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251128.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, November 28, 2025, Vol. 28, No. 238 Headlines A U S T R A L I A ADAMINABY BOWLING: First Creditors' Meeting Set for Dec. 4 ALAMMC GROUP: ASIC Takes Contempt Action vs McWilliams, Fullarton AURA LABS: Second Creditors' Meeting Set for Dec. 4 DREAMCARE SUPPORT: First Creditors' Meeting Set for Dec. 3 METRO 1: First Creditors' Meeting Set for Dec. 4 SCENIC GROUP: Second Creditors' Meeting Set for Dec. 3 C H I N A CHINA VANKE: Seeks First Extension on Onshore Bond Payment [] CHINA: Private REITs Offer New Funding Path for Property Firms I N D I A A. K. BUILDERS: CARE Keeps C Debt Rating in Not Cooperating AICON INTALIA: Voluntary Liquidation Process Case Summary AMBIKA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating AMUL INDUSTRIES: Liquidation Process Case Summary ASHTAVINAYAK AUTO: CARE Keeps D Debt Rating in Not Cooperating AVK AUTOMALL: CARE Keeps D Debt Rating in Not Cooperating Category AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category B S R BUILDERS: CARE Keeps C Debt Rating in Not Cooperating BHAGAT JEE: CARE Keeps D Debt Ratings in Not Cooperating Category BHAGWATI AGRO: Insolvency Resolution Process Case Summary BHAGWATI STONE: CARE Keeps B- Debt Rating in Not Cooperating BLUEPARK SEAFOODS: CARE Keeps D Debt Ratings in Not Cooperating BOSHAN DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating BRITE PROOFINGS: Insolvency Resolution Process Case Summary CASTINGS DYNAMICS: CARE Keeps D Debt Ratings in Not Cooperating DOOTERIAH & KALE: Liquidation Process Case Summary EMBEE AGRO: CARE Keeps D Debt Rating in Not Cooperating Category GEM GRANITES: CARE Keeps D Debt Ratings in Not Cooperating GINGER INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating GIRL ELECTRONICS: Voluntary Liquidation Process Case Summary HAMSA DAIRY: Insolvency Resolution Process Case Summary INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating JASOL CHAWAL: CARE Keeps D Ratings in Not Cooperating Category KANJIRAVELIL TRADERS: Insolvency Resolution Process Case Summary KGR GEMS: Insolvency Resolution Process Case Summary LOTUS INFRAREALTY: CARE Keeps C Debt Rating in Not Cooperating MAAN SAROOVAR: Liquidation Process Case Summary MEGA PROCESS TECHNOLOGY: Liquidation Process Case Summary METRO AGRO: CARE Keeps D Debt Rating in Not Cooperating Category MINAQUA INTERNATIONAL: Insolvency Resolution Process Case Summary MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating PARIVARTAN BUILDTECH: CARE Keeps D Debt Ratings in Not Cooperating PATIDAR AGRICARE: CARE Keeps B- Debt Rating in Not Cooperating PIONEER GAS: Liquidation Process Case Summary PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating RAKSHA SUPREME: Insolvency Resolution Process Case Summary RENEW ENERGY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable SATLUJ REAL: Insolvency Resolution Process Case Summary SOUNDARARAJA MILLS: Insolvency Resolution Process Case Summary SPLEN MICA: CARE Keeps D Debt Rating in Not Cooperating Category SPS EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating SRASTHI BUILD: Insolvency Resolution Process Case Summary THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating TIRUMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating TRN ENERGY: CARE Keeps D Debt Ratings in Not Cooperating Category VARIEGATE PROJECTS: Insolvency Resolution Process Case Summary VITASTA SOFTWARE: Insolvency Resolution Process Case Summary YOUTHSY FOUNDATION: Voluntary Liquidation Process Case Summary - - - - - ================= A U S T R A L I A ================= ADAMINABY BOWLING: First Creditors' Meeting Set for Dec. 4 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Adaminaby Bowling & Sports Club Ltd will be held on Dec. 4, 2025 at 2:30 p.m. via Microsoft Teams. Aaron Torline of Slaven Torline was appointed as administrator of the company on Nov. 24, 2025. ALAMMC GROUP: ASIC Takes Contempt Action vs McWilliams, Fullarton ----------------------------------------------------------------- A Gold Coast husband and wife who ran the ALAMMC Group of companies moved hundreds of thousands of dollars from frozen bank accounts and he failed to disclose his interests in two racehorses, prize money and crypto assets, ASIC alleges in Federal Court contempt proceedings. ASIC has applied for declarations that Mr. David McWilliams is guilty of contempt of court for allegedly: * withdrawing or moving at least AUD297,327 out of bank accounts the court had frozen, and out of crypto accounts he had not disclosed, ultimately exceeding the court-imposed living expenses allowance by between AUD131,566 and AUD173,026 * failing to disclose interests