pty Ltd will be held on Nov. 19, 2025 at 2:00 p.m. at the offices of Cor Cordis at Mezzanine Level, 28 The Esplanade in Perth and via virtual meeting technology. Thomas Birch and Jeremy Joseph Nipps of Cor Cordis were appointed as administrators of the company on Nov. 7, 2025. GRAPE EXPECTATIONS: Placed in Voluntary Administration ------------------------------------------------------ Jeremy Nipps and Thomas Birch of restructuring advisory firm Cor Cordis have been appointed Voluntary Administrators of Grape Expectations Enterprises Pty Ltd and Grape Expectations Vintners Pty Ltd on Nov. 7, 2025. Trading as Tate Wines, the Companies form part of a long-standing, family-run winemaking group based in Western Australia's Margaret River region. Established in 2006, the group draws on the Tate family's winemaking heritage, dating back to 1974, and produces a portfolio of premium and contract wines under recognised labels, including Franklin Tate Estates, Miles From Nowhere, Small World, and Tatelbaum. Immediately following the appointment of the Administrators, Receivers and Managers were appointed by Westpac Banking Corporation Ltd, and they are now in control of the assets and operations of the Companies. The appointment of Voluntary Administrators forms part of a broader restructuring process. The Administrators are working with the Receivers and Managers, and Senior Management to support an orderly assessment of the Companies' financial position and to identify the best course of action for all stakeholders. Thomas Birch stated, "Our immediate focus is to undertake a detailed review of the Companies' affairs while supporting the Receivers and Manager and Senior Management in identifying the best possible outcome for employees, creditors and customers." The first meeting of creditors will be held virtually on November 19, 2025, with formal notices to be issued shortly. HIGH-ST HIRE: First Creditors' Meeting Set for Nov. 19 ------------------------------------------------------ A first meeting of the creditors in the proceedings of High-St Hire Pty Ltd will be held on Nov. 19, 2025 at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Nov. 7, 2025. LIBERTY FUNDING 2025-1: Moody's Assigns B1 Rating to AUD5MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2025-1 SME. Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series 2025-1 SME AUD650.0 million Class A1 Notes, Assigned Aaa (sf) AUD150.0 million Class A2 Notes, Assigned Aaa (sf) AUD39.0 million Class A3 Notes, Assigned Aaa (sf) AUD99.0 million Class B Notes, Assigned Aa2 (sf) AUD5.0 million Class C Notes, Assigned A2 (sf) AUD25.0 million Class D Notes, Assigned Baa2 (sf) AUD25.0 million Class E Notes, Assigned Ba2 (sf) AUD5.0 million Class F Notes, Assigned B1 (sf) The AUD2.0 million Class G Notes are not rated by us. The securitised receivables are first-ranking mortgage loans to self-managed superannuation funds (SMSF, 76.5%), companies (18.4%) or individuals (5.1%). The loans are secured by commercial (64.8%), residential (34.3%) or mixed (0.9%) properties located in Australia. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories (2.3%), or made on an alternative (7.1%) or no documentation (8.7%) basis. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of June 2025, Liberty had total receivables of AUD14.8 billion. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- The evaluation of the underlying receivables and their expected performance; -- The credit enhancement provided by note subordination, the guarantee fee reserve and excess spread; -- The legal structure and availability of the liquidity facility; -- The experience of Liberty as servicer; and -- Presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from various credit strengths such as low weighted average loan to value (LTV) of the underlying portfolio and a guarantee fee reserve. However, Moody's notes that the transaction features some credit weaknesses such as a proportion of bullet loans (8.7%) and alternative documentation loans (7.1%) within the portfolio. Key transactional features are as follows: -- Class A1, Class A2, and Class A3 Notes benefit from 35%, 20%, and 16.1% of subordination respectively. -- Principal collections will be at first distributed sequentially. Starting from the second anniversary from closing, all notes may participate in proportional principal collections distribution, with the Class G Note principal allocation repaying principal in reverse order starting from Class F, subject to the step down conditions being satisfied. The step down criteria include, among others, no charge offs on any of the notes and average arrears greater than 60 days not exceeding 4.0% of the aggregate loan amount. Principal paydown will revert to sequential once the invested amount of the notes is 20.0% or less than that at closing, or on and following the payment date in September 2029. -- The guarantee fee reserve, which is unfunded at closing, will build up to a limit of AUD3.0 million from excess spread. The reserve will be available to cover (1) any required payment shortfalls resulting from insufficient interest collections for that collection period and (2) losses on the loans that are not covered by excess spread. Key portfolio features are as follows: -- The weighted average scheduled LTV of the portfolio is 63.7%, with only 3.5% of the loans with scheduled LTV above 80.0%. -- Around 8.7% of loans are non-amortising and require a lump sum repayment at loan maturity, which can be up to five years. Most of these loans have been assessed on the basis of borrower's declaration of their repayment capacity over the term of the loan, without income verification. -- Around 2.3% of the loans were granted to borrowers with prior credit impairment (default, judgement or bankruptcy). Key model and portfolio assumptions: Due to the mixed nature of the pool, Moody's categorized it into SME and residential loan sub-pools, and arrived at the following assumptions for each sub-pool: --For the SME sub-pool, the SME Stressed loss is 19.7% and median expected loss is 1.9%. --For the residential loan sub-pool, Moody's MILAN Stressed Loss is 6.4% and median expected loss is 0.80%. The SME and MILAN Stressed Loss for the SME and residential loan sub-pools respectively capture the loss Moody's expects the portfolios to suffer in the event of a severe recessionary scenario. The Portfolio EL for each sub-pool represents a stressed, through-the-cycle expected loss relative to Australian historical data. The SME sub-pool, representing 62.9% of the overall portfolio, primarily includes loans to company borrowers and SMSFs secured by commercial properties. The residential loan sub-pool, representing 37.1% of the overall portfolio, primarily includes loans to individuals. Methodology Underlying the Rating Action The methodologies used in these ratings were "SME Asset-backed Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. MENULOG PTY: Closing Down After Nearly Two Decades -------------------------------------------------- SBS News reports that after 20 years delivering meals and ad campaigns featuring stars such as Snoop Dogg and Katy Perry, Menulog is shutting down its Australian operations. According to the report, the popular food delivery service will stop trading on Nov. 26, the company announced on Nov. 12, in a move that will cut 120 jobs and reduce competition in the market. SBS News relates that the Transport Workers Union (TWU) said the closure would come as a shock to delivery workers, who had been fighting for better employment conditions. The announcement also follows the closure of Deliveroo in 2022 and Foodora in 2018, despite growth in the food delivery market. The decision to close the business had been challenging, Menulog managing director Morten Belling said, and the two-week notice of its closure was designed to allow customers to redeem vouchers and credits, SBS News relays. "Today is a tough day for the Menulog business, and I would like to reassure everyone this decision was not taken lightly," SBS News quotes Mr. Belling as saying. "Our priority now is to support our customers, couriers and partners." The company, which was acquired by Dutch firm Just Eat Takeaway.com in 2020, will offer some of its