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251126.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, November 26, 2025, Vol. 28, No. 236 Headlines A U S T R A L I A BCCG PTY: First Creditors' Meeting Set for Dec. 2 CLAIM CENTRAL: Creditors Await CBA Approval for Deed Plan DORMIKRAY PTY: First Creditors' Meeting Set for Dec. 2 FLOOR CONSTRUCT: Second Creditors' Meeting Set for Dec. 8 GHT CAROUSEL: Second Creditors' Meeting Set for Dec. 2 ICONIC CATERING: Second Creditors' Meeting Set for Dec. 1 IVY LEAGUE: ASIC Cancels Australian Financial Services Licence LEARN TO TRADE: ASIC Adds New Conditions Over Compliance Failures STAR ENTERTAINMENT: Seeks New Lenders as Waiver Deadline Looms C H I N A DATASEA INC: Narrows Net Loss to $201,026 in 2026 Q1 GREENPRO CAPITAL: Reports $513,226 Net Loss in 2025 Q3 JINGBO TECHNOLOGY: Appoints New CEO and CFO After Zhang Departs YUEDA DIGITAL: Qirui Dou Appointed Chief Executive Officer I N D I A ACCUTIME LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating AGH WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category AVADH COTTON: CARE Keeps B- Debt Rating in Not Cooperating BYJU'S: US Court Orders Founder to Pay Over $1B in Default Ruling BYRNIHAT COAL: CARE Keeps D Debt Ratings in Not Cooperating DABANG METAL: CARE Keeps D Debt Rating in Not Cooperating Category EXCEL VEHICLES: CARE Keeps D Debt Rating in Not Cooperating GIRIRAJ COLD: CARE Keeps B+ Debt Rating in Not Cooperating GLOBAL TECHNOCRATS: CARE Keeps B- Debt Rating in Not Cooperating HYDERABAD STEELS: CARE Keeps C Debt Rating in Not Cooperating HYGIENE FEEDS: CARE Keeps D Debt Rating in Not Cooperating ICE TOUCH: CARE Keeps C Debt Rating in Not Cooperating Category JADEJA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating JYOTI HOSPITAL: CRISIL Keeps B- Debt Ratings in Not Cooperating KIRPA RAM: CARE Keeps B- Debt Rating in Not Cooperating Category MARUTINANDAN OIL: CARE Keeps C Debt Rating in Not Cooperating MEGHAAARIKA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating NIAGARA METALS: CARE Keeps D Debt Ratings in Not Cooperating PCL OIL: CARE Keeps D Debt Ratings in Not Cooperating Category PRAGATI PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating R.S. GREEN: CARE Keeps D Debt Rating in Not Cooperating Category RAJAT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating S.S.S. RICE: CARE Keeps D Debt Rating in Not Cooperating Category SHAKTIMAN BIO: CARE Keeps D Debt Rating in Not Cooperating UNIVERSAL ENTERPRISES: CARE Keeps B- Rating in Not Cooperating [] INDIA: Insolvency Delays Push Resolutions to 603 Days in Q2 J A P A N TOKYO ELECTRIC: Business Uncertainty to Stay Despite Restart Plan M A L A Y S I A 1MDB: SG Court Clears Way for US$2.7BB Suit vs Standard Chartered N E W Z E A L A N D BEVBRAND 2019: Creditors' Proofs of Debt Due on Dec. 26 MELANIE MERCY: Court to Hear Wind-Up Petition on Feb. 4 SKILITICS LIMITED: Creditors' Proofs of Debt Due on Dec. 26 SPORTCLUB COMPANY: Creditors' Proofs of Debt Due on Dec. 17 TE PUNA: Court to Hear Wind-Up Petition on Dec. 2 S I N G A P O R E AUTO GUARD: Court Enters Wind-Up Order FASTLANE MOTORING: Court Enters Wind-Up Order SII SCIENTIFIC: Commences Wind-Up Proceedings THEME A: Commences Wind-Up Proceedings THREEONE RECRUITANT: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= BCCG PTY: First Creditors' Meeting Set for Dec. 2 ------------------------------------------------- A first meeting of the creditors in the proceedings of BCCG Pty Ltd will be held on Dec. 2, 2025 at 11:00 a.m. via virtual meeting. Paul Vartelas of B K Taylor & Co was appointed as administrator of the company on Nov. 20, 2025. CLAIM CENTRAL: Creditors Await CBA Approval for Deed Plan --------------------------------------------------------- insuranceNEWS.com.au reports that Claim Central's unsecured creditors have voted for a deed of company arrangement as an alternative to the group entering liquidation but the plan can proceed only if major secured creditor CBA gives its approval. At a meeting on Nov. 21, businesses owed money approved the deed proposed by voluntary administrator Olvera, insuranceNEWS.com.au relates. If it is agreed, unsecured creditors are expected to receive 2.74c to 6.32c in the dollar. The plan cannot go ahead without the consent of bank CBA, a secured creditor. Claim Central was founded in Sydney in 2000 by Brian Siemsen. The Australian property business, which managed assessment, restoration and repairs, stopped trading and entered voluntary administration last month after holding unsuccessful sale talks. Its failure was in part due to the loss of more than AUD50 million of work from Hollard and Commonwealth Insurance, insuranceNEWS.com.au relates citing an Olvera report. According to insuranceNEWS.com.au, there was a sharp contraction in repair work volumes as key insurers internalised or consolidated restoration panels. Rising labour and subcontractor costs could not be fully passed to insurers due to fixed-price and capped-rate arrangements, the report says. And there were legacy debt and intercompany funding pressures, particularly obligations to Claim Central Consolidated and a CBA facility. The business posted a loss of more than AUD2 million in fiscal 2024, insuranceNEWS.com.au discloses. "The directors have advised that the loss of several materially large contracts, including Hollard, Woolworths Insurance and Commonwealth Insurance, contributed to the significant losses during that year," the report, as cited by insuranceNEWS.com.au, said. "The loss of those contracts was a major contributor to the approximately AUD20 million reduction in revenue during 2024." Claim Central's liability to unsecured creditors is AUD4.2 million, and related-party liability to unsecured creditors is AUD10.38 million. Plumbers, fencers, painters and carpet companies are listed. Honey Insurance is owed AUD25,552 and Commonwealth Insurance AUD92,918. Gallagher Bassett, Flood Restoration Australia, the Tax Office and icare Workers Insurance are also named. Nesmeis Investment – a related party of Mr Siemsen – is a secured creditor for AUD7.8 million, according to the report cited by insuranceNEWS.com.au. insuranceNEWS.com.au says the deed proposal is expected to result in staff receiving all the AUD1.2 million they are owed, and a better return to unsecured creditors than if the business is wound up – but not the best possible amount for CBA, which is owed about AUD1.5 million. CBA has two weeks to approve the proposal, insuranceNEWS.com.au adds. Katherine Elizabeth Barnet and Rajiv Goyal of Olvera Advisors were appointed as administrators of the company on Oct. 17, 2025. DORMIKRAY PTY: First Creditors' Meeting Set for Dec. 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Dormikray Pty. Ltd. will be held on Dec. 2, 2025 at 10:00 a.m. via virtual meeting only. Vincent Pirina of Aston Chase Group was appointed as administrator of the company on Nov. 20, 2025. FLOOR CONSTRUCT: Second Creditors' Meeting Set for Dec. 8 --------------------------------------------------------- A second meeting of creditors in the proceedings of Floor Construct Pty Limited has been set for Dec. 8, 2025, at 10:00 a.m. at the offices of Bernardi Martin at 195 Victoria Square in Adelaide. 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 Dec. 8, 2025 at 9:00 a.m. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on Nov. 5, 2025. GHT CAROUSEL: Second Creditors' Meeting Set for Dec. 2 ------------------------------------------------------ A second meeting of creditors in the proceedings of GHT Carousel Pty Ltd has been set for Dec. 2, 2025, at 10:00 a.m. at the offices of Mackay Goodwin at Level 2, 68 St George’s Terrace in Perth and via Microsoft Teams meeting. 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 Dec. 1, 2025 at 4:00 p.m. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Oct. 28, 2025. ICONIC CATERING: Second Creditors' Meeting Set for Dec. 1 --------------------------------------------------------- A second meeting of creditors in the proceedings of Iconic Catering Pty Ltd has been set for Dec. 1, 2025, at 11:30 a.m. via Microsoft Teams Meeting. 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. 