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251119.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 Wednesday, November 19, 2025, Vol. 28, No. 231 Headlines A U S T R A L I A CINNAMON GATE: First Creditors' Meeting Set for Nov. 24 LEUCO AUSTRALIA: First Creditors' Meeting Set for Nov. 26 MERIVALE PTY: Sydney Restaurant Ms G Shuts Doors After 15 Years PLAYTIME PRESCHOOL: Enters Voluntary Administration RAC GLAZING: First Creditors' Meeting Set for Nov. 24 TELL ME: First Creditors' Meeting Set for Nov. 24 W CAPITAL: Second Creditors' Meeting Set for Nov. 24 C H I N A CHINA EVERGRANDE: November-End Deadline Set for Bids on Unit PET&FRESH: To Shut All Brick-and-Mortar Stores by Mid-December H O N G K O N G NEW WORLD: Gets 65% Agreement on Debt Swap by Early Deadline I N D I A APL MACHINERY: CRISIL Keeps D Debt Rating in Not Cooperating ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating ASUTI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating AUTOCREATES SERVICES: CRISIL Keeps D Rating in Not Cooperating BHAGAWATI INDIA: CARE Keeps B- Debt Rating in Not Cooperating BYJU'S: Riju Moves NCLT Against TLPL's CCD Deal with Glas Unit CNA ENGINEERING: Voluntary Liquidation Process Case Summary DRASHTI INNOVATIVE: CRISIL Keeps D Debt Ratings in Not Cooperating EPARIS JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating ERA INFRASTRUCTURE: Insolvency Resolution Process Case Summary GANGA BISHAN: CARE Keeps B- Rating in Not Cooperating Category HARIDWAR HIGHWAYS: Insolvency Resolution Process Case Summary HI-ESTEEM AUTO: Insolvency Resolution Process Case Summary HORIZON POLYMERS: CRISIL Keeps B- Debt Rating in Not Cooperating INDIA CARTONS: CARE Keeps D Debt Rating in Not Cooperating INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating MALAYALAM VEHICLES: Liquidation Process Case Summary MOLINA CHEMICALS: Liquidation Process Case Summary OZONE HOMES: Insolvency Resolution Process Case Summary PANCHAMI ELECTRONICS: CARE Keeps C Debt Rating in Not Cooperating PLANET MARATHI: Insolvency Resolution Process Case Summary POLYWELL ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating RAJASTHAN EDUCATION: CARE Keeps D Debt Rating in Not Cooperating RAM TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating RAMALINGAM CONSTRUCTION: Insolvency Resolution Case Summary RASHMI ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating RBBR INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating RIDHI SIDHI: CARE Keeps D Debt Rating in Not Cooperating Category SANT KRIPA: Insolvency Resolution Process Case Summary SHAHIL MAHENDRAKUMAR: Voluntary Liquidation Process Case Summary SHANKHESHWAR ENTERPRISES: CARE Keeps B- Rating in Not Cooperating SHRIGEE AGRO: CARE Keeps B- Debt Rating in Not Cooperating SILVERSTREAM PLASTICS: CRISIL Keeps D Ratings in Not Cooperating SUJATHA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating TORK MOTORS: Insolvency Resolution Process Case Summary TRADES WORTH: CARE Keeps B+ Rating in Not Cooperating Category TRANSPARENT ENERGY: Liquidation Process Case Summary UNIBAIT FEEDS: CARE Lowers Rating on INR12cr LT Loan to B- VYOMAN INFRAPROJECTS: CARE Keeps B- Debt Rating in Not Cooperating XERO SOFTWARE: Voluntary Liquidation Process Case Summary I N D O N E S I A GARUDA INDONESIA: Prioritizes Grounded Fleet Recovery in New Plan M A L A Y S I A PHARMANIAGA BHD: 3Q Net Profit Drops 93% on Higher Transport Costs N E W Z E A L A N D BAY PRECISION: Creditors' Proofs of Debt Due on Dec. 9 BLUESKY INVESTMENT: Creditors' Proofs of Debt Due on Dec. 10 KONSTRUK LIMITED: Court to Hear Wind-Up Petition on Dec. 12 MDG BUILDERS: Court to Hear Wind-Up Petition on Nov. 27 SW TAKA LIMITED: Baker Tilly Staples Rodway Appointed as Receivers S I N G A P O R E AXIOMA ASIA: Creditors' Proofs of Debt Due on Dec. 17 GOLDPRIME LAND: Creditors' Proofs of Debt Due on Dec. 17 HARRY CONTRACTORS: Court to Hear Wind-Up Petition on Dec. 5 POWA GENERAL: Court to Hear Wind-Up Petition on Dec. 5 ROXY AUSTRALIA: Creditors' Proofs of Debt Due on Dec. 17 - - - - - ================= A U S T R A L I A ================= CINNAMON GATE: First Creditors' Meeting Set for Nov. 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Cinnamon Gate Pty Ltd will be held on Nov. 24, 2025 at 10:30 a.m. online via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Nov. 12, 2025. LEUCO AUSTRALIA: First Creditors' Meeting Set for Nov. 26 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Leuco Australia Pty Limited will be held on Nov. 26, 2025 at 11:00 a.m. at the offices of AL Restructuring at Level 13, 50 Margaret Street in Sydney and via virtual meeting technology. Andre Lakomy of AL Restructuring was appointed as administrator of the company on Nov. 14, 2025. MERIVALE PTY: Sydney Restaurant Ms G Shuts Doors After 15 Years --------------------------------------------------------------- News.com.au reports that a popular Sydney restaurant owned by Merivale mogul Justin Hemmes has announced it is closing after more than 15 years of business. News.com.au relates that Asian fusion joint Ms G's on Nov. 18 announced it would be shutting its doors indefinitely on Dec. 21, taking to Instagram to share the warm farewell. The Potts Point restaurant was opened by executive chef Dan Hong and Jowett Yu in 2010. It quickly became renowned for its bold combination of Asian flavours, with Broadsheet describing it as a "skilful blend of Chinese, Vietnamese and Korean influences with a hint of Americana". "On December 21, after 15 incredible years in Potts Point, Merivale will say goodbye to Ms G's as we look ahead to an exciting new chapter of growth and innovation, with several new venues and development projects underway," the restaurant posted on Instagram, news.com.au relays. "Our executive chefs are also expanding their portfolios, including Dan Hong with his newly opened Chinese diner, Good Luck Eating House. "Dan Hong and Jowett Yu opened Ms G's in 2010, serving up bold, no-rules Asian cooking. "The crazy, flavour-packed venue quickly became a trailblazer for Merivale and set the stage for Mr Wong, which opened in 2012." Ms G's is owned by Australian hospitality giant Merivale, run by businessman Justin Hemmes. Merivale Pty Ltd owns and operates hotel. The Company offers bar, restaurants, corporate events, places for wedding, laundry, dry cleaning, breakfast in the room, banquet facilities, and ironing services. Merivale serves customers in Australia. PLAYTIME PRESCHOOL: Enters Voluntary Administration --------------------------------------------------- ABC News reports that less than 24 hours after Kathleen Atkins was told her daughter's preschool was going into voluntary administration, the centre was shut. Her 3-year-old is among nearly 70 other children who attend Broken Hill's Playtime Preschool, a not-for-profit which suddenly closed its doors last week after telling parents and staff it was in approximately AUD1 million of debt with the Australian Tax Office (ATO), the ABC relates. According to the ABC, the day before parents were told the preschool would enter a temporary closure with no immediate timeline for reopening, Ms. Atkins said she had paid in advance for the remainder of the semester. The news has left parents like Ms. Atkins upset and frustrated with few childcare alternatives in Broken Hill, which is considered a "childcare desert". "I'm just wondering how on earth it got that way and why it could be in debt to the ATO," the ABC quotes Ms. Atkins as