delivery couriers four-week redundancy payouts. Menulog, which was founded in Sydney in 2006, was one of Australia's most popular food-delivery apps, according to Roy Morgan, second only to Uber Eats in 2022. MINERAL RESOURCES: Inks AUD1.2BB Lithium Deal With Korea's POSCO ---------------------------------------------------------------- The Australian Financial Review reports that China's dominance over Australia's lithium market is set to be loosened after South Korean giant POSCO inked a AUD1.2 billion deal with Mineral Resources for a 30 per cent stake in the ASX-listed miner's two operating lithium projects. The Financial Review relates that the newly incorporated joint venture will hold MinRes' existing 50 per cent stakes in its Wodgina and Mount Marion lithium mines in Western Australia, valuing it at AUD3.9 billion – well above the AUD2.7 billion price that analysts had placed on the assets. MinRes shares surged 9 per cent on news of the deal, pushing its stock to AUD51.20 and its market capitalisation above AUD10 billion, notes the report. It is the first time MinRes shares have traded above AUD50 since news of Ellison's corporate governance failures came to light last October. They fell to AUD14 in April. A downturn in lithium prices over the past two years had prompted MinRes to halt work to expand the Mount Marion open pit mine into an underground mine, the Financial Review says. According to the Financial Review, MinRes managing director Chris Ellison hinted that the POSCO partnership could help provide funding to resume expansion of Mount Marion and Wodgina. "This transaction will materially strengthen MinRes' balance sheet, giving us the financial flexibility to pursue strategic growth opportunities," the Financial Review quotes Mr. Ellison as saying. "Together we are committed to developing these tier one operations to meet their full potential as two of the world's best hard rock lithium assets. It's a great deal for both parties." The Financial Review says MinRes will retain a 70 per cent interest in the new entity and continue to operate both mines, while POSCO will receive lithium spodumene concentrate proportional to its stake to support new downstream processing projects. The deal, expected to be completed in the first half of 2026 once foreign investment clearance is obtained from the federal government, will help MinRes pay off some of its AUD5.4 billion debt and bolster its balance sheet, according to the Financial Review. "We want to get to a position where we are comfortable with the debt level, and the shareholders are [also]," Mr. Ellison told analysts. The Financial Review says divesting or demerging the lithium division was contemplated by MinRes several times over the past eight years, particularly in 2022 when prices for the battery mineral were riding high. The price of lithium spodumene has fallen as much as 90 per cent since 2022, prompting many producers to mothball their mines and wait for a rebound, the Financial Review notes. Prices have ticked up recently to more than US$1,000 (AUD1,500) a tonne - the highest since June 2024, buoying the shares of ASX-listed producers including MinRes. Mineral Resources was originally a provider of services such as crushing to big miners including Rio Tinto and BHP, but over the past decade it has become an operator of mines producing iron ore and lithium. POSCO is well established in Australia and is a partner of MinRes in its AUD3 billion Onslow iron ore project. The Korean giant is also a close partner of mining billionaire Gina Rinehart's Hancock Prospecting, and is a big buyer of Australian iron ore, coking coal, gas and other commodities, the Financial Review says. 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. SUPERIOR WALLS: First Creditors' Meeting Set for Nov. 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Superior Walls & Ceilings (Aus) Pty Ltd will be held on Nov. 18, 2025 at 2:00 p.m. by virtual meeting via Microsoft Teams. Andrew Peter Fielding of BDO was appointed as administrator of the company on Nov. 6, 2025. THIRD SECTOR: Second Creditors' Meeting Set for Nov. 18 ------------------------------------------------------- A second meeting of creditors in the proceedings of Third Sector Australia Ltd has been set for Nov. 18, 2025, at 3:00 p.m. virtually via Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 17, 2025 at 3:00 p.m. Joanne Emily Dunn, John Richard Park, Benjamin Peter Campbell and Joseph Ronald Hansell of FTI Consulting were appointed as administrators of the company on Oct. 16, 2025. WYNN HEALTHCARE: Second Creditors' Meeting Set for Nov. 18 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Wynn Healthcare Pty Ltd has been set for Nov. 18, 2025, at 11:00 a.m. at the offices of Worrells at Suite 5B, 55 Kembla Street in Wollongong and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 17, 2025 at 5:00 p.m. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on Oct. 14, 2025. ========= C H I N A ========= FANTASIA HOLDINGS: Faces Legal Dispute Over Subsidiary Shares ------------------------------------------------------------- TipRanks reports that Fantasia Holdings Group Co., Limited is currently involved in a legal dispute regarding the shares of its subsidiary, Colour Life Services Group Co., Limited. According to TipRanks, the company has received a notice from Odysseus Capital Asia Limited, acting on behalf of an entity related to TFISF, about an attempted auction of up to 29.9% of Colour Life's shares. Fantasia disputes the validity of the alleged security charge on these shares and is seeking legal advice to protect its interests. Fantasia Holdings Group Co., Limited, an investment holding company, invests in, develops, sells, and leases commercial and residential properties primarily in the People's Republic of China. The developer logged losses of CNY6 billion in 2022, CNY6.48 billion in 2023 and CNY8.31 billion in 2024. ZHONGLIANG HOLDINGS: Posts RMB10.31BB in Contracted Sales --------------------------------------------------------- TipRanks reports that Zhongliang Holdings Group Company Limited announced its unaudited operating statistics for the period up to October 2025. According to TipRanks, the company reported aggregated contracted sales of approximately RMB10.31 billion and a gross floor area of 989,000 square meters from January to October 2025. For October alone, contracted sales were RMB1.05 billion with a gross floor area of 104,000 square meters. The data, based on preliminary internal information, may differ from future audited figures, and investors are advised to exercise caution. Zhongliang Holdings Group Company Limited operates as a real estate development company. The Company develops and markets high-rise residential buildings, low-rise apartments, villas, commercial facilities, office buildings, and other related areas. Zhongliang Holdings Group provides property management services. The company reported three consecutive annual net losses of CNY1.34 trillion, CNY4.24 trillion and CNY2.43 trillion for the years ended Dec. 31, 2022, 2023 and 2024, respectively. ========= I N D I A ========= ANI TECHNOLOGIES: Moody's Lowers CFR to Caa1, Outlook Negative -------------------------------------------------------------- Moody's Ratings has downgraded ANI Technologies Pvt Ltd's (Ola) corporate family rating and the rating on the guaranteed senior secured term loan borrowed by OLA Netherlands B.V., to Caa1 from B3. The loan is guaranteed by Ola. The outlook is negative. Previously, the ratings were on review for downgrade. This action concludes the review for downgrade Moody's initiated on August 29, 2025. "The downgrade to Caa1 and negative outlook reflects the ongoing weakness in Ola's operating performance that is eroding liquidity and raising the risk of a covenant breach in the coming months", says Sweta Patodia, a Moody's Ratings Assistant Vice President and Analyst. RATINGS RATIONALE A covenant breach constitutes an event of default and accelerates repayment of Ola's $65 million loan due December 2026. Ola must maintain cash equal to 40% of the outstanding loan -- at least $26 million -- to comply with the covenant. Sustained operating weakness has resulted in higher than expected cash burn during the six