251118.mbx

251118.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 18, 2025, Vol. 28, No. 230 Headlines A U S T R A L I A ALL ROAD: First Creditors' Meeting Set for Nov. 24 BEDFORD GROUP: Federal Government Pumps More Millions Into Provider BEDFORD GROUP: Placed in Voluntary Administration GREAT MONEY 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes LONG BEACH: First Creditors' Meeting Set for Nov. 24 METRO FINANCE 2025-2: Moody's Gives B2 Rating to AUD1.80MM F Notes MONARCH ADVISORY: First Creditors' Meeting Set for Nov. 24 NORTHS COLLECTIVE: Looking to Offload Far North Coast Clubs PALM HEAVEN: First Creditors' Meeting Set for Nov. 21 PLENTI AUTO 2024-1: Moody's Raises Rating on Class F Notes to Ba1 PRIME PHYSIO: First Creditors' Meeting Set for Nov. 21 STRONGROOM AI: Founder Explains Start-Up's Disastrous Deal TAURUS 2024-1PP: Moody's Ups Rating on Class F Notes to Ba1 C H I N A [] CHINA: Local Gov't. Auction Houses to Ease Financial Pressure I N D I A AGASTHYACODE RUBBER: CRISIL Keeps D Rating in Not Cooperating AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating Category ALAYNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ARUNACHALA TRADING: CRISIL Keeps D Ratings in Not Cooperating BASIC INTERIORS: Voluntary Liquidation Process Case Summary BHASIN INFOTECH: Insolvency Resolution Process Case Summary BISWAMATA HEEMGHAR: CRISIL Keeps D Ratings in Not Cooperating C.L. GULHATI: CRISIL Keeps D Debt Ratings in Not Cooperating COASTAL AUTOMOBILES: Insolvency Resolution Process Case Summary DEVASHRAY PAPERS: Insolvency Resolution Process Case Summary DIVYAM DEVELOPERS: Liquidation Process Case Summary E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ENIGMA VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating EXCEL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating FLY EXPRESS: Liquidation Process Case Summary FONG'S TECHNICAL: Voluntary Liquidation Process Case Summary GODOLO AND GODOLO: CRISIL Keeps D Debt Ratings in Not Cooperating GRAND VENEZIA: Insolvency Resolution Process Case Summary HARANCHANDRA COLD: Insolvency Resolution Process Case Summary HBS CITY: CRISIL Keeps D Debt Ratings in Not Cooperating Category HLM INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating HOTEL VAKRATUNDA: CRISIL Keeps B- Debt Rating in Not Cooperating INDIAN FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating JC WORLD: NCLAT Overturns NCLT Move Disqualifying Promoters MANGO FINANCE: Voluntary Liquidation Process Case Summary MULTICITY HOSPITALITIES: Liquidation Process Case Summary NEPTUNE VENTURES: Liquidation Process Case Summary PURUSHOTTAM JAIRAM: CRISIL Keeps B- Ratings in Not Cooperating QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating RAM COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating Category RAMA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ROYAL FANTASY: Insolvency Resolution Process Case Summary SARATHA ELECTRO: CRISIL Keeps B Debt Ratings in Not Cooperating SHARMA SURGICAL: CRISIL Keeps D Debt Ratings in Not Cooperating SHIKHAR INTEGRATED: CRISIL Keeps D Ratings in Not Cooperating SHIV NARIAN: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVA POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating SHYAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating SUYASH HEALTHCARE: CRISIL Keeps B+ Ratings in Not Cooperating TDT COPPER: Insolvency Resolution Process Case Summary VIBRANT CONTENT: Insolvency Resolution Process Case Summary M A L A Y S I A 1MDB: Drops JPMorgan, Coutts & Co From US$4.77 Billion Lawsuit N E W Z E A L A N D 4ACES SCAFFOLDING: Creditors' Proofs of Debt Due on Dec. 15 HAMLEIGH HOLDINGS: Two Stirling Sports Stores Enter Liquidation MY FRESH: Creditors' Proofs of Debt Due on Dec. 8 SEIS-MECH LIMITED: Court to Hear Wind-Up Petition on Nov. 27 WEKE INFRASTRUCTURE: Waterstone Insolvency Appointed as Receivers WELLINGTON BEVERAGE: Creditors' Proofs of Debt Due on Dec. 5 YB NW ALBANY: Court to Hear Wind-Up Petition on Nov. 27 S I N G A P O R E BAMBOO (THAILAND): Creditors' Proofs of Debt Due on Dec. 15 CROMWELL SINGAPORE: Creditors' Proofs of Debt Due on Dec. 15 FIRST VENTURE: Court Enters Wind-Up Order FY GROUP: Court to Hear Wind-Up Petition on Nov. 28 GENERAL ATLANTIC: Creditors' Proofs of Debt Due on Dec. 15 INNOVATE INDUSTRIES: Deloitte Appointed Provisional Liquidators KAIDEN CORPORATE: Commences Wind-Up Proceedings LATITUDEPAY SINGAPORE: Commences Wind-Up Proceedings MM2 ASIA: Net Loss Deepens to SGD39.7 million in H1 Ended Sept. 30 SG CHEMICALS: Court Enters Wind-Up Order SMARTRETAIL PTE: Commences Wind-Up Proceedings S O U T H K O R E A DOOSAN BOBCAT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable - - - - - ================= A U S T R A L I A ================= ALL ROAD: First Creditors' Meeting Set for Nov. 24 -------------------------------------------------- A first meeting of the creditors in the proceedings of All Road Transport Pty. Ltd. will be held on Nov. 24, 2025 at 3:30 p.m. by virtual Meeting via Zoom. Anthony Lane of Beacon Advisory was appointed as administrator of the company on Nov. 12, 2025. BEDFORD GROUP: Federal Government Pumps More Millions Into Provider ------------------------------------------------------------------- InDaily South Australia reports that the Federal Government has announced it is providing AUD13.2 million in extra funding to prop up beleaguered not-for-profit Bedford after it officially appointed voluntary administrators on Nov. 17. This brings Federal Government funding of the struggling business to AUD17.6 million, on top of AUD15 million supplied by the state government, after the disability employment services company almost collapsed in July, InDaily says. When the Federal Government contributed an extra AUD4.4 million in early October, Federal Disability and the NDIS Minister Mark Butler said the company's financial position was so bad that "they can't even operate from week to week". InDaily says that it was announced on Nov. 17 that not-for-profit disability services provider The Disability Trust was expected to be the preferred buyer of Bedford. This deal was endorsed by the Bedford board, and the deal remained subject to creditor approval. The Disability Trust is a registered NDIS services provider and serviced clients in New South Wales, the Australian Capital Territory, Victoria and Queensland. "The Disability Trust has a 50-year history as a reputable not-for-profit disability organisation and I'm pleased they've recognised the opportunities available in South Australia," InDaily quotes Mr. Butler as saying. Former Bedford CEO Myron Mann resigned over the company's collapse, caused by mounting losses – AUD20 million since 2021. According to InDaily, the state government's funding lifeline kept the company going, but Bedford on Nov. 17 appointed McGrathNicol as voluntary administrators to oversee a sales process. Administrators would continue operating all Bedford sites, ensuring continuity for the more than 1250 people who were employed by or received support from the business. InDaily relates that the Disability Trust CEO Karenza Louis-Smith said today was a "moment of real significance for South Australia". "The proposed acquisition protects the programs and supports that mean the most to people - the places where they work, learn, connect and belong," Ms. Louis-Smith said. "Bedford has stood for inclusion for generations, and we are proud to help carry that forward." To ensure any sale could proceed, the state government on Nov. 17 announced it would provide a portion of Crown Land at Bedford's Panorama site to The Disability Trust for free, according to InDaily. Premier Peter Malinauskas said the state government owned 60 per cent of the land, while Bedford owned the rest. In total, the site was worth about AUD6 million. This would bring state government support to Bedford to AUD21 million, the government said. According to InDaily, the state and federal governments said Bedford's largest creditor – National Australia Bank – had been supportive since July, and would work with the administrator on an outcome for the not-for-profit, ranked the 19th largest in the state. InDaily relates that Mr. Butler said the announcement was "wonderful news for families who rely on the organisation for employment and NDIS services and who have been deeply concerned about the future". "The government will continue to do everything possible to secure a good outcome for NDIS participants, Bedford employees and the wider community." Mr. Malinauskas said the collapse of Bedford "would have been unacceptable," InDaily relays. "Now, through this carefully calibrated intervention and in partnership with the federal government, we have been able to arrive at a point where a sale is being progressed, and that the people with disability at Bedford can continue to work," he said. "Importantly, this isn't any buyer, but a high-quality, long-standing and respected one, who will treat these workers with the dignity they deserve." Bedford said the support of the State and Federal governments "has afforded Bedford time to identify options that could ensure the continuity of job supports and services throughout this recent period". "We encourage our valued customers and suppliers to keep supporting Bedford, it underpins opportunities for people with disability in South Australia," Bedford said. Bedford Group provides training, employment, and support to people living with disability. BEDFORD GROUP: Placed in Voluntary Administration ------------------------------------------------- Matthew Caddy, Melissa Smith, Mark Knight and Robert Smith of McGrathNicol were appointed as voluntary administrators of The Bedford Group on Nov. 17, 2025. The entities within the group are: - Bedford Group Ltd - Bedford Social Enterprises Holding Company Pty Ltd - Bedford Social Enterprises Ltd - Bedford Services and Advisory Ltd - Cultivate Food and Beverage Pty Ltd - Green Inclusive Enterprises Pty Ltd - Dovetail Advanced Manufacturing Pty Ltd GREAT MONEY 2025-1: Moody's Assigns (P)B2 Rating to Class F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Perpetual Corporate Trust Limited as trustee of Great Money Fortune Trust 2025-1. This is Great Money Pty Ltd's first term RMBS transaction. Issuer: Perpetual Corporate Trust Limited in respect of Great Money Fortune Trust 2025-1 AUD285.00 million Class A1 Notes, Assigned (P)Aaa (sf) AUD53.20 million Class A2 Notes, Assigned (P)Aaa (sf) AUD15.96 million Class B Notes, Assigned (P)Aa2 (sf) AUD8.74 million Class C Notes, Assigned (P)A2 (sf) AUD4.94 million Class D Notes, Assigned (P)Baa2 (sf) AUD5.32 million Class E Notes, Assigned (P)Ba2 (sf) AUD1.52 million Class F Notes, Assigned (P)B2 (sf) The AUD3.04 million Class G1 Notes and AUD2.28 million Class G2 Notes are not rated by us. Class A1 Notes and Class A2 Notes are collectively referred to as Class A Notes; and Class G1 Notes and Class G2 Notes are collectively referred to as Class G Notes. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated by Great Money Secured Funding Pty Ltd, a wholly owned subsidiary of Great Money Pty Ltd (Great Money). Great Money will act as the servicer. Great Money is a privately held, non-bank residential mortgage lender in Australia that commenced loan origination in 2022. Since inception, Great Money has originated approximately AUD500 million in mortgage loans with AUD430 million in loans under management, as of October 2025. Great Money primarily originates loans through accredited mortgage managers and their affiliated brokers. RATINGS RATIONALE The provisional ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance; evaluation of the capital structure and credit enhancement provided to the notes; the availability of excess spread over the life of the transaction; the liquidity facility in the amount of 1.5% of the rated note balance subject to a floor of AUD562,020; the legal structure; and the presence of AMAL Asset Management Limited as standby servicer. According to Moody's analysis, credit strengths of the transaction include 25.0% subordination available to the Class A1 Notes, compared with 10.9% Moody's Individual Loan Analysis (MILAN) Stressed Loss and limited exposure to loans with a scheduled loan-to-value ratio above 80%. However, Moody's notes that the transaction features some credit weaknesses such as short operating history of Great Money Secured Funding Pty Ltd as the originator and Great Money as the servicer and relatively high borrower concentration risk (the largest, top 10 and top 20 loan facilities represent 0.89%, 7.25%, and 13.65% of the pool as of pool cutoff date). Moody's MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 10.9%. Moody's median expected loss for this transaction is 1.3%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- Principal collections will be distributed on a sequential basis initially, starting with the Class A1 Notes. Starting from the second anniversary from closing, and subject to the step-down conditions being satisfied, all classes of notes may participate in proportional principal collections distribution, with Class G Notes' share of principal collections allocated in a reverse sequential order, starting from Class F Notes. Class G Notes do not receive any principal while any other notes remain outstanding. -- The step-down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class A2 Notes at least doubling since closing. The key pool features are as follows: -- The pool has a weighted-average scheduled loan-to-value (LTV) ratio of 72.8%. Approximately 1.8% of the pool are loans with a scheduled LTV above 80% and no loans in the pool have a scheduled LTV above 90%. -- 25.8% of loans in the pool are to self-employed individual borrowers. -- Investment and interest-only (IO) loans represent 49.2% and 14.4% of the pool respectively. -- The portfolio has a weighted average seasoning of 5.1 months. -- As of the pool cut-off date, none of the loans are in arrears, and no borrowers had a history of adverse credit at the time of credit assessment. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. The Australian jobs market and housing market are major drivers of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and insufficient transactional governance. LONG BEACH: First Creditors' Meeting Set for Nov. 24 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Long Beach Partnership Pty Ltd will be held on Nov. 24, 2025 at 10:00 a.m. at the offices of Rodgers Reidy (TAS) Pty Ltd at Ground Floor, Cnr Bathurst & Argyle St in Hobart T and via virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidy was appointed as administrator of the company on Nov. 12, 2025. METRO FINANCE 2025-2: Moody's Gives B2 Rating to AUD1.80MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to notes issued by AMAL Trustees Pty Limited in its capacity as trustee of Metro Finance 2025-2 Trust. Issuer: AMAL Trustees Pty Limited in its capacity as trustee of Metro Finance 2025-2 Trust AUD791.10 million Class A Notes, Assigned Aaa (sf) AUD39.60 million Class B Notes, Assigned Aa2 (sf) AUD27.00 million Class C Notes, Assigned A2 (sf) AUD9.90 million Class D Notes, Assigned Baa2 (sf) AUD25.20 million Class E Notes, Assigned Ba2 (sf) AUD1.80 million Class F Notes, Assigned B2 (sf) The AUD2.70 million Class G1 Notes and AUD2.70 million Class G2 Notes are not rated by us. Metro Finance 2025-2 Trust is a static cash securitisation of a portfolio of Australian commercial auto and equipment loans and leases, and novated leases secured by motor vehicles originated by Metro Finance Pty Limited (Metro Finance). Metro Finance was established in 2011 as a commercial auto and equipment lender. It targets prime borrowers for auto and equipment assets in low volatility industries. Metro Finance originates its lending through the commercial auto and equipment broker and aggregator industry nationally. This is Metro Finance's second auto and equipment asset backed securitisation for 2025. RATINGS RATIONALE The definitive ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance, (2) an evaluation of the capital structure and credit enhancement provided to the notes, (3) the availability of excess spread over the life of the transaction, (4) the liquidity facility in the amount of 2.0% of the rated notes' balance, subject to a floor of AUD500,000, (5) the legal structure, (6) the experience of Metro Finance as servicer, and (7) the presence of AMAL Asset Management Limited (AMAL) as the back-up servicer. According to Moody's analysis, the transaction benefits from strong historical performance data which compares favourably to other originators of commercial auto and equipment loans and leases. The key challenge in the transaction is the inclusion of around 51.2% of receivables extended to prime commercial obligors on a no-income-verification basis and around 62.8% of receivables requiring a balloon payment at the end of the receivable term. Loans with a balloon payment are subject to higher refinancing risk and, consequently, default risk. Moody's have incorporated an additional stress into Moody's default assumptions to account for this. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 13.3%. Moody's mean expected default rate for this transaction is 2.0% and Moody's recovery rate is 40.0%. The default rate, recovery rate and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Key transactional features are as follows: -- Principal collections will be at first distributed sequentially. Once the step down conditions are satisfied, all notes may participate in proportional principal collections distribution. The step down conditions include, among others, subordination to the Class A notes of at least 1.5 times the initial Class A subordination, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 4.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate stated amount of the notes is less than 20.0% of the aggregate invested amount of the notes at closing, or on or after the payment date in February 2029. -- A swap provided by National Australia Bank Limited (Aa1/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the fixed rate assets and the floating rate liabilities. The notional balance of the swap will follow a schedule based on the repayment profile of the assets, assuming a certain prepayment rate. -- AMAL is the back-up servicer. If Metro Finance is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- 51.2% of the receivables were extended to prime commercial obligors on a no-income verification basis, referred to as "streamlined". This streamlined product allows obligors who meet certain stringent requirements to access the loan without providing financial statements. -- 62.8% of the receivables are loans with a balloon payment at the end of the receivable term. The aggregate balloon exposure as a percentage of current portfolio balance is 22.2%. -- The weighted average interest rate of the portfolio is 7.5%. -- The weighted average remaining term of the portfolio is 46.5 months. The weighted average seasoning of the initial portfolio is 8.3 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" 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 a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. MONARCH ADVISORY: First Creditors' Meeting Set for Nov. 24 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Monarch Advisory Group Pty Ltd will be held on Nov. 24, 2025 at 10:00 a.m. via Microsoft Teams platform. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on Nov. 12, 2025. NORTHS COLLECTIVE: Looking to Offload Far North Coast Clubs ----------------------------------------------------------- ABC News reports that Sydney hospitality group Norths Collective is looking to offload two Far North Coast sporting clubs to cap losses and pay down debt of about AUD30 million. Norths Collective, born out of the North Sydney Leagues Club, caused an outcry when it shut the doors to the 115-year-old Bangalow Bowling Club on October 24, the ABC relates. There is now a community push to take the club back from Norths - which ran the venue for three years - spearheaded by Byron Shire councillor and Bangalow resident Asren Pugh. "Our demand to Norths is just hand the keys back and walk away," he said. "If you can't run it, let the community have a shot." According to the ABC, Norths Collective is also in negotiations with Twin Towns, one of the largest licensed club operators on the Far North Coast, to take over the running of Tweed Seagulls Club. In a notice to members on its webpage, Norths Collective said the sale of Seagulls to Twin Towns for AUD30 million would all but clear its debt, relieve the group of ongoing maintenance costs and interest payments, and allow for investment elsewhere. Norths Collective CEO Tony Mathew was appointed in August to turn the financial fortunes of the hospitality group around, the ABC says. He said the group has lost AUD7 million in the past two years. "We do have significant debts, we are trying to take corrective action" the ABC quotes Mr. Mathew as saying. Only two of Norths Collective's six clubs are profitable, including