saying. "I do not think [the closure] will do good for [my daughter's] development. She is already behind in her speech." Playtime Preschool is a not-for-profit organisation and is run by a committee elected in an annual general meeting once yearly. When Ian Murphy was brought in as president of the committee in April 2024 he said he could not make heads or tails of the financials, the ABC relays. It prompted a full investigation into the accounts, including outstanding business activity statements between 2017 and 2023. Over the past two months, it became increasingly clear to Mr. Murphy there was a significant tax bill. "It came to a point where I had to bring in an administrator to go through the books to concur with what I was thinking - that we were running basically insolvent," the ABC quotes Mr. Murphy as saying. The ABC understands two debts were identified, including AUD150,000 in unpaid superannuation, which has since been resolved. The second debt consisted of AUD700,000 in GST and PAYG withholding, and an additional AUD300,000-350,000 in ATO penalties and interest. Principal at insolvency firm Worrells, Scott Andersen, conducted an initial review and judged that the approximately AUD1 million owing, and costs associated with ongoing administration, meant an indefinite closure was necessary, according to the ABC. "[The debt] did evolve over a period of five or six years, but exactly what was the cause of it is still subject to my inquiries," the ABC quotes Mr. Andersen as saying. The administrators will issue a full report to creditors in early to mid-December, adds the ABC. RAC GLAZING: First Creditors' Meeting Set for Nov. 24 ----------------------------------------------------- A first meeting of the creditors in the proceedings of RAC Glazing Pty Ltd will be held on Nov. 24, 2025 at 10:30 a.m. at WA Insolvency Solutions, a division of Jirsch Sutherland at Suite 6.02, Level 6, 109 St Georges Terrace in Perth and via virtual meeting. Jimmy Trpcevski and Greg Prout of WA Insolvency Solutions were appointed as administrators of the company on Nov. 12, 2025. TELL ME: First Creditors' Meeting Set for Nov. 24 ------------------------------------------------- A first meeting of the creditors in the proceedings of Tell Me Media Pty Ltd will be held on Nov. 24, 2025 at 10:30 a.m. at by teleconference and video conference only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on Nov. 13, 2025. W CAPITAL: Second Creditors' Meeting Set for Nov. 24 ---------------------------------------------------- A second meeting of creditors in the proceedings of W Capital Advisors Pty Ltd has been set for Nov. 24, 2025, at 9:30 a.m. via Microsoft Teams teleconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 21, 2025 at 4:00 p.m. Bradley John Tonks of PKF was appointed as administrator of the company on Oct. 20, 2025. ========= C H I N A ========= CHINA EVERGRANDE: November-End Deadline Set for Bids on Unit ------------------------------------------------------------ Cheryl Arcibal at South China Morning Post reports that liquidators for the delisted China Evergrande Group have asked "selected bidders" to submit their offers by the end of the month for a property management unit they have been seeking to sell, according to a filing to the Hong Kong stock exchange on Nov. 14. The Post relates that the deadline for the offer, as well as identifying bidders for China Evergrande's stake in Evergrande Property Services (EPS), comes as creditors seek to recover assets from the Guangzhou-based developer, which collapsed under the weight of more than US$300 billion in liabilities. According to the Post, the liquidators cautioned that any potential transaction "remains at a preliminary stage, and the timing for entering the next phase of the process and submitting the final proposal have yet to be determined by the liquidators". EPS, which has a market capitalisation of HK$13.8 billion (US$1.8 billion), reported a profit of CNY473.2 million (US$66.6 million) in the six months to June, a 5.6 per cent decline from a year earlier, the Post discloses citing latest financial results. In its annual report, EPS said it had signed new projects spanning more than 23 million square metres with annual contract revenue worth about CNY600 million, the Post relays. Non-residential projects accounted for more than 70 per cent of revenue. It had some 3,000 projects under operation last year, according to the annual report. China Evergrande's liquidators control a 51 per cent holding in EPS. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. PET&FRESH: To Shut All Brick-and-Mortar Stores by Mid-December -------------------------------------------------------------- Yicai Global reports that China's Pet&Fresh will close all of its offline stores by mid-December due to mounting operational pressure while maintaining its online business, Hou Yi, founder of the pet retail brand, said to Yicai on Nov. 18. According to Yicai, the shutdown marks a sharp reversal from Hou's initial expansion plan for the company, which opened its first store in February and aimed to build a network of 100 Shanghai outlets this year. The move comes despite robust investor interest, including a USD25 million angel round in May that set a recent industry record. Hou is also the creator of Freshippo, Alibaba Group Holding's grocery arm. Pet&Fresh has over 10 stores in Shanghai, according to information on the Dianping platform, but seven are now marked as either "temporarily closed" or "permanently closed." Store employees cited weak foot traffic and slow business, noting that many pet owners prefer to purchase supplies online. However, people familiar with the company said overall operations remain normal, Yicai realys. "We will continue our online business and are considering new developments for the future," Hou, who stepped down as chief executive of Freshippo last year, told Yicai. He previously estimated that each Pet&Fresh store required about CNY500,000 (USD70,350) in investment, with a payback period of 12 to 18 months. China's pet economy surpassed CNY300 billion (USD42.2 billion) in 2024, with urban dog and cat consumption rising 7.5 percent, according to data from the Pet Industry Branch of the China Animal Agriculture Association. Industry insiders believe the sector has significant potential, though business formats and models still require careful exploration, Yicai adds. Pet&Fresh is a Shanghai-based retailer specializing in fresh pet food. ================= H O N G K O N G ================= NEW WORLD: Gets 65% Agreement on Debt Swap by Early Deadline ------------------------------------------------------------ Bloomberg News reports that distressed Hong Kong developer New World Development Co got agreement to swap 65% of its perpetual bonds in an exchange plan by an early deadline, leaving further work to deliver on a key part of its efforts to manage the highest debt load among builders in the city. Investors only tendered US$2.09 billion of the securities by an initial early deadline of Nov. 17 out of a potential amount of as much as US$3.2 billion, Bloomberg discloses citing a company filing. The company extended that early deadline for investors to receive certain incentives to Dec. 2. Stung by a property slump in Hong Kong and mainland China, New World has become a posterchild of the broader challenges developers face as they grapple with debt. One of the first things that many visitors to Hong Kong see is New