months ended September 30, 2025. This has reduced cash substantially from $90 million at March 2025 and lowered the headroom under the term loan covenant. Intense competition in India's ride-hailing sector will result in continued cash burn over the next 12 months. As such, the company will have to rely on external funding sources to refinance its upcoming loan maturity. Ola continues to evaluate multiple options such as a potential initial public offering and the sale of its 3.64% stake in Ola Electric Mobility Ltd to address its cash needs. However, these remain subject to execution and market risks. Absent any committed credit facilities or alternative refinancing arrangements, the probability of debt restructuring remains high over the next 12 months. The negative outlook underscores the continued uncertainty surrounding the refinancing of Ola's existing loan, especially given the challenging operating environment in India's ride-hailing industry. LIQUIDITY Moody's assess Ola's liquidity as weak. The company's unrestricted cash and cash equivalents of $90 million (as of March 2025) will fall substantially short to meet its debt service obligations and capital spending needs through December 2026. Ola could monetize its 3.64% stake in Ola Electric, currently valued at around $90 million, to shore up liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, Ola's ratings are unlikely to be upgraded over the next 12 months. The outlook could be revised to stable if the company (1) refinances its $65 million loan in a timely manner; and (2) revives its operations, stopping the cash burn and restoring balance sheet liquidity. Moody's could downgrade Ola's ratings if the company (1) is unable to address its refinancing risk; or (2) undertakes a liability management exercise that Moody's views to be an avoidance of default and which results in economic loss for its lenders. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. There is a two notch difference between Ola's assigned ratings and its forward-looking scorecard-indicated outcome. The difference is explained by weakening industry fundamentals in India's ride hailing sector, Ola's ongoing market share loss and the continued volatility in its operating performance. The negative outlook signals that the ratings could be downgraded over the next 12-18 months, which could reduce this gap. COMPANY PROFILE ANI Technologies Pvt Ltd (Ola) is a ride-hailing company based in India (Baa3 stable). The company also has a small but growing financial services business through which it sells third party insurance and lending products. Ola was co-founded by Bhavish Aggarwal in December 2010. Its top shareholders include SIMI Pacific Pte Ltd, a subsidiary of Softbank; Tencent, Warburg Pincus and Lazarus Holdings Pte Ltd. The remaining shareholding is held by reputed venture capital and private equity firms. APEX SURATGARH: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Apex Suratgarh Multispeciality Hospital Private Limited (ASMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.94 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 14, 2024, placed the rating(s) of ASMHPL under the ‘issuer non-cooperating' category as ASMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASMHPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Apex Suratgarh Multispecialty Hospital Private Limited (ASMHPL) was incorporated in 2014 and started it operations from December 2016. ASMHPL has been promoted by Dr. Sachin Jhanwar (MS – Master of Surgery, Fellow of Royal Colleges of Surgeons, UK), Dr. Vijay Beniwal (MS- Master of Surgery), Dr. Sanjay Bajaj (MD- Doctor of Medicine), Dr. Rajender Kumar Chhabra (MD- Doctor of Medicine, Fellow of American Colleges of Physicians, USA) and Mr. Arvind Bansal. The company operates a hospital providing quality services and patient care to the people in the vicinity of Sriganga Nagar (Rajasthan). The hospital has specialized departments in Cardiology, Endoscopy, Radiology, Cytology, Histopathology and few others for its patients and visitors. BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Balaji Industries (Nagpur) (BI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 11, 2024, placed the rating(s) of BI under the ‘issuer non-cooperating' category as BI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BI 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 BI based out of Nagpur, Maharashtra is a partnership firm promoted by Mr. Ramanrao Bholla and Mrs Vijayalaxmi Bholla. The firm was established in October 2013 and is engaged in the business of processing of roasted gram dal with its processing facility located at Nagpur, Maharashtra COMPUAGE INFOCOM: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Compuage Infocom Limited (CIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 450.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 510.00 CARE D; ISSUER NOT COOPERATING Facilities 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 31, 2024, placed the rating(s) of CIL under the ‘issuer non-cooperating' category as CIL had failed to provide information for monitoring of the rating. CIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated October 6, 2025, September 26, 2025, and September 16, 2025. 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 ratings). Analytical approach: Consolidated CareEdge Ratings has considered the consolidated financials of CIL for analytical purposes owing to financial and operational linkages between the company and its subsidiary. Consolidation includes CIL's wholly owned Singapore based subsidiary, Compuage Infocom (S) Pte Ltd. Detailed description of key rating drivers: At the time of last rating on October 31, 2024, the following were the rating weaknesses (updated for the information available from stock exchange filings): Compuage Infocom Limited (CIL)with CIN L99999MH1999PLC135914 and listed on BSE is promoted by Mr Atul Mehta, established in 1987, is a distributor of IT products. CIL's traded product portfolio comprises of 5 different verticals namely- PCs components & peripherals; Mobility products; Physical safety and security products. DAKSHA PROPERTY: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Daksha Property Developers India Private Limited (SDPDIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDPDIPL 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 SDPDIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDPDIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDPDIPL continues to be 'Crisil D Issuer not cooperating'. SDPDIPL, set up in 2010 and based in Coimbatore, is a real estate developer. Its operations are managed by the promoter, Mr R Mohan. Company currently has 6 ongoing projects. DYNAMIC REFRACTORIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Dynamic Refractories (DR) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 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 14, 2024, placed the rating(s) of DR under the ‘issuer non-cooperating' category as DR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025 and September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhilwara (Rajasthan) based Dynamic Refractories (DR) was formed as a proprietorship concern by Mrs. Sharda Sharma in 2002. DR is primarily engaged in the business of manufacturing of insulation bricks, fire bricks and other varieties of bricks which finds its application as lining in furnace from its sole manufacturing facility located at Bhilwara. EISHA CONCORD: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Eisha Concord Realtors (ECR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; 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 11, 2024, placed the rating(s) of ECR under the ‘issuer non-cooperating' category as ECR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ECR 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 ECR is a partnership firm with Mr. Swaran Singh Sohal and Mr. Ranjeet Singh Hooda as partners. The entity was established on December 14, 2006, as a special purpose vehicle (SPV) of Sohal group (Pune) to undertake construction of residential and commercial projects at Kondhwa Khurd area of Pune. FASHION IMPEX: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Fashion