the massive Seagulls Club in Tweed Heads West, which it has operated since 1998, the ABC notes. "It's a successful club, it's probably our jewel, really," Mr. Mathew said. "We don't want to sell it as a development site, we don't want to sell it to any other registered club, we would rather sell it to Twin Towns. "They know how to look after that local community and we honestly believe that is the most genuine and sensible outcome." The ABC relates that Mr. Mathew said despite Norths having spent AUD250,000 on the Bangalow Bowling Club, including an AUD80,000 grant, there remained serious concerns about the state of the 60-year-old building and the finances did not stack up. "Not all my decisions will be popular, I get that, but at the end of the day, we need to make sure the place is safe, sustainable and solvent," Mr. Mathew said. While the community has decried the sudden closure of the bowlo, Mr. Mathew said the patronage to make the venue sustainable was not there. When the newly-appointed CEO visited the club during footy finals, he saw just a handful of patrons, the ABC relays. "There was one person inside watching TV, another guy in another room watching TV, four people sitting on the verandah and a family playing bowls," he said. "Then I go to the Bangalow pub and it's chocka-block, so whatever we were doing it wasn't enough to encourage people to come. According to the ABC, the Bangalow community will be given the option to raise funds to buy the bowling club, however Mr. Mathew said the next step would be to look for interest from another Northern Rivers registered club. "If there's some local benefactors that love the club and are financed appropriately to assist in rebirthing it, that would be great," he said. "I think [a local registered club] will have synergies and they will be more supported because they are local." PALM HEAVEN: First Creditors' Meeting Set for Nov. 21 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Palm Heaven Pty Ltd will be held on Nov. 21, 2025 at 10:00 a.m. virtually via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on Nov. 11, 2025. PLENTI AUTO 2024-1: Moody's Raises Rating on Class F Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on six classes of notes issued by Plenti Auto ABS Trust 2024-1. The affected ratings are as follows: Issuer: Plenti Auto ABS Trust 2024-1 Class B1 Notes, Upgraded to Aaa (sf); previously on Mar 10, 2025 Upgraded to Aa1 (sf) Class B2 Notes, Upgraded to Aaa (sf); previously on Mar 10, 2025 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Mar 10, 2025 Upgraded to A1 (sf) Class D Notes, Upgraded to A1 (sf); previously on Mar 10, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Mar 10, 2025 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Mar 10, 2025 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and good performance of the collateral pool to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current ratings for the respective notes. Following the October 2025 payment date, credit enhancement available for the Class B (Class B1 and B2), Class C, Class D, Class E, and Class F Notes has increased to 15.8%, 10.4%, 8.4%, 5.1%, and 1.8% respectively, from 12.9%, 8.5%, 6.8%, 4.1%, and 1.4% at the time of the last rating action for these notes in March 2025. Principal collections have been distributed on a pro-rata basis among the rated notes (excluding Class A-X Notes) since July 2025 payment date. Current outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance is 54.1%. The Class A-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-September 2025, 1.6% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred net losses of 0.6% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 2.7% of the current balance (equivalent to 2.2% of the original balance) from 3.2% of the current balance (equivalent to 2.7% of the original balance) at the time of last rating action in March 2025. Moody's have also decreased the Aaa portfolio credit enhancement to 13% from 16% at the time of last rating action in March 2025. The transaction is a cash securitisation of consumer auto loan receivables extended to prime borrowers in Australia originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" 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 ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PRIME PHYSIO: First Creditors' Meeting Set for Nov. 21 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Prime Physio Group Pty Ltd will be held on Nov. 21, 2025 at 10:00 a.m. via virtual meeting. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on Nov. 11, 2025. STRONGROOM AI: Founder Explains Start-Up's Disastrous Deal ---------------------------------------------------------- Amelia McGuire at The Australian Financial Review reports that the former chief executive of StrongRoom AI has told a court that he knew his company was at risk of insolvency after making an acquisition that it could not afford without new funding but pushed it through anyway. The Financial Review notes that Max Mito ran the pharmacy software platform before it collapsed because of alleged fraud, having founded it with his childhood friends Christopher Durre and Kieran Start in 2017. He is being pursued by EVP, a local venture capital firm that led a AUD17 million fundraising round earlier this year, just weeks before the company collapsed into administration and gave evidence on Nov. 11 as part of a lengthy liquidation. The Financial Review relates that EVP has accused the company's board of misrepresenting its finances days after it invested AUD10.4 million. StrongRoom's remaining assets were sold to another pharmacy entrepreneur, Joe Zhou, in September. According to the Financial Review, the Supreme Court of NSW heard on Nov. 11 that StrongRoom failed to pay tax between 2021 and 2024 and received multiple warnings from the Australian Taxation Office, which threatened to engage debt collectors. At the same time, Mr. Mito and the board were negotiating the AUD8.8 million purchase of Members Benefits Australia, loyalty program. "There were numerous incidents between 2022 and 2024 when we'd get tax bills and be quite surprised by them," Mr. Mito told the court, adding that he was pushing for the purchase of Members Benefits because he believed the company had an attractive revenue stream, the Financial Review relays. But, he said, StrongRoom would have been insolvent without obtaining external funding. "I had faith in my relationship with [Members Benefits managing director] Divesh [Sanghvi] that we could work through a payment plan that we could get through it . . . but if he wanted to push to a point of disagreement and term sheets fell through, then yes, it would be disastrous," Mr. Mito said. In 2022, StrongRoom committed to paying Members Benefits a licensing fee of AUD600,000 for its loyalty program technology and AUD60,000 in monthly instalments, the Financial Review recalls. It also put Mr. Sanghvi on its board and paid him AUD200,000 for advice. Mr. Sanghvi told the court on Nov. 10 that StrongRoom had always struggled to make these payments and was often late to pay. Neither Mr. Sanghvi nor Mr. Mito could explain whether these payments from StrongRoom were included within Members Benefits' annual revenue projections. Mr. Sanghvi told the court on Nov. 10 that StrongRoom failed to pay its bills on time for more than a year before the start-up raised AUD70 million to finalise the acquisition, but he never suspected it to be insolvent. The Financial Review says Mr. Mito told the court that not only did he know that Members Benefits was about to lose its biggest client, ASX-listed wholesaler and pharmacy chain Sigma Healthcare, which made up more than 50 per cent of its revenue, but that he didn't alert the rest of the board in writing. Mr. Mito denied that he had not properly informed his fellow directors of the binding nature of the acquisition. But he agreed that there was nothing in writing to show that he had warned the board that Members Benefits had reneged on a commitment to provide a warranty in relation to its revenue from Sigma. He said he never read StrongRoom's board minutes and the company's record keeping was "informal at best". About Strong Room Headquartered in Melbourned, Australia, Strong Room -- https://strongroom.ai/ -- is a drug management platform that uses AI analytics and facial recognition technology to reduce adverse drug events in pharmacy, hospital, and aged care facility settings. The firm offers solutions and technologies including automated patient verification, powerful reporting, patient alerts, automated stock management, regular and secure back-ups, multiple terminals, 3D facial mapping, and biometric identification. As reported in the Troubled Company Reporter-Asia Pacific on April 1, 2025, financiers for Melbourne startup Strongroom AI have forced the company into administration, amid concerns about the company's accounts. On March 28, new regulatory filings with corporate regular ASIC revealed that Strong Room Technology Pty Ltd was in external administration. Todd Gammel, Barry Taylor, Matthew Levesque-Hocking from HLB Mann Judd stepped in on March 28 as administrators for the company, Startup Daily discloses. Walsh & Associates has also been appointed as receiver for banking assets in the startup at the behest of Paddington Street Finance. TAURUS 2024-1PP: Moody's Ups Rating on Class F Notes to Ba1 ----------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued from Taurus 2024-1PP Trust. The affected ratings are as follows: Issuer: Taurus 2024-1PP Trust Class B Notes, Upgraded to Aaa (sf); previously on Feb 27, 2025 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Feb 27, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Feb 27, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on May 9, 2024 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Feb 27, 2025 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and good performance of the collateral pool to date. No action was taken on the remaining rated classes in the deal as credit enhancements remain commensurate with the current ratings for the respective notes. Following the October 2025 payment date, credit enhancement available for the Class B, Class C, Class D and Class F Notes has increased to 14.1%, 10.6%, 6.9% and 1.6% respectively, from 11.6%, 8.7%, 5.6% and 1.2% at the time of the last rating action for these notes in February 2025. The credit enhancement available for the Class E Notes has increased to 2.3% from 1.2% at closing. Principal collections have