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251121.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, November 21, 2025, Vol. 28, No. 233 Headlines A U S T R A L I A AVANTI AU 2023-1: Moody's Raises Rating on Class F Notes from Ba1 GFG ALLIANCE: NSW Refuses to Lift Licence Restrictions on Tahmoor HAMLET & MACBETH: First Creditors' Meeting Set for Nov. 27 JAMHEIDMCAULIFFE PTY: Second Creditors' Meeting Set for Nov. 25 MINERAL RESOURCES: Ellison to Stay On Under New Succession Plan NATURE ORIGIN: First Creditors' Meeting Set for Nov. 26 PEPPER ASSET 4: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes RR QUALITY: First Creditors' Meeting Set for Nov. 26 SOLOMOS ASSETS: First Creditors' Meeting Set for Nov. 27 [] AUSTRALIA: Strong Insolvency System Key to Boost Productivity C H I N A CHINA EVERGRANDE: Iconic Canadian Hotel to be Sold After Default CHINA FORTUNE: Enters Court-Supervised Pre-Restructuring I N D I A ABF RURAL: CARE Keeps C Debt Rating in Not Cooperating Category ACARA BIOHERB: CARE Keeps D Debt Rating in Not Cooperating ALKEY SYNTHETICS: CARE Keeps B- Debt Rating in Not Cooperating AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating ANAMIKA CONDUCTORS: CARE Keeps D Debt Ratings in Not Cooperating ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating BNK ENERGY: CARE Keeps C Debt Ratings in Not Cooperating Category DATTA KRUPA: CARE Keeps D Debt Rating in Not Cooperating Category DIGITAL FACTORY: CARE Keeps D Debt Rating in Not Cooperating DISHA INFRASPACE: Insolvency Resolution Process Case Summary DOLCE PHARMACEUTICALS: CARE Keeps D Debt Rating in Not Cooperating GAJANAN FOOD: CARE Keeps B- Debt Rating in Not Cooperating GAKHIL RESORT: CARE Keeps C Debt Rating in Not Cooperating GOLD PALACE: CARE Keeps B- Debt Rating in Not Cooperating HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating INDIA MEGA: CARE Keeps D Debt Rating in Not Cooperating Category JAY JALARAM: CARE Keeps B- Debt Rating in Not Cooperating Category K.R.R. POULTRY: CARE Lowers Rating on INR7.50cr LT Loan to B KC TIMBER: CARE Keeps C Debt Rating in Not Cooperating Category KIRORIMAL KASHIRAM: Ind-Ra Cuts Bank Loan Rating to D KRG POWER: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable LAVA INTERNATIONAL: Ind-Ra Moves BB+ Loan Rating to NonCooperating NATARAJ OIL: Ind-Ra Affirms BB- Bank Loan Rating, Outlook Stable NILKANTH CHAWAL: CARE Keeps B- Debt Rating in Not Cooperating ORANGE AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating PREM NARAYAN: CARE Keeps D Debt Rating in Not Cooperating Category RADHE AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category RMC SWITCH: CARE Keeps D Debt Rating in Not Cooperating Category SAMARTH PAPER: CARE Keeps D Debt Rating in Not Cooperating SANT AUTOS: CARE Keeps D Debt Rating in Not Cooperating Category SHRIGOVIND POLYTEX: CARE Keeps B- Debt Rating in Not Cooperating SHRINATH ROTOPACK: Ind-Ra Cuts Bank Loan Rating to BB SMILAX PSYLLIUM: Ind-Ra Affirms BB+ Bank Loan Rating SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating TALWAR MOBILES: CARE Keeps D Debt Rating in Not Cooperating UMESH & BROTHERS: ICRA Withdraws B+ Rating on INR3.0cr LT Loan VISAKHAPATNAM PORT: ICRA Withdraws B- Rating on INR91.51cr Loan VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating J A P A N NISSAN MOTOR: To Cut More Output at Kyushu Plant on Chip Shortages M A L A Y S I A SINO GREEN: Reports $186,250 Net Loss in 2026 Q1 X X X X X X X X CBAK ENERGY: Reports $2.1MM Net Income in 2025 Q3 - - - - - ================= A U S T R A L I A ================= AVANTI AU 2023-1: Moody's Raises Rating on Class F Notes from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on three classes of notes issued by Avanti AU Auto ABS 2023-1 Trust in respect of the Series 2023-1. Issuer: Avanti AU Auto ABS 2023-1 Trust in respect of the Series 2023-1 Class D Notes, Upgraded to Aa2 (sf); previously on Mar 13, 2025 Upgraded to Aa3 (sf) Class E Notes, Upgraded to A1 (sf); previously on Mar 13, 2025 Upgraded to A3 (sf) Class F Notes, Upgraded to Baa1 (sf); previously on Mar 13, 2025 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the collateral performance to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the October 2025 payment date, the note subordination available for the Class D, Class E and Class F Notes has increased to 14.7%, 11.6% and 8.4% respectively, from 12.3%, 9.1% and 5.8% at the time of the last rating action for these notes in March 2025. Principal collections have been distributed on a pro-rata basis across the rated notes since the February 2025 payment date. Current total outstanding notes as a percentage of the total closing balance is 36%. As of end-September 2025, 3.3% of the outstanding pool was 30-plus day delinquent and 1.1% was 90-plus day delinquent. The portfolio has incurred 1.9% and 1.3% (as a percentage of the original note balance) of gross and net losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 4% of the outstanding pool balance (equivalent to 3.3% of the original pool balance) from the time of the last rating action in March 2025. Moody's have also maintained the Aaa portfolio credit enhancement at 16%. The transaction is a cash securitisation of receivables backed by motor vehicles. The receivables were originated and are serviced by Branded Financial Services Pty Limited, a wholly owned and operated subsidiary of Avanti Finance Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. GFG ALLIANCE: NSW Refuses to Lift Licence Restrictions on Tahmoor ----------------------------------------------------------------- ABC News reports that the NSW government has told British billionaire Sanjeev Gupta a restriction on the licence for one of his coal mines will not be lifted until he pays AUD29.4 million in outstanding royalties. The Tahmoor coal mine, south of Sydney, has been caught up in the financial turmoil engulfing Mr. Gupta's GFG Alliance, and has been closed since February 2025, the ABC says. In September, the government placed a fixed charge over all its mining leases to secure the royalty debt. A fixed charge gives the state a legal hold over the asset, preventing the company from borrowing against or selling the mine until the debt is cleared. According to the ABC, NSW Finance and Natural Resources Minister Courtney Houssos said representatives of Mr. Gupta approached the government in early October seeking to have the order revoked to help secure finance to resume mining operations. In a letter obtained by the ABC, Ms. Houssos wrote directly to Mr. Gupta, saying she would not revoke the order until the company paid its debt to taxpayers and demonstrated it could meet its obligations. "I am advised a royalty liability has been unpaid for six months," she wrote. The ABC relates that the minister said information promised by GFG supporting the lifting of the charge had "not been provided". She also pointed to a AUD20 million loan from the Tasmanian government to help restart GFG Alliance's Liberty Bell Bay manganese smelter, and what she described as the company's "subsequent failure" to comply with conditions. Citing those concerns and the unpaid royalties, Ms. Houssos formally rejected GFG's request to lift the order, the ABC says. "As a result, I have not been provided with sufficient assurance that the royalty liability will be paid and that you will fulfil your obligations to do so," she wrote. Tahmoor Coal's parent company, Liberty Primary Metals Australia, entered voluntary administration two weeks ago, joining OneSteel Manufacturing (OSM) at Whyalla, which also went under earlier this year, according to the ABC. Once highly profitable, Tahmoor made AUD85.7 million in 2024, but significant funds were diverted to support Whyalla, including a AUD354.8 million loan to OSM. The ABC notes that the mine's value fell by more than 40 per cent in just over a year, and by February it had run out of cash to pay suppliers, forcing a closure and the standing down of around 500 workers. In late October, in a letter to federal MP for the region Angus Taylor, Mr. Gupta said Tahmoor Coal had secured a AUD140 million refinancing arrangement, with the first AUD25 million already drawn to pay contractors and keep the mine operating. He said the remaining funds would go toward creditor payments and restarting the mine, while the company explored joint-venture options or a potential sale. The ABC adds that Coal Mines Insurance, which runs the industry's workers' compensation fund, is owed AUD4.7 million and has taken Tahmoor to the NSW Supreme Court seeking to wind up the company. The matter will return to court in December. The mine's main contractor, RStar, stood down about 250 workers in early November when GFG defaulted on payments. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of Tahmoor Coal's parent company, Liberty Primary Metals Australia. HAMLET & MACBETH: First Creditors' Meeting Set for Nov. 27 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Hamlet & Macbeth Pty Ltd will be held on Nov. 27, 2025 at 10:30 a.m. via virtual meeting only. Mervyn Jonathan Kitay of Worrells was appointed as administrator of the company on Nov. 17, 2025. JAMHEIDMCAULIFFE PTY: Second Creditors' Meeting Set for Nov. 25 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Jamheidmcauliffe Pty Ltd has been set for Nov. 25, 2025, at 11:00 a.m. at the offices of B&T Advisory at Level 19 144 Edward Street in Brisbane. 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. 