Impex (FI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.51 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Long Term/ 11.50 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category Short Term 2.50 CARE A4; ISSUER NOT Bank 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 16, 2024, placed the rating(s) of FI under the 'issuer non-cooperating' category as FI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, 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: Stable Jaipur based (Rajasthan) Fashion Impex (FI) was formed in 2012 as a proprietorship concern by Mr. Anupam Sethia. FI is engaged in the business of manufacturing and export of ladies' readymade garments as well as the trading of grey, finished and readymade garments and low-cost bed sheets. Further, the partners of the firm have converted it into private limited company in the name of Nesh Textile Private Limited. HARIOM FLEXI: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hariom Flexi Pack Industries (HFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.84 CARE B-; 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 HFI under the 'issuer non-cooperating' category as HFI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HFI 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 HFI, based in Kolhapur (Maharashtra) was set up as a partnership firm by the Rohida family of Kolhapur. Since inception in 2010, HFI has been engaged in the business of manufacturing and printing of flexible packaging material. The product portfolio of the firm includes antifungal coated aper, laminated rolls, poly coated rolls and HDPE geo membrane sheet which is manufactured as per clients' demand and their specifications. The sole manufacturing facility of HFI is located at Kolhapur, Maharashtra. INDIAN MARINE: CRISIL Reaffirms B Rating on INR9cr Export Debt -------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B/Stable/Crisil A4' ratings on the bank facilities of Indian Marine Industries (IMI). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 1 Crisil A4 (Reaffirmed) Export Packing 9.00 CRISIL B/Stable (Reaffirmed) Credit The ratings continue to reflect IMI's modest scale of operations amid intense competition and susceptibility to volatility in raw material prices and risks inherent in the seafood industry. These weaknesses are partially offset by the extensive experience of the partners and adequate debt protection metrics. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of IMI. Key Rating Drivers - Weaknesses * Modest scale of operations amid intense competition: Revenue has remained range-bound between INR17 crore and INR65 crore over the three fiscals through 2025. Intense competition in the seafood processing industry with several small players operating in India's coastal areas and competition from neighbouring countries has led to modest scale. * Susceptibility to volatility in raw material prices and risks inherent in the seafood industry: Operating margin has been subdued at 2.2-11.6% in the three fiscals ended March 31, 2025, amidst fluctuations in raw material prices and foreign exchange (forex) rates. Cost of production and profit margin are heavily dependent on raw material prices in the inherently cyclical seafood industry and any variation could drastically impact the operating margin. This restricts bargaining power with customers and suppliers constraining operating flexibility. The sustainability of the operating margin at 3-4% will remain monitorable over the medium term. Key Rating Drivers - Strengths * Extensive experience of the promoters: Presence of more than two decades in the seafood processing business has enabled the promoters to establish healthy relationships with domestic suppliers and customers across the Middle East, China, Thailand, Tunisia and Turkey. * Moderate financial risk profile: The financial risk profile is above average, supported by moderate debt protection metrics and capital structure. Networth was INR9.80 crore as on March 31, 2025, with gearing and total outside liabilities to tangible networth (TOLTNW) ratio of 1.04 times and 1.19 times, respectively, on the same date. Debt protection metrics have improved in fiscal 2024 and remain adequate with interest coverage and net cash accrual to total debt ratios of 1.69 times and 0.05 time, respectively. Liquidity Poor Bank limit utilization is at 99% for the last 12 months ended Jul-2025. Cash accrual of around INR50 lakhs is expected to be tightly matched against term debt obligation of INR43 lakh over the near term. The promoters are expected to infuse additional equity to meet any shortfall in repayment obligations. Outlook Stable Crisil Ratings believes IMI will continue to benefit from the extensive experience of its partners. Rating sensitivity factors Upward factors * Sustained improvement in the scale of operations by over 20% and sustenance of operating margin at 3-4%, leading to higher cash accrual * Improvement in liquidity of the firm, leading to improved financial risk profile Downward factors * Significant decline in revenue or sustained weakness in operating margin to below 2%, leading to lower cash accrual * Higher capital withdrawals affecting the financial risk profile Kochi-based IMI is a partnership firm of Ms A M Ruhaila and Mr K K Ashraf, established in 1998. The firm processes frozen seafood products, which it exports to Tunisia, Turkey, Thailand and China. JD HARDSCAPES: CARE Lowers Rating on INR30.50cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of JD Hardscapes, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.50 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 Ltd. has been seeking information from JDHPL to monitor the rating vide e-mail communications dated October 28, 2025, October 31, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on JDHPL's bank facilities 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 the above rating(s). The rating has been revised on account of lack of clarity on future growth strategy and inability to monitor the performance of the entity, which is critical for assessing the credit risk profile of the company. The rating continues to remain constrained by its nascent stage of operation, competition from the small unorganized players and profitability being susceptible to volatility in raw material prices. The weaknesses are, however, offset by the completion of the project with no cost overrun, its experienced management having experience in similar product line and favourable location of unit. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on August 7, 2024, the following were the rating strengths and weaknesses (updated for the information received from the company). Key weaknesses * Nascent stage of operation: JDHPL successfully completed its trial production run by May 2024, however, commercial production could not commence until January 2025. This delay was primarily due to the time required to standardise the entire manufacturing process, including curing, packaging, and product development. With over 300 SKUs encompassing a wide range of product varieties and colours, significant effort was needed to ensure readiness for full-scale production. As a result, the company is in a nascent stage of operations and has yet to scale up. * Profitability being susceptible to volatility of raw material prices: The main raw material of the entity is ordinary portland cement, sand, and concrete. While other raw materials are expected to be purchased from local suppliers, cement is to be purchased from key cement players in the region. Given cement is the major raw material contributor, the price volatility may impact the profitability of the company. * Competition from small unorganized players: JDHPL will operate in paver block and kerbs/tiles manufacturing industry, which is highly fragmented with the presence of numerous independent small-scale enterprises owing to low entry barriers and low technical complexity of the work which makes market highly competitive. Key strengths * Experienced promoters with experience in similar set of product lines: JDHPL is promoted by Jubin Shah and Divy Laheja. The promoter, Jubin Shah is a commerce graduate having an experience of more than a decade in