been distributed on a pro-rata basis among the rated notes (excluding Class A1-X Notes) since August 2025 payment date. Current outstanding notes (excluding Class A1-X Notes) as a percentage of the closing notes balance is 50.9%. The Class A1-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-September 2025, 0.9% of the outstanding pool was 30-plus days delinquent and 0.3% was 90-plus days delinquent. The deal has incurred 0.3% of losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 2.3% of the outstanding pool balance (equivalent to 1.6% of the original balance) from 2.8% of the outstanding pool balance (equivalent to 2.2% of the original balance) at the time of the last rating action in February 2025. Moody's have also decreased Moody's Aaa Portfolio credit enhancement assumption to 13% from 16.5% at the time of the last rating action. The transaction is a cash securitization of consumer and commercial auto loan receivables extended to prime borrowers in Australia by Taurus Finance Holdings Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS " 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 ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ========= C H I N A ========= [] CHINA: Local Gov't. Auction Houses to Ease Financial Pressure ---------------------------------------------------------------- Yical Global reports that many Chinese local governments have begun auctioning properties they own through their asset management platforms or regular state-owned enterprises to raise funds to alleviate the financial pressure they are facing. The state-owned enterprises in Sichuan province's Xichang recently split their 144 housing units into three packages and put them out for auction at a price slightly lower than local market price. Interested parties can pay a deposit to enter the auction and then bid online, a staffer responsible for the auction told Yicai. These auctioned properties are mainly affordable houses, especially economically affordable houses, that state-owned firms hold on behalf of local governments, Yicai found. Affordable houses are properties included in the policy-oriented housing initiatives launched by local governments to meet the housing needs of low- and middle-income groups, families with housing difficulties, and special groups, such as migrant talents and residents affected by demolition and relocation, Yicai says. Economically affordable houses are the main type of affordable houses. Qualified applicants can purchase such properties at prices lower than the market rate and own partial or full property rights. Other forms of affordable housing include public rental houses and shared ownership houses. According to Yicai, the public resources trading platform in Fuzhou, southeastern Fujian province, recently announced it was auctioning 302 residential units owned by state-owned enterprises based in the city. Several other cities, including Beijing, Guangzhou, Yantai, and Zibo, have also experienced similar instances where local state-owned companies have listed properties for sale. One of the reasons for local state-owned firms auctioning properties could be that they have not been sold after completion, resulting in long-term capital being tied up, Li Yujia, chief researcher at the Guangdong Housing Policy Research Center, told Yicai. Therefore, selling them can help alleviate financial pressure, he noted. Moreover, under the premise of continuously declining property market prices, selling such houses as soon as possible can help owners avoid asset depreciation risks, Li added. About the reasons why these properties could not be sold, Li said that their location and construction quality may not be as good as those of commercial houses, Yicai relays. In today's context, where residence quality is highly valued, some qualified potential buyers may just not be interested in them. The rise in popularity of this phenomenon can also be related to the local governments' recent efforts to actively convert state-owned resources into tradable assets, Song Hongwei, co-director of Tospur Real Estate Consulting, told Yicai. Selling these properties will help improve their financial strength. Putting some over-supplied and long-idle affordable houses on the market will help improve the efficiency of asset utilization and maximize the principle of "making the most of what we have," Song noted. ========= I N D I A ========= AGASTHYACODE RUBBER: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Agasthyacode Rubber Traders (ART) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ART 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 ART, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ART is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ART continues to be 'Crisil D Issuer not cooperating'. Set up in 2000 as a partnership between Mr Biju Lal and Mr Baiju Lal, Kollam-based ART trades in rubber sheets and scrap rubber. AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Ajit Singh Malik and Co Owners (ASMC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASMC 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 ASMC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASMC continues to be 'Crisil D Issuer not cooperating'. ASMC is a partnership concern established in 2014 by Ajit Singh Malik and friends in Haryana. The firm offers warehouse space on lease to HAFED for storage of food grains. ALAYNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alayna Industries (AI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.4 CRISIL D (Issuer Not Cooperating) Funded Interest 0.41 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 1.86 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.33 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AI 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 AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AI continues to be 'Crisil D Issuer not cooperating'. AI is owned & managed by Mr Gaurav Pachouri and Ms Nishita Pachouri.AI operate a rice mill. Its manufacturing facility is located in Mandideep, Bhopal, Madhya Pradesh. ARUNACHALA TRADING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arunachala Trading Company (ATC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATC 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 ATC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ATC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2015 as a partnership entity, ATC trades in paper and board. The firm, based in Sivakasi (Tamil Nadu), deals in two major categories of paper - printing and writing Paper and copier paper. The operations are managed by Mr. Chiranjeevi Rathnam. BASIC INTERIORS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Basic Interiors Private Limited W-202, Sunrise Chambers No.22, Ulsoor Road, Bangalore, Karnataka, India, 560042 Liquidation Commencement Date: October 16, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Venkataraman Jayagopal E-003, Victoria Haven, Patel Ram Reddy Road, Domlur 1st Stage Bangalore 560071 Email: basicinteriors.vl@gmail.com Email: gopal_venus@hotmail.com Last date for submission of claims: November 15, 2025 BHASIN INFOTECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Bhasin Infotech and Infrastructure Private Limited 13A, Mohan Cooperative, Industrial Estate, Mathura Road, New Delhi, Delhi, India, 110044 Insolvency Commencement Date: December 4, 2023 Estimated date of closure of insolvency resolution process: April 25, 2026 Court: National Company Law Tribunal, New Delhi Bench-V Insolvency Professional: Mukesh Gupta F-1, Milap Nagar, Uttam Nagar, New Delhi – 110059 Email: camukeship@rediffmail.com Email: irp.grandvenice@gmail.com Last date for submission of claims: November 11, 2025 BISWAMATA HEEMGHAR: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Biswamata Heemghar Private Limited (BHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.44 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.76 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.14 CRISIL D (Issuer Not Cooperating) Working Capital 1.66 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with BHPL 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 BHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2012 and promoted by Mr Shyamal Dandapat, BHPL provides cold storage facilities in Medinipur, West Bengal, to potato farmers and traders, and also trades in potatoes. C.L. GULHATI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of C.L. Gulhati and Sons Limited (CLG) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CLG 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 CLG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CLG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CLG continues to be 'Crisil D Issuer not cooperating'. CLG was set up as private limited company in 1956 by Mr. C L Gulhati and his associates. It became a public limited company. Since its inception, CLG has been a dealer for the entire range of TML's CVs. It became a dealer of TML's passenger vehicles in 2000. COASTAL AUTOMOBILES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s Coastal Automobiles Private Limited #1-176, Hukumpet, Rajahmundry Andhra Pradesh, India, 533103 Insolvency Commencement Date: October 10, 2025 Estimated date of closure of insolvency resolution process: April 8, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Ravuru Hari Prasad, Flat. 304, Sai Neelakanta Towers, Chandulal Bowli, Sikh Village, Secunderabad, Near Tadbund Hanuman Temple, Hyderabad, Telangana-500009 E-mail: hariprasadr17@gmail.com E-mail: coastalautomobilescirp@gmail.com Last date for submission of claims: November 5, 2025 DEVASHRAY PAPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Devashray Papers (India) LLP Survey No 1106 Makva Vijaypura Nr Express Highway Vill Makva Taluka Mehemdabad, Kheda Gujarat, 387411 Insolvency Commencement Date: October 30, 2025 Estimated date of closure of insolvency resolution process: April 28, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Vinod Tarachand Agrawal Office no. 204, Wall Street-1 Near Gujarat College Ellisbridge, Ahmedabad 380 006 Gujarat, India Email: ca.vinod@gmail.com Email: cirp.devashraypapers@gmail.com Last date for submission of claims: November 13, 2025 DIVYAM DEVELOPERS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Divyam Developers Pvt Ltd First Room Portion 9-10/3 3RD Floor Laxman house, Asaf Ali Road, New Delhi, New Delhi, India 110002 Liquidation Commencement Date: September 17, 2025 Court: National Company Law Tribunal, New Delhi Bench-IV