28, 2025 at 4:00 p.m. Stephen Dixon of HM Advisory was appointed as administrator of the company on Sept. 26, 2025. IVY LEAGUE: ASIC Cancels Australian Financial Services Licence -------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Ivy League Capital Pty Ltd. This follows Ivy League Capital's failure to lodge audited financial reports for the year ended June 30, 2022 and all subsequent years for which it was required to lodge audited financial reports. Ivy League also failed to maintain membership of the Australian Financial Complaints Authority (AFCA) scheme. The cancellation takes effect from Nov. 17, 2025. Ivy League Capital Pty Ltd held AFS licence number 514905, granted on Sept. 5, 2019. It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to deposit and payment products, interests in managed investment schemes and provide custodial or depository services to wholesale clients. Ivy League has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision. LEARN TO TRADE: ASIC Adds New Conditions Over Compliance Failures ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has imposed additional licence conditions on the Australian financial services (AFS) licence of Learn To Trade Pty Ltd (LTT) after it failed to comply with financial services laws. LTT provides coaching and training services online to retail and wholesale clients in relation to trading on margin foreign exchange contracts or contracts for difference. ASIC was concerned that LTT failed to comply with a number of its obligations as an AFS licensee requiring certain financial documents and notifications to be lodged with ASIC under financial services law and AFS licence conditions. In particular, for the financial years ending Dec. 31, 2023 and Dec. 31, 2024, LTT failed to lodge its annual financial statement and audit report within the prescribed timeframe and in compliance with its AFS licence conditions. Further, LTT has been late in lodging the required annual financial statements and audit reports on multiple occasions since 2012, causing ASIC to conclude that, in the future, LTT was likely to continue contravening its obligations under financial services laws. LTT also failed to notify ASIC of the appointment of a new auditor. Compliance with the financial reporting and notification obligations is important to allow ASIC to monitor the AFS licensee's financial health on a timely basis and ensure the licensee is solvent and can demonstrate they continue to meet the ongoing financial requirements stipulated in their licence conditions. The auditor notification updates the AFS licensee register for the appointed auditor, allowing both internal and external stakeholders to know who is responsible for the licensee's audit. ASIC has taken the significant step of imposing an additional condition on the AFS licence of LTT requiring it to appoint an independent compliance consultant to review and assess LTT's procedures for ensuring that it lodges an auditor's report and financial statements as required under its licence conditions within the prescribed timeframe. The consultant is also to consider LTT's procedures and frameworks for monitoring its compliance with the financial services laws, for identifying and reporting breaches and other relevant policies and procedures. The consultant must provide two reports on these matters to ASIC so ASIC can assess whether LTT is likely to comply with its obligations in the future or whether further action may be warranted. On Jan. 15, 2010, LTT was granted AFS licence no. 339557 (Licence). The Licence enabled LTT to provide financial product advice about derivatives, foreign exchange contracts and securities to retail and wholesale clients. STAR ENTERTAINMENT: Seeks New Lenders as Waiver Deadline Looms -------------------------------------------------------------- Zoe Samios at The Australian Financial Review reports that Star Entertainment's outgoing chairwoman Anne Ward said the casino giant could be privatised if its financial problems don't change, as the company confirmed it was searching for new lenders for the third time in two years. The company, which runs entertainment and gaming precincts in Sydney, Brisbane and the Gold Coast, has been under immense financial pressure for the past year, with revenue from its casinos unable to offset construction and remediation costs and its debt repayment obligations. According to the Financial Review, chief executive Steve McCann said one of Star's current problems is that it was losing high rollers because of probity checks that they feel are intrusive. Pubs and clubs, unlike casinos, are not required to seek the same information. Over two financial years, Star's revenue declined 30 per cent in Sydney and 19 per cent on the Gold Coast. Star said there were signs of improvement at the Gold Coast, while Sydney had stabilised "at depressed levels," the Financial Review relays. "There are customers who actually do have nothing to hide, who actually are within risk appetite . . . but they don't like the intrusion of being asked the questions that we now are required to ask, and therefore they don't answer," the Financial Review quotes Mr. McCann as saying. "We have no choice but to make them inactive as customers - that is a regulatory requirement, and our failure to do so is a breach." Star is on the verge of being controlled by American casino giant Bally's Corporation and the Mathieson family, who made their money from the hospitality sector. The two shareholders lobbed a AUD300 million deal to take control earlier this year, but were waiting on probity from NSW and Queensland regulators, which has now been granted. The Financial Review relates that Ms. Ward said Bally's had sent a notice asking for its convertible notes to be transitioned into shares and that it was expecting a similar notice from a vehicle owned by the Mathiesons. Those notices will leave Bally's with about 38 per cent of Star, while the Mathiesons will hold about 23 per cent. "My expectation would be that the new board, which will be in place from later this week, will be doing everything it can to restore value for shareholders, and hopefully the share price will reflect that," the Financial Review quotes Ms. Ward as saying. "If the business doesn't turn around, I imagine that privatisation and a range of other options would be on the table and would be considered." Bruce Mathieson jnr was elected to the board at the annual meeting. While Ms. Ward answered the bulk of questions asked of him at the meeting, Mr. Mathieson said he felt the weight of responsibility in taking control of Star. "No one is more invested in seeing this business succeed than our family is," he said. "I'm keen to work constructively with the board management and regulators to build a business all shareholders can be proud of." The Financial Review says the new controlling shareholders face an uphill battle on several fronts. The biggest is an Austrac penalty for historical breaches of anti-money laundering laws. McCann and Ward both told investors they were not sure when a decision on the total amount would be finalised or announced. Its other major issue is its debt, the Financial Review notes. Star owes lenders AUD430 million and is supposed to comply with strict conditions, including leverage ratios and interest coverage tests, as part of the latest loans agreed one year ago. The lenders, which include Soul Patts, Macquarie, Perpetual and Deutsche Bank, have consistently waived covenants, according to the Financial Review. Star said in September it had been granted another six months of relief from covenants in return for a fee, giving it until February to find a way to reduce debt. But Star said on Nov. 25 that unless further covenants were agreed beyond December 31, it would need to refinance to avoid a default. "The group is currently exploring various refinancing options, including engaging with various third parties," Mr. McCann said. "One of the factors impacting access to and cost of debt is the anticipated Austrac penalty." About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. ========= C H I N A ========= DATASEA INC: Narrows Net Loss to $201,026 in 2026 Q1 ---------------------------------------------------- Datasea Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $201,026 and $1.96 million for the three months ended September 30, 2025 and 2024, respectively. The Company had an accumulated deficit of approximately $44.73 