World's 11 Skies mall just beside the airport, a project that it's discussed trying to sell and that prompted it to book an impairment loss of HK$2.7 billion after a valuation revision. According to Bloomberg, the debt swap is New World's latest move aimed at easing liquidity stress stemming from the yearslong real estate downturn. The company completed a record US$11 billion loan deal in June, and secured a HK$3.95 billion (RM2.11 billion) loan backed by its crown jewel asset Victoria Dockside in September, but challenges remain. "New World's debt swap plan reflects the underlying weakness across Hong Kong's commercial real estate sector rather than being an isolated case," Bloomberg quotes Henry Chan, commercial real estate economist at Capital Economics, as saying. The company's situation underscores lingering risks across the sector as property valuations remain under sustained pressure, he added. New World posted a wider net loss for the year ended June, with the company's chief executive officer saying it would make an effort to cut debt, including by accelerating property sales and expediting asset disposals in the new fiscal year, Bloomberg notes. In its filing on Nov. 18, the company said that the results of the swap so far leave it set for a net reduction of its outstanding perpetual securities and senior notes in aggregate principal amounts of about US$1.02 billion and US$29.9 million, respectively. Under the swap plan, New World offered to issue US$1.6 billion of perpetual bonds in exchange for its old notes at a price of 50 cents on the dollar, meaning it could buy back as much as US$3.2 billion of outstanding notes, Bloomberg relays. It also proposed a US$300 million debt swap for its conventional bonds, at a lower haircut. Bloomberg says the extended early deadline falls on Dec. 2 at 11:59 p.m. New York time, giving perpetual holders until then to receive US$50 more for each US$1,000 in deferred interest and principal on the existing notes. Prior to the exchange offer, New World had a total of US$7.9 billion of outstanding bonds, of which about 57%, or US$4.5 billion worth, were perpetual notes, according to Bloomberg-compiled data. About New World Development New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HKD15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= APL MACHINERY: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of APL Machinery Private Limited (APL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with APL 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 APL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1995, APL is promoted by Mr Chander Prakash Paul and his wife Mrs Swati Paul. The company manufactures screen printing machines and ultra violet curing machinery at its facility is in Faridabad, Haryana. ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ashwini Frozen Foods (AFF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of AFF under the 'issuer non-cooperating' category as AFF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 23, 2025, September 2, 2025, September 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in, CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ashwini Frozen Foods (AFF) was established in 1995 and is engaged in processing of sea food which includes ribbon fish, croaker cuttlefishes, crabs etc. which are exported to countries like Saudi Arabia, Mozambique, and Oman etc. The firm has set up its processing facility at Mangrol, Gujarat. The firm is currently owned and managed by Mr. Bhimji M Khorava along with 4 other partners and has a long experience in sea food industry. The firm also has an associate concern with the name of Jalfish Sea Food which is engaged in the similar line of business. ASUTI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Asuti Trading Private Limited (ATPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATPL 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 ATPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATPL continues to be 'Crisil D Issuer not cooperating'. ATPL, based in Mumbai, is owned by Mr. Sidharth M Bagrecha, Mr. Binod Kumar Agarwal and Mr. Vimal Agarwal. The company trades in steel and iron products, such as hot-rolled coils, cold-rolled coils, sheets, sponge iron fines/lumps, and pig iron. AUTOCREATES SERVICES: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Autocreates Services Private Limited (ASPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 15 CRISIL D (Issuer Not Discounting Loan Cooperating) Crisil Ratings has been consistently following up ASPL 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 ASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, ASPL is a subsidiary of AIPL, which has 90% stake in ASPL; while the remaining is equally owned by promoters of AIPL, Mr Gurinder Singh Arora and Ms Tarvinder Kaur Arora. ASPL has a dedicated parking yard in Panvel (Maharashtra), on the Mumbai-Pune highway. BHAGAWATI INDIA: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhagawati India Motorizer Private Limited (BIMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.24 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of BIMPL under the 'issuer non-cooperating' category as BIMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 23, 2025, September 2, 2025, September 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable BIMPL was incorporated in October 2013 to take up the dealership of Mahindra & Mahindra (M&M) vehicles and servicing of auto parts in four districts of Madhya Pradesh (MP) namely Shahdol, Mandla, Dindori and Anuppur. BIMPL is a part of Gwalior based Bhagawati group which has varied business interests in the state of Madhya Pradesh. The group is engaged in dealership of Mahindra & Mahindra and Indo farm tractors through Bhagawati Cools Private Limited and Bhagawati Development Services Private Limited. The group also extends warehousing facilities through Bhagawati Estate Warehouse, Kolaras. BCPL and BDSPL are also engaged in trading of agro-commodities like wheat, potato, soya etc. Another group entity named Bhagawati Estate Warehouse; Ashoknagar is also engaged in warehousing and trading of agrocommodities like potatoes and wheat. BYJU'S: Riju Moves NCLT Against TLPL's CCD Deal with Glas Unit -------------------------------------------------------------- The Economic Times reports that Riju Ravindran has moved the insolvency tribunal NCLT against the Compulsory Convertible Debenture agreement between Think & Learn Pvt Ltd (TLPL) and a wholly-owned subsidiary of Glas Trust Co, Byju's US-based financial creditor, alleging it to be violative of FDI and FEMA regulations. ET relates that the agreement was inked to raise finance to participate in the ongoing rights issue of Aakash Educational Service Pvt Ltd (AESL) after Glas Trust failed to get a stay order from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court. Now, Glas, holding 99.25% voting rights in TLPL, which owns insolvent bound edtech firm Byju's, is attempting to raise money illegally, purportedly to participate in the right issue of AESL, Riju alleged in his interim application filed before the NCLT, ET relays. According to ET, Riju, a suspended director and promoter of TLPL, said the CCD (Compulsory Convertible Debenture) is drafted to look like FDI under FEMA. Still, it is actually like an ECB (external commercial borrowing), a foreign debt in substance, which is prohibited. Moreover, the same is simultaneously also