Liquidator: Mr. Rajneesh Kumar Aggarwal C-60, 3RD Floor C Block Community Centre Janak Cinema Complex, Janak Puri, New Delhi, National Capital Territory of Delhi 110058 Email: ca@arkadvisors.in Email: ip.divyam@gmail.com Last date for submission of claims: November 27, 2025 E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of E C Bose and Co Private Limited (ECBPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ECBPL 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 ECBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ECBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ECBPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ECBPL was incorporated in 1851, promoted by the late Mr. Eshan Chandra Bose, and is currently managed by his family. The company offers stevedoring and forwarding services, besides other allied services such as comprehensive shipping and logistical services, customs clearance, shipping, chartering and freight forwarding, and warehousing. ENIGMA VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Enigma Ventures India Private Limited (EVPL: part of the Kohinoor group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Cash 8 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with EVPL 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 EVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EVPL continues to be 'Crisil D Issuer not cooperating'. About the Group Incorporated in 2010, EVPL manufactures sarees and dress materials. The manufacturing facility in Surat is managed by Mr Sanjay Juneja and Mr Jitendra Shukla. EGPL, incorporated in 2015, manufactures sarees and ladies' dress material in Surat and is promoted by Mr Juneja and Mr Nikunj Kapadia. Incorporated in 2012, KEPL manufactures fabrics and readymade garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the promoters. Registered in 2012, KT manufactures sarees and ladies' dress material. The firm is based in Surat. Its partners are Mr. Sanjay Juneja and Mr. Hiren Kapadia. EXCEL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Excel Overseas Private Limited (EOPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 4.6 CRISIL D (Issuer Not Cooperating) Packing Credit 5 CRISIL D (Issuer Not Cooperating) Packing Credit 13.63 CRISIL D (Issuer Not Cooperating) Packing Credit 10.76 CRISIL D (Issuer Not Cooperating) Post Shipment 25.1 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 6.63 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 27.28 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 15 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with EOPL 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 EOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EOPL continues to be 'Crisil D Issuer not cooperating'. EOPL was set up in 1988 as a proprietary concern in 1988 by Mr. Ramesh Shah, and was reconstituted as a private limited company in 2007. The company trades in rough and polished diamonds and is also engaged in cutting and polishing of diamonds. FLY EXPRESS: Liquidation Process Case Summary --------------------------------------------- Debtor: FLY EXPRESS LOGISTICS PRIVATE LIMITED Kesharvani Complex, Gojajali North, Bareilly Road, Haldwani, Nainital -263139 Uttarakhand Liquidation Commencement Date: October 15, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Krit Narayan Mishra C-3, Ashoka Apartments, Plot No. 8, Sector-12, Dwarka, New Delhi-110078 Email: kritmassociates@gmail.com Second Floor, Plot No. 65, Sector 12A, Dwarka, New Delhi-110075 Email: ip.flyexpresslogistics@gmail.com Last date for submission of claims: November 14, 2025 FONG'S TECHNICAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Fong's Technical Services Private Limited H.No. 46 1st Floor, Bali Nagar, Ramesh Nagar, West Delhi, New Delhi, Delhi, India - 110015 Liquidation Commencement Date: October 16, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Pawan Kumar Agrawal 40/139, Second Floor Pocket-40, Chittaranjan Park New Delhi, National Capital Territory of Delhi-110019 Contact No: 9971761073 Email: Pawan@vresolves.com Email: rvpawanagrawal@gmail.com Last date for submission of claims: November 14, 2025 GODOLO AND GODOLO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Godolo and Godolo Exports Private Limited (GGEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GGEPL 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 GGEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GGEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GGEPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1995, GGEPL trades in fabrics, such as non-woven interlinings, suit and shirt interlinings, and cloth accessories, such as polyurethane tape, water soluble backings, embroidery felts, and marking products. Mr Ved Pal Kapur, the promoter, manages operations along with Mr Sandeep Kapur and Mr Vishal Kapur. GRAND VENEZIA: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s Grand Venezia Commercial Towers Private Limited G-13 UGF Kanchenjunga Building 18 Barakhamba Road, Central Delhi, New Delhi, India, 110001 Insolvency Commencement Date: December 4, 2023 Estimated date of closure of insolvency resolution process: April 25, 2026 Court: National Company Law Tribunal, New Delhi Bench-V Insolvency Professional: Mukesh Gupta F-1, Milap Nagar, Uttam Nagar, New Delhi – 110059 Email: camukeship@rediffmail.com Email: irp.grandvenice@gmail.com Last date for submission of claims: November 11, 2025 HARANCHANDRA COLD: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Haranchandra Cold Storage Pvt. Ltd Registered Office: Priya Nagar Chinsurah P/S Chinsurah Dist - Hooghly Kolkata – 712102 West Bengal Cold Storage: Uttar Kalarayerkuthi (Sutting Camp) Post – Patlakhouya, P.S. – Kotoyali 736165 West Bengal Insolvency Commencement Date: October 30, 2025 Estimated date of closure of insolvency resolution process: April 28, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: CA Santanu Brahma AH-276, Salt Lake, Sector II Kolkata 700091 Email: ip.santanubrahma@gmail.com Process Email: cirp.hcspl@gmail.com Last date for submission of claims: November 13, 2025 HBS CITY: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of HBS City Private Limited (HBS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.95 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HBS 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 HBS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HBS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HBS continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2008, HBSCPL is a special-purpose vehicle set up by HBS Realtors Pvt Ltd to develop a township project in Panoli, Ankleshwar (Gujarat). It has presently undertaken construction of phase-1 of project which is spread over 8 acres with about 680 saleable units. HLM INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of HLM India Private Limited (HIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.85 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HIPL 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 HIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HIPL continues to be 'Crisil D Issuer not cooperating'. The TSI group was established in 2006 and manufactures carriers used in logistic services. It manufactures tippers and trailers under TSIPL, car and truck carriers under LIAPL, and refrigerated carriers under HIPL. Its promoters have industry experience of over four decades. HOTEL VAKRATUNDA: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hotel Vakratunda - Naddi (HVN) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.25 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HVN 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 HVN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HVN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HVN continues to be 'Crisil B-/Stable Issuer not cooperating'. A proprietorship firm of Ms Sucheta Thakur, HVN operates a hotel at Naddi, Himachal Pradesh. Commercial operations began partially in November 2015. INDIAN FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indian Foodtech Limited (IFL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IFL 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 IFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IFL continues to be 'Crisil D Issuer not cooperating'. IFL is a closely held public-limited company incorporated in 2010. It processes and packages ready-to-eat, ready-to-cook, ready-to-serve food and frozen peas under its own brand, Ruhils, and for other brands also. The company is managed by Mr. Ashok Ruhil. It has its processing plant in Bajpur (Uttarakhand) and started full scale of operations in 2012-13 (refers to financial year, April 1 to March 31). JC WORLD: NCLAT Overturns NCLT Move Disqualifying Promoters ----------------------------------------------------------- Business Standard reports that insolvency appellate tribunal NCLAT has set aside NCLT orders, which had declared promoters of JC World Hospitality ineligible to submit their resolution plan under Section 29A of the IBC. Business Standard relates that NCLAT said the NCLT "in a callous manner without looking into materials on record" have come to the conclusion that the promoters are disqualified, which is perverse and unsustainable. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) has revived the application filed by RP of JC World Hospitality before the Delhi bench of NCLT seeking approval for bids submitted by promoters and take a decision within three months, according to the report. The application "filed by the RP for approval of the Resolution Plan of the SRA (promoters) is revived before the adjudicating authority (NCLT) for passing an appropriate order in the plan approval application." It further said, "The plan approval application has been pending for about four years. We are of the view that the adjudicating authority shall endeavour to dispose of the application within three months from the date a copy of this order is produced before the adjudicating authority," Business Standard relays. Section 29A of the Insolvency & Bankruptcy Code (IBC) bars promoters from submitting a resolution plan; however, Section 240A provides relaxations to MSMEs, allowing erstwhile promoters to submit a plan unless they are wilful defaulters. Promoters of JC World Hospitality, an MSME engaged in real estate development, had submitted their resolution plan, which was approved by the committee of creditors. Following this, the RP had moved an application before the National Company Law Tribunal (NCLT), seeking its approval in November 2021. Meanwhile, Amrapali Fincap, whose bid was not selected, also approached NCLT. Meanwhile, Amrapali Fincap also filed an appeal challenging an earlier order of NCLT in this matter and subsequently moved before the Supreme Court, which had on April 20, 2022, stayed further proceedings, Business Standard reports. However, on July 24, 2024, the apex court disposed of the appeal and directed the NCLT to take up the matter expeditiously. NCLT on July 22, 2025, passed its order, in which promoters were declared ineligible under Section 29A. The resolution plan submitted by them and approved by the CoC was quashed and set aside. NCLT further directed RP to place the order before the CoC, the resolution plan submitted by Amrapali Fincap for consideration. Aggrieved by this, promoter Vijay Kant Dixit, Rita Dixit and others challenged it before NCLAT by filing an appeal, Business Standard relates. Business Standard says the appellate tribunal did not agree with the NCLT order and said its observation that the promoters do not fulfil the eligibility criteria is "wholly erroneous" as the requirement of the resolution applicant of net worth of Rs 50 crore was fully fulfilled. The CoC had put an eligibility criteria of a net worth of Rs 50 crore. It also pulled up NCLT for rejecting an email from the MCA dated March 7, 2025, removing disqualification of promoters Rita Dixit and Vijay Kant Dixit effective Aug. 13, 2018 and May 29, 2018, respectively, Business Standard notes. "The observation of adjudicating authority (NCLT) that promoters are ineligible under the RFRP, is without any basis," said NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member, Technical Barun Mitra. JC World Hospitality Private Limited commenced insolvency proceeding on Dec. 13, 2019. MANGO FINANCE: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Mango Finance India Private Limited 6th floor, INGS Point, Opposite Mumbai University C.S.T Road, Kalina Santa Cruz (East) Mumbai-400098 Maharashtra Liquidation Commencement Date: September 26, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Amit Vijay Karia 405, Hind Rajasthan Building Dadasaheb Phalke Road, Gautam Nagar, Dadar (East), Mumbai-400014 Maharahstra Email: liquidation.mangofinance@gmail.com Email: ipamitkaria@gmail.com Contact No: 9029210069 Last date for submission of claims: October 26, 2025 MULTICITY HOSPITALITIES: Liquidation Process Case Summary --------------------------------------------------------- Debtor: Multicity Hospitalities LLP 417/1, Khasra No. 375, Village Gadai Pur, Opposite Gurudwara Govind Sadan, South Delhi, Delhi-110030 Liquidation Commencement Date: October 16, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mohd Nazim Khan MNK House, 9A/9-10, Basement, East Patel Nagar, New Delhi-110008 Email: nazim@mnkassociates.com Email address: liq.mhllp@gmail.com Last date for submission of claims: November 15, 2025 NEPTUNE VENTURES: Liquidation Process Case Summary -------------------------------------------------- Debtor: Neptune Ventures and Developers Private Limited 4th Floor, Eastern Business District Near Mangatram Petrol Pump L B S Road, Bhandup(W) Mumbai City, Mumbai Maharashtra, India 400078 Liquidation Commencement Date: October 8, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Sachin Shrinivas Bhattad B 1305-6, Dosti Elite Road No. 29, Sion Mumbai – 400022 Email: admin@stresscredit.com B-807, East Point, Pant Nagar, 90 feet Road, Ghatkopar (East), Mumbai - 75 Email: nvdpl.liq@gmail.com Last date for submission of claims: November 7, 2025 PURUSHOTTAM JAIRAM: CRISIL Keeps B- Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Purushottam Jairam & Co. (PJC) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B-/Stable (Issuer Not Cooperating) Letter of Credit 9 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PJC 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 PJC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PJC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PJC continues to be 'Crisil B-/Stable Issuer not cooperating'. PJC was originally established in 1964 as a proprietorship firm by Mr. Purushottam Jairam Tank, and later was reconstituted as a partnership between Mr. Purushottam Jairam Tank and Mr. Mitesh Tank. The firm trades in and processes timber logs. It has a timber-processing plant in Lakadganj, Nagpur (Maharashtra). 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. RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raghav Industries - Una (RI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RI for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RI continues to be 'Crisil D/Crisil D Issuer not cooperating'. RI, set up in 2010, is managed by the proprietor, Mr Bhushan Sharma. The firm manufactures low-density polyethylene sheets and rolls used for packaging in the automobile and textile industries. It is based in Himachal Pradesh. RAM COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shree Ram Cotex (SRC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 2.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRC 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 SRC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRC continues to be 'Crisil D Issuer not cooperating'. Established in 2015 as a partnership firm, SRC gins and presses cotton at its facility in Wardha (Maharashtra). Its day to day operations are looked after by Mr. Sanjay Goyal and Mr Dilip Goyal. RAMA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Rama Agro Products (RAGP) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 2 Crisil D (Issuer Not Cooperating) Term Loan 4.5 Crisil D (Issuer Not Cooperating) Working Capital 2.5 Crisil D (Issuer Not Loan Cooperating) Crisil Ratings has been consistently following up with RAGP 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 RAGP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RAGP continues to be 'Crisil D Issuer not cooperating'. RAGP, a partnership firm set up in 2018, undertakes crushing of castor seeds to produce de-oiled cake and refined oils. Its facility is located at Kalyanpura Village in Kadi (Mehsana, Gujarat). Mr Amrut Patel and Mr Kishan Patel are the partners. ROYAL FANTASY: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/S Royal Fantasy Constructions Private Limited Upadhyay Compound, Pump House Jijamata Road, Near Maruti Mandir Andheri (East), Mumbai 400 093 Insolvency Commencement Date: October 30, 2025 Estimated date of closure of insolvency resolution process: April 28, 2026 Court: National Company Law Tribunal, Mumbai Bench-I Insolvency Professional: Mr. Raj Kumar Dad A-904, "Urja" Tatva CHS Limited Datta Pada Road, Sai Service Center Borivali East, Mumbai – 400066 Email: rajkdad@gmail.com 410, 4th Floor, Bluerose Industrial Estate Near Metro Mall and Tata Power Petrol Pump Western Express Highway Borivali East – 400066 Mumbai Email: IBC.rfcpl@gmail.com Last date for submission of claims: November 13, 2025 SARATHA ELECTRO: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saratha Electro Plater (SEP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 3.62 CRISIL B/Stable (ISSUER NOT COOPERATING) Cash Credit/ 1.50 CRISIL B/Stable (ISSUER NOT Overdraft facility COOPERATING) Proposed Term Loan 1.06 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SEP 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 SEP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SEP continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1998, SEP carries out electroplating works for Tier-1 suppliers of automobile original equipment manufacturers. The firm is promoted by Mr K Mahadevan. SHARMA SURGICAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sharma Surgical and Orthopedic Private Limited (SSEPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Inland/Import 1.35 CRISIL D (Issuer Not Letter of Credit Cooperating) Term Loan 4.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSEPL 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 SSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1994, Vadodara (Gujarat)-based SSEPL is promoted by Mr Anand Sharma and his family and manufactures medical products, primarily orthopaedic implants and its allied equipment. SHIKHAR INTEGRATED: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shikhar Integrated Cold Chain Private Limited (SICCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Working Capital 5.0 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SICCPL 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 SICCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SICCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SICCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2014 and based in Hathras (Uttar Pradesh), SICCPL cultivates and processes mushrooms and has a cold storage business. The production facility in Hathras has capacity of around 120 tonne per month. Mr Yatendra Pal Singh and his family members are the promoters. SHIV NARIAN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Shiv Narian Periwal and Sons Private Limited (SNPSPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SNPSPL 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 SNPSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SNPSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SNPSPL continues to be 'Crisil D Issuer not cooperating'. SNPSPL, set up in 1978 as a proprietorship firm by Mr Sunil Periwal and reconstituted as a private limited company in June 2014, is the authorised distributor of fertilizers, pesticides, and seeds of various companies in Abohar. Its operations are managed by Mr Sunil Periwal and his brother Mr Jagat Periwal. SHIVA POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiva Polymers Private Limited (SPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 4.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SPPL 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 SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced operations in November 1997. The company manufactures high-density polyethylene (HDPE) and polypropylene (PP) woven sacks that are mainly used by cement, fertilizer, petrochemicals companies, sugar and food grains. SPPLs manufacturing unit is based in Kona, Howrah district of West Bengal, with an installed production capacity of 3600 tonnes per annum (TPA) for the tape plants, and has 100 looms. SHYAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shyam Ginning and Pressing Private Limited (SGPPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 27.5 Crisil D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 2.