million as of September 30, 2025, and cash flow from operating activities of approximately $879,299 and $(732,655) million for the three months ended September 30, 2025 and 2024, respectively. Total revenues for the three months ended September 30, 2025 and 2024, were $13.81 million and $21.08 million, respectively. Datasea says the historical operating results including recurring losses from operations raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $7.69 million in total assets, $4.68 million in total liabilities, and $3.01 million in total stockholders' equity. If deemed necessary, management could seek to raise additional funds by way of admitting strategic investors, or private or public offerings, or by seeking to obtain loans from banks or others, to support the Company's research and development, procurement, marketing and daily operation. While management of the Company believes in the viability of its strategy to generate sufficient revenues and its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern depends upon the Company's ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. If the Company is unable to raise additional funding to meet its working capital needs in the future, it may be forced to delay, reduce or cease its operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2kp34rf7 About Datasea Headquartered in Beijing, People's Republic of China, Datasea Inc. -- http://www.dataseainc.com-- is a technology company incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries and operating entities located in Delaware, US, and China. The company provides acoustic business services (focusing on high-tech acoustic technologies and applications such as ultrasound, infrasound, and Schumann resonance), 5G application services (5G AI multimodal digital business), and other products and services to various corporate and individual customers. As of June 30, 2025, the Company had total assets of $6.74 million, $3.79 million in total liabilities, and $2.94 million in total stockholders' equity. Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has suffered recurring losses from operations, negative working capital, and accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. GREENPRO CAPITAL: Reports $513,226 Net Loss in 2025 Q3 ------------------------------------------------------ Greenpro Capital Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $513,226 for the three months ended September 30, 2025, compared to a net loss of $330,320 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1,722,930, compared to a net loss of $1,168,983 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $393,228 and $539,699, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1,173,075 and $1,559,272, respectively. As of September 30, 2025, the Company had $6,124,159 in total assets, $1,793,849 in total liabilities, and $4,330,310 in total stockholders' equity. During the nine months ended September 30, 2025, the Company had net cash used in operations of $1,180,574, and as of September 30, 2025, the Company incurred an accumulated deficit of $38,987,309. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company's ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide additional cash to meet the Company's obligations as they become due. Despite the amount of funds that the Company have raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ye5udedw About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. As of September 30, 2025, the Company had $6,124,159 in total assets, $1,793,849 in total liabilities, and $4,330,310 in total stockholders' equity. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. JINGBO TECHNOLOGY: Appoints New CEO and CFO After Zhang Departs --------------------------------------------------------------- Jingbo Technology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 10, 2025, Mr. Guowei ZHANG, Chief Executive Officer, Chief Financial Officer, member of the board of directors and the chairman of the Board, resigned from Chief Executive Officer and Chief Financial Officer, effective immediately. Mr. Zhang's resignation was not due to any disagreement with the Company, the Board or the management of the Company on any matter relating to the Company's operations, policies, practices or otherwise. Mr. Zhang will remain as a director of the Board and the chairman of the Board. Appointment of Mr. Ben Liu and Mr. Qiang Chen: Following Mr. Zhang's resignation, the Board appointed Mr. Ben LIU as new Chief Executive Officer and Mr. Qiang CHEN as new Chief Financial Officer, effective as of November 10, 2025. Mr. Liu has more than 15 years of managing experience. He joined the Company after serving as the General Manager of Hangzhou Zhilv Qingyang Tourism Technology Co., Ltd. from September 2024 to October 2025, where he oversaw daily operations and management, and led various departments in executing the company's strategic plans and business objectives. From July 2020 to July 2022, he served as the General Manager of Hangzhou Renyigou E-commerce Co., Ltd., directing e-commerce platform operations, formulating sales and marketing strategies, managing teams, and optimizing supply chain and customer relationships. From June 2018 to July 2020, he was the Marketing Director of Hangzhou Zhuyi Technology Co., Ltd., responsible for developing marketing strategies, driving market promotion and brand-building initiatives, leading teams, and contributing to significant sales growth. He earned his bachelor's degree from Zhejiang University of Science and Technology in June 2007 and has been pursuing a Financial EMBA at Fudan University since September 2024. Mr. Chen joined the Company after serving as the Chief Financial Officer of Hangzhou Zhilv Qingyang Tourism Technology Co., Ltd. from March 2025 to October 2025, where he was responsible for financial strategy development, budget management, capital allocation, tax planning, and supporting investment and financing decisions. From November 2015 to February 2025, he was the Chairman of Qianhai Asia Times (Shenzhen) International Financial Services Co., Ltd., overseeing strategic decision-making, supervision of execution, and the management of major corporate matters. He obtained his bachelor's degree from Suzhou University in July 1993. In connection with such appointments, the Company shall enter into an employment agreement with Mr. Liu and Mr. Chen, respectively. Pursuant to the employment agreement with Mr. Liu, Mr. Liu will be entitled to receive from the Company an annual cash fee of $25,360, to be paid in monthly installments, for his services as Chief Executive Officer. Additionally, Mr. Chen will be entitled to receive from the Company an annual cash fee of $16,907, to be paid in monthly installments, for his services as Chief Financial Officer. Full text copies of the Employment Agreement with Ben Liu and Qiang Chen are available at https://tinyurl.com/3mem5uvz and https://tinyurl.com/munr27fx . About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. As of August 31, 2025, the Company had $12.44 million in total assets, $37.11 million in total liabilities, and $24.67 million in total stockholders' deficit. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. YUEDA DIGITAL: Qirui Dou Appointed Chief Executive Officer ---------------------------------------------------------- Yueda Digital Holding disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that in consideration of the long-term development of the Company, the Board of Directors has approved the resignation of Ms. Baozhen Guo as the Interim Chief Executive Officer and Director, and the appointment of Mr. Qirui Dou as the Chief Executive Officer and Director, effective November 14, 2025. About Yueda Digital Holding Yueda Digital Holding focuses on identifying and evaluating potential partnerships across financial technology and blockchain ecosystems and developing our bitcoin and ether treasury framework. The company was formerly known as AirNet Technology Inc. and changed its name to Yueda Digital Holding in September 2025. Yueda Digital Holding was founded in 2005 and is based in Beijing, the People's Republic of China. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. As of Dec. 31, 2024, the Company had $72.17 million in total assets, $93.26 million in total liabilities, and a total deficit of $21.09 million. ========= I N D I A ========= ACCUTIME LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Accutime Logistics Private Limited (ALPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long 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 October 3, 2024, placed the rating(s) of ALPL under the 'issuer non-cooperating' category as ALPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ALPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 19, 2025, August 29, 2025, September 8, 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 Kolkata based Accutime Logistics Pvt. Ltd. (ALPL) was incorporated in the year 2007 as Krishna Tower Pvt. Ltd. by the Tekriwal family. Initially the company has been engaged in goods transportation services in eastern India. However gradually over the years the company shifted its focus to various value-added logistic solution business and in 2011 the company renamed itself as 'Accutime Logistics Pvt Ltd' to provide various kinds of transportation service on a pan India basis under the brand name of 'Accutime'. The services provided mainly include third-party logistics (3PL), express cargo, relocation services, less than load (LTL) services, supply chain and in the year FY18 ALPL also entered into express freight solution (e-transportation) service. The company has 29 controlling units along with multiple business associates across India. AGH WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of AGH Wires Private Limited (AWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.16 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of AWPL under the 'issuer non-cooperating' category as AWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025 and October 14, 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 AGH Wires Private Limited was incorporated in July 2011 and is engaged in the business of manufacturing aluminium and copper enamelled wires which are used in generators, transformers, air conditioners, audio devices, watches, microphones etc. AVADH COTTON: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Avadh Cotton Industries (Jamnagar) (ACI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.27 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 ACI under the 'issuer non-cooperating' category as ACI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACI 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 Jamnagar (Gujarat) based ACI, a partnership firm, was constituted in January 2014. The key partners of the firm are Mr. Bharat Vaishnav, Mr. Rohit Sitapara, Mr.Parshotam Vaishnav, Mr.Rasik Vaishnav and Mr. Jaydeep Sapovadia. The firm is engaged in the cotton ginning and pressing of raw cotton. BYJU'S: US Court Orders Founder to Pay Over $1B in Default Ruling ----------------------------------------------------------------- The Economic Times reports that a U.S. bankruptcy court has held Byju's founder, Byju Raveendran, in default and ordered him to pay more than $1 billion after ruling that he obstructed discovery in the case involving the missing Alpha Funds. According to ET, the court issued the default ruling after finding that Raveendran consistently ignored orders and failed to participate in the proceedings, following a motion for default that the lenders filed on August 11. "The court acknowledges that the relief granted herein is extraordinary. But the circumstances of this case are, frankly, unique and unlike anything the undersigned has encountered before, thereby making such relief in this case richly warranted," it said in the order. As per the ruling, Byju's has been ordered to pay $533 million for the 2022 transfer of Byju's Alpha's funds, and another $540.6 million for the 2023 transfer of the Camshaft hedge fund interest. Raveendran has also been directed to give a "full and accurate accounting" of how the Alpha Funds were used, ET relates. On April 10, US lenders through Byju's Alpha had filed a lawsuit in the US against Raveendran, his wife Divya Gokulnath and former company executive Anita Kishore. The suit alleged that the three of them had planned and executed a scheme to hide and misappropriate $533 million from the money they had lent to Byju's Alpha. In July, the US court held Raveendran in civil contempt for failing to comply with its orders to share documents related to the case, ET recalls. The court had ordered Raveendran to comply with the limited expedited discovery orders and pay the court $10,000 (INR8.5 lakh) for each day he remained in contempt of the orders. "As of the date of this order, no funds have been paid, despite the accumulation of hundreds of thousands of dollars in sanctions," the order said. Raveendran, however, has denied all allegations and will be filing an appeal against the ruling, ET relays. According to Byju's lawyers, the ruling was delivered without giving him an opportunity to present his defense, claiming the court relied on an earlier contempt order and prevented Byju from defending himself. "Claims are being prepared against Glas Trust and others in other jurisdictions. Such claims to be issued by all or some of Byju's founders are expected to demand monetary damages of not less than $2.5 billion and, absent a settlement, are expected to be filed with the relevant court prior to the end of 2025," ET quotes J Michael McNutt, senior litigation advisor, Lazareff Le Bars Eurl, representing Raveendran, as saying. This development comes at a time when Byju's Alpha has been accused of round-tripping $533 million, part of the $1.2 billion loan through OCI Limited, as per a filing made with the Delaware Bankruptcy Court, ET notes. ET relates that the alleged diversion of funds came into light after OCI founder Oliver Chapman, in a sworn declaration, said that Raveendran intended to divert most of the $533 million to a Singapore entity owned by him for personal use. Raveendran, however, denied all allegations made in the filing. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. BYRNIHAT COAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Byrnihat Coal Private Limited (BCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 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 8, 2024, placed the rating(s) of BCPL under the 'issuer non-cooperating' category as BCPL had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. BCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 24, 2025, September 3, 2025, September 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Assam based Byrnihat Coal Private Ltd (BCPL) was incorporated in March 2005 by Mrs. Babita Harlalka and Mr. Suresh Kumar Agarwala. After remaining dormant for about eight years, BCPL has started trading of different size of coal from August 2013. The company procures coal from local players and sells it to clients across Assam and Meghalaya. DABANG METAL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Dabang Metal Industries (DMI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.95 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 11, 2024, placed the rating(s) of DMI under the 'issuer non-cooperating' category as DMI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DMI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025 and October 17, 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 Kotdwar (Uttrakhand) based, Dabang Metal Industries (DMI) was established as partnership firm in February 2012 by Mr. Vishal Tayal, Mr. Mahender Jain, Mr. Sachin Gupta, Mr. Sharad Alan and Mr. Sunil Gupta. The firm commenced its commercial operation from February, 2013. The firm is engaged in drawing of copper wires of thickness of 1 mm to 6 mm which finds its application in electrical cable industry. EXCEL VEHICLES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Excel Vehicles Private Limited (EVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.00 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 15, 2024, placed the rating(s) of EVPL under the 'issuer non-cooperating' category as EVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EVPL 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 Incorporated in the year 2012, EVPL (CIN: U50400MP2012PTC028568) belongs to Bhopal-based "My Car" Group. EVPL operates in Bhopal and nearby region as an authorized dealer of