treated as interim finance/CIRP cost under IBC, which is legally impossible. TLPL owns around 25.7% stake in AESL, which is now going for a rights issue after the Supreme Court on November 3, 2025, gave a go-ahead, rejecting the petition filed by Glas Trust, ET notes. Based on its entitlement, TTPL on October 29, 2005, received an offer letter from AESL for subscription of rights issue of approximately INR25.75 crore, Riju said in his plea moved before the Bengaluru bench of NCLT, while quoting the minutes of CoC (Committee of Creditor) meeting held on November 5. In the said meeting, the Glas representative proposed to subscribe to the CCD of TLPL through its wholly-owned subsidiary, pursuant to which the subscription money would be used by TLPL for the rights issue of AESL, ET says. Citing the lack of funds with TLPL to participate in the AESL rights issue, the Glas Trust representative said the decision to raise funds through its subsidiary will help to raise funds in the short timelines required for participation. In the meeting, Glas shared a "draft debenture subscription agreement, along with a draft resolution, for issuance and allotment of CCDs worth INR100 crore in one or more tranches, according to the petition filed by Riju. This was placed in the CoC meeting held on November 5, in which Glas supported it while two other members - Aditya Birla Capital and Incred refrained, citing a lack of internal approvals on this. However, the resolution professional approved it, as Glas has 99.42% voting rights, and he was instructed to proceed with the necessary compliances to give effect to this, ET relates. According to ET, Riju submitted that his representatives, who were present in the meeting, had raised serious concerns and asked whether the approval of NCLT was required for an 'unusual financial instrument' being used when TLPL is going through CIRP (Corporate Insolvency Resolution Process) and lacks market-based valuation. "Despite these serious concerns being raised by the Applicant's representative, the RP proceeded to declare the resolutions approved and instructed himself to expedite compliance measures. Evidently, neither the RP nor GLAS addressed any of the substantive concerns raised by the Applicant's Representative regarding the legality, enforceability, or commercial propriety of the proposed CCD arrangement," ET quotes Riju as saying. After this, Riju moved the NCLT, terming the CCD subscription agreement terms as "invalid and unenforceable under indian law". He requested the NCLT to "set aside Resolution Nos. 1 to 7 passed at the meeting of the CoC of TLPL held on November 5, 2025" and to "declare that the 'Compulsorily' Convertible Debentures Subscription Agreement, if any, executed between the Resolution Professional and GLAS Trust Company LLC and/or its wholly-owned subsidiary, as void, illegal, and unenforceable under Indian law". ET relates that Riju also alleged that such instruments manifestly fail the 'fully, compulsorily and mandatorily convertible' test under the NDI Rules and RBI Circular No. 74, and therefore, constitute unauthorised external commercial borrowing in direct violation of FEMA. "This is an inherent and fatal contradiction. The term 'compulsorily convertible' denotes mandatory conversion without choice, while the option of confers discretion on the holder' - these are logically and legally irreconcilable concepts. In effect, an instrument cannot be both," he said, submitting "GLAS has proposed issuance of purported CCDs to deliberately circumvent ECB regulations". CCDs proposed in the present case are "compulsorily convertible at the option of the debenture holder" and therefore, not fully and compulsorily convertible within the meaning of the ECB Master Direction; they constitute debt instruments within the ECB framework. The matter is expected to be heard this week by an NCLT bench, adds ET. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition Against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CNA ENGINEERING: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: CNA Engineering Private Limited No. 201 Suhas, Site # 1032, 24th Main, Sector-1, HSR Layout, Bangalore Karnataka, India, 560102 Liquidation Commencement Date: October 24, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076, Karnataka, India Cell: +91 94483 84064, Landline: +080 79634233 Email: GTHIRUPAL@GMAIL.COM Last date for submission of claims: November 24, 2025 DRASHTI INNOVATIVE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Drashti Innovative Syncotex Private Limited (DISPL) 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 5.13 Crisil D (Issuer Not Cooperating) Cash Credit 5 Crisil D (Issuer Not Cooperating) Proposed Long Term 4 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 9.87 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DISPL 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 DISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DISPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2013 and based in Surat, Gujarat, DISPL manufactures and trades in fabrics used in home furnishing, readymade garments, and dress material. GIPL, also based in Surat and incorporated in 2010, is in a similar line of business. The manufacturing facilities of both companies are in Surat. DISPL is promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is promoted by Mr. Nakrani. EPARIS JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Eparis Jewellers (EJ) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EJ 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 EJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EJ continues to be 'Crisil B/Stable Issuer not cooperating'. EJ, set up in 1992, is a gold retailer, operating one showroom in Cuttack (Odisha). Mr. Epari Madhav Rao and Mr. Epari Arvind Rao are the promoters. ERA INFRASTRUCTURE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Era Infrastructure (India) Limited B-292, Chandra Kanta Complex, Shop No. 2 & 3 Near Metro Pillar No. 161 New Ashok Nagar New Delhi, India 110096 Insolvency Commencement Date: November 4, 2025 Estimated date of closure of insolvency resolution process: May 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-V Insolvency Professional: Alok Kumar Agarwal 605, Suncity Business Tower, Golf Course Road, Sector 54, Gurgaon, Haryana, 122002 Email: era.cirp@gmail.com C-100, Sector 2, Noida Uttar Pradesh 201301 Email: era.cirp@gmail.com Email: alok@insolvencyservices.in Email: shivam@insolvencyservices.in Last date for submission of claims: November 18, 2025 GANGA BISHAN: CARE Keeps B- Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Ganga Bishan Cotton Mills (SGBCM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of SGBCM under the 'issuer non-cooperating' category as SGBCM had failed to provide information for monitoring of the as agreed to in its Rating Agreement. SGBCM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025 and October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shri Ganga Bishan Cotton Mills (SGBCM) was established as a partnership firm in 2000 and is currently being managed by Mr Naveen Kumar Garg and Mr Neeraj Kumar Garg, as its partners, sharing profit and loss equally. The firm is engaged in cotton ginning and pressing along with cotton oil extraction. The manufacturing facility of the firm is situated at Fatehabad, Haryana. HARIDWAR HIGHWAYS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Haridwar Highways