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGPPL 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 SGPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGPPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990 in Rajkot, Gujarat, and promoted Mr Bharatbhai Wala, SGPPL undertakes engineering, procurement, and construction of fire protection systems. It also gins and presses raw cotton to make cotton bales. This is sold to various traders, while the cotton seeds are sold to oil mills in the plant's vicinity. SUYASH HEALTHCARE: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Suyash Healthcare Private Limited (SHPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B+/Stable (Issuer Not Cooperating) Proposed Term Loan 2.4 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 37.6 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHPL for obtaining information through letter and email dated October 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of SHPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated May 16, 2024. '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 SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil B+/Stable Issuer not cooperating'. SHPL was incorporated in 2021. SHPL is engaged in manufacturing medical equipment's such as B.T sets, luer slip syringes, ryle's tube, IV infusion sets, insulin syringes. SHPL manufacturing facility is in Lucknow, Uttar Pradesh. SHPL is owned & managed by Mr. Navin Yadav (CEO) and Mr. Suyash Yadav (Director). TDT COPPER: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: TDT Copper Limited Tolstoy House 512-512A, Tolstoy Marg. Connaught Place, New Delhi, New Delhi, Delhi 110001 Insolvency Commencement Date: October 16, 2025 Estimated date of closure of insolvency resolution process: April 14, 2026 (180 days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Shailesh Chandra Ojha Flat-101, UGF, Plot: 28A-28B Nr Gurudwara, Sevak Park Extn, Dwarka More New Delhi-110059 Email: ipscojha@gmail.com E-701, Design Arch eHomes Surajpur Site "C", Greater Noida Gautam Budh Nagar (UP) 201306 Process email: cirp.TDT@gmail.com Last date for submission of claims: October 30, 2025 VIBRANT CONTENT: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Vibrant Content Private Limited Shop No. 026, 1st Floor Evershine Mall Chincholi Bunder Road Malad West Malad Mumbai West Maharashtra India 400064 Insolvency Commencement Date: October 10, 2025 Estimated date of closure of insolvency resolution process: April 28, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rakesh Kumar Jindai D-202, Twirl Hallmark Sector 19 A, Koparkhairene, Navi Mumbai, Maharashtra 400709 Email: iprakash.jindal@gmail.com Email: cirp.vcpl@efficaxindia.com Last date for submission of claims: November 13, 2025 =============== M A L A Y S I A =============== 1MDB: Drops JPMorgan, Coutts & Co From US$4.77 Billion Lawsuit -------------------------------------------------------------- The Edge Malaysia reports that JPMorgan and Coutts & Co are no longer part of 1Malaysia Development Bhd's (1MDB) US$4.77 billion 2021 lawsuit after 1MDB dropped appeals over its civil action against the banks. This means that the US$4.77 billion lawsuit 1MDB filed against three banks, two companies and two individuals for negligence, breach of contract, breach of fiduciary duties, conspiracy, and dishonest assistance in May 2021, will now proceed with only Deutsche Bank, PetroSaudi International Ltd, PetroSaudi Holdings (Cayman) Ltd, businessman Tarek Obaid, as well as his right-hand man Patrick Mahony, The Edge relates. Mr. Mahony's name has also been dropped in this suit but named separately in a separate suit. According to The Edge, the actual claim amounts are US$1.83 billion from Obaid and the PetroSaudi companies, US$1.11 billion from Deutsche Bank, US$800 million from JPMorgan, and US$1.03 billion from Coutts & Co. In addition, the amendments to 1MDB's suit allowed by the High Court on Wednesday are not related to these amendments but for separate reasons. 1MDB counsel Pang Huey Lynn confirmed the development when contacted by The Edge. 1MDB had accused JPMorgan of dishonestly receiving 1MDB funds sent to PetroSaudi, and Coutts & Co of receiving 1MDB funds sent to Good Star Ltd, The Edge says. JPMorgan challenged the court's jurisdiction in 2022, and Coutts & Co did the same in January 2023, recalls The Edge. The Edge says the Kuala Lumpur High Court ruled the suit should have been filed in Switzerland, where both banks are based, not in Malaysia. 1MDB then tried to discontinue its case against them to refile later, but the High Court struck out the notice. When 1MDB refilled an amended writ and requested more time, the court again struck it out, upholding the jurisdiction challenges in early 2024. The appellate court hearing the appeal had been informed of a proposed settlement by JPMorgan last December and postponed the hearing. In August, JPMorgan paid US$330 million (MYR1.4 billion) to the Malaysian government. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== 4ACES SCAFFOLDING: Creditors' Proofs of Debt Due on Dec. 15 ----------------------------------------------------------- Creditors of 4Aces Scaffolding Limited are required to file their proofs of debt by Dec. 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 10, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 HAMLEIGH HOLDINGS: Two Stirling Sports Stores Enter Liquidation --------------------------------------------------------------- The Press reports that the company behind two Stirling Sports stores in Christchurch - one at The Palms and the other at Northlands Shopping Centre - has gone into liquidation, with debts of about NZD760,000. The Press, citing the first liquidator's report, relates that Hamleigh Holdings Limited became insolvent after a difficult year marked by weak sales, rising operating costs, and higher expenses from suppliers and landlords. According to The Press, Mark Anderson, owner of Stirling Sports Franchise Limited, said the liquidation reflected a "very difficult set of circumstances" for the Christchurch stores' owner. "Unfortunately, one of the malls lost Kmart, and the other lost Pak'nSave," The Press quotes Mr. Anderson as saying. "It was incredibly tough when you've got major tenants leaving malls like that, and the landlords wouldn't support lower rentals, given the drop in foot traffic." Kmart left The Palms and moved to the Northlink drive-in shopping centre in Papanui in 2020. The Pak'nSave at Northlands Shopping Centre left early last year, opening a new store on Main North Rd a kilometre away. Mr. Anderson stressed that the liquidation only affects the two Christchurch stores and not other franchisees, The Press relays. "There are around 60 franchisees nationwide, with a number of new doors open recently," he said. "[But] it's been hard for everyone in business, and indeed, all the consumers. Inflation has affected consumer demand for everyone." Hamleigh Holdings Limited was placed into liquidation last week. Attempts by the director, Simon Leigh, to sell the business over the past 12 months were unsuccessful. Brenton Hunt has been appointed liquidator, The Press notes. As of the liquidation date on October 28, the company owed about NZD15,000 in staff wages and holiday pay, NZD35,000 to Inland Revenue for GST and PAYE, and roughly NZD650,000 to unsecured creditors, The Press discloses. Secured creditors include Westpac Bank, Nike New Zealand, Adidas New Zealand, Conquest Imports, Brittain Wynyard, and Brand Collective. The Press adds that the liquidator stated in the report that "it is looking unlikely" that sufficient assets will be realized for the purpose of making payment to "any class of creditor" at this stage. MY FRESH: Creditors' Proofs of Debt Due on Dec. 8 ------------------------------------------------- Creditors of My Fresh Air Limited (trading as My Fresh Air Ltd) and Nebula Building Limited are required to file their proofs of debt by Dec. 8, 2025, to be included in the company's dividend distribution. My Fresh Air commenced wind-up proceedings on Nov. 6, 2025. Nebula Building commenced wind-up proceedings on Nov. 7, 2025. The company's liquidators are: Kristal Pihama Leon Francis Bowker KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 SEIS-MECH LIMITED: Court to Hear Wind-Up Petition on Nov. 27 ------------------------------------------------------------ A petition to wind up the operations of Seis-Mech Limited will be heard before the High Court at Auckland on Nov. 27, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 18, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WEKE INFRASTRUCTURE: Waterstone Insolvency Appointed as Receivers ----------------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on Nov. 12, 2025, were appointed as receivers and managers of Weke Infrastructure Limited, Scott Dylan Ferguson-Yearbury and Lauren Pamela Holehouse. The receivers and managers may be reached at: Waterstone Insolvency 16 Piermark Drive Rosedale Auckland 0632 WELLINGTON BEVERAGE: Creditors' Proofs of Debt Due on Dec. 5 ------------------------------------------------------------ Creditors of Wellington Beverage Co Limited (trading as Fortune Favours) are required to file their proofs of debt by Dec. 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 10, 2025. The company's liquidators are: Adele Irene Hicks David Ian Ruscoe Grant Thornton New Zealand Ltd PO Box 10712 Wellington YB NW ALBANY: Court to Hear Wind-Up Petition on Nov. 27 ------------------------------------------------------- A petition to wind up the operations of: - YB NW Albany Limited; - YB NW Aokautere Limited; - YB NW Birkenhead Limited; - YB NW Browns Bay Limited; - YB NW Eastridge Limited; - YB NW Feilding Limited; - YB NW Hillcrest Limited; - YB NW Hobsonville Limited; - YB NW Howick Limited; - YB NW Hutt City Limited; - YB NW Kerikeri Limited; - YB NW Marton Limited; - YB NW Matamata Limited; - YB NW Melodys Limited; - YB NW Metro Limited; - YB NW Milford Limited; - YB NW Miramar Limited; - YB NW Morrinsville Limited; - YB NW Mount Roskill Limited; - YB Sushi Auckland Limited; - YB Sushi Hawkes Bay Limited; - YB NW Regent Limited; - YB NW Rototuna Limited; - YB NW Southmall Limited; - YB NW Stonefields Limited; - YB NW New Lynn Limited; - YB NW Papakura Limited; - YB NW Railway Limited; - YB NW Te Rapa Limited; - YB NW Thorndon Limited; - YB NW Turangi Limited; - YB NW Victoria Park Limited; - YB NW Westend Limited; - YB NW Whanganui Limited; - YB NW Willis Limited; - YB PNS Albany Limited; - YB PNS Kapiti Limited; - YB PNS Manukau Limited; - YB PNS Palmerston North Limited; - YB PNS Masterton Limited; - YB PNS Petone Limited; - YB PNS Mill Limited; - YB PNS Silverdale Limited; - YB PNS Whangarei Limited; and - YB PNS Upper Hutt Limited will be heard before the High Court at Auckland on Nov. 27, 2025, at 9:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 22, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= BAMBOO (THAILAND): Creditors' Proofs of Debt Due on Dec. 15 ----------------------------------------------------------- Creditors of Bamboo (Thailand) Holding Pte. Ltd. are required to file their proofs of debt by Dec. 