Tata Motors Limited (TML) for its commercial vehicle segment in Madhya Pradesh. The company deals in all models of TML in commercial vehicle segment. GIRIRAJ COLD: CARE Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Giriraj Cold Storage Private Limited (SGCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.30 CARE B+; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 23, 2024, placed the rating(s) of SGCSPL under the 'issuer non-cooperating' category as SGCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025, September 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shri Giriraj Cold Storage Private Limited. (SGCSPL), incorporated in the year 1998, is a Chhattisgarh based company, promoted by the Jain family. It is engaged in the business of providing cold storage services to forest produce like mahua, jiggery, maca, tamarind etc. in NH-30, Kondahaon, Chattisgarh-494226. Mr. Uttam Kumar Jain (Managing Director) looks after overall management of the company. Mr. Uttam Kumar Jain has more than three decades of experience in cold storage business and is supported by a team of experienced professionals who have rich experience in the same line of business. GLOBAL TECHNOCRATS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Global Technocrats Private Limited (GTCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 30, 2024, placed the rating(s) of GTCPL under the 'issuer non-cooperating' category as GTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 16, 2025, August 26, 2025, September 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Global Technocrats Private Limited (GTCPL) was incorporated in March, 1998 as a private limited company. The company is currently promoted by Mr. Atul Aggarwal, Mr. Amrit Rai Aggarwal and Ms. Monica Aggarwal. The company is engaged in the manufacturing of Fencing products such as punched tape concertina coils, welded mesh panels, razor wire concertina coils, concertina barbed tape, concertina flat wrap, reinforced barbed tape, concertina wire mesh, power fencing, barbed wire, chain link fencing, etc. The manufacturing facility of the company is located at Bhiwadi, Rajasthan. HYDERABAD STEELS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hyderabad Steels (HS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 23, 2024, placed the rating(s) of HS under the 'issuer non-cooperating' category as HS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025, September 28, 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 Hyderabad Steels (HS) was founded in 2008 as a proprietorship and was later reconstituted as a partnership firm during 2015. The firm is engaged in the trading of steel and iron products such as Mild Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap, Sponge Iron etc. The partners of the firm Ms. J. Raghavi Reddy and Mr. M. Pavan Kumar are having 25 years of experience in iron and steel trading business. The firm has its warehouse facility at Nacharam, Hyderabad. HS clientele mostly consist of steel dealers in Hyderabad. HYGIENE FEEDS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hygiene Feeds & Farms Private Limited (HFFPL) 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 Ltd. (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of HFFPL under the 'issuer non-cooperating' category as HFFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HFFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 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 Hygiene Feeds & Farms Pvt Ltd (HFFPL), incorporated in May, 2010, is promoted by Mr. Robin Dahiya and his family members. The company is engaged in the manufacturing of poultry feeds (pre-starter, starter and finished grades). The manufacturing facility of the company is located in Panipat (Haryana). ICE TOUCH: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ice Touch Resort Private Limited (ITRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 14, 2024, placed the rating(s) of ITRPL under the 'issuer non-cooperating' category as ITRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ITRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable New Delhi based, Ice Touch Resorts Private Limited (ITRPL) was incorporated in 2005. The company is currently promoted by Mr. Ramesh Chander Khanna, Mr. Rakesh Sehgal, Mr. Vinod Nagrath, Mr. Ghanshyam Kapoor and Mr. Rajinder Kumar Malhotra. ITRPL is setting up a four-star hotel "Radisson Blu" in Kufri near Shimla. The proposed hotel is being developed on a land parcel of 7,700 sq mtrs. The hotel would consist of 2 main blocks & conference block wherein, the main blocks will consist of 76 deluxe rooms, reception area, lobby, restaurant etc. JADEJA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jadeja Industries Private Limited (JIPL) 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 & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of JIPL under the 'issuer non-cooperating' category as JIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JIPL 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 Morbi (Gujarat) based JIPL was incorporated as a private limited company during September, 2004 as Jadeja Refractories Private Limited (JRPL). Subsequently, JRPL was converted into JIPL during December 2013. JIPL is managed by three promoters namely Mr. Keshrisinh Jadeja, Mr. Hitendrasinh Jadeja and Mr. Devendrasinh Rana. JIPL is engaged in to manufacturing of refractory bricks which is used in lining furnaces, kilns, fireboxes, and fireplaces. JIPL operates from its sole manufacturing facility located in Morbi (Gujarat). JYOTI HOSPITAL: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jyoti Hospital Private Limited (JHPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B-/Stable (ISSUER NOT COOPERATING) Overdraft 3 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JHPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JHPL continues to be 'Crisil B-/Stable Issuer not cooperating'. JHPL, incorporated in 1994, is promoted by Dr. A K Bansal, his wife Dr. Vandana Bansal, and Dr. Arpit Bansal. It manages the multi-speciality, 500-bed Jeevan Jyoti Hospital in Allahabad (Uttar Pradesh), which has departments for orthopaedics, gynaecology, neurology, dental, paediatrics, plastic surgery, minimally invasive surgeries, and laparoscopic surgeries. KIRPA RAM: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kirpa Ram Dairy Private Limited (KRDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of KRDPL under the 'issuer non-cooperating' category as KRDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025 and September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable KRDPL was incorporated in June 2007. The company, with the promoters and their relatives/associates having 100% equity holding, is promoted by Gupta family which includes Mr Sant Kumar Gupta, his wife Mrs Sushma Rani and their two sons, Mr Amit Gupta and Mr Sumit Kumar Gupta. It is engaged in processing of various dairy products like skimmed milk Powder (SMP), desi ghee, white butter, milk cream, etc. at its manufacturing facility located at Ghaziabad, Uttar Pradesh. MARUTINANDAN OIL: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shri Marutinandan Oil Industries (SMOI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.41 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 17, 2024, placed the rating(s) of SMOI under the 'issuer non-cooperating' category as SMOI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMOI 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 SMOI, a Kadi-based (Gujarat) partnership firm, was established in 2015 by four partners, namely, Mr Govindbhai Patel, Ms Chandrikaben Patel, Ms Nishaben Patel and Ms Jayshriben Patel. Mr Govindbhai possesses vast experience in the industry and looks after overall management of the firm. The firm is engaged into cotton seed crushing business. SMOI commenced its operation from November 2015 and operates from its manufacturing unit located in Kadi (Gujarat) with an installed crushing capacity of 25,920 MTPA as on March 31, 2016. SMOI procures material from local ginners and sells cotton seed oil to local refineries and oilcake to local traders. MEGHAAARIKA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Meghaaarika Impex Private Limited (MIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 