Project Limited B-292, Chandra Kanta Complex, Shop No. 2 & 3 Near Metro Pillar No. 161 New Ashok Nagar, New Delhi, Delhi, India 110099 Insolvency Commencement Date: November 4, 2025 Estimated date of closure of insolvency resolution process: May 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-V Insolvency Professional: Alok Kumar Agarwal Email: hhplcirp@gmail.com 605, Suncity Business Tower, Golf Course Road, Sector 54, Gurgaon, Haryana 122002 C-100, Sector 2, Noida, Uttar Pradesh 201301 Email: hhplcirp@gmail.com Email: alok@insolvencyservices.in Email: shivam@insolvencyservices.in Last date for submission of claims: November 18, 2025 HI-ESTEEM AUTO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Hi-Esteem Auto Komponents Private Limited Registered Address: S.No.88/1 & 88/2, Mettupalayam Road, Panrutti Village, Thennery Post, Sriperumbudur Taluk, Kanchipuram District, Panruti, Kanchipuram, Sriperumbudur, Tamil Nadu, India, 631604 Insolvency Commencement Date: October 30, 2025 Court: National Company Law Tribunal, Chennai, Court I Estimated date of closure of insolvency resolution process: April 28, 2026 Insolvency professional: Ananthachari Mahesh Interim Resolution Professional: Ananthachari Mahesh 5/5, Iswaryas Essodammai Apartments, 5, Madhava Mani Avenue, Velachery, Chennai, Tamil Nadu,600042 Email: maheshananth@yahoo.com Email: hiesteemcirp@gmail.com Last date for submission of claims: November 17, 2025 HORIZON POLYMERS: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Horizon Polymers (HP) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HP 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 HP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HP continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up in 2001, HP, a partnership firm of Mr S C Aggarwal and his son, Mr Deepak Aggarwal, manufactures PVC pipes, HDPE pipes, un-plasticised PVC pipes, chlorinated PVC pipes, and polypropylene random pipes and fittings. The firm also trades in water tanks. It has a manufacturing unit each in Himachal Pradesh and Punjab. INDIA CARTONS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of India Cartons (IC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of IC under the 'issuer non-cooperating' category as IC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IC continues to be non-cooperative despite repeated requests for submission of information through emails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable India Cartons (IC) was established by Mr. C. Madanraj and his son, Mr. M. Naresh Kumar on April 8, 2010 as a partnership concern in Ambur, Tamil Nadu. The firm is engaged in manufacturing of packaging material for the footwear industry. The main products manufactured by IC include cartons, corrugated cartons and rigid boxes. The entity sells its finished products to customers located in Tamil Nadu, Karnataka and Indore. The major raw material being duplex boards are procured from suppliers in Tamil Nadu and China for finer quality. The manufacturing unit is also located in Ambur, Tamil Nadu. INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Indian Acoustics Private Limited (IAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.54 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 24.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of IAPL under the 'issuer non-cooperating' category as IAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025 and October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable IAPL was incorporated on June 21, 2010 by Mr Amarjit Singh Kalra and his wife, Ms Surinder Kaur Kalra. The company is involved in the manufacturing and assembling of public address (PA) systems and components, including loudspeakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment. The company commenced operations in November, 2011 and its manufacturing facility is located in Noida. MALAYALAM VEHICLES: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Malayalam Vechicles India Private Limited CC No. 52/3171, 52/3172, Sharon Tower Opposite Salafi Mazjid Vyttila, Ernakulam Kerala, India 682019 Liquidation Commencement Date: October 31, 2025 Court: National Company Law Tribunal Kochi Bench-I Liquidator: P. Balasubramanian 85/3, Sukkaliyur, Karruppampalayam Village Karur, Tamil Nadu 639003 Email: malayalamcirp@gmail.com Email: karurbalaw@gmail.com Last date for submission of claims: November 30, 2025 MOLINA CHEMICALS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Molina Chemicals Private Limited C-502, Shree Ram Vatika, Near Swarminarayan Mandir Near Haridarshan Char Rasta Nava Narda, Ahmedabad - 382330 Liquidation Commencement Date: October 31, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Rajendrakumar Radhakishan Kabra C 107, Cozy Corner Society Someshwar Park 3 Thaltaj Ahmedabad - 380054 Email: Rajendra_kabra@rediffmail.com Email: liquidation.molina@gmail.com Last date for submission of claims: December 2, 2025 OZONE HOMES: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Ozone Homes Private Limited 63, G.N. Chetty Road T. Nagar, Chennai – 600017 Tamil Nadu Insolvency Commencement Date: October 10, 2025 Estimated date of closure of insolvency resolution process: April 28, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Ashok Mittal S-138, B Wing, Express Zone Mall Western Express Highway Goregaon East Mumbai Suburban Maharashtra 400063 Email: ashokmittal2020@gmail.com Email: cirp.ozonehomes@gmail.com CA Varun Chopra C-1002, Ashirvad Avenue, VIP Road Opposite Shyam Baba Mandir, Althan, Surat – 395007, Gujarat Email: ipvarunchopra@gmail.com Name: CA Pawan Jagetia 508, 21st, Century Business Centre Ring Road, Beside World Trade Centre Surat, Gujarat 395002 Email: pjagetiaco@yahoo.co.in Name: CA Rajesh Malani HG-1D, Wing-A, International Trade Centre Ring Road, Majuragate Crossing Surat, Gujarat 395002 Email: carajeshmalani@gmail.com Last date for submission of claims: November 30, 2025 PANCHAMI ELECTRONICS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Panchami Electronics Private Limited (PEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of PEPL under the 'issuer non-cooperating' category as PEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Panchami Electronics Private Limited (PEPL) was promoted by Mr Jwalaprasad in February 2007. Initially, PEPL started with one Sony Exclusive showroom at Chilimbi, Mangaluru. Later, the company added three more Sony brand stores located at Kodialbail, Kankanady, and Udupi. PEPL also started one exclusive retail outlet of Panasonic at Balmatta, Mangaluru. PEPL has one sister concern company Panchami Distributors Private Limited (PDPL) which started operations during the year 2009. The Board of Directors is the same as of PEPL. Through PDPL, the company started wholesaling and became the distributors for Panasonic and Onida. Later, it also added Sony, Whirlpool, Haier, Bosch and Intex in their distribution. PLANET MARATHI: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Planet Marathi Seller Services Private Limited 2nd Floor, Sunrise Tower, MIDC Marol, Andheri, East Mumbai Mumbai City, Mumbai Maharahstra - 400093 Insolvency Commencement Date: October 31, 2025 Estimated date of closure of insolvency resolution process: April 29, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rishabh Sethi C 203 Runwal Heights LBS Marg Mulund West, Opposite Nirmal Lifestyle Mumbai City, Maharashtra 400080 Primus Insolvency Resolution & Valuation Pvt