24, 2025 at 4:00 p.m. Travis Pullen of B&T Advisory was appointed as administrator of the company on Nov. 2, 2025. MINERAL RESOURCES: Ellison to Stay On Under New Succession Plan --------------------------------------------------------------- The Sydney Morning Herald reports that Mineral Resources managing director Chris Ellison will remain in the role for the foreseeable future after the company announced at its annual general meeting on Nov. 20 that it had scrapped a deadline to remove him by the middle of next year. SMH says the company previously agreed to finding a replacement for Mr. Ellison by mid-2026 following a series of scandals including alleged tax evasion and misuse of company resources. However, MinRes chairman Malcolm Bundey told shareholders on Nov. 20 that Mr. Ellison would remain at the company beyond the previously agreed deadline, and MinRes would implement a three-stage succession plan. "We will ensure the company, its people and our shareholders get a lasting, high-quality outcome, rather than rushing to meet an arbitrary deadline," SMH quotes Mr. Bundey as saying. "While the former board had announced a target date for succession, the support program for this was outdated and, in our view, could not confidently deliver the intended outcomes of a smooth transition without creating unnecessary risk for the company and its shareholders." SMH relates that Mr. Bundey said he understood shareholders were looking for clarity on succession planning for the founder and managing director. "My focus as chair is on ensuring that Chris' succession is robust and carefully planned in the best interests of our shareholders and our people," he said. "This must be a process, not an event. Chris remains integral to this process, working closely with the Board and me to ensure it is conducted in an orderly, professional manner." In statement to shareholders in the company's annual report, Mr. Bundey acknowledged it had been a difficult year for the company, SMH relays. "The past year has brought significant governance challenges for MinRes, including shortcomings related to transparency, oversight and risk management," he said. "As a result, the company's reputation and stakeholder confidence have been impacted, prompting a rigorous response across all levels of the organisation. "Beyond regulatory compliance, MinRes recognises effective governance is essential for long-term value creation. The company is prioritising a culture of greater transparency, disciplined capital management and proactive risk oversight." Responding to a shareholder question as to why Mr. Ellison was still in his role and whether he would continue to be paid by the company, Mr. Bundey quickly shut down any further discussion, according to SMH. "I believe we have covered that question in my address, and we will not be taking any further questions on that topic," he said. Almost exactly 12 months ago, Mr. Ellison told shareholders he made an "error of judgment" in failing to report his personal tax and expressed regret for the impact his decision had on the business and its staff, SMH recalls. In November last year, he assured investors he had repaid the funds he owed to the company and vowed to support the board as it embarked on a global search for his replacement within the next 18 months. "I can't express how much I hate what I have done, this is a dark cloud in my life that I will live with forever," Mr. Ellison said at the time. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in late September 2025, Moody's Ratings has assigned a Ba3 rating to Mineral Resources Limited's proposed US$700 million senior unsecured notes issuance. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. NATURE ORIGIN: First Creditors' Meeting Set for Nov. 26 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Nature Origin Group Pty Ltd will be held on Nov. 26, 2025 at 12:00 p.m. via Zoom meeting. Daniel OBrien and Danny Vrkic of DV Recovery Management were appointed as administrators of the company on Nov. 14, 2025. PEPPER ASSET 4: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes ---------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Pepper Asset Securities No.4 Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive novated lease receivables originated by Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money Limited (Pepper). The notes will be issued by BNY Trust Company of Australia Limited as trustee for Pepper Asset Securities No.4 Trust. This is a whole loan sale, where the trustee acquired all of the seller trustee's right, title and interest in the receivables using funds provided by the investors under a whole loan pass-through structure. All notes and units are held by investors. Entity/Debt Rating ----------- ------ Pepper Asset Securities No.4 Trust A1-a LT NR(EXP)sf Expected Rating A1-x LT NR(EXP)sf Expected Rating B AU3FN0104386 LT AA(EXP)sf Expected Rating C AU3FN0104394 LT A(EXP)sf Expected Rating D AU3FN0104402 LT BBB(EXP)sf Expected Rating E AU3FN0104410 LT BB(EXP)sf Expected Rating F AU3FN0104428 LT B(EXP)sf Expected Rating G AU3FN0104436 LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 31 October 2025 cut-off date was AUD500 million and consisted of 10,639 receivables with weighted-average (WA) seasoning of 12.5 months, WA remaining maturity of 42.0 months and an average contract balance of AUD46,997. KEY RATING DRIVERS Stress Commensurate with Ratings: The pool consists entirely of novated leases. Fitch has assigned base-case default expectations of 1.5% and 'AAAsf' default multiples of 7.5x for novated leases. The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% for the year to June 2025 and unemployment was 4.3% in October 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A1-x note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables and a premium. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to G notes. The class A to G notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. Other structural features include a reverse turbo mechanism that redirects available excess income to repay note principal, a loss reserve that is initially funded by note issuance at closing and traps excess income on or before the third payment date, which is available for loss reimbursement within the first three months, and a supplemental reserve that traps excess income to cover losses and class G interest shortfall. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. Low Operational and Servicing Risk: All receivables were originated by Pepper Asset Finance, which demonstrated adequate capability as originator, underwriter and servicer. Pepper is not rated by Fitch. Servicer disruption risk is mitigated by backup servicing arrangements. The nominated backup servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 100% of the portfolio by loan value has balloon amounts payable at maturity, which was incorporated into the analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% increase in defaults: AA-sf / A-sf / BBB-sf / BB-sf / Bsf 25% increase in defaults: A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 50% increase in defaults: A-sf / BBBsf / BBsf / Bsf / less than Bsf 10% decrease in recoveries: AAsf / A-sf / BBB-sf / BBsf / Bsf 25% decrease in recoveries: AA-sf / A-sf / BBB-sf / BB-sf / Bsf 50% decrease in recoveries: AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 10% increase in defaults / 10% decrease in recoveries: AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% increase in defaults / 25% decrease in recoveries: Asf / BBBsf / BBsf / B+sf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: BBB+sf / BB+sf / BB-sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% decrease in defaults /10% increase in recoveries: AA+sf / A+sf / BBB+sf / BB+sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations Pepper Asset Securities No.4 Trust has an ESG Relevance Score (RS) of '4' for Energy Management because EVs form 24.2% of the pool, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RR QUALITY: First Creditors' Meeting Set for Nov. 26 ---------------------------------------------------- A first meeting of the creditors in the proceedings of RR Quality Pty Ltd will be held on Nov. 26, 2025 at 10:30 a.m. at the offices of Worrells at Suite 4, Level 3,, 26 Duporth Avenue in Maroochydore. Paul Eric Nogueira of Worrells was appointed as administrator of the company on Nov. 14, 2025. SOLOMOS ASSETS: First Creditors' Meeting Set for Nov. 27 -------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Solomos Assets Pty Ltd; - Indoor Soccer Headquarters Pty Ltd; - Ultimate Performance Supplements Pty Ltd; - Panamax Property Pty Ltd; - Derrimut Nutrition Bar Pty Ltd; - Stevanovic Solomos Pty Ltd; and - Protein 247 Pty Ltd will be held on Nov. 27, 2025 at 10:00 a.m. via Microsoft Teams meeting. Stephen Dixon was appointed as administrator of the company on Nov. 17, 2025. [] AUSTRALIA: Strong Insolvency System Key to Boost Productivity ---------------------------------------------------------------- The Accounting Times reports that in a speech be delivered at the Australian Financial Security Authority (AFSA) Summit on Nov. 18 and seen by Accounting Times, Andrew Leigh, Assistant Minister for Productivity, Competition, Charities and Treasury, underscored the importance of a robust and trustworthy insolvency system for boosting productivity. A robust insolvency system that handled bankruptcies smoothly and ensured creditors got a fair deal would incentivise more Australians to take business risks, which in turn could help resuscitate the country's poor productivity, Mr. Leigh said. "Every successful market economy rests on trust. The personal insolvency system is one of the quiet foundations of that trust. It allows people to take risks, knowing that if things go wrong, there is a fair and lawful framework to resolve debts," Accounting Times quotes Mr. Leigh as saying. "It allows creditors to lend and supply, knowing they will be treated equitably. It allows those who have experienced hardship or business failure to re-enter the economy and contribute again. It keeps capital and talent circulating." Economic dynamism, the ability for new firms and fresh ideas to enter the market, is a key driver of productivity and thus rising living standards, Mr. Leigh noted. However, over recent decades, Australia has seen a slowdown in firm formation and a smaller share of fast-growing young firms that drive productivity, worsening Australia's productivity stagnation. "Research shows that young firms account for around six in ten new jobs in Australia. A small number of high-growth firms are responsible for a disproportionate share