similar line of business. He is also the director and promoter of Ecorex Buildtech Pvt Ltd (engaged in AAC Block manufacturing), established in the year 2012. The other promoter, Divy Laheja is also a commerce graduate, engaged into business of manufacturing of concrete pavers for more than nine years and is a third-generation entrepreneur working in this field. * Favourable location of the unit: The company is located at about 40-45 km away from its key suppliers of cement, resulting in easy availability of better-quality cement in the region which is primary raw material required for manufacturing of paver blocks. Furthermore, in terms of connectivity the nearest railway station is at about 15-km away. * Completion of the project: The company has completed the setup for its paver blocks and tiles/kerbs project. The total cost incurred was ~INR42 crore compared to the projected cost of INR36.54 crore. The project was funded through a term loan of INR23.50 crore and the balance via promoter contributions. Liquidity: Stretched The liquidity profile of the company is stretched since the plant has recently commenced operations. The project has been funded by both term loan and fund infusion by promoters in the form of debt and equity. In FY25, the company has debt repayment obligation of INR1.32 crore against which it is expected to generate sufficient cash accruals. Furthermore, the promoters have maintained that they would bring in funds as and when required to meet the working capital requirements and repayment obligation, if needed. JDHPL, incorporated on February 04, 2021, is promoted by Jubin Shah and Divy Laheja. The company is setting up an industrial unit for Paver blocks manufacturing having capacity of 75,00,000 sq. ft. and tiles/kerbs manufacturing of combined capacity of 30,45,000 sq. ft. JOSHODA OIL: CARE Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Joshoda Oil Udyog Private Limited (JOUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.41 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 26, 2024, placed the rating(s) of JOUPL under the 'issuer non-cooperating' category as JOUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JOUPL 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 Joshoda Oil Udyog Private Limited (JOUPL) was incorporated in March, 2000 by Mr. Uttam Kumar Reja and Mr. Pronab Kumar Reja. The company is engaged in the manufacturing of edible oil (mainly rice bran oil and its by -product de-oiled cake from rice bran) with an installed capacity of 30,000 tonne per annum. The manufacturing unit of the company is located at Hooghly, West Bengal. The company is engaged in setting up a rice milling unit with a proposed installed capacity of 12,000 metric tonne per annum (MTPA). Mr. Uttam Kumar Reja (aged 61 years), having aro und four decades of experience in the same line of industry, looks after the day to day operations of the company. He is supported by other director Mr. Pronab Kumar Reja (aged 59 years) along with a team of experienced professionals. KUDROLI BUILDERS: CARE Reaffirms D Rating on INR17cr LT Loan ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Kudroli Builders and Infrastructures Private Limited (KBIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and reaffirmed Long Term/ 15.00 CARE D/CARE D Rating removed Short Term Bank from ISSUER NOT COOPERATING Facilities category and reaffirmed Short Term Bank 10.67 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and reaffirmed Rationale & key rating drivers The reaffirmation in the rating assigned to the bank facilities of KBIPL factors in the continued delay in servicing in debt servicing against car loan availed from NBFC as NDS submitted by client. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations (i.e., principal and interest) for minimum 3 continuous months Negative factors: Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Ongoing delays in servicing its debt repayments: As NDS submitted by company, there are on-going delays in debt servicing against car loan availed from NBFC, the repayment which was due in June 2022. Further, South Indian Bank also reported KBIPLs account as SMA 1 for the month of June 2025. However, the same remained standard from July 10, 2025 to till date. * Small and fluctuating scale of operations with moderate profitability: The overall scale of operations stood small and fluctuating in the range of INR33 crore to INR81 crore during past five years ended FY25. TOI declined by 38.26% to INR44.43 crore in FY25 from INR71.97 crore in FY24 due to lower execution of orders led by slow moving nature of contracts undertaken during the year. Further, during Q1FY26 (refers to April to June 2025), the company reported net sales of INR9.22 crore. Despite established track record of execution of civil construction projects, the scale of operation of the company continues to remain small, coupled with low net-worth base, which limits the financial flexibility of the company during exigencies and industry downturn. The revenue is expected to increase in the near to medium term on the back of satisfactory orderbook position (order book position of INR135.20 crore as on June 30, 2025). PBILDT margin has reflected fluctuating trend (FY21-25) in past owing to volatile material prices as all the contracts lacks the material price escalation clause and tender driven nature of business operations. Further the same has improved to 12.49% in FY25 vis-à-vis 9.16% in FY24 owing to reduction in input prices along with satisfactory stage of completion of the orders. The major input materials for the entity are stone chips, bitumen, cement, bricks, sand etc. the prices of which are volatile. PAT margin declined marginally to 2.64% in FY25 from 2.72% in FY24 due to proportionately higher interest and depreciation cost incurred during the year. * Moderate capital structure and weak debt coverage indicators: The entity's capital structure stood moderate, as marked by an overall gearing of 1x as on March 31, 2025 (1.05x as on March 31, 2024). Its debt profile largely comprises working capital debt. The entity has extended loans and advances to its related parties, considering which, adjusted overall gearing ratio stood moderate at 1.25x as on March 31, 2025 (1.32x as on March 31, 2024). The total outside liabilities to net worth stood moderate at 1.39x as on March 31, 2025 (vis-à-vis 1.98x as on March 31, 2024). Debt coverage indicators improved marginally however continued stood weak, marked by PBILDT interest coverage of 1.54x in FY25 (1.39x in FY24) and total debt to GCA (TD/GCA) of 12.49x in FY25(13.64x in FY24). * Highly working capital-intensive nature of operations: The operations of the company remained highly working capital intensive as marked by gross current asset (GCA) days of 446 days in FY25 PY: 317 days). Being into construction activity, working capital cycle of KBIPL remains elongated on account of slow recovery of debtors (along with retention money), translating into a higher collection period. Further, the inventory is majorly WIP inventory as tenure of the contact is long 1-2 years, thus inventory days stood at 65 days in FY25 (PY: 69 days). This has led to higher utilization of working capital limit. However, the same is offset to a certain extent by reasonable credit period received from creditors owing to established relations with them. Thus, availing creditors period of 101 days in FY25 (PY: 55 days). The operating cycle of the company stood elongated at 117 days in FY25 (PY: 118 days). Key strengths * Experienced promoters with established track record of operations: BIPL has established more than two decades of track record of operations which led to established long term relations with customers, suppliers and stakeholders. Since its inception the company is engaged in civil construction works mainly for PWD state of Kerala, Karnataka & Goa. The company is managed by director's Mr. C M Ahamed Shafi, Mrs. Ayesha Shafi and look after the day-to-day operations of the firm. Over two decades of experience in the business, the partners established strong marketing connects in the industry. Liquidity: Poor The liquidity position of the company remained poor on account of ongoing delays in debt servicing. The