he held in two racehorses ("Within The Law" and "Ellibaby"), a crypto account, and other bank accounts * diverting AUD39,304 in racehorse prize money from "Within The Law" to an undisclosed account belonging to his son after the freezing orders were made * selling a 5% interest in the racehorse "Within The Law" for AUD35,000. ASIC has applied for declarations that Ms. Laura Fullarton is guilty of contempt of court for allegedly withdrawing or moving at least AUD245,159 out of ANZ and other bank accounts the court had frozen, ultimately exceeding the court-imposed living expenses allowance by between AUD54,760 and AUD113,270. ASIC Deputy Chair Sarah Court said, 'We consider these actions to be serious breaches of the Court's orders, undermining the asset preservation regime and the administration of justice. 'Breaching freezing orders and failing to disclose other interests impedes the efforts of ASIC, receivers, and liquidators to preserve assets for the benefit of investors,' the Deputy Chair said. The freezing orders were made by the Federal Court in 2024 to preserve assets pending the outcome of ASIC's case against ALAMMC Developments and related entities. Last month, the Federal Court ordered the remaining ALAMMC Group companies be wound up on just and equitable grounds over significant concerns identified by the Court-appointed receivers about investor funds and the viability of the businesses. ASIC has filed the application seeking leave to commence contempt proceedings against Mr. McWilliams and Ms. Fullarton with the Federal Court. The freezing orders were made by the Federal Court on Sept. 11, 2024, and subsequently extended and varied, to preserve assets in connection with ASIC's enforcement action against ALAMMC Developments Pty Ltd and related parties. The Receivers and Managers have provided detailed evidence of the alleged breaches in the Fourteenth Affidavit of Andrew Peter Fielding, filed Sept. 4, 2025. On Sept. 11, 2024, the Federal Court preserved assets of ALAMMC-related companies and individuals, and restrained Mr. McWilliams from leaving Australia. ASIC is investigating the companies and their director Mr. McWilliams in relation to the suspected provision of financial services and use of investor funds from Jan. 1, 2021. ASIC opened its investigation after receiving information in relation to Mr. McWilliams' gambling activities. The companies subject to the receivership and asset preservation orders are: - ALAMMC Developments Pty Ltd; - ALAMMC Developments 2 Pty Ltd; - ALAMMC Developments 3 Pty Ltd; - ALAMMC Developments 4 Pty Ltd; - ALAMMC Developments 5 Pty Ltd; - ALAMMC Developments 6 Pty Ltd; - ALAMMC Developments 7 Pty Ltd; - SDAMF 2 Pty Ltd; - SDAMF 3 Pty Ltd; - SDAMF 4 Pty Ltd; - Mortgage Mutual Fund Pty Ltd; - Harvey Madison Capital Pty Ltd; and - Coral Coast Mutual Fund Pty Ltd. The Court has appointed Andrew Fielding and Helen Newman of BDO as official liquidators to carry out the wind-ups. AURA LABS: Second Creditors' Meeting Set for Dec. 4 --------------------------------------------------- A second meeting of creditors in the proceedings of Aura Labs Pty Ltd has been set for Dec. 4, 2025, at 10:00 a.m. via Microsoft Teams platform. 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. 3, 2025 at 4:00 p.m. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on Oct. 30, 2025. DREAMCARE SUPPORT: First Creditors' Meeting Set for Dec. 3 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Dreamcare Support Pty Ltd will be held on Dec. 3, 2025 at 11:00 a.m. via teleconference facility. Timothy Cook of Balance Insolvency was appointed as administrator of the company on Nov. 24, 2025. METRO 1: First Creditors' Meeting Set for Dec. 4 ------------------------------------------------ A first meeting of the creditors in the proceedings of Metro 1 Travel and Technology Pty Ltd will be held on Dec. 4, 2025 at 9:00 a.m. via Microsoft Teams. Matthew James Byrnes and Andrew Stewart Reed Hewitt were appointed as administrators of the company on Nov. 24, 2025. SCENIC GROUP: Second Creditors' Meeting Set for Dec. 3 ------------------------------------------------------ A second meeting of creditors in the proceedings of The Scenic Group Adelaide Pty Ltd has been set for Dec. 3, 2025, at 3:00 p.m. at Level 8, 50 Pirie Street in Adelaide and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 2, 2025 at 5:00 p.m. Andrejs Janis Strazdins of BRI Ferrier was appointed as administrator of the company on Oct. 29, 2025. ========= C H I N A ========= CHINA VANKE: Seeks First Extension on Onshore Bond Payment ---------------------------------------------------------- Reuters reports that China Vanke will seek bondholder approval to delay the repayment of