of productivity gains," Mr. Leigh said, Accounting Times relays. "These firms tend to start out more productive than their peers and increase that advantage as they expand. But they only succeed in environments where taking a risk is feasible, and where failure is survivable." According to Accounting Times, the RBA has found that Australia's declining competition and economic dynamism have cost the average Australian AUD3,000 in foregone productivity gains. Mr. Leigh told the AFSA summit that Australia's insolvency framework had become "complex, fragmented and difficult to navigate." A key issue was the interface between corporate and personal insolvency. "In many small businesses, the financial affairs of the individual and the company are closely intertwined. When a small business enters difficulty, the owner may face both corporate administration and personal bankruptcy considerations," Mr. Leigh, as cited by Accounting Times, said. "Yet the pathways for each are distinct, with different processes, obligations and outcomes. The report found that for small enterprises, this can feel like navigating two systems at once at the very moment when stress is highest." Accounting Times relates that Mr. Leigh said the government would pursue reforms to make the system easier to navigate and more coherent in structure. He added that the government would crack down on abuse in the insolvency system by practitioners and proceed with reform to increase the threshold for involuntary bankruptcy, reduce the period that people were listed on the National Personal Insolvency Index and review Australia's current bankruptcy and insolvency laws. "When the system functions well, its impact is almost invisible," Mr. Leigh said. "When it falters, the effects are felt quickly: delayed transactions, rising costs of finance, damaged confidence and fewer new ventures. It is therefore not just a legal framework. It is part of how we support participation, opportunity and renewal." ========= C H I N A ========= CHINA EVERGRANDE: Iconic Canadian Hotel to be Sold After Default ---------------------------------------------------------------- South China Morning Post reports that China Evergrande Group's famous log-cabin hotel in Quebec, Canada, has been placed in receivership after the defaulted real estate developer failed to make payments on its debt. Fairmont Le Chateau Montebello, which has hosted luminaries including Grace Kelly and Margaret Thatcher, would be put up for sale by PricewaterhouseCoopers LLP, the court-appointed receiver, the Post relates citing documents filed this week on the accounting firm's website. The firm's insolvent subsidiary, Millennium Golden Jiachen Hotel Holdings, owes CAD58 million (US$41 million) to creditors, including CAD11 million to an affiliate of Desjardins Group. The Canadian lender filed a motion to put the hotel up for sale, according to court documents cited by the Post. The Post says the 95-year-old hotel will remain open during the sale process. Billing itself as the world's largest log cabin, the resort opened as a private club in the depths of the Great Depression and is now managed by Accor's Fairmont Hotels and Resorts. The hotel, with more than 211 rooms and suites, is located 134km west of Montreal and includes an 18-hole golf course, a spa and a conference centre. Evergrande bought it in 2014 from Oxford Properties Group, a unit of the Omers pension plan. Quebec's Superior Court appointed Philippe Jordan, a partner with PwC, to act as receiver earlier this month, the Post discloses. The insolvency process was first reported by the Journal de Montreal. "We are currently taking the necessary steps to contact stakeholders, including Millennium and Accor," the Post quotes Mr. Jordan as saying in a phone interview. "Ultimately, the action plan will include putting the hotel up for sale." 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. CHINA FORTUNE: Enters Court-Supervised Pre-Restructuring -------------------------------------------------------- Caixin Global reports that China Fortune Land Development Co. Ltd. has formally entered court-supervised pre-restructuring - a preliminary legal process that allows distressed firms to negotiate repayment plans under judicial oversight - after years of failed attempts to settle its multibillion-dollar debt burden. According to Caixin, the company disclosed on Nov. 18 it received notice from Langfang Intermediate People's Court confirming acceptance of a pre-restructuring petition filed by creditor Longcheng Construction Engineering Co. Ltd. and appointed a provisional administrator for the process. While the case stops short of a formal bankruptcy proceeding, it initiates a pre-restructuring process - China's closest equivalent to Chapter 11 planning, Caixin notes. About China Fortune China Fortune Land Development Co., Ltd. offers real estate development and investment services. The Company develops industrial parks and industrial town projects. China Fortune Land Development also provides related industrial solution services. As reported in the Troubled Company Reporter-Asia Pacific in March 2021, China Fortune Land Development Co. Ltd. again defaulted on billions of yuan in debt as it struggled to scrape together enough cash to meet its commitments amid a tightening regulatory environment. China Fortune said that it and its subsidiaries have recently failed to repay CNY8.38 billion ($1.3 billion) in principal and interest on a mishmash of new debt, including bank loans, trust loans, bonds and other debt financing tools, according to a March 10, 2021, filing to the Shanghai Stock Exchange. ========= I N D I A ========= ABF RURAL: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ABF Rural Godown (ARG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; 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 21, 2024, placed the rating(s) of ARG under the 'issuer non-cooperating' category as ARG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 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 ABF Rural Godown (ARG) was established in the year 2016, as a proprietorship concern, by Mr Mohammed Aslam Kazi. The firm is engaged in constructing warehouse for lease rental purpose. ARG has started constructing the Godown in Tyamagondlu Hobli, Nelamangala Taluk and Bangalore Rural District. The firm has started its commercial operations in May 2017. ACARA BIOHERB: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ACARA Bioherb Private Limited (ABPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of ABPL under the 'issuer non-cooperating' category as ABPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 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 Bangalore based Acara Bioherb Private Limited (ABPL) is a Private Limited Company started by Mr. H.Pawan in the year 2012. ABPL is involved in the business of manufacturing and exporting of herbal cosmetics and herbal extracts. The manufacturing and export of herbal extracts unit was started in July 2017. Some of the main products of ABPL are henna, hair cream, shampoos, scrubs, moisturizers, and herbal health supplements. The company procures most of its raw materials like glycerine, harinol IPM and fragrances locally from Maharashtra. Currently, ABPL exports majority (about 90%) of its produce to Middle East and United Kingdom. While the herbal cosmetics are sold on business to customer model in Middle Eastern Countries (under the brand name 'Acara'), the herbal extracts used in pharmaceutical, food and dietary industry are sold on business to business model in United Kingdom. ALKEY SYNTHETICS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alkey Synthetics Private Limited (ASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.82 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 15, 2024, placed the rating(s) of ASPL under the 'issuer non-cooperating' category as ASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASPL 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: Stable Incorporated in 1988, Alkey Synthetics Private Limited (ASPL) is engaged in the dyeing of yarn. ASPL's plant is located Bhiwandi (Maharashtra). AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amit Construction-Mumbai (ACM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC 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 Amit Constructions, a proprietorship firm, was established in the year 1999 by Mr. Roman Felix Philip Dsouza. The firm is engaged into civil construction where it undertakes construction projects for building of hospital, schools, offices, stadium, footpath, water tanks, etc. The entity is Class-I A category contractor and generally takes tender based contracts for its projects where it majorly caters to Navi Mumbai Municipal Corporation and CIDCO. ANAMIKA CONDUCTORS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anamika Conductors Private Limited (ACPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 41.63 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 35.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 44.00 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 21, 2024, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 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 Anamika Conductors Pvt. Ltd (ACPL) was incorporated as Anamika Conductors Pvt Ltd on December 15, 1988 at Jaipur, Rajasthan by Mr. Sharad Bakliwal. Subsequently, it was converted into a public limited company on April 19, 1996 and has been converted back to private limited company in June, 2015. ACPL was in the business of manufacturing of aluminum cables & conductors. ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Associate Builders and Traders (ABT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.15 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 5, 2024, placed the rating(s) of ABT under the 'issuer non-cooperating' category as ABT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 21, 2025, October 1, 2025 and October 11, 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 Associate Builders & Traders (ABT) was established as a partnership firm in 1996. The current partners of the firm are Mr Atal Bihari Tripathi and Mr Santosh Kumar Tripathi. The firm is engaged construction of roads, flyovers, civil construction etc. mainly in Uttar Pradesh region. BNK ENERGY: CARE Keeps C Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BNK Energy Alternatives (BEA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 5, 2024, placed the rating(s) of BEA under the 'issuer non-cooperating' category as BEA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 21, 2025, October 1, 2025 and October 11, 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 Ghaziabad (Uttar Pradesh) based, BNK Energy Alternatives (BEA) was established as a partnership firm in the year 2016 and is currently being managed by its partners namely Mr. Santosh Kumar Rajgarhia, Mr. Shailesh Ram Rajgarhia, Ms. Neetu Kumari, Ms. Sonu Kumari, Mr. Sanjay Kumar Rajgarhia, Mr. Raminder Singh and Mr. Raj Kumar Roy. The firm has succeeded an erstwhile proprietorship firm M/s BNK Energy Alternatives which was established in 2006 by Mr. Santosh Rajgharia. The firm is engaged into installation and commissioning of solar power plants. DATTA KRUPA: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Datta Krupa Roller Flour Mill Private Limited (DKRFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 DKRFMPL under the 'issuer non-cooperating' category as DKRFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DKRFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2005, Dattakrupa Roller Flour Mill Private Limited (DKRFMPL- part of Dattakrupa group) manufactures wheat products such as atta, maida, suji, rawa and dal mills. The company's manufacturing facility is located at Parbhani, Maharashtra. DIGITAL FACTORY: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Digital Factory (DF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 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) ad, vide its press release dated October 21, 2024, placed the rating(s) of DF under the 'issuer non-cooperating' category as DF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 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 Digital Factory (DF) was established in the year 2013, promoted by Mr. Prasad Nannapaneni. The firm is engaged in manufacturing of iron and wooden furniture. The firm gets the orders from private and government entities. The firm makes products like Tables, Chairs, Racks, and other interior works which is being manufactured for its well know customer. DISHA INFRASPACE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Disha Infraspace Solutions Private Limited Plot No B4 / 37, CMDA's Industrial Complex Maraimalai Nagar, S. No. 166, 167, 168, Kilakaranai, Chengalpettu, Kancheepuram, Tamil Nadu - 603 209 Insolvency Commencement Date: October 31, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: G Ramachandran F 10, Syndicate Residency, Dr. Thomas First Street, South Boag Road, T. Nagar, Chennai, Tamil Nadu 600017 Email: ramgcs@gmail.com Email: ip.displ@gmail.com Last date for submission of claims: November 21, 2025 DOLCE PHARMACEUTICALS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Dolce Pharmaceuticals Private Limited (DPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of DPPL under the 'issuer non-cooperating' category as DPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DPPL 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 Dolce Pharmaceutical Private Limited (DPPL) was incorporated in 1994 and was taken over in 2010 by Mr. Gopakumar P. Nair and Mrs. Rakhi Gopakumar Nair who are currently the directors of the company. DPPL is engaged in manufacturing sugar based pelletisation and capsulation. The company operates its administration office and plant situated at Tarapur, Boisar. GAJANAN FOOD: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gajanan Food Products (GFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.90 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 17, 2024, placed the rating(s) of GFP under the 'issuer non-cooperating' category as GFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 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 GFP was established in November-2015 and is based out of Chandrapur, Maharashtra. The entity is engaged in processing & milling of rice, broken rice and its by-products like husk, rice bran etc. GAKHIL RESORT: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gakhil Resort and Spa (GRS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of GRS under the 'issuer non-cooperating' category as GRS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GRS 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 Gakhil Resort and Spa (GRS) is a proprietorship entity established on April 2015 to initiate a hotel business and carrying on activities related to the hotel industry at Bojoghari, Gangtok in Sikkim. GOLD PALACE: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gold Palace Jewellers (GPJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of GPJ under the 'issuer non-cooperating' category as GPJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPJ continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 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 Gold Palace Jewellery (GPJ) is a partnership firm established in the year 1997. The partners of the firm are Mr. Shaik Allabaksh and Ms. Dilshad Begum. GPJ deals in gold, silver and diamond jewellery retailing business. The firm is running the business from its two showrooms located at Bangalore i.e. one is located at Dispensary Road and the other at Shivajinagar. HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hindustan Produce Company (HPC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.93 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 1, 2024, placed the rating(s) of HPC under the 'issuer non-cooperating' category as HPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 17, 2025, August 27, 2025, September 6, 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 Hindustan Produce Company (HPC) was constituted as partnership firm in January 1964 by the Keyal family of Kolkata, West Bengal. However, the firm was reconstituted on admission of three new partners via partnership deed dated May 24, 2011. Currently the firm is managed by six partners namely: Mr. Surendra Kumar Keyal, Mr. Vijay Kumar Keyal, Mr. Puneet Keyal, Mr. Vivek Keyal, Mrs. Pramila Keyal and Mrs. Bandana Keyal having equal share in the firm. Since its inception, the firm has been engaged in trading of various kinds of ferro alloys, sponge iron, scraps, refractories, graphite powder and other raw materials required for iron and steel manufacturing plants. INDIA MEGA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of India Mega Agro - Anaj Limited (IMAAL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 IMA under the 'issuer non-cooperating' category as IMA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IMA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable India Mega Agro - Anaj Limited (IMA) was incorporated in 2010 by promoter cum managing director: Mr. Ajay Kumar Baheti. IMA is a part of Dattakrupa group which was formed in the year 2005 through incorporation of Datta Krupa Roller Flour Mill Private Limited (DRFM) at Parbhani. The group started its manufacturing activity with processing of flour mill and dal mill. Later in order to expand & diversify its operations and avail various government benefits attached to the food processing industries, the group incorporated IMA; which was set up by acquiring 50 acres on lease at MIDC in Krushnoor district, Nanded. Over the period of time, the group has set-up various food processing divisions like roller flour mill; cattle & poultry unit in 2015; dal & rice mill in 2016; oil mill & refinery, solvent & biscuit unit in 2017. Currently the group has two manufacturing units located at Parbhani and Nanded. JAY JALARAM: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jay Jalaram Enterprise (JJE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.75 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 21, 2024, placed the rating(s) of JJE under the 'issuer non-cooperating' category as JJE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JJE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 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. Jay Jalaram Enterprise (JJE) is a proprietorship firm established by Mr Kamlesh Thakkar in 2008. The firm is an authorized wholesale distributor of Micromax Informatics Limited (MIL) for Ahmedabad region since January 2014. K.R.R. POULTRY: CARE Lowers Rating on INR7.50cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of K.R.R. Poultry Farms (KPF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from KPF to monitor the ratings vide e-mail communications dated November 3, 2025, September 8, 2025, August 22, 2025, among others and numerous phone calls. However, despite repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on KPF's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by KPF with CareEdge's efforts to undertake a review of the outstanding ratings as CareEdge Ratings views information availability risk as key factor in its assessment of credit risk profile. The rating assigned to the bank facilities of KPF continues to be constrained by small scale of operations, leveraged capital structure and weak debt coverage indicators. The rating also factors in the constitution of the entity as HUF and presence in a highly fragmented and competitive business segment. The rating, however, derives comfort from long track record and vast experience of the promoter in the poultry industry and satisfactory profitability margins. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on October 3, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Small scale of operations: Despite long track record of operations, the scale of operations of the firm continued to remain small indicated by total operating income of INR31.86 crores in FY24 against the income of INR32.10 crore in FY23. Further, the firm's networth base was relatively small at INR3.78 crores as on March 31, 2024. The small scale limits the financial flexibility of the firm in times of stress and deprives it of scale benefits. * Leveraged capital structure and weak debt coverage indicators: The capital structure of the firm remained leveraged, marked by overall gearing at 3.71x as on March 31, 2024 (PY: 4.42x) due to high working capital borrowings and low net worth base. Despite some improvement, the debt coverage indicators remained weak in FY24 marked by total debt to gross cash accruals (TD/GCA) at 20.57x as on March 31, 2024 (PY: 28.68x) and moderate interest coverage at 1.27x in FY24 (PY:1.34x). * Highly fragmented industry with intense competition from large number of players: KPF faces stiff competition in the poultry business from large number of established and unorganized players in the market. Competition gets strong with the presence of unorganized players leading to pricing pressures. With low entry barriers in the industry, players lack pricing power and are vulnerable to competition-driven pressure on profitability. However, improved demand scenario of poultry products in the country enables well for the entity. * Constitution of the entity as HUF with inherent risk of withdrawal of capital: Constitution as a HUF has the inherent risk of possibility of withdrawal of the capital at the time of personal contingency which can adversely affect its capital structure. Furthermore, the entities have restricted access to external borrowings as credit worthiness of the members would be key factors affecting credit decision for the lenders. During FY24 there has been infusion of capital to the tune of INR0.16 Crore. Key strengths * Long track record and vast experience of the promoter in the poultry industry: KPF was established in the year 2009 and promoted by Mr. T Ramesh. He is a qualified B.A, MBA graduate and has more than a decade of experience in the poultry business. Due to long term presence in the market, Mr. T Ramesh has good relations with suppliers and customers. * Satisfactory profitability margins: The PBILDT and PAT margin improved to 5.64% and 1.61% in FY24 compared to 5.57% and 1.13% in FY23. The PBILDT margin has remained stable within the satisfactory range of 5.0% to 6.0% over the past five years. Tamil Nadu based, KPF was established in the year 2009 and promoted by Mr. T Ramesh. KPF is a Hindu Undivided Family (HUF) and Mr. T Ramesh is the Kartha. The farm is located at Namakkal, Tamil Nadu with an area of 50 acres. The entity has three lakh birds engaged in farming of egg from its layers along with trading of eggs and cull birds. The firm sells its products like eggs and cull birds to retailers in Tamil Nadu and Kerala through own sales personnel and also through some dealers. KC TIMBER: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K C Timber Traders (KCTT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 5, 2024, placed the rating(s) of KCTT under the 'issuer non-cooperating' category as KCTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCTT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 21, 2025, October 1, 2025 and October 11, 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 New Delhi based K C Timber Traders (KCTT) is a partnership firm established in April, 1997. The firm is managed by partners, Mr. Manish Bansal and Mr. Romesh Bansal. The firm is engaged in trading of timber logs. KIRORIMAL KASHIRAM: Ind-Ra Cuts Bank Loan Rating to D ----------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Kirorimal Kashiram Marketting & Agencies Private Limited (KKMAPL) bank loan facilities' ratings to 'IND D (ISSUER NOT COOPERATING)' from 'IND B/Negative(ISSUER NOT COOPERATING/INDA4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. The rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating actions are: -- INR643.2 mil. Bank loan facilities (Long- term/short term) downgraded with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by KKMAPL. Ind-Ra has relied on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The rating continues to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with KKMAPL while reviewing the rating. Ind-Ra had consistently followed up with KKMAPL over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of KKMAP, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. KKMAP has been non-cooperative with the agency since 2023. About the Company Incorporated in 1995, KKAMPL is engaged in the processing and trading of basmati rice and pulses. KRG POWER: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated KRG Power Solar Limited's (KRGPSL) bank facilities as follows: -- INR1.50 bil. Bank loan facilities assigned with IND BB/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect KRGPSL's nascent stage of operations, lack of a track record in solar panel manufacturing, stretched liquidity, and likely weak credit metrics in the near term. The ratings are supported by the project's strategic location. KRGPSL's 800MW per annum manufacturing unit is located in Palladam. The unit was constructed and commenced operations on 29 September 2025. Detailed Description of Key Rating Drivers Nascent Stages of Operations and Lack of Track Record in Solar Panel Manufacturing: The ratings reflect the nascent stage of operations at KRGPSL's solar panel manufacturing unit. As of November 6, 2025, the company had an unexecuted order book of 281MW from its sister concern, Sunpro Renewable Energy Pvt Ltd (SREPL), and an additional 80MW of orders from other parties. Management expects to execute around 320MW by end-FY26 and the balance in FY27. The revenue mix is anticipated to be a 50:50 (SREPL: others) in the medium term. While the promoters have substantial experience in the textile and solar EPC sectors, they are new to solar panel manufacturing and lack a proven track record in this domain. However, their longstanding presence in the textile business has enabled them to build strong relationships with peers and associates in the industry. These connections have opened up initial opportunities, particularly with textile companies seeking to adopt solar energy solutions for their facilities, thereby supporting the early growth of their solar venture. Ind-Ra expects the scale of operations to be medium in the near to medium term, on a steady demand for solar panel modules. Weak Credit Metrics Expected in Near Term, Likely to Moderate in Medium Term: The total project cost is INR700 million, excluding land and building, which are leased from the promoter. Of this, INR641.20 million has already been incurred, with an additional INR40 million expected for retention money and minor expenses. The project has been funded through INR200 million (28.50%) in equity, with the remaining amount through term loans (71.50%). Ind-Ra expects KRGPSL's credit metrics to be weak in FY26, due to the recent commencement of operations on September 29, 2025. However, they are expected to moderate in the medium term, supported by a full year of operations in FY27 and the absence of any major debt-funded capex plans. Strategic Project Location: KRGPSL has set up a manufacturing facility in Palladam, benefitting from easy connectivity for transporting finished goods. Its sister company, Sunpro Renewable Energy Pvt Ltd, is also located in Palladam, facilitating easier coordination. Also, many potential customers, mainly textile companies, are located in nearby regions such as Coimbatore and Tirupur, enhancing efficient operations and faster delivery. Liquidity Stretched: KRGPSL's average month-end utilization of the fund-based and non-fund-based working capital limits was 70.97% for the past three months ended August 2025. KRGPSL has INR200 million sanctioned as cash credit and INR300 million of letter of credit (LC) to support its working capital requirements. Management is seeking additional cash credit and LC limits of INR500 million. KRGPSL operates on an advance-based payment model with its customers, typically receiving around 20% of the order value upfront, and the remaining 80% prior to goods dispatch. The company maintains an inventory holding period of 60 days for imported raw materials and 30 days for indigenous materials. Around 80% of the raw material purchases are backed by LC as per the management. KRGPSL has scheduled debt repayments with annual obligations of INR80 million each in FY27 and FY28. KRGPSL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Lower-than-expected capacity utilization or EBITDA falling below INR1.2 per watt or deterioration in the liquidity or credit metrics with net leverage above 3x, all on a sustained basis, would be negative for the ratings. Positive: Higher-than-expected capacity utilization, healthy margins with EBITDA exceeding INR1.2 per watt, and an improvement in the liquidity and credit metrics with net leverage below 3x, all on a sustained basis, would be positive for the ratings. About the Company Incorporated in December 2024, KRGPSL is engaged in the business of manufacturing and supply of solar panels to EPC companies. It has a 800MW per annum facility in Palladam. The company is promoted by K Rajagopal and S Sivaram. LAVA INTERNATIONAL: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated the ratings of Lava International Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of no default statement continuously for three months despite continuous requests and follow-ups by the agency along with Ind-Ra's inability to validate timely debt servicing through other sources it considers reliable. A no default statement in the format prescribed by the Securities and Exchange Board of India (SEBI) is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR2.226 bil. Bank loan facilities (reduced from INR3.026 bil.) migrated to non-cooperating category with IND BB+/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Lava International on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Lava International's credit strength. If