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 7, 2025. The company's liquidators are: Quar Lian Huat Tay Tuan Leng c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 CROMWELL SINGAPORE: Creditors' Proofs of Debt Due on Dec. 15 ------------------------------------------------------------ Creditors of Cromwell Singapore Holdings Pte. Ltd. are required to file their proofs of debt by Dec. 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 7, 2025. The company's liquidators are: Toh Ai Ling Chan Kwong Shing, Adrian Tan Yen Chiaw c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 FIRST VENTURE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of First Venture Express Pte. Ltd. The Comptroller of Goods and Services Tax filed the petition against the company. The company's liquidators are: Chan Kwong Shing, Adrian Tan Yen Chiaw Toh Ai Ling KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 FY GROUP: Court to Hear Wind-Up Petition on Nov. 28 --------------------------------------------------- A petition to wind up the operations of FY Group Pte. Ltd. will be heard before the High Court of Singapore on Nov. 28, 2025, at 10:00 a.m. The HongKong and Shanghai Banking Corporation Limited filed the petition against the company on Nov. 7, 2025. The Petitioner's solicitors are: Withers Khattarwong LLP 18 Cross Street, #14-01 Singapore 048423 GENERAL ATLANTIC: Creditors' Proofs of Debt Due on Dec. 15 ---------------------------------------------------------- Creditors of General Atlantic Singapore CF Pte. Ltd., General Atlantic Singapore KH Pte. Ltd. and General Atlantic Singapore LGS Pte. Ltd. are required to file their proofs of debt by Dec. 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 7, 2025. The company's liquidators are: Quar Lian Huat Tay Tuan Leng c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 INNOVATE INDUSTRIES: Deloitte Appointed Provisional Liquidators --------------------------------------------------------------- Messrs. Tan Wei Cheong and Lim Loo Khoon of Deloitte on Nov. 10, 2025, were appointed as provisional liquidators of Innovate Industries Pte. Ltd. The provisional liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon Deloitte 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 KAIDEN CORPORATE: Commences Wind-Up Proceedings ----------------------------------------------- Members of Kaiden Corporate Services Pte. Ltd. on Nov. 13, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Oon Su Sun Finova Advisory 182 Cecil Street #23-02 Frasers Tower Singapore 069547 LATITUDEPAY SINGAPORE: Commences Wind-Up Proceedings ---------------------------------------------------- Members of Latitudepay Singapore Pte. Ltd. on Oct. 31, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lim Han Yeong Forvis Mazars LLP 135 Cecil Street, #10-01 Singapore 069536 MM2 ASIA: Net Loss Deepens to SGD39.7 million in H1 Ended Sept. 30 ------------------------------------------------------------------ The Business Times reports that mm2 Asia on Nov. 13 reported a net loss of SGD39.7 million for the half-year ended Sept. 30, widening from the net loss of SGD3.9 million for the year-ago period. Loss per share (LPS) from continuing operations for H1 FY2026 stood at SGD0.0061, versus the LPS of SGD0.0009 a year earlier. Revenue plunged 53.2 per cent to SGD40 million, from SGD85.4 million in H1 FY2025, BT discloses. This came on the back of a decline in contributions from the group's content business, which posted a revenue of SGD5 million, down 92.3 per cent year on year from SGD64.9 million. However, revenue from mm2 Asia's concert and event business rose to SGD33.6 million, an increase of more than 70 per cent from SGD19.7 million a year earlier. This was attributed to a higher number of completed projects for the half-year. Revenue from the rest of mm2 Asia's business also increased year on year, rising 8.3 per cent to SGD1.3 million from SGD1.2 million previously. The group did not declare a dividend for H1 FY2026, according to BT. BT says the latest results come as mm2 Asia faces mounting payment demands from creditors, including banks and landlords of outlets of its shuttered cinema chain Cathay Cineplexes, which ceased operations and entered voluntary liquidation in September. News of the group's troubles first came to light in February, when The Business Times reported that Cathay Cineplexes had received payment demands totalling to around SGD2.7 million from the landlords of its cinema outlets at Century Square and Causeway Point. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. SG CHEMICALS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of SG Chemicals Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SMARTRETAIL PTE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Smartretail Pte. Ltd. on Oct. 28, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ng Hoe Kiat Keith 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ===================== S O U T H K O R E A ===================== DOOSAN BOBCAT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings has affirmed Doosan Bobcat Inc.'s (DBI) Ba2 corporate family rating and the Ba2 backed senior secured rating on Doosan Bobcat North America Inc.'s term loan guaranteed by DBI, and maintained the stable outlook. "The rating affirmations and stable outlook reflect Moody's expectations that (1) DBI will maintain a robust financial profile over the next 12-18 months, even with a moderate weakening from 2024 levels; and (2) the Doosan group's credit quality will remain largely stable," says Soe Jung Baek, a Moody's Ratings Analyst. RATINGS RATIONALE Moody's expects DBI's adjusted EBITDA to modestly decline to $700 million-$750 million annually in 2025-26, compared with $867 million in 2024, due to continued soft demand for compact farm and construction equipment (FCE) products and higher costs. At the same time, Moody's expects DBI's adjusted debt – including pension and guarantee obligations – will remain largely steady at around $1.6 billion during the same period. Consequently, DBI's adjusted debt/EBITDA will moderately increase to around 2.2x in 2025-26 from around 1.9x in 2024. Nevertheless, this level of financial leverage is consistent with its Ba2 rating category. This factor and large cash holdings provide a significant buffer against inherent cyclicality. The credit profiles of DBI's ultimate parent, Doosan Corp., and parent Doosan Enerbility Co., Ltd., which are relatively weaker than that of DBI, remain largely steady. Doosan Corp.'s reported consolidated debt (including lease liabilities) increased to KRW10.6 trillion as of June 30, 2025 from KRW9.1 trillion at the end of 2024, mainly because of Doosan Enerbility's increased working capital needs and investments in new projects. However, this level is significantly lower than KRW12.9 trillion as of year-end 2020. Growing demand for nuclear power plant globally and Doosan Enerbility's related order wins should support Doosan Corp. and Doosan Enerbility's revenue and earnings growth over the next 1-2 years, which will also mitigate such debt increase. Although Doosan Corp.'s and Doosan Enerbility's liquidity sources remain insufficient to cover their large debt maturities, their large subsidiary stake holdings and Korean policy banks' continued support for the group will temper the related risks, given the group's importance as the dominant supplier of power plant equipment and maintenance works in Korea. DBI's Ba2 CFR continues to reflect its dominant position in the FCE market in North America, its strong leverage metrics, consistent free cash flow and large cash holdings. These strengths are counterbalanced by the cyclical nature of its key end-markets, DBI's moderate market position in Europe, and the weaker credit quality of Doosan group affiliates, which represents a credit drag on DBI. Doosan Bobcat North America Inc.'s term loan and the revolving facilities are secured by a first lien on substantially all of the borrower's assets, and guaranteed by DBI. Nevertheless, the term loan is rated at the same level as DBI's Ba2 CFR because the term loan and revolving facilities rank pari passu with each other and constitute the preponderance of DBI's debt, which implies limited junior cushions in its liability structure. In terms of environmental, social and governance (ESG) factors, DBI is exposed to environmental and social risks in line with the broader manufacturing sector, as well as governance risks mainly associated with the ownership concentration and occasional past acquisitions of assets from the Doosan group. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Doosan Corp.'s overall credit quality (excluding DBI) improves significantly and DBI maintains its solid financial profile, such that its adjusted debt/EBITDA remains below 2.5x. Moody's could downgrade the ratings if Doosan Corp.'s credit quality (excluding DBI) weakens significantly as a result of declining operating performance or recurrence of liquidity issues; or DBI's financial profile deteriorates visibly because of a sharp drop in earnings or large debt-funded investments, such that its adjusted debt/EBITDA exceeds 3.5x on a sustained basis. The principal methodology used in these ratings was Manufacturing published in September 2025. The ratings are two notches below the scorecard-indicated outcome of Baa3 for the 12 months to June 30, 2025, reflecting the risks related to Doosan group affiliates, and the competitive and cyclical nature of the FCE industry. Doosan Bobcat Inc. (DBI) is a leading manufacturer of compact farm and construction equipment as well as portable power and forklift products. The company's key markets are North America and EMEA. DBI was 48.2% owned by Doosan Enerbility Co., Ltd. as of June 30, 2025. ********* 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 ***