80.00 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 MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025 and 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 MIPL is closely-held company incorporated in April 2011 by Sethi family. The company started its operations in January 2014 and is engaged in trading of industrial chemicals/plasticizers like polyvinyl chloride (PVC) resin, phthalic anhydride, 2-ethyl hexanol (2EH), Iso-Butyl Alcohol (IBA), melamine, acetone, chlorinated paraffin wax etc. These chemicals are crude oil derivatives and find application in wood polish, printing ink, paints, washing PVC medical and surgical products, wires & cables, non-toxic food containers, erasers, leather cloth, perfumes, vinyl flooring, footwear and PVC shower curtain etc. NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Navbharat Fuse Company Limited (NFCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 23.50 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 11, 2024, placed the rating(s) of NFCL under the 'issuer non-cooperating' category as NFCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NFCL 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 Navbharat Fuse Company Ltd (NFCL) was incorporated in 1988 for manufacturing of industrial explosives at Raipur, Chhattisgarh. The company produces bulk and cartridge explosives with an aggregate installed capacity of 50,000 tons per annum (TPA). The company supplies explosives majorly to Coal India Ltd (CIL) and its subsidiaries including South Eastern Coalfields Ltd, Northern Coalfields Ltd, Eastern Coalfields Limited, etc. Apart from NFCL, the Navbharat group carries out the explosives business through another legal entity i.e. Navbharat Explosives Company Limited (NECL). This apart, the company is also engaged into manufacturing of sponge iron with a 60,000 TPA plant at Jagdalpur, Chhattisgarh. The Navbharat group also has interest in real estate activities which it carries out through its group companies. The main promoters of the group – the Singh family of Raipur –have over three decades of track record in the industrial explosives segment. NIAGARA METALS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Niagara Metals India Limited (NMIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 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 23, 2024, placed the rating(s) of NMIL under the 'issuer non-cooperating' category as NMIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NMIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025 and September 28, 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 Niagara Metals India Limited (NMIL) was incorporated in December, 2004 as a 100% export-oriented unit for railway components. The company is currently being managed by Mr. Vinod Kumar Soni, Mr. Vikram Soni (son of Mr. Vinod Kumar Soni) and Mr. Charanjit Singh. NMIL's manufacturing facility is situated at Ludhiana, Punjab. The company was initially engaged in the manufacturing of railway components and exported the same to the USA markets. However, in 2009, the company diversified its business and started manufacturing auto components also, apart from manufacturing railway components. Later on, in 2011, NMIL ventured into construction and installation of pre-engineered steel structural buildings (PEBs) also, providing turnkey solutions in infrastructure space and shifted its selling arrangements from exports to domestic sales. PCL OIL: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pcl Oil and Solvents Limited (POSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 135.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 22, 2024, placed the rating(s) of POSL under the 'issuer non-cooperating' category as POSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. POSL 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 Incorporated in 1992, PCL Oils & Solvents Limited (POSL) is part of PCL group. The company is promoted and closely held by Sethi family. It is engaged in manufacturing of plasticizers/plastic additives and trading of allied chemicals and solvents. POSL's manufacturing facility is located in Daman, Gujarat. PRAGATI PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pragati Packaging (PP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of PP under the 'issuer non-cooperating' category as PP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PP 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 Delhi based Pragati Packaging (PP) is a partnership firm established in 2004 in association with Pragati International. The firm is currently managed by Mr. Vaibhav Chadha. Now, the firm has its manufacturing facility in Delhi and Noida. The firm is engaged in manufacturing of flexible packaging material i.e. rolls and pouches mainly for products like paan masala, tobacco etc. PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prakash Plastic Industries (PPI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 6.40 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 14, 2024, placed the rating(s) of PPI under the 'issuer non-cooperating' category as PPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Dadra, Silvassa (Union Territory) based PPI was formed in March 2003 in the name of Prakash Plastic Industries by Bhimrajka family. PPI is into the business of manufacturing of HDPE/PP Woven Fabric/Bags. PPI is operating from its sole manufacturing plant located in Dadra. R.S. GREEN: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R.S. Green Foods Private Limited (RGFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.47 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of RGFPL under the 'issuer non-cooperating' category as RGFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RGFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025 and 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 R.S. Green Foods Private Limited (RGFPL) was incorporated in December 2011 and the operations of the company are currently being managed by Ms. Balwant Kaur and Mr Taman Raj. The company is engaged in processing as well as trading of paddy at its manufacturing unit located at Patiala, Punjab. The company also undertakes milling of rice for government and other private entities. RAJAT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajat Developers (RD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of RD under the 'issuer non-cooperating' category as RD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RD 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 Surat (Gujarat) based, RDS was established as a partnership firm in 2013. RDS is currently executing a residential cum commercial projects namely Toral Residency with 188 2 BHK flats and 33 shops at Surat. The implementation of its real estate project named 'Toral Residency' (RERA Registration No. PR/ GJ/ SURAT/KAMREJ/ SUDA/MAA00499/181017) commenced in June 2017. Till February 7, 2020, 92 of 221 units have been booked. RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ram Nath Memorial Trust Society (RNMTS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of RNMTS under the 'issuer non-cooperating' category as RNMTS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RNMTS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025 and September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ram Nath Memorial Trust Society (RNMTS) was established in 1999 under the Society Registration Act, 1860 with an objective to provide education services by establishing and operating various educational institutions. It operates institutes offering courses in arts, computer applications certificate courses in basic training, post-graduate courses in education, management and shortterm courses in computer science. The society is managed by the Singhal family and was founded by Dr. P.N. Singhal (S/O Late Shri Ram Nath Singhal). This society is named after an eminent educationalist and social activist Late Shri Ram Nath Singhalji. Currently, Ms. Seema Singhal is the president of the society. The day to day affairs of the society is carried out by Mr. P.N. Singhal. RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ratnagarbha Agro Private Limited (RAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of RAPL under the 'issuer