an issuer does not provide a timely no default statement, it indicates weak governance, particularly in 'timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Lava International is an Indian multi-national company in the mobile handset industry. The company has a strong market share in the feature phones and is one of the leading mobile suppliers for low-/mid-priced smartphones having an average selling price of less than INR20,000. The company was founded in 2009 as an offshoot of a telecommunication venture. It is headquartered in Noida, Uttar Pradesh and has operations in India, Thailand, Nepal, Bangladesh, Sri Lanka, Indonesia, Latin American countries, the Middle East, and Russia. NATARAJ OIL: Ind-Ra Affirms BB- Bank Loan Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research has affirmed Nataraj Oil Mills Private Limited (NOMPL) bank loan facilities as follows: -- INR750 mil. Bank loan facilities affirmed with IND BB-/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects NOMPL's continued medium scale of operations, modest credit metrics and modest EBITDA margins in FY25. Ind-Ra expects the scale of operations and EBITDA margins to remain at similar level in the near to medium term. However, the agency expects the company's credit metrics to improve marginally over the period. The rating is supported by the promoter's three decades of experience in the edible oil industry. Detailed Description of Key Rating Drivers Continued Medium Scale of Operations: NOMPL's operations remained medium with its revenue reducing to INR2,600.97 million in FY25 (FY24: INR2,344.20 million), supported by an increase in the overall market price of sesame and sunflower oil. The company's EBITDA reduced to INR46.36 million in FY25 (FY24: INR58.07 million). Until September 2025, NOMPL generated revenue of about INR1,340 million. In FY26, Ind-Ra expects the revenue to remain at similar level supported by a likely increase in edible oil prices. The company's FY25 financials are provisional in nature. Continued Modest Credit Metrics: The company's credit metrics remained modest in FY25. The gross interest coverage (operating EBITDA/gross interest expenses) deteriorated to 1.25x in FY25 (FY24: 1.45x) and the net leverage (total adjusted net debt/operating EBITDAR) increased to 8.50x (5.27x), due to an increase in the working capital requirement along with the decline in the overall EBITDA. Ind-Ra expects the credit metrics to improve marginally in FY26 on account of scheduled repayments of its debt obligation. Modest EBITDA Margins: NOMPL's EBITDA margins remained modest and declined to 1.78% in FY25 (FY24: 2.48%), primarily due to an increase in its indirect expenses. Its return on capital employed reduced to 7.2% in FY25 (FY24: 11.8%). In FY26, Ind-Ra expects the EBITDA margins to remain at similar level, due to a likely rise in prices of its raw materials. The edible oil industry is cyclical in nature owing to its dependence on macro-economic growth factors; this has significantly impacted its sustainability. Promoter's Experience: The company's promoter has three decades of experience in the edible oil industry, leading to established relationships with customers as well as suppliers. Liquidity Stretched: NOMPL's average maximum utilizations of the fund-based limit is 95.11%, during the 12 months ended September 2025. Furthermore, the free cash flow stood at negative INR88.25 million in FY25 (FY24: negative INR68.40million), due to its cash flow from operations remaining negative at INR53.89 million (negative INR47.67 million) and an increase in its working capital requirements. The net working capital cycle slightly increased to 60 days in FY25 (FY24: 59 days), due to an increase in its inventory days to 38 days (34 days). Its debtor days stood at 22 days (25 days). NOMPL typically pays its creditors on the same day. Additionally, NOMPL has debt repayment obligations of INR9.3 million and INR2.9 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR3.41 million at FYE25 (FYE24: INR6.45 million). However, NOMPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage falling below 1.4x and/or further pressure on the liquidity position, could lead to negative rating action. Positive: An increase in the scale of operations along with an improvement in the overall credit metrics and the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in July 1993, NOMPL processes and sells sesame / gingelly oil, sunflower oil and pulses like urad dal, black gram, toor gram and green gram. NILKANTH CHAWAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nilkanth Chawal Mills Private Limited (NCMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of NCMPL under the 'issuer non-cooperating' category as NCMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCMPL 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 NCMPL, incorporated in September, 2005 was promoted by Mr Sunil Kumar, Mr R.C.P Sharma and Mr Arun Kumar of Gaya, Bihar to set up a rice processing & milling unit and sale of its by-products like husk, bran, khudi etc. in the domestic market. The unit commenced commercial operation in 2007. Presently the total installed capacity of the company is 59,000 metric tonnes per annum (MTPA) generating from its two plants, situated in Gaya district of Bihar, a major paddy growing area and is in close proximity to local grain market enabling easy paddy procurement. ORANGE AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Orange Automotive Private Limited (OAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 9.50 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 16, 2024, placed the rating(s) of OAPL under the 'issuer non-cooperating' category as OAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in December 2012, Orange Automotive Private Limited (OAPL) is promoted by the Dave and Gandhi family. OAPL is an authorized automobile dealer (PV vehicle) for Hyundai cars since October 2013 and Bajaj two wheelers from January, 2018. The company prior used to deal with Yamaha bikes. The company also undertakes the sale of spare parts, accessories and lubricants along with servicing facility. The company is member of Federation of Auto Dealers Association (FADA). Moreover, apart from operations in automobile industry, OAPL is also engaged in trading of computers and electronics. OAPL operates two different showrooms for sale of Hyundai cars and Bajaj bikes, both are located in Amreli, Gujarat. PREM NARAYAN: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Prem Narayan Rameshwar Dayal (PNRD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.90 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 22, 2024, placed the rating(s) of PNRD under the 'issuer non-cooperating' category as PNRD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PNRD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 7, 2025, September 17, 2025, September 27, 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 Gwalior (Madhya Pradesh) based PNRD was formed by Mr Prem Narayan Gupta and currently it is being run by Mr. Santosh Kumar Gupta. The firm is engaged in the business of trading of agro-commodities viz. paddy, wheat, gram, masoor dal, moong dal etc. RADHE AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radhe Agro Industries India Private Limited (RAIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.63 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 17, 2024, placed the rating(s) of RAIIPL under the 'issuer non-cooperating' category as RAIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RAIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 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 Raichur based (Karnataka) Radhe Agro Industries India Private Limited (RAIIPL) is a Private Limited Company incorporated in March, 2012 by Mr. Gopaldas Soni. The Company started its commercial operation from 2014. RAIIPL is engaged in Engaged in Rice Milling and Paraboiling. The firm purchase its raw material i.e. paddy from local farmers, process the paddy in their plant and sells the final product in the domestically. RMC SWITCH: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RMC Switch Gears Limited (RSGL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of RSGL under the 'issuer non-cooperating' category as RSGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 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 Jaipur (Rajasthan) based RMC Switchgears Limited (RSGL) (ISIN: INE655V01019) was originally established as a private limited company in 1993 by Mr. Ashok Agrawal under the name of Rajasthan Fitting House Private Limited for carrying out trading and manufacturing of copper and zinc based hardware fittings. Later, in 2004, it was reconstituted into public limited company and assumed its current name, RSGL. Since 1993, the company has expanded its business from hardware fittings to the present business of manufacturing of board panel cabinets (equipped and un-equipped), aluminium channels for solar, single and three phases meter boxes for transmission, distribution boxes made up of metal (fabrication and deep drawn) and Sheet Moulded Compound (SMC) with or without installing of aggregated kits, Poly Vinyl Chloride (PVC) based decorative sheets and blocks and executes electrical contracts on turnkey basis. The company also sells aggregated kits which include bus bars, porcelain insulators and switchgears and other supporting equipment's. The company has its owned manufacturing facilities located at Badodiya Village, Chaksu- Tehsil. The plant of the company is certified with International Organization for Standardization (ISO) and also follows quality management system (QMS) like KAIZEN, TBM and 5- SIGMA for optimum utilization of resources with better time and quality management. Further, it sells PVC sheets under brand name of 'Lamina'. SAMARTH PAPER: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Samarth Paper and Board Mill (SSPBM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.76 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of