Ltd 408, 4th Floor, Manish Chambers Sonawala Road, Goregaon (E) Mumbai- 400063 Email: ip.rishabhsethi@gmail.com Email: cirp.planetmarathi@gmail.com Last date for submission of claims: November 18, 2025 POLYWELL ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Polywell Enterprises (PE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.56 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of PE under the 'issuer non-cooperating' category as PE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaipur (Rajasthan) based Polywell Enterprises (PE) was formed in 2010 as a proprietorship concern by Dr. Chandra Shekhar Baid. PE is engaged in the business of manufacturing and trading of distinguished range of pet bottles, pet jars, water campers, pet perform and cap inner etc. RAJASTHAN EDUCATION: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajasthan Education Institute & Health Society (REIHS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of REIHS under the 'issuer non-cooperating' category as REIHS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REIHS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Dausa (Rajasthan) based Rajasthan Education Institute and Health Society (REIHS), formed by Dr C.L. Meena and Dr. R.S. Nagar, was registered as a society on February 22, 2000, for imparting education in the field of engineering, teaching, nursing, and science at Dausa. REIHS operates four colleges under its umbrella i.e., engineering, and polytechnic college, B.Ed. college, Science college and nursing college. RAM TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Ram Traders - Namakkal (SRT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRT 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 SRT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRT continues to be 'Crisil D Issuer not cooperating'. Based in Namakkal (Tamil Nadu), SRT trades in poultry feed such as maize, soya, rice, and jowar. All its supplies are to sister concern Aishwarya Feeds, which manufactures poultry feed. RAMALINGAM CONSTRUCTION: Insolvency Resolution Case Summary ----------------------------------------------------------- Debtor: Ramalingam Construction Company Private Limited Registered Address: NR Tower, No.175/2, South State Bank Nagar Chettipalayam, Erode Tamil Nadu - 638002 Insolvency Commencement Date: October 30, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: May 2, 2026 Insolvency professional: Radhakrishnan Gopal Interim Resolution Professional: Radhakrishnan Gopal Chartered Accountant V-90/3 Shree Chella Apartments 5th Avenue, Anna Nagar Chennai, Tamil Nadu, 600040 Email: ramalingamconstructionco.cirp@gmail.com Email: ramalingamconstructionco.cirp@gmail.com Last date for submission of claims: November 17, 2025 RASHMI ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rashmi Enterprises - Delhi (RED) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of RED under the 'issuer non-cooperating' category as RED had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RED continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025 and October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based; Rashmi enterprises (RED) is a proprietorship concern established in March, 1980 by Mr. Vinod Kumar Bahety. Rashmi Enterprises (RED) is engaged in wholesale trading of Kraft Paper and Paperboard. RBBR INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RBBR Infrastructure Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RBBR Infrastructure Private Limited (RIPL) was incorporated on March 28, 1996, by the promoters of Daga Group- a group with interests in mining, mineral processing, dental products and real estate. RIPL is engaged in the manufacturing of concrete products such as RCC (Reinforced Cement Concrete) pipes, pre-cast manholes, chambers, box culverts, slabs, tanks, staircases, etc. under the brand name of READYCRETETM. Its manufacturing facility is located at Hosur, Tamil Nadu. The Company procures its raw materials from across Southern India and has a reputed clientele located across Andhra Pradesh, Karnataka, Kerala and Tamil Nadu. RIDHI SIDHI: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ridhi Sidhi Pulses (RSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.62 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of RSP under the 'issuer non-cooperating' category as RSP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Merta City (Rajasthan) based Ridhi Sidhi Pulses (RSP) was formed in 2013 as a proprietorship concern by Mr. Shreekant Mantri with an objective to set up a dall mill. RSP has completed its project and started commercial operations from January 2014. The firm is engaged in the business of manufacturing of chana dall from chana and moong mogar as well as moong polish dall from moong. SANT KRIPA: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Shree Sant Kripa Appliances Private Limited Registered Address: SYSKA House, Office No. S-5, 5th Floor, S. No.2 Sakorenagar, New Airport Road, Near Anand Residency, Pune, Maharashtra, India 411014 Insolvency Commencement Date: October 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: April 28, 2026 Insolvency professional: Subhash Laxminarayan Nathuramka Interim Resolution Professional: Subhash Laxminarayan Nathuramka B 602, SIlver Sands, Near Building No 11, Piramal Nagar, Goregaon (West), Mumbai - 400104 Email: snathuramka@gmail.com -- and -- 401, Darshan CHS, Raghunath Dadaji Street, Fort, Mumbai 400001 Email: sskapl.cirp@gmail.com Last date for submission of claims: November 13, 2025 SHAHIL MAHENDRAKUMAR: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Shahil Mahendrakumar Investment Private Limited 12, Floor 4, Plot 523, Kutch Castle, Sardar Vallabhbhai Patel Road 1st Parsiwada Opera House Girgaon, Mumbai 400004, India Liquidation Commencement Date: October 29, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Udaykumar Bhaskar Bhat B-304, Goldville Apartments Aundh Ravet Road, Dange Chowk Thergaon, Pune 411033 Email Address: udaybhat2805@gmail.com Tel No: 9766625928 Last date for submission of claims: November 29, 2025 SHANKHESHWAR ENTERPRISES: CARE Keeps B- Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhagawati India Motorizer Private Limited (BIMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.78 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) Ltd. had, vide its press release dated October 29, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025 and October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shankheshwar Enterprises (SE), based in Ludhiana, Punjab was established in 2000 as a partnership firm with Mr. Sudhir Jain, Mr. Harish Jain and Mr. Dhimant Jain as partners. The firm is engaged in manufacturing of knitted cloth and fabrication i.e. embroidery, printing etc. as its facility located in Ludhiana, Punjab. SHRIGEE AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shrigee Agro Foods (SAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 42.00 CARE B-; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of SAF under the 'issuer non-cooperating' category as SAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025 and October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttarakhand based Shrigee Agro Foods (SAF) was established in September 2017 as a partnership firm and started its commercial operations from October 2018. The firm is currently managed by Mr. Jitesh Kumar Goel, Mr. Ritesh Kumar, Smt. Amarjeet Kaur and Smt. Harjeet Kaur. The firm is engaged in the milling, processing and trading of paddy with an installed capacity to process 10 tonnes per hour (TPH) as on March 31, 2023, at its manufacturing facility located in Sitarganj, Uttarakhand. The firm is having four associate concerns namely, "G. R. Rice Mill" (established in 1995), "Bhagwati Agro Foods" (established in 2016), "GLD Agri Foods" (established in 2014) and "Narayan Paddy Product" (established in 2016) engaged in rice milling business respectively. SILVERSTREAM PLASTICS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SPC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.4 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 3.