non-cooperating' category as RAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025 and October 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 Hardoi (U.P) based Ratnagarbha Agro Private Limited (RAPL) was incorporated in February, 2007 by Mr. Shri Kishan Agrawal and his son Mr. Ram Kishan Agrawal. However, the company started its commercial operations in October 2013. RAPL is engaged in processing of wheat into refined flour (Maida), Suji and flour (Atta). S.S.S. RICE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S.S.S. Rice Mill Private Limited (SRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.15 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 SRMPL under the 'issuer non-cooperating' category as SRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRMPL 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 Incorporated in May 2007, S.S.S. Rice Mill Private Limited (SRMPL) is engaged in rice milling. The Plant is located at Raidighi, West Bengal with an installed capacity of 75000 MTPA. The company is promoted by Mr. Nimai Chand Pukait and Mrs. Arati Purkait. The company procures paddy from local farmers at Raidighi and after processing, the final produce is sold to the dealers and wholesalers in West Bengal. The company is also involved in job work for Government departments namely WBECSC Limited, BENFED, and Food and Supply Department of West Bengal. Further, the company has not availed any moratorium from its lender. SHAKTIMAN BIO: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shaktiman Bio Agro Industries PRivate Limited (SBAIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.78 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of SBAIPL under the 'issuer non-cooperating' category as SBAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025 and September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Yamuna Nagar (Haryana) based, Shaktiman Bio Agro Industries Private Limited (SBAIPL) was incorporated in 2007 as a private limited company. The company is primarily engaged in trading of gunny bags and Poly Propylene (PP) woven bags which find its application in packaging industry. The company is also engaged in manufacturing of corrugated boxes at its facility located in Yamuna Nagar, Haryana. UNIVERSAL ENTERPRISES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Enterprises (UE) 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 22, 2024, placed the rating(s) of UE under the 'issuer non-cooperating' category as UE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 7, 2025, September 17, 2025 and 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: Stable Nainital, Uttarakhand based Universal Enterprises (UE) is a proprietorship firm and was incorporated in 2011, by Mrs. Deepa Agarwal who is a postgraduate by qualification. It is a full-fledged turnkey solution provider for all information and technology solutions and products such as interactive digital board, panels, multimedia projectors, visualizers, digital teaching solution that are used in schools, colleges and universities. Further the firm also deals in providing CCTV solutions, body worn cameras which are used for on field patrolling. The overall operations of the firm are managed by Mrs. Deepa Agarwal. [] INDIA: Insolvency Delays Push Resolutions to 603 Days in Q2 -------------------------------------------------------------- FinancialExpress.com reports that the average time to conclude a resolution process under the Insolvency and Bankruptcy Code (IBC) is on a rise. According to official data, it took 603 days to complete 1,300 corporate insolvency resolution processes (CIRP) in the July-September 2025 quarter, which is higher than 582 days in the corresponding quarter last year. This is way above the 330-day limit set to conclude the process, FinancialExpress.com says. As per the latest report from the Insolvency and Bankruptcy Board of India (IBBI), the 2896 CIRPs, which ended up in orders for liquidation, took an average 518 days to complete, up from 505 days in the same quarter last year. FinancialExpress.com relates that even though the government has taken a series of steps to accelerate the process such as including the litigation time within the 330-day limit, introducing pre-packaged insolvency for MSMEs, and capacity building; the worsening of average resolution time results has resulted in significant erosion in the asset values of distressed companies. Despite the delays in the resolution process, the IBBI report shows that the resolution plans, on an average, yielded 93.8% of the fair value of the corporate debtors in the September 2025 quarter, which is higher than the 86.13% realised in the same quarter last year, FinancialExpress.com discloses. Though realisations through liquidation remained slightly lower (90.7%) than realisation through resolution plans. According to FinancialExpress.com, the data shows that nearly 60% of the insolvency cases were initiated by the financial creditors followed by operational creditors (33%) and corporate debtors (7%). This is largely in line with the trend of past five quarters. It was also observed that about 80% of CIRPs which had an underlying default of less than Rs 1 crore were initiated on applications by operational creditors while about 80% of CIRPs which had an underlying default of more than Rs 10 crore were initiated by financial creditors. Meanwhile, the share of withdrawals and closures as a percentage of overall CIRPs has gone up marginally. For instance, total withdrawal and closure cases stood at 29.6% of the total CIRPs, up from 29.25% in the September 2024 quarter. FinancialExpress.com adds that experts said a marginal increase in withdrawal and closure indicates the willingness of the defaulters to settle their dues to avoid the bankruptcy proceedings. To be sure, the promoters of insolvent companies can be allowed to withdraw from CIRP if they can secure the approval of 90% of the voting share of the committee of creditors (CoC). As per IBBI, a total of 8,659 of corporate debtors were admitted as on September 2025 end, out of which 3865 were rescued (through resolution plans, appeal or review or settlement or withdrawal), FinancialExpress.com discloses. The cumulative recovery through resolution plans stood at INR3.99 lakh crore as on September 2025. ========= J A P A N ========= TOKYO ELECTRIC: Business Uncertainty to Stay Despite Restart Plan ----------------------------------------------------------------- The Japan Times reports that Tokyo Electric Power Company Holdings' plan to restart its nuclear power plant in Niigata Prefecture marks a major step forward for the company, but it remains unclear if the company will be able to stabilize its earnings. On Nov. 21, Hideyo Hanazumi, governor of Niigata Prefecture, announced that he would tolerate the reactivation of Tepco's Kashiwazaki-Kariwa nuclear power plant in the prefecture, The Japan Times relates. According to The Japan Times, Tepco expects that the restart of the plant, which is the most important management issue for the company, will improve its profitability by about JPY100 billion a year. Uncertainty persists, however, over whether the struggling power supplier, which serves Tokyo and its surrounding prefectures, can secure earnings stability, The Japan Times states. Expenses related to the March 2011 triple meltdown at its Fukushima No. 1 nuclear power plant, including costs of decommissioning the damaged facility and compensation regarding the accident, may increase from the currently estimated level. All seven reactors at the Kashiwazaki-Kariwa plant have been suspended since March 2012, forcing Tepco to rely heavily on thermal power generation using liquefied natural gas and coal as fuels, The Japan Times says. The share of nuclear energy in Tepco's power supply mix, which came to about 30% in fiscal 2010, before the nuclear accident, stood at zero as of fiscal 2024, while thermal power generation saw its share rise to about 80% from some 60%. By bringing the Kashiwazaki-Kariwa plant's No. 6 reactor back online, the company aims to hold down the use of fossil fuels, whose prices remain high, and improve its earnings. The company also hopes that the reactor restart will help promote its switch to noncarbon fuel sources and ensure electricity supply to