SSPBM under the 'issuer non-cooperating' category as SSPBM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPBM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 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 Shri Samarth Paper and Board Mill (SSPBM) was established in 2006 by Mr Vijay Arjundas Gurwada, Mr Rajkumar A. Gurwada, Mr Pandurang V. Vernekar and Dinesh P. Vernekar. Later in the year 2013, Mr Pandurang V. Vernekar and Dinesh P. Vernekar, partners retired from the partnership and Mr Aman R. Gurwada, Mr Akhil V Guruwada and Mr Anuj V Gurwada joined as partners. SSPBM is engaged in manufacturing of paper & board and paper boards at its facility located at Kondi, Solapur. SANT AUTOS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sant Autos (SA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 7, 2024, placed the rating(s) of SA under the 'issuer non-cooperating' category as SA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SA 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 SA is a partnership firm established in April 2011 by Mr Amrik Singh of Ramgarh along with other three partners. Subsequently, the firm started to initiate an auto dealership business and has setup a selling and servicing facility at Ramgarh, Chandil in Jharkhand. The firm has taken dealership authority from Mahindra and Mahindra Ltd (M&M- truck and bus division) for selling and servicing heavy commercial vehicles like truck and bus. The firm has started commercial operation from April 2011. The dayto-day affairs of the firm are looked after by Mr Amrik Singh (Managing Partner) with adequate support from other three partners and a team of experienced personnel. SHRIGOVIND POLYTEX: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shrigovind Polytex Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.75 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 SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL 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 Uttar Pradesh based, Shrigovind Polytex Private Limited (SPPL) was incorporated in April 2004 under the name of “Shri Baba Vishwanath Iron Private Limited” by Subhash Tulsian and Vikram Chaudhary. The name was later changed to Shrigovind Polytex Private Limited on September 16, 2016 and company started commercial operation in September 2017. The company is engaged in the manufacturing of plastic bags used in the packaging of cement and sugar. SHRINATH ROTOPACK: Ind-Ra Cuts Bank Loan Rating to BB ----------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Shrinath Rotopack Private Limited's (SRPL) bank loan facilities' rating to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BB+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the ratings are based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The detailed rating action is: -- INR3,042.60 bil. Bank loan facilities Long Term Rating Downgraded; Short Term Rating Maintained in non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information. Detailed Rationale of the Rating Action The downgrade is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. As per the policy, the ratings of non-cooperative ratings issuers may be downgraded during subsequent reviews, if they remain non-cooperative. With the passage of time and absence of updated information, the risk of sustaining the rating at the current levels by relying on dated information increases, which may be reflected through a downgrade rating action. The Negative Outlook reflects the likelihood of a further downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with SRPL while reviewing the ratings. Ind-Ra had consistently followed up with SRPL over emails since January 20, 2025, apart from phone calls. The issuer has submitted the no default statement until February 2025. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SRPL on the basis of the best available information and is unable to provide a forward-looking credit view. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. SRPL has been non-cooperative with the agency since April 2025. About the Company Promoted by the Rathi family, SRPL is a manufacturer of flexible laminated packaging materials. It operates through its two units, one each in Mankhal and Burgul in Hyderabad, and it has a total capacity of 57,540mtpa. SMILAX PSYLLIUM: Ind-Ra Affirms BB+ Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Smilax Psyllium Impex LLP's (SPILLP) bank loan facilities' rating as follows: -- INR1,314.20 bil. (reduced from INR1,329.49 bil.) Bank Loan Facilities affirmed with IND BB+/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The affirmation reflects SPILLP's continued small scale of operations, modest EBITDA margins, modest credit metrics and stretched liquidity position. Ind-Ra expects the EBITDA margin to improve in FY26 due to lower input costs, leading to a marginal improvement in credit metrics. The ratings are supported by promoters' experience of over three decades in the pharma industry, which has led to established tie-ups with reputed customers. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: The rating reflects SPILLP's continued small scale of operations in FY25, indicated by revenue of INR1,828.65 million (FY24: INR2,045.77 million) and EBITDA of INR114.77 million (INR105.06 million). In FY25, despite an increase in total sales volumes to 2,675.92 tons (FY24: 2,345.93 tons), the revenue fell because of a decline in the overall realizations of psyllium husk. During 1HFY26, SPILLP booked a revenue of INR900 million. In FY26, Ind-Ra expects the revenue to remain at FY25 levels due to stable realizations of psyllium products. FY25 figures are provisional. EBITDA Margins Remain Modest: SPILLP's EBITDA margin increased to a modest 6.28% in FY25 (FY24: 5.14%) because of a significant decline in raw material costs. The ROCE was 8.6% in FY25 (FY24: 13.7%). Ind-Ra expects the EBITDA margins to improve in FY26 owing to a continued drop in input costs. Credit Metrics Continued to be Modest; Likely to Improve in FY26: In FY25, despite an increase in interest costs, the gross interest coverage (operating EBITDA/gross interest expense) improved to 1.62x (FY24: 1.45x) due to the increase in overall EBITDA. The net leverage (adjusted net debt/operating EBITDA), however, deteriorated to 8.66x in FY25 (FY24: 4.81x) because of an increase in debt levels. The debt levels increased in FY25 as the fund-based working capital limits were enhanced by INR800 million owing to an increase in working capital requirements, as SPILLP has to maintain high inventory. Ind-Ra expects the credit metrics to improve in FY26 because of a likely improvement in EBITDA and scheduled repayment of debt. Customer Concentration Risk: In FY25, SPILLP's top five customers accounted for 82% of the total revenue (FY24: 87%). Furthermore, the company derives about 40% of its total revenue from a single client, M/s Proctor and Gamble Manufacturing Co. However, the company had strong and healthy relationships with the key clients. Furthermore, SPILLP has been focusing on expanding its customer base globally by participating in international exhibitions. Promoter Experience: The ratings are supported by the promoters' experience of over three decades in the pharma industry, which has led to established ties with reputed customers such as the Procter & Gamble Company and Caremoli Group. Liquidity Stretched: SPILLP's average maximum utilization of the fund-based limits was 80.02% during the 12 months ended September 2025. The cash flow from operations remained negative at INR441.19 million in FY25 (FY24: negative INR326.11 million) because of an increase in working capital requirement. Consequently, the free cash flow remained negative at INR480.35 million in FY25 (FY24: negative INR372.04million). The net working capital cycle deteriorated to 269 days in FY25 (FY24: 130 days) due to an increase in inventory days to 201 days (78 days) and a rise in debtor days to 78 days (68 days). The creditor days stood at 10 days in FY25 (FY24: 16 days). SPILLP has debt repayment obligations of INR16.6 million and INR16.8 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR1.70 million at FYE25 (FYE24: INR5.86 million). SPILLP does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A significant increase in the scale of operations along with an improvement in the credit metrics, with interest coverage remaining above 2.5x, and an improved liquidity position, all on a sustained basis, could lead to a positive rating action. About the Company SPILLP was established in 2020 in Jaipur, Rajasthan. The partners of the firm are M.B. Goyal, Mukta Goyal, Vibhor Goyal and Smilax Healthcare Private Limited. SPILLP manufactures psyllium husk and psyllium husk powder and its by-products such as cattle feeds and psyllium red powder. SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Soni Traders (ST) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 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 November 5, 2024, placed the rating(s) of ST under the 'issuer non-cooperating' category as ST had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ST continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 21, 2025, October 1, 2025, October 11, 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 Soni Traders was constituted as a sole proprietorship firm in 2004 and later in October 2015 was reconstituted as a partnership firm with Mr. P.L. Soni and Ms. Munni Devi Soni as partners. The firm is engaged in the business of trading of Bitumen products such as Industrial Bitumen, Bitumen 80/100, Black Bitumen, Industrial Cutback bitumen etc. TALWAR MOBILES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Talwar Mobiles Private Limited (TMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 18, 2024, placed the rating(s) of TMPL under the 'issuer non-cooperating' category as TMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMPL 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 Incorporated in 1998, Talwar Mobiles Pvt Ltd (TMPL) belongs to Talwar Group, which was founded and promoted by Mr. Sunil Talwar who has an overall automobile experience of about three decades. The Talwar Group mainly comprises of six automobile dealerships. Talwar Auto Garages Pvt Ltd is the Authorized dealers for Volvo and Eicher Motors in Telangana. TMPL is the dealer of Hyundai Motors under the trade name of Talwar Hyundai. Talwar Cars Pvt Ltd is the dealership of Volvo Cars India while Talsons Motors Private Limited is the dealer for Volvo and Eicher Motors in Pune. Rebel Motorcycles Private Limited is the dealer for Triumph Motorcycles in Telangana and T & R Motors is the dealer for Bajaj Motorcycles in Hyderabad. The company is one of the leading dealers in southern India with four exclusive showrooms and three service centres in Hyderabad and Secunderabad together. UMESH & BROTHERS: ICRA Withdraws B+ Rating on INR3.0cr LT Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Umesh & Brothers Construction, at the request of the company and in accordance with ICRA's policy on withdrawal. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others Umesh & Brothers Construction (UBC) was established in 1992 as a partnership firm by three brothers -Mr. Umesh Munde, Mr. Abhay Munde and Mr. Dinesh Munde. The firm was converted into a proprietorship concern in January 2001, with the retirement of Mr. Dinesh Munde and Mr. Abhay Munde. Currently, Mr. Umesh Munde is the sole proprietor of the concern. UBC is a registered class 'A'contractor with Indian railways for carrying out electrical (overhead electrification) and civil contracts. The firm currently undertakes electrification works for railways including survey, designing, laying and insulation of cables and has diversified into overhead electrification works for the thermal power plants. VISAKHAPATNAM PORT: ICRA Withdraws B- Rating on INR91.51cr Loan --------------------------------------------------------------- ICRA has withdrawn the rating assigned to the bank facilities of Visakhapatnam Port Logistics Park Ltd (VPLPL) at the request of the company and based on the no-objection certificate (NOC) received from the bankers, and in accordance with ICRAs policy withdrawal of credit ratings. ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 91.51 [ICRA]B- (Stable) ISSUER NOT Fund-based- COOPERATING and Rating Term loan withdrawn The Key rating drivers, Liquidity position, Rating sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. VPLPL is a joint venture of Balmer Lawrie &. Co. Ltd. (BLCL) with a 60% stake and Visakhapatnam Port Trust (VPT) with a 40% stake. VPLPL was incorporated in 2014 to develop a multi-modal logistics hub at the Visakhapatnam port. The project achieved the commercial operation date (CoD) in October 2019. VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Visual & Acoustics Corporation Llp (VACL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of VACL under the 'issuer non-cooperating' category as VACL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VACL 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 VACL was incorporated on November 26, 2009 by M. Amarjit Singh Kalra and his wife Ms Surinder Kaur Kalra. The firm is involved in the manufacturing and assembling of public address (PA) systems and components, including loud speakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment. The firm commenced operations in November, 2009 and its manufacturing facility is located in Mundka based (Delhi). ========= J A P A N ========= NISSAN MOTOR: To Cut More Output at Kyushu Plant on Chip Shortages ------------------------------------------------------------------ Reuters reports that Nissan Motor will cut production by another 1,400 vehicles at its Kyushu plant next week, as the fallout from chip supply disruptions linked to Chinese-owned Nexperia continues to affect its domestic operations, a person familiar with the matter said. Reuters relates that the move follows a 900-vehicle reduction in output last week. Cuts this time will include the Serena minivan, as well as the Rogue SUV, known locally as the X-Trail, said the person, who declined to be named because the information is not public. According to Reuters, Nissan Motor said in a statement that it would work to minimise any impact on customer deliveries once supplies stabilise. "We are taking necessary production adjustments to manage associated risks," it said, declining to provide more details. Reuters says the disruption comes at a bad time for Nissan. It reported a 16.5% plunge in retail sales in Japan for the first half of the fiscal year, fuelled by customer worries over its financial situation. The Kyushu plant, operated by subsidiary Nissan Motor Kyushu in Fukuoka prefecture, resumed normal operations on Nov. 17, but will scale back output again starting from November 24, according to the person, Reuters relays. The plan may still change if the company addresses the chip supply situation in time, such as by securing alternative components. Separately, Nissan will produce fewer Note compacts than initially planned at its Oppama plant near Tokyo for the second week running, the person said, adding that production plans for December at both plants were still under review, adds Reuters. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 20, 2025, S&P Global Ratings lowered its long-term ratings on Nissan Motor Co. Ltd. and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. The TCR-AP reported in mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== SINO GREEN: Reports $186,250 Net Loss in 2026 Q1 ------------------------------------------------ Sino Green Land Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $186,250 for the three months ended September 30, 2025, compared to a net loss of $333,331 for the three months ended September 30, 2024. The Company used cash in operating activities of $64,744 for the three months ended September 30, 2025, and had an accumulated deficit at September 30, 2025 of $4.9 million, and net current liabilities of $4.6 million. Net revenue for the three months ended September 30, 2025 and 2024, were $445,628 and $457,247, respectively. As of September 30, 2025, the Company had $4.6 million in total assets, $7.2 million in total liabilities, and $2.6 million in total stockholders' deficit. Management has evaluated the sufficiency of additional capital resources and disclosed that it plans to obtain such resources by seeking debt financing and/or third-party equity sufficient to meet its minimal operating expenses. Besides, management has taken immediate and significant mitigating actions to reduce costs and optimize the Company's cash flow and liquidity. Measures include reducing expenditure through deferring or canceling discretionary spend, freezing non-essential recruitment and securing new round of equity financing to replenish working capital. The Company has also acquired the financial support letter from Empower International Trading Sdn. Bhd., the holding company of the Company, who has expressed the willingness and intention to provide the necessary financial support to the Company. However, there is uncertainty as to whether these plans will be effectively implemented or yield sufficient results. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/38mpdn9t About Sino Green Land Corp. Sino Green Land Corp. is a US holding company incorporated in Nevada. It conducts business through its Malaysia subsidiary "Tian Li Eco Holdings Sdn. Bhd", which is an environmental protection technology, recycling and renewal of plastic waste bottles and packaging materials being recycled and sale of recovered and recycled products, a company incorporated and based in Malaysia. With the mission too rooted in advocating for waste recycling, aiming for a sustainable environmental future. With its strategic initiatives, the company's objective is to become a prominent environmental recycling entity in Asia over the coming five years. As of June 30, 2025, the Company had total assets of $4.43 million, $6.83 million in total liabilities, and $2.39 million in total stockholders' deficit. Singapore-based Audit Alliance LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company incurred a net loss of $1,808,994 and used cash in operating activities of $845,971, result in an accumulated deficit of $4.7 million. The Company's current liabilities exceeded current assets $4.4 million, and the stockholder deficit of $2.4 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. =============== X X X X X X X X =============== CBAK ENERGY: Reports $2.1MM Net Income in 2025 Q3 ------------------------------------------------- CBAK Energy Technology, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $2.1 million for the three months ended September 30, 2025, compared to a net loss of $685,539 for the three months ended September 30, 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $3.3 million, compared to a net income of $14.9 million. Net revenues for the three months ended September 30, 2025 and 2024, were $60.9 million and $44.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $136.4 million and $151.2 million, respectively. As of September 30, 2025, the Company had $363.9 million in total assets, $245.4 million in total liabilities, and $118.5 million in total stockholders' equity. The Company has accumulated deficit of $126.4 million as of September 30, 2025, from recurring net losses, a working capital deficiency of $70.3 million, and significant short-term debt obligations maturing in less than one year as of September 30, 2025. These conditions raise substantial doubt about the Company ability to continue as a going concern. The Company's plan for continuing as a going concern included improving its profitability, and obtaining additional debt financing, loans from existing directors and shareholders for additional funding to meet its operating needs. There can be no assurance that the Company will be successful in the plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdf3jru8 About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***