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPC 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 SPC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SPC continues to be 'Crisil D/Crisil D Issuer not cooperating'. The firm is engaged in manufacturing of PVC pipes and markets it under the brand name 'Hycount'. The firm is based out of Ernakulam, Kerala. SUJATHA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sujatha Feeds Private Limited (SFPL; Part Of The Gouthami Group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.4 CRISIL D (Issuer Not Cooperating) Cash Credit 4.1 CRISIL D (Issuer Not Cooperating) Long Term Loan 17.4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SFPL 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 SFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFPL continues to be 'Crisil D Issuer not cooperating'. SFPL, set up in 2009, manufactures poultry feed. GHPL, set up in 1999, produces hatching eggs and broiler birds. The companies are promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari. TORK MOTORS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Tork Motors Private Limited Registered Address: Plot No. 4/25, Sector No.10, PCNTDA Pune, Maharashtra, India, 411026 Insolvency Commencement Date: October 31, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: April 29, 2026 Insolvency professional: Anagha Anasingaraju Interim Resolution Professional: Anagha Anasingaraju c/o KANJMAG & CO, Company Secretaries, 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum, Kothrud, Pune - 411038 Email: rp.anagha@kanjcs.com Email: cirp.torkmotors@gmail.com Last date for submission of claims: November 14, 2025 TRADES WORTH: CARE Keeps B+ Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RBBR Infrastructure Private Limited (RIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.50 CARE B+; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 10, 2024, placed the rating(s) of TWC under the 'issuer non-cooperating' category as TWC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TWC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 27, 2025, August 6, 2025, August 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s Trades Worth (Steel) Company was established in 1994 by Mr. Pramod Singhania with an objectiv e to enter into the trading of building materials. Since its inception the entity has been engaged in trading of building materials like TMT bars, iron rods, cement, different types of pipes etc. Such building materials are used in the various types of construction activities. The registered office of the entity is located at S. J Road, Athgaon, Dist- Kamrup, Guwahati- 781001. Mr. Pramod Singhania (Proprietor) has around 38 years of experience in trading business looks after the day to day operations of the entity. TRANSPARENT ENERGY: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Transparent Energy Systems Private Limited Pushpa Heights, 1ST Floor, Bibwewadi Corner, Pune-Satara Road Pune - 411037 Liquidation Commencement Date: October 30, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Vijendra Kumar Jain 1601, Chandak Unicorn, Dattaji Salve Marg, Off Veera Desai Road, Andheri West, Mumbai 400053 Email: transparent@kanchansobha.com Last date for submission of claims: November 29, 2025 UNIBAIT FEEDS: CARE Lowers Rating on INR12cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Unibait Feeds Private Limited (UFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 12 CRISIL B-/Stable; ISSUER NOT Bank Loan Facility COOPERATING (Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable) Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of UFPL under the 'issuer non-cooperating' category as UFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of UFPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Unibait Feeds Private Limited (UFPL) was incorporated in 2015 and is being primarily promoted by Mr. Koganti Anjaneyulu and Mr. Koganti Venkata Gopala Krishna. UFPL is engaged in manufacturing of premium shrimp feed and floating fish feed by way of job works offered to Kwality Feeds Limited (KFL), in which promoters hold majority stake. KFL has a total installed capacity of 57,200 MT for manufacturing aqua feed (shrimp, fish etc). UFPL has entered into a technological collaboration with INVIVO NSA from France, specialists in Aqua feed nutrition, with years of experience in handling different species of Aquaculture. Further, the quality standards and operation system in Unibait are accredited by ISO 9000:2008 system. VYOMAN INFRAPROJECTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vyoman Infraprojects private limited (VIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of VIPL under the 'issuer non-cooperating' category as VIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated on September 2, 2015, Vyoman Infraprojects Private Limited (Formerly known as Esselworld Leisure Private Limited) was formed post demerging the business operations relating to the amusement park owned by Essel Group, from Pan India Paryatan Private Limited effective July 27, 2017. The company is a part of the Essel group that is led by Mr. Ashok Goel. PIPPL owned and operated three facilities which inter alia formed a part of the Amusement Park undertaking predemerger: * Essel World (EW) - Amusement Park * Water Kingdom (WK) - Theme Water Park * Downtown Essel World (DEW), Pune – Multi-themed family entertainment Centre (closed w.e.f. December, 2018) Post demerger, the Amusement park undertaking (including EW, WK and DEW) has been transferred to VIPL for future expansion and effective management of operations. Accordingly, all the assets (excluding land) and liabilities of PIPPL have been transferred to VIPL. PIPPL owns the land. EsselWorld Park (one of the largest amusement parks in the country) and Water Kingdom (one of the largest theme water parks in Asia) are both located on 64 acres of land. On an average, both the parks together attract about 1 - 1.1 million visitors on an annual basis. The company has also opened a bird park in Borivali, Mumbai which started its operations from April 2018. VIPL is also developing a luxury resort adjacent to EW and WK to enhance its services to the tourists visiting these parks. XERO SOFTWARE: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Xero Software Solutions (India) Private Limited Office: WeWork India Management Private Limited KRC, Mindspace, Survey No.64, Building No.9, 13th Floor, Software Units-Layout, Madhapur, Hyderabad, Shaikpet, Telangana, India, 500081 Liquidation Commencement Date: October 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Email: pranav@winadvisors.co.in Contact No: +91 98204 69825 Last date for submission of claims: November 29, 2025 ================= I