a CNY2 billion (US$282.6 million) onshore bond, a filing late on Nov. 26 showed, a move that could trigger a new wave of anxiety in both financial and property markets. A public bond extension would be the first for the state-backed property developer, a household name with many projects in China's biggest cities. According to Reuters, a debt restructuring by Vanke with CNY364.3 billion of interest-bearing liabilities, could also potentially dwarf defaults by privately owned peers Evergrande and Country Garden this decade. Vanke did not immediately respond to Reuters' requests for comment. Reuters says the bond in question will mature on December 15, and the bondholder meeting is scheduled for December 10. No details of the extension terms were provided in the filing. Vanke has another yuan bond worth CNY3.7 billion due on December 28. Its next dollar bond maturity is in November 2027. Its bonds tumbled earlier on Nov. 26, after media hints of a possible restructuring of its debt reignited doubts about further government support for the crisis-hit sector, according to Reuters. Several of Vanke's yuan bonds slid more than 20%, with some down more than 30%, triggering suspensions of the company's seven exchange-traded bonds by the Shenzhen Stock Exchange. Vanke's yuan bond due in March 2027 traded at 55 per 100 par value by 0555 GMT, down from 80 at the open, for a plunge of 35%, Reuters discloses. Its 2027 dollar bond was bid at 39.748 cents on the dollar after the bondholder meeting filing, further down from 42.5 cents earlier in the day, data from Duration Finance showed. The bond was bid at around 55.4 cents on Nov. 25. On Nov. 25, financial publication Octus said Beijing gave preliminary guidance to the government of Shenzhen, where state-affiliated Vanke is based, to consider a "market-oriented approach" for dealing with the developer's debt, according to Reuters. The term was a euphemism for restructuring, Octus cited the source of its report as saying. Two people with knowledge of the situation told Reuters that state-owned China International Capital Corporation (CICC) had been brought in to assess Vanke's debt. A debt restructuring was among the options the investment bank featured in an internal report to the central government a few weeks ago, one of the sources said, Reuters relays. Financial publication REDD was the first to report CICC's involvement on Nov. 26, Reuters says. CICC, the Shenzhen government and China's State Council, or cabinet, which oversees state-owned enterprises, also did not respond to requests for comment. Vanke's Hong Kong-listed shares fell 6.3%, while its onshore shares (000002.SZ) slid to their lowest since 2008, adds Reuters. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. [] CHINA: Private REITs Offer New Funding Path for Property Firms ----------------------------------------------------------------- Reuters reports that China's nascent private REIT market has emerged as a rare bright spot for cash-strapped developers, with a record fundraising pipeline of $12 billion for this year, driven by rising investor demand for higher yields. Launched in 2023, the private REIT market, restricted to professional investors, has grown rapidly. Developers are drawn to its quicker and more relaxed approval process compared with public REITs and its prospects for revitalising income-generating assets amid the country's property sector slump, according to Reuters. While public REITs typically focus on consumption-driven properties like shopping malls, private REITs have expanded in scope to include office towers and hotels, attracting both issuers and investors, analysts said, Reuters relays. Stand-alone offices and hotels are currently not permitted to be part of public REITs, which are listed on exchanges. With most developers shut out of public capital markets, the private REIT market has provided an alternative funding channel, helping commercial asset owners unlock value and ease liquidity pressures. According to Reuters, UBS head of Greater China property research John Lam said private REITs could reshape business models and valuations for property companies. "Private REITs break through some bottlenecks of public REITs for issuers," said Lam, who called the new platform "a game changer" for property companies. However, analysts said it is unlikely to restore the financial health of distressed homebuilders, many of whom do not have high-quality assets to generate stable cash flow, Reuters relates. Reuters says the surge in private REIT applications comes amid a liquidity crunch in China's property sector, which began in 2021, leading to numerous developer defaults and a sharp drop in housing demand. Reuters notes that China's