construction segment inherently has high working capital intensity primarily due to funding requirement towards the security deposits, margin money for the non-fund-based facilities, receivables and inventory. Further, the current ratio and quick ratio stood weak at 1.03 times and 0.86 times respectively as on March 31, 2025. The net cash flow from operating activities stood negative at Rs. 0.55 crore in FY25. Maximum average utilization of fund-based limits stood at 87% during past 12 months ended June 2025. Incorporated in November 2004, Kudroli Builders and Infrastructure Private Limited (KBIPL) was promoted by Mr. C M Ahamed Shafi, Mrs. Ayesha Shafi and Mr. Mohammed Hafeez C S based out in Ponda, Goa. KBIPL is engaged in civil construction activities primarily construction of roads mainly in the state of Kerala, Karnataka and Goa. The company is a registered class 'AA' contractor majorly works for the government entities such as Public Works Department (PWD) in the states of Kerala, Karnataka, and Goa. LAKSHMI ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Lakshmi Enterprise (SLE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 4, 2024, placed the rating(s) of SLE under the 'issuer non-cooperating' category as SLE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLE 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: Not applicable Ongole based, Sri Lakshmi Enterprises (SLE) was established in the year 2010 as a proprietorship concern by Mrs. Jayasree. The firm is engaged in distribution of FMCG goods, in Prakasam District. It has been recognized as an authorized distributor for the Prakasam District by Nestle India Limited. Further, the firm also engages in trading of edible oil procured from local companies and traded to retailers across Andhra Pradesh. LOKESH INFRAPROJECT: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lokesh Infraproject Private Limited (LIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 8, 2024, placed the rating(s) of LIPL under the 'issuer non-cooperating' category as LIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LIPL 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 LIPL is a part of Lokesh Group, incorporated in 2011. LIPL is mainly engaged in coal and copper mining activities spread across Maharashtra &Madhya Pradesh. Besides LIPL, the group consists of Lokesh Industrial Services Pvt. Ltd. which is primarily engaged in material handling services. NSL KRISHNAVENI: CRISIL Lowers Rating on INR49.89cr Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of NSL Krishnaveni Sugars Limited (NKSL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 49.89 Crisil D (ISSUER NOT Capital Facility COOPERATING; Downgraded from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 33.08 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 42.24 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 30.16 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NKSL and has sought information via letters and emails dated October 9, 2025, and November 06, 2025, among others, apart from telephonic communication. However, the issue remains 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 has been arrived at without any management interaction and is based on the best available, 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 NKSL, which restricts the ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes the rating action on NKSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, rating on bank facilities of NKSL have been downgraded to 'Crisil D Issuer Not Cooperating' from Crisil BB-/Stable; issuer not cooperating, owing to delay in debt servicing. Incorporated in 2006, NKSL manufactures sugar and its by-products such as molasses, bagasse, presmud and rectified spirit. The company is an integrated player with 3,500 tonne per day sugar capacity, 28 MW of cogeneration and 120 kilolitre per day of distillery capacity at its plant in Mahbubnagar, Telangana. It sells sugar predominantly in the domestic market. It is part of the Andhra Pradesh-based Nuziveedu Seeds group (NSL group) and is 100% held by the group (74% by NSL Sugars Ltd and the balance 26% by the promoter family members) NYALKARAN INFRA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nyalkaran Infra (NI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of NI under the 'issuer non-cooperating' category as NI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 20, 2025, August 30, 2025, September 09, 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 Vadodara (Gujarat) based, NI was established as a partnership firm during June 2014 by Mr. Ashwin Golaviya, Mr. Vijay Golaviya, Mr. Prakash Golaviya, Mr.Chirin Golaviya, Mr. Alpesh Golaviya, Mr. Shailesh Golaviya and Mr. Gokul Golaviya. NI is currently executing a commercial project named 'Shree Siddheshwar – The Business Harbour' with 488 units (20 showrooms and 468 offices) at Vadodara. NI is part of Vadodara based 'Nyalkaran group' which has strong presence in Vadodara. Over the period, the group has completed various projects. PRASAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prasad Agro Industries (PAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.75 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PAI 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 PAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PAI continues to be 'Crisil D Issuer not cooperating'. PAI, a proprietorship firm of Mrs. Vaishali Gulange was set up in 2013-14 in Latur (Maharashtra). The firm is engaged in dal mill with an installed capacity of 30 MT per day. Gulange Warehouse and Allamprabhu Warehouse are engaged in providing warehouse services to agri commodities. Each firm has storage capacity of 6000 tonnes. QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Quality Hybrid Seeds Company (QHSC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 0.88 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with QHSC 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 QHSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on QHSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of QHSC continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2000 as a proprietorship firm by Mr Naresh Agarwal, QHSC processes different types of seeds at its units in Hisar, Haryana, which have total capacity of 16 tonne per hour. RAAJMAHAL DEVELOPERS: CRISIL Keeps B Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Raajmahal Developers (RMD) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 27 Crisil B/Stable (Issuer Not Cooperating) Term Loan 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMD 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 RMD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMD continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2013, RMD is engaged in the construction of real estate projects both residential and commercial. The firm is based out of Surat and managed by Mr. Ramesh Gupta, Mr. Ramanuj Bhattar and Mr. Akhil Bhattar. RAMESHWAR COTEX: CARE Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Rameshwar Cotex Industries (SRCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 CARE B-; 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 4, 2024, placed the rating(s) of SRCI under the 'issuer non-cooperating' category as SRCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRCI 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: Not applicable Jamnagar-based (Gujarat) Shree Rameshwar Cotex Industries (SRCI) was established during May 2013 as a partnership firm by 11 partners. During July 2013, two more partners were admitted to the partnership firm and one partner voluntarily retired from partnership firm. SRCI is engaged into the business of cotton ginning pressing and it commenced commercial production from January 2014. SRCI operates from its manufacturing facility located at Jamnagar (Gujarat). S. SATYANARAYANA: CARE Lowers Rating on INR12cr ST/LT Loans to D ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of S. Satyanarayana and Company (SSC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Long Term/ 12.