N D O N E S I A ================= GARUDA INDONESIA: Prioritizes Grounded Fleet Recovery in New Plan ----------------------------------------------------------------- Aviation Week reports that Garuda Indonesia's new management team is developing a 100-day transformation plan that will focus on returning grounded aircraft to service before making any major fleet decisions. According to Aviation Week, the top priority is for all grounded aircraft across Garuda and its LCC subsidiary Citilink to be operational. Garuda Indonesia is the flag carrier of Indonesia. On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition against Garuda to commence the PKPU Proceeding under Indonesian Insolvency Law. PKPU is a court-enforced suspension of payments process which is designed to provide a debtor a definite period of time to restructure its debt and reorganize its affairs pursuant to a composition plan with its creditors. The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H., Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL as administrators who, together with the Debtor, manage the Debtor's assets during the PKPU Proceeding. On June 17, 2022, Garuda proposed to creditors the PKPU Plan developed in consultation with an ad hoc group of its aircraft lessors, Sukuk Holders and a number of other creditors working to facilitate the restructuring of Garuda's debts. The PKPU Plan anticipates Garuda continuing to operate in the ordinary course. PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022, to seek U.S. recognition of its debt restructuring in Jakarta, Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler of Cleary Gottlieb Steen & Hamilton LLP in the U.S. =============== M A L A Y S I A =============== PHARMANIAGA BHD: 3Q Net Profit Drops 93% on Higher Transport Costs ------------------------------------------------------------------ The Malaysian Reserve reports that Pharmaniaga Bhd reported a 92.8% drop in net profit for the third quarter ended Sept. 30, 2025 (3Q25), to MYR7.28 million from MYR101.03 million a year earlier, mainly due to higher air and sea transport costs for delivering newly added products to East Malaysia under the Approved Products Purchase List (APPL). Quarterly revenue declined 2.19% to MYR1 billion from MYR1.03 billion previously, and no dividend was declared, The Malaysian Reserve relays. The Malaysian Reserve says the weaker quarter dragged the group's nine-month net profit down 68.5% to MYR40.82 million, though revenue for the period rose 5.5% to MYR2.99 billion, supported by higher customer demand in the concession segment. According to The Malaysian Reserve, MD Datuk Zulkifli Jafar said Pharmaniaga continues to strengthen its operational fundamentals and remains on track to exit its PN17 status as planned. The group's biopharmaceutical segment generated over MYR10 million from five vaccine products, while its insulin localisation programme progressed as scheduled, The Malaysian Reserve discloses. Pharmaniaga's pharmaceutical division added 160 new products to the APPL and launched five generic drugs, while its logistics arm achieved a 14.5% increase in sales volume, aided by digitalisation-driven cost optimisation. In Indonesia, the company expanded its footprint with its 37th outlet in Palu and a partnership with a major pharmacy chain for contract manufacturing services, adds The Malaysian Reserve. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. In early August 2025, Pharmaniaga Bhd completed its regularisation plan following the completion of its capital reduction exercise through the cancellation of MYR520 million in issued share capital. ===================== N E W Z E A L A N D ===================== BAY PRECISION: Creditors' Proofs of Debt Due on Dec. 9 ------------------------------------------------------ Creditors of Bay Precision Panel & Paint Limited are required to file their proofs of debt by Dec. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 11, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 BLUESKY INVESTMENT: Creditors' Proofs of Debt Due on Dec. 10 ------------------------------------------------------------ Creditors of Bluesky Investment Limited are required to file their proofs of debt by Dec. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 11, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 KONSTRUK LIMITED: Court to Hear Wind-Up Petition on Dec. 12 ----------------------------------------------------------- A petition to wind up the operations of Konstruk Limited will be heard before the High Court at Auckland on Dec. 12, 2025, at 10:45 a.m. City Produce Limited filed the petition against the company on Sept. 24, 2025. The Petitioner's solicitor is: Oscar Joseph Ward Urlich Milne Lawyers Limited 3 Owens Road Epsom Auckland 1023 MDG BUILDERS: Court to Hear Wind-Up Petition on Nov. 27 ------------------------------------------------------- A petition to wind up the operations of MDG Builders Construction 2023 Limited will be heard before the High Court at Auckland on Nov. 27, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 16, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SW TAKA LIMITED: Baker Tilly Staples Rodway Appointed as Receivers ------------------------------------------------------------------ Tony Leonard Maginness and Jared Waiata Booth on Nov. 17, 2025, were appointed as receivers and managers of SW Taka Limited and Chenyang Wei. The receivers and managers may be reached at: Tony Leonard Maginness Jared Waiata Booth Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 ================= S I N G A P O R E ================= AXIOMA ASIA: Creditors' Proofs of Debt Due on Dec. 17 ----------------------------------------------------- Creditors of Axioma (Asia) Pte. Ltd. are required to file their proofs of debt by Dec. 17, 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: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GOLDPRIME LAND: Creditors' Proofs of Debt Due on Dec. 17 -------------------------------------------------------- Creditors of Goldprime Land Pte. Ltd. are required to file their proofs of debt by Dec. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 14, 2025. The company's liquidator is: Lee Chong Xiang Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 HARRY CONTRACTORS: Court to Hear Wind-Up Petition on Dec. 5 ----------------------------------------------------------- A petition to wind up the operations of Harry Contractors Pte. Ltd. will be heard before the High Court of Singapore on Dec. 5, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on Nov. 11, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 POWA GENERAL: Court to Hear Wind-Up Petition on Dec. 5 ------------------------------------------------------ A petition to wind up the operations of Powa General Services Pte. Ltd. will be heard before the High Court of Singapore on Dec. 5, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Nov. 12, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ROXY AUSTRALIA: Creditors' Proofs of Debt Due on Dec. 17 -------------------------------------------------------- Creditors of Roxy Australia Hotels Pte. Ltd. are required to file their proofs of debt by Dec. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 14, 2025. The company's liquidator is: Lee Chong Xiang Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 ********* 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. 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