the Tokyo metropolitan area. According to The Japan Times, the Kashiwazaki-Kariwa plant's No. 6 and No. 7 reactors have passed the Nuclear Regulation Authority's safety screenings necessary for their restart, and technical preparations for the No. 6 reactor were completed in October. Meanwhile, costs of dealing with the Fukushima No. 1 plant accident are estimated to reach about JPY23 trillion, with some JPY16 trillion of the total set to be borne by Tepco. The company aims to secure about JPY500 billion annually to cover costs for the decommissioning of the plant and compensation payments. Tepco President Tomoaki Kobayakawa has said that the company will "thoroughly promote restructuring without sanctuary," The Japan Times relays. In the April-September first half of fiscal 2025, however, Tepco incurred a record consolidated net loss of JPY712.3 billion, weighed down by more than JPY900 billion in costs related to the decommissioning of the Fukushima No. 1 plant, The Japan Times discloses. Despite the tough financial condition, Tepco has unveiled a plan to provide about JPY100 billion to Niigata Prefecture to support the creation of new businesses and jobs in the prefecture to help revitalize the regional economy, relates The Japan Times. The Japan Times adds that the financial contribution is also intended to alleviate concerns among local people about a company that caused a major nuclear accident moving to restart nuclear power plant operations. "It's not easy to regain trust" from residents of the prefecture, Kobayakawa said. Tepco must continue treading a thorny path as decommissioning and compensation costs keep pressuring its finances, The Japan Times notes. About TEPCO Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power Company Holdings, Incorporated generates, transmits, and distributes electricity. TEPCO continues to carry Standard & Poor's Ratings Services (S&P)'s senior secured bonds and long-term issuer rating of BB+. =============== M A L A Y S I A =============== 1MDB: SG Court Clears Way for US$2.7BB Suit vs Standard Chartered ----------------------------------------------------------------- Reuters reports that a Singapore court has cleared the way for a $2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Nov. 24. Reuters relates that Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it "a significant legal victory" allowing the case to continue. According to Reuters, liquidators trying to recover money from Malaysia's sovereign wealth fund 1MDB sued Standard Chartered Bank in Singapore in June, alleging it enabled acts of fraud that caused more than $2.7 billion in financial losses more than 10 years ago. "We are pleased that this application has been dismissed," they said in the statement, Reuters relays. "It also enables us to continue the work of recovering misappropriated assets that rightfully belong to the people of Malaysia." Reuters says the move was the latest in a wide-ranging effort to recover money belonging to 1Malaysia Development Berhad (1MDB), from which U.S. investigators say about $4.5 billion was stolen between 2009 and 2014 in a complex, globe-spanning scheme. "Standard Chartered disagrees with the decision and will be filing an appeal," said a spokesperson for the bank on Nov. 24. The bank sent a second statement on Nov. 25, saying the claims were "without merit" and had been brought against the bank by "shell companies that misappropriated funds from 1MDB". "We reported the transaction activities of these companies before we shut their accounts in early 2013. We take our responsibility to fight financial crime extremely seriously, in service of our clients and the markets in which we operate," said the spokesperson. The liquidators did not immediately respond to a request for comment on Standard Chartered's allegations, Reuters says. According to Reuters, three companies in liquidation linked to 1MDB said Standard Chartered permitted over 100 intrabank transfers between 2009 and 2013 that helped conceal the flow of stolen funds. They also allege the bank chose to overlook obvious red flags in relation to the transfer of funds, resulting in the losses, the liquidators said. Reuters relates that the liquidators said the funds that flowed through the Standard Chartered accounts included transfers to the personal bank account of former Malaysian Prime Minister Najib Razak, who is serving a six-year prison sentence after being convicted of graft linked to 1MDB. At least six countries, including Singapore and Switzerland, have launched investigations into 1MDB dealings in a global probe that has implicated high-ranking officials and bankers worldwide, including Najib and executives from U.S. bank Goldman Sachs. Malaysia said last year it had recovered a total of MYR29 billion ($7.01 billion) in 1MDB assets between 2019 and February 2024. In 2016, Singapore's central bank imposed penalties of SGD5.2 million on the local unit of Standard Chartered for money laundering breaches related to the 1MDB scandal, Reuters adds. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== BEVBRAND 2019: Creditors' Proofs of Debt Due on Dec. 26 ------------------------------------------------------- Creditors of Bevbrand 2019 Limited, Bevbrand 2022 Limited, CLSD Limited, Sere Limited and Bigblu Broadband Limited are required to file their proofs of debt by Dec. 26, 2025, to be included in the company's dividend distribution. Bevbrand 2019 Limited, Bevbrand 2022 Limited, CLSD Limited, Sere Limited commenced wind-up proceedings on Nov. 14, 2025. Bigblu Broadband Limited commenced wind-up proceedings on Nov. 15, 2025. The company's liquidator is: Benjamin Francis Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 MELANIE MERCY: Court to Hear Wind-Up Petition on Feb. 4 ------------------------------------------------------- A petition to wind up the operations of Melanie Mercy Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 5, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SKILITICS LIMITED: Creditors' Proofs of Debt Due on Dec. 26 ----------------------------------------------------------- Creditors of Skilitics Limited and Skilitics Health Limited are required to file their proofs of debt by Dec. 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 18, 2025. The company's liquidators are: Brenton Hunt PO Box 13400 City East Christchurch 8141 SPORTCLUB COMPANY: Creditors' Proofs of Debt Due on Dec. 17 ----------------------------------------------------------- Creditors of Sportclub Company Limited are required to file their proofs of debt by Dec. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 19, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 TE PUNA: Court to Hear Wind-Up Petition on Dec. 2 ------------------------------------------------- A petition to wind up the operations of Te Puna Reo O Ngā Kākano Charitable Trust will be heard before the High Court at Wellington on Dec. 2, 2025, at 10:00 a.m. Erina Margaret Kahu-Kauika filed the petition against the company on Sept. 8, 2025. The Petitioner's solicitor is: Elspeth Jinny Horner Mahony Horner Lawyers Level 9, 3–11 Hunter Street Wellington ================= S I N G A P O R E ================= AUTO GUARD: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Nov. 14, 2025, to wind up the operations of Auto Guard Insurance Pte. Ltd. The company's liquidator is: Oon Su Sun Finova Advisory 182 Cecil Street #23-02 Frasers Tower Singapore 069547 FASTLANE MOTORING: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on Nov. 14, 2025, to wind up the operations of Fastlane Motoring Pte. Ltd. The company's liquidator is: Oon Su Sun Finova Advisory 182 Cecil Street #23-02 Frasers Tower Singapore 069547 SII SCIENTIFIC: Commences Wind-Up Proceedings --------------------------------------------- Members of SII Scientific (S) Pte. Ltd. on Nov. 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 THEME A: Commences Wind-Up Proceedings -------------------------------------- Members of Theme A Properties Pte. Ltd. on Nov. 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 THREEONE RECRUITANT: Commences Wind-Up Proceedings -------------------------------------------------- Members of Threeone Recruitant Pte. Ltd. on Nov. 11, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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