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable/ CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 28, 2024, placed the rating(s) of SSC under the 'issuer non-cooperating' category as SSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 14, 2025, October 24, 2025, November 3, 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 SSC have been revised on account of non-availability of requisite information. The revision further considers the dispute on debt repayment as recognized from Auditor's feedback. Analytical approach: Standalone Outlook: Stable SSC was incorporated in December 2012 by Mr. S. Satyanarayana and his family. The promoters are involved in the construction business since 1976 through a partnership firm. In 2003, Mr S. Satyanarayan dissolved the partnership firm and started a proprietorship firm under the name of 'S. Satyanarayana' involved in civil construction of ports, roads, railway lines and others. In December 2012, the promoter floated another partnership firm named S. Satyanarayana & Co (SSCO). The proprietorship firm has not been dissolved yet though all the registration of the proprietorship firm has been transferred to the partnership firm. The firm has executed work for West Quay Multiport Private Limited, AVR Infra Pvt Ltd, ITD Cementation India Private Limited, Vishakhapatnam Port Trust and Vishakhapatnam Port Logistic Park Limited. The firm is also engaged in hire business from FY15. SHUBH MANGAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Shubh Mangal Textile Industries LLP (SMTI) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (ISSUER NOT COOPERATING) Cash Term Loan 3 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SMTI 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 SMTI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMTI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMTI continues to be 'Crisil D Issuer not cooperating'. SF set up in 2000, and SMTI, set up in 2014, is promoted by Mumbai based, Mr. Mahesh Gupta, his wife, Mrs. Lata Gupta and his son, Mr. Anuj Gupta. The group is engaged in manufacturing and trading of fabrics. The group has its manufacturing facility in Silvassa, Gujarat. SIDDHARTH AGRO: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siddharth Agro Industries (SAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.45 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of SAI under the 'issuer non-cooperating' category as SAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 20, 2025, August 30, 2025, September 09, 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 Valsad-based (Gujarat) SAI was established in October, 2009 as a Partnership Firm by six partners to provide cold storage facilities on a rental basis as well as for trading purposes for products like Fruits, dry fruits, spices, vegetables, milk products etc. However, the construction of the plant began from 2014 and was completed in July, 2016 after a delay of three months from envisaged completion date. SUBHLENE FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Subhlene Fabrics (SF) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SF 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 SF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SF continues to be 'Crisil D Issuer not cooperating'. SF set up in 2000, and SMTI, set up in 2014, is promoted by Mumbai based, Mr. Mahesh Gupta, his wife, Mrs. Lata Gupta and his son, Mr. Anuj Gupta. The group is engaged in manufacturing and trading of fabrics. The group has its manufacturing facility in Silvassa, Gujarat. SUN FOODS: CRISIL Reaffirms B Rating on INR25cr Cash Credit ----------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facility of Sun Foods and Feeds (SFF). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL B/Stable (Reaffirmed) The rating continues to reflect the extensive experience of the partners in the poultry industry. This strength is partially offset by the large working capital requirement, weak financial risk profile and exposure to intense competition and industry-specific risks. Analytical approach: Crisil Ratings has evaluated the standalone business and financial risk profiles of SFF. Key Rating Drivers - Weaknesses * Weak financial risk profile and large working capital requirement: Networth was small at INR5.14 crore as on March 31, 2025, and gearing weak at 6.44 times. Debt protection metrics were also muted, with interest coverage ratio of 1.17 times in fiscal 2025. Gross current assets were over 279 days as on March 31, 2025, due to large inventory of 215 days. * Exposure to intense competition and risks inherent in the poultry segment: Intense competition (from organised and unorganised players catering to the regional market) may continue to constrain scalability, pricing power and profitability. Furthermore, poultry players remain vulnerable to risks related to high transportation cost, perishable nature of the commodities and the outbreak of diseases. With an operating income of INR65.46 crore in fiscal 2025, SFF operates on a small scale. Key Rating Drivers - Strengths * Extensive experience of the partners and established customer relationships: The two-decade-long experience of the partners in the poultry industry, their strong understanding of market dynamics and healthy relationships with various traders and feed suppliers should continue to support the business risk profile. Liquidity Stretched Bank limit utilisation was high at around 98.65% on average for the 12 months through September 2025. Expected annual cash accrual of INR0.07-0.08 crore will tightly match yearly term debt obligation of INR0.3-0.5 crore, over the medium term. Current ratio was healthy at 1.34 times as on March 31, 2025. The partners are likely to extend equity and unsecured loans to meet working capital requirement and debt obligation. Outlook Stable Crisil Ratings believes SFF will continue to benefit from the extensive experience of its partners in the poultry industry. Rating sensitivity factors Upward factors * Sustained increase in revenue and stable operating margin leading to cash accrual above INR1.5 crore * Significant improvement in working capital cycle Downward factors * Steep decline in revenue or operating profit resulting in cash accrual below INR10 lakh * Sizeable stretch in the working capital cycle SFF was set up as a partnership firm by Ms N Vani and Ms B Surekha in 2001. The Hyderabad-based firm is engaged in the poultry industry and produces commercial eggs. ========= J A P A N ========= SHISEIDO CO: Expects to Post Record Annual Net Loss of JPY52BB -------------------------------------------------------------- The Japan Times reports that cosmetics maker Shiseido Co. has said it expects to post a record group net loss of JPY52 billion in the year ending in December, due mainly to falling inbound demand and a slump in U.S. operations. The company's previous net balance forecast for the current business year stood at JPY6 billion in profit. It now expects to log a net loss for the second straight year, the Japan Times notes. In 2024, Shiseido incurred a consolidated net loss of about JPY10.8 billion. According to The Japan Times, Shiseido also said Nov. 10 that about 200 jobs at the company and a subsidiary will be shed through a voluntary redundancy program, with applications to be accepted from Dec. 8 through Dec. 26. Costs related to the program, including additional retirement allowances, will total around JPY3 billion. In 2024, Shiseido cut about 1,500 jobs at a key unit through a voluntary retirement program. Earlier this year, about 300 employees were shed at a U.S. subsidiary. The Japan Times says Shiseido also revised down its 2025 group operating balance forecast to a loss of JPY42 billion from a profit of JPY13.5 billion, and the sales projection to JPY965 billion from JPY995 billion. In the United States, sales of Shiseido's Drunk Elephant brand skin care products are slumping. The company expects to book JPY46.8 billion in impairment loss related to its operations in the Americas, The Japan Times relays. At a news conference in Tokyo on Nov. 10, Shiseido President Kentaro Fujiwara said that he seriously takes the expected record consolidated net loss, The Japan Times reports. Still, he said, "We are now set to complete structural reforms," adding that the company will focus on measures for promoting growth going forward. For January-September, Shiseido reported a group net loss of JPY43.9 billion, compared with the year-before net profit of JPY754 million, an operating loss of JPY33.3 billion, against a profit of JPY2.1 billion, and sales of JPY693.8 billion, down 4.0% year on year, The Japan Times discloses. Behind the disappointing results for the first three quarters of the current year were slowing consumption in China and the weakness in U.S. operations, The Japan Times notes. Shiseido Co Ltd (TSE:4911) -- https://corp.shiseido.com/jp/ -- engages in the manufacture and sale of cosmetics, toiletries, personal care products, barber and beauty products. ===================== N E W Z E A L A N D ===================== INDIAN VILLAGE: Creditors' Proofs of Debt Due on Dec. 8 ------------------------------------------------------- Creditors of Indian Village Trust Limited are required to file their proofs of debt by Dec. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 6, 2025. The company's liquidator is Kevyn Botes of i-Business Recovery Limited. JIMMYS SMOKE: Creditors' Proofs of Debt Due on Nov. 30 ------------------------------------------------------ Creditors of Jimmys Smoke House Limited are required to file their proofs of debt by Nov. 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 21, 2025. The company's liquidator is: Andrew Marchel Oorschot Ashton Wheelans Chartered Accountants PO Box 13042 Christchurch KAMO WILDLIFE: Begins Euthanizing Lions, Citing Financial Troubles ------------------------------------------------------------------ CBS News reports that a New Zealand wildlife park that said it was being forced to euthanize seven elderly lions because of financial difficulties has put down two of the big cats. According to CBS News, the Kamo Wildlife Sanctuary said on Nov. 11 that it had no choice but to euthanize the animals. Rehoming the big cats was not a "viable or humane option" because of their "age, number and complex needs," the sanctuary said in an updated statement. The lions are between the ages of 18 and 21, which is longer than they would have lived in the wild. CBS News relates that the park said two lions, named Imvula and Sibili, were put down on Nov. 11. Both animals had "serious health conditions that were not treatable and were deteriorating," the sanctuary said, and the decision to euthanize them was "made with deep care and consideration." The sanctuary said the five surviving lions' wellbeing continues to be their priority and that they are still seeking a solution for the surviving lions. Some have expressed interest in purchasing the park and continuing to care for the lions, the sanctuary said, which provides "a glimmer of hope," CBS News relays. "While the timeframe is short and the situation remains uncertain, we are doing everything we can to explore this possibility and keep hope alive," the park wrote on social media. The sanctuary did not specify how much time the remaining lions might have. CBS News adds that the park said it had received supportive condolences and "threatening and abusive messages" since announcing the need to euthanize the lions. The sanctuary asked for "kindness and respect as we navigate this heartbreaking situation." The park's website features 12 lions and one Bengal tiger. According to CBS News, the zoo did not say what was going to happen to the five lions who are not set to be euthanized. Taking care of big cats "comes at an enormous cost," according to the park's website. The sanctuary has previously solicited donations of unwanted cows or horses to feed the animals, which eat about three cows' worth of meat each week. MANAWATU LOG: Creditors' Proofs of Debt Due on Dec. 12 ------------------------------------------------------ Creditors of Manawatu Log Transport Limited are required to file their proofs of debt by Dec. 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 31, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 TURNERS' CONTRACTING: Court to Hear Wind-Up Petition on Dec. 8 -------------------------------------------------------------- A petition to wind up the operations of Turners' Contracting Limited will be heard before the High Court at Whangarei on Dec. 8, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 12, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WIKELEY FAMILY: Court to Hear Wind-Up Petition on Feb. 9 -------------------------------------------------------- A petition to wind up the operations of Wikeley Family Trustee Limited will be heard before the High Court at Auckland on Feb. 9, 2026, at 10:00 a.m. Kea Investments Ltd filed the petition against the company on April 6, 2025. The Petitioner's solicitor is: Martin Smith Gilbert Walker Level 35, Vero Centre 48 Shortland Street Auckland 1010 ================= S I N G A P O R E ================= EURO SCAFFOLD: Commences Wind-Up Proceedings -------------------------------------------- Members of Euro Scaffold Pte. Ltd. on Nov. 3, 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 GROWY SINGAPORE: Creditors' Meeting Set for Nov. 26 --------------------------------------------------- Growy Singapore Pte. Ltd. will hold a meeting for its creditors on Nov. 26, 2025, at 3:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Chan Kwong Shing, Adrian, Ms. Toh Ai Ling, Ms. Tan Yen Chiaw, of KPMG Services were appointed as provisional liquidators of the Company on Oct. 28, 2025. GUTHRIE DBP: Creditors' Proofs of Debt Due on Dec. 11 ----------------------------------------------------- Creditors of Guthrie (DBP) Pte. Ltd. are required to file their proofs of debt by Dec. 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 11, 2025. The company's liquidator is: Tan Jianwen Eugene 1 Scotts Road #21-07 Shaw Centre Singapore 228208 H.I.T. GYM: Placed in Creditors' Voluntary Liquidation ------------------------------------------------------ Hubert Jen Wei Chang of AP Transaction Services on Oct. 30, 2025, was appointed as liquidator of H.I.T. Gym Pte Ltd. The liquidator may be reached at: Hubert Jen Wei Chang c/o AP Transaction Services 138 Cecil Street #10-01 Cecil Court Singapore 069538 KOZE PTE: Court to Hear Wind-Up Petition on Nov. 28 --------------------------------------------------- A petition to wind up the operations of Koze Pte. Ltd. will be heard before the High Court of Singapore on Nov. 28, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Nov. 4, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 LIBERTY INDUSTRIES: Creditors' Meeting Set for Nov. 26 ------------------------------------------------------ Liberty Industries Holding Pte. Ltd. will hold a meeting for its creditors on Nov. 26, 2025, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Ong Shyue Wen and Mr. Saw Meng Tee EA Consulting were appointed as provisional liquidators of the Company on Nov. 10, 2025. MECH MARINE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Oct. 24, 2025, to wind up the operations of Mech Marine Engineering Pte. Ltd. Saliran Industrial Supplies Sdn Bhd filed the petition against the company. The company's liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 MYDOCLAB PTE: Placed in Creditors' Voluntary Liquidation -------------------------------------------------------- Hubert Jen Wei Chang of AP Transaction Services on Nov. 6, 2025, was appointed as liquidator of Mydoclab Pte Ltd. The liquidator may be reached at: Hubert Jen Wei Chang c/o AP Transaction Services 138 Cecil Street #10-01 Cecil Court Singapore 069538 THANYAPURA WORLD: Creditors' Proofs of Debt Due on Dec. 16 ---------------------------------------------------------- Creditors of Thanyapura World Pte. Limited are required to file their proofs of debt by Dec. 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 6, 2025. The company's liquidators are: Don M Ho David Ho Chjuen Meng DHA+ pac 9 Raffles Place #08-04 Republic Plaza Singapore 048619 ZACK MARINE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Oct. 27, 2025, to wind up the operations of Zack Marine Services Pte. Ltd. Wai Yok In filed the petition against the company. The company's liquidators are: Lau Chin Huat Yeo Boon Keong Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 ********* 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 ***