private REITs - classified as asset-backed securities backed by income-generating real estate - are sold through non-public channels to institutional investors. These vehicles typically bundle commercial assets such as industrial parks, data centers and retail malls, offering periodic returns derived from rental income. ========= I N D I A ========= A. K. BUILDERS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A. K. Builders (AKB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank Facilities 10.00 CARE A4; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of AKB under the 'issuer non-cooperating' category as AKB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AKB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025 and October 18, 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 A.K. Builders (AKB) is a proprietorship firm established in 1999 by Mr Ashok Kumar. AKB is engaged in the civil construction work in Punjab, Sikkim, Madhya Pradesh and Jharkhand which includes infrastructure development, road works, construction of educational institutes, earthworks etc. The firm is registered as a class 'A' contractor with Public Work Department (PWD) of Punjab and Madhya Pradesh. AICON INTALIA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Aicon Intalia Realty Private Limited 9th Floor Panchshil Tech Park 1, Besides Rahul Theater, Shivajinagar, Pune, Maharashtra, India 411005 Liquidation Commencement Date: October 17, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Nayana Premji Savala 1/101-A, Vishal Sushil CHS, Nariman Road, Vile Parle East, Mumbai 4000057, Maharashtra, India Email: nalinisavala@gmail.com Tel No: 9082605500 Last date for submission of claims: November 15, 2025 AMBIKA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Ambika Traders (SAT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of SAT under the 'issuer non-cooperating' category as SAT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jabalpur (Madhya Pradesh) based Shri Ambika Traders (SAT) was formed as a proprietorship concern by Mr. Ghanshyam Das Khatri in 1973. SAT is engaged in the business of wholesale trading of readymade garments like kids wear and hosiery etc. Further, the firm has distributorship of Lux Industries Limited (Brand- Lux and Onn) and Page Industries Limited (BrandJockey). SAT sells its products within 400 KM area from Jabalpur. AMUL INDUSTRIES: Liquidation Process Case Summary ------------------------------------------------- Debtor: Amul Industries Private Limited 2, AJI Industrial Estate, Plot No 332/333, GIDC, Rajkot, Gujarat - 360003 Liquidation Commencement Date: November 6, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Mr. Umesh Harjivandas Ved 304, Shoppers Plaza-5, Govt Servants Co-op Hsg Soc, Opposite Municipal Market, C. G. Road, Navrangpura, Ahmedabad, Gujarat 380009 Email: umesh@umeshvedcs.com Email: cirpamulindustriespvt@gmail.com Last date for submission of claims: December 5, 2025 ASHTAVINAYAK AUTO: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashtavinayak Auto Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 22, 2024, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL 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 Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by Mr. Lalit Kumar and his son, Mr. Puneet Kumar. The company is an authorized dealer of Chevrolet cars in Mumbai having a showroom located at Andheri and a service center at Oshiwara. CARE does not have any update on the latest developments in this regard. AVK AUTOMALL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of AVK Automall Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.26 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 22, 2024, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL 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 AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet Kumar and is an authorized dealer of Ford India Private Limited in Mumbai. The company has a showroom located at Powai, Mumbai with two workshops at Chandivali and Powai. AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of AVK Automart Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.44 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 22, 2024, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL 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 AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet Kumar and is an authorized dealer of Ford India Private Limited in Mumbai. The company has a showroom located at Powai, Mumbai with two workshops at Chandivali and Powai. B S R BUILDERS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of B S R Builders Engineers & Contractors (BSRBEC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.30 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 24, 2024, placed the rating(s) of BSRBEC under the 'issuer non-cooperating' category as BSRBEC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSRBEC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 9, 2025, September 19, 2025, September 29, 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 Chennai (Tamil Nadu) based, B.S.R. Builders Engineers & Contractors (BSRBEC) was established in the year 2004 as a partnership firm by Mr. Raghavendra Reddy and his family members. The firm is engaged in the construction of residential townships, apartments, shopping malls and commercial complexes. BHAGAT JEE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhagat Jee Steels Private Limited (BJSPL) continue 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 Short Term Bank 0.57 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 BJSPL under the 'issuer non-cooperating' category as BJSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJSPL 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 Bhagat Jee Steels Private Limited (BJSPL) was incorporated on June 14, 2000, promoted by Mr. Rakesh Kumar Agarwal and his family members. Since its inception, BJSPL has been engaged in manufacturing of MS ingots, angles, flats, channels, rounds, squares etc. The manufacturing facility of the company is located at industrial area, Durgapur, West Bengal. BHAGWATI AGRO: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Shri Bhagwati Agro Industries Private Limited E-56 Raj Plaza Chawani, Indore, Madhya Pradesh, India - 452001 Insolvency Commencement Date: November 13, 2025 Estimated date of closure of insolvency resolution process: May 12, 2026 (180 Days) Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Ms Teena Saraswat Pandey 387F, 114 Scheme Part 1 Behind Diksha Boys hostel Sant Nagar, Indore, Madhya Pradesh 452010 Email: teenasaraswat@yahoo.co.in Email: cirp.shribhagwati@gmail.com Last date for submission of claims: November 27, 2025 BHAGWATI STONE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhagwati Stone Industries (BSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 14, 2024, placed the rating(s) of BSI under the 'issuer non-cooperating' category as BSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSI 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 Uttarakhand based Bhagwati Stone Industries (BSI) was established in 2009 as a partnership firm. The partners of the firm are Mr. Vinay Kumar Mittal, Mr. Akshay Bansal, Mr. Prerit Bansal, Mr. Rachit Bansal, sharing profit and losses equally. The firm is currently being managed by Vinay Kumar Mittal, Mr. Akshay Bansal. The firm crushes and processes riverbed material (RBD), boulders into stone chips, stone grits and sandstone that find usage in the construction industry. BLUEPARK SEAFOODS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bluepark Seafoods Private Limited (BSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 85.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of BSPL under the 'issuer non-cooperating' category as BSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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 The Bluepark Seafoods Private Limited (BSPL) was promoted by Mr. Mohan Rao in the year 1997. BSPL is engaged in processing of Vannamei white shrimp and exporting of cultured shrimps to USA, Vietnam, EU and Middle East. The processing facility of company is located at Kurumaddali, Pamarru, Krishna Dist, Andhra Pradesh. The plant has a capacity to produce 30 metric tonnes of frozen shrimp products per day. The processing facility is approved by USFDA (USA), EU (Europe), Hazard analysis and critical control points (HACCP), British Retail Consortium (BRC) and ISO: 22000 certified. BOSHAN DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Boshan Developers Private Limited (BDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.40 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 4, 2024, placed the rating(s) of BDPL under the 'issuer non-cooperating' category as BDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 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 Established in the year 1996, BDPL is engaged in the business of real estate development. Further from FY16, the company also ventured into hospitality business and is managing a hotel at Goa. BRITE PROOFINGS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Brite Proofings Private Limited 107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai, Maharahstra, India, 400088 Insolvency Commencement Date: November 14, 2025 Estimated date of closure of insolvency resolution process: May 13, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rishabh Sethi C 203 Runwal Heights, LBS Marg, Opposite Nirmal Lifestyle, Mumbai City, Maharahstra 400080 Email: ip.rishabhsethi@gmail.com Email: cirp.briteproofings@gmail.com Last date for submission of claims: November 29, 2025 CASTINGS DYNAMICS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Castings Dynamics Limited (CDL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 23.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 24, 2024, placed the rating(s) of CDL under the 'issuer non-cooperating' category as CDL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CDL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 9, 2025, September 19, 2025, September 29, 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 1994, Indsur Global Limited, now known as Castings Dynamics Limited (CDL) (w. e. f October 19, 2019) is a closely held company taken over by Indsur group in the year 2004. Currently, the company is engaged in the business of manufacturing of insulator and auto castings, with insulator castings contributing. DOOTERIAH & KALE: Liquidation Process Case Summary -------------------------------------------------- Debtor: Dooteriah & Kale Jvalley Tea Estate Privet Limited 1004-05 Krishna Building 224 Ajc Bose Road, Kolkata West Bengal, India 700017 Liquidation Commencement Date: October 17, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Sanjeev Jhunjhunwala Siddha Weston 9 Weston Street, Suite No. 134 Kolkata - 700013 Email: sanjeevjhunjhunwala@gmail.com Email: ip.dkvte@gmail.com Last date for submission of claims: November 27, 2025 EMBEE AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Embee Agro Food Industries Private Limited (EAFIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.33 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 25, 2024, placed the rating(s) of EAFIPL under the 'issuer non-cooperating' category as EAFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EAFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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 Embee Agro Food Industries Private Limited (EAFIPL) was incorporated in 2005 as a private limited company promoted by Mr B. Somashekhar Gowda and other three directors. All the directors belong to same family. EAFIPL erstwhile known as Magnur Syndicate, a partnership firm established in the year 1999 and promoted by Mr B. Somashekahar Gowda and other three partners. Since inception, the company is engaged in rice milling and processing, however, the processing activity closed in August 2012 since pollution control board insisted to close the unit in that location. Therefore, the company entered into trading of paddy and rice. Later, the company purchased a 7 acres land at Karnataka Industrial Area Development Board (KIADB) to set up a processing unit. The main raw material; paddy, is directly procured from local farmers located in and around Davangere and nearby locations during the off season. The major sales of the company are in Karnataka and Maharashtra regions. GEM GRANITES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Gem Granites (GG) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 58.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 19.33 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 77.16 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 22, 2024, placed the rating(s) of GG under the 'issuer non-cooperating' category as GG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GG 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 GG is a partnership firm established in the year 1972 by Mr Veeramani to carry on the business of mining/quarrying and processing of various varieties of granites. The firm has two quarrying units one in Ilkal, Karnataka and other in Dharmapuri district. It also has a granite processing unit in Injambakkam, Chennai. GINGER INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ginger Infrastructure Private Limited (GIPL) continues 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of GIPL under the 'issuer non-cooperating' category as GIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in December 19, 2012, GIPL is a Nagpur based special purpose vehicle (SPV) formed by Diamant Infrastructure Limited (DIL) for construction and development of commercial complex at Jaripatka, Nagpur under the name and style of “Ginger Square" to be operated on a build-operate-transfer (B-O-T) basis for a concession period of 30 years commencing from August 2016 and ending in August 2046, with renewal of lease for further period of 30 years. GIRL ELECTRONICS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Girl Electronics and Engineering Private Limited No. 22/C, 7th Main, Sharada Colony Basaveshwarnagar, Bangalore, Karnataka, India - 560079 Liquidation Commencement Date: November 10, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Venkata Subbarao Kalva #41/1, 11th Cross, 8th Main 2nd Block, Jayanagar, Bengaluru - 560011 Email: subbaraocs@gmail.com Mobile No: +91 8147238639 Last date for submission of claims: December 11, 2025 HAMSA DAIRY: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Hamsa Dairy Private Limited Survey No. 527, Muthukuru Village, Peddapanjani Mandal, Muthukuru, Andhra Pradesh, India - 517408 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Ramanathan Bhuvaneshwari C-006, Pioneer Paradise, 24th Main Road, 7th Phase, JP Nagar, Bangalore 560078 Email: bhoona.bhuvan@gmail.com Email: cirp.hamsadairy@gmail.com Last date for submission of claims: November 24, 2025 INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indukuri Enterprises (IE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of IE under the 'issuer non-cooperating' category as IE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Indukuri Enterprises (IE) is a Pune based partnership firm established in January 2018 and was promoted by Mrs. Indukuri Suryakumari Venkat Raju and Mr. Aditya Verma. IE is engaged in trading of bagasse. JASOL CHAWAL: CARE Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jasol Chawal Private Limited (JCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of JCPL under the 'issuer non-cooperating' category as JCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JCPL 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 Incorporated in May 2016, Jasol Chawal Private Limited (JCPL) is engaged in therice milling activities at its plant located at Baloddistrict, Chhattisgarh. The company has started commercial operations of its rice mill from January, 2018 onwards. Moreover, the company is also engaged in the trading of paddy since April, 2017. Mr. Avant Kumar Golechha, having around two decades of experience in the rice milling industry, looks after the day to day operations of the company. He is supported by other director Mrs. Rani Golchhaand a team of experienced professionals. KANJIRAVELIL TRADERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Kanjiravelil Traders Private Limited Building No. 11/33-B Pulinchode, Pazhamthottam P O, Ernakulam, Kerala- 683565, India Insolvency Commencement Date: November 12, 2023 Estimated date of closure of insolvency resolution process: May 11, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: Balakrishnan Baburajan B.K Baburajan & Associates Practicing Company Secretaries 2nd Floor, Uzhinjelil Tower, Subhash Chandrabose Road, Ponnurunni Vyttila P. O., Kochi Ernakulam, Kerala - 682019 Email: baburjanfcs@gmail.com Email: cirpktpl@gmail.com Last date for submission of claims: November 26, 2025 KGR GEMS: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: KGR Gems and Bullion Pvt Ltd Building No: 402/3, Mathra Po, Karavaloor, Punalur, Kollam, Kerala, India - 691333 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: CA. George Varkey Building No.110, Ground Floor, Surabhi Nagar, Kakkanad, Kochi, Kerala, 682030 Email: geovaktm@gmail.com Email: kgrgemsandbullions@gmail.com Last date for submission of claims: November 25, 2025 LOTUS INFRAREALTY: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lotus Infrarealty Limited (LIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 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 25, 2024, placed the rating(s) of LIL under the 'issuer non-cooperating' category as LIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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 Indore (Madhya Pradesh) based Lotus Infrarealty Limited (LIL) was incorporated as a closely held limited company in December 2010 by Chourasiya family. LIL is formed with a purpose to construct commercial and residential projects as well as construction and running of multiplex cinema under its own brand name. Currently, LIL has undertaken one residential project named "Shri Sai Lotus City" and one commercial project named "Lotus Convent Court". The company is also running multiplex 2 screen cinema at Satarpura. MAAN SAROOVAR: Liquidation Process Case Summary ----------------------------------------------- Debtor: Maan Sarovar Properties Development Private Limited Registered Office: No. 33/2, Gangai Street, Kalashethra Colony, Besant Nagar Extension, Besant Nagar Chennai - 600090 Liquidation Commencement Date: November 11, 2025 Court: National Company Law Tribunal Chennai Bench Liquidator: Mr. Ashish Vyas B-1A Viceroy Court CHS, Thakur Village, Kandivali (East) Mumbai Suburban Maharashtra - 400 101 Email: info@dimax.in Email: cirp.maansarovar@gmail.com Last date for submission of claims: December 14, 2025 MEGA PROCESS TECHNOLOGY: Liquidation Process Case Summary --------------------------------------------------------- Debtor: Mega Process Technology Private Limited Flat No. 401 & 402, 4th Floor, Bavdhan S. No. 20/3/2/8 & 20/3/2/6 Anubhuti Apartment, Pune Maharashtra, 411021 Liquidation Commencement Date: October 3, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Dipti Amit Thite Flat No. 9, Building No. B-9, Ramyanagari Housing Society Bibwewadi, Pune 411037, Maharashtra Email: dipti@csdiptithite.com -- and -- Office No. 2024 and 205 Silver Mist Apartment Condominium Sadashiv Peth, Pune 411030, Maharashtra Email: cirp.megaprocess@gmail.com Last date for submission of claims: November 2, 2025 METRO AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Metro Agro Mills (MAM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of MAM under the 'issuer non-cooperating' category as MAM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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, 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 Metro Agro Mills (MAM) was established in April 2002 as a partnership firm. Mr. A.M. Koya, Mr. A. M. Sijumon, Mrs. Mini Koya, Mrs. Laila Makkar, Mr. A.M. Seemon are partners of the firm. The firm belongs to the 'Beepath' Group (based in Kerala) and is engaged in the business of rice milling (processing of paddy into rice) and also into trading of rice (which constitute around 25% of the rice sales). The key raw material, paddy is procured from farmers in Kerala, Tamil Nadu and Karnataka. MINAQUA INTERNATIONAL: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Minaqua International Private Limited Shop No S-26, 2nd Floor Ginger Square, Main road, Jaripatka, Nagpur, 440014 Insolvency Commencement Date: November 4, 2023 Estimated date of closure of insolvency resolution process: May 3, 2026 Court: National Company Law Tribunal, Nagpur Bench Insolvency Professional: Mr. Neehal Mahamulal Pathan Plot No. 27, R.S.No. 825, Sahjeevan Parisar, Near TPM Church, Behind Circuit House, Kolhapur 416 003 MH Email: cirp.minaqua@gmail.com Last date for submission of claims: November 18, 2025 MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of MSE Industries (MI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.10 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 28, 2024, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable MSE Industries (MI) is a partnership firm established in the year 2006 by Mr. K.B. Mahesh Kumar and his wife Mrs. Sreelatha with equal profit-sharing ratio. The commercial operations of the firm were started from the year 2007. The firm is engaged in the manufacturing of Hangers & Suspensions, Load hangers namely Constant load hangers and Variable load hangers (patented design manufactured based on "Lisega Technology", Germany), Conveyor systems, Coal handling systems & Bunkers, ducts and Pre-Engineered Building (steel structures). PARIVARTAN BUILDTECH: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Parivartan Buildtech Private Limited (PBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 15.05 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 9.95 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 12, 2024, placed the rating(s) of PBPL under the 'issuer non-cooperating' category as PBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025 and October 18, 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 PBPL was incorporated in November 2013 by Mr Parivartan and Mr Raja Bhoj. The company has succeeded the business of an erstwhile proprietorship firm M/s Parivartan Contractors from April 1, 2015 onwards which was managed by Mr Parivartan and established in 2008. The company is engaged in road and civil construction work which includes construction of roads and laying of sewage, water supply and drainage pipeline. PBPL is registered as a Class 'I' contractor for Road Works with Haryana Public Work Department (Building & Road). The company operates mainly in Haryana, Rajasthan and Madhya Pradesh. PATIDAR AGRICARE: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Patidar Agricare (PA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of PA under the 'issuer non-cooperating' category as PA had failed to provide information for monitoring of the rating AS agreed to in its Rating Agreement. PA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable PA was established in 2015 by Mr. Dilip Patel and his family members. PA was set up to provide cold storage facilities at Dehgam (Gujarat). Earlier PA was engaged into both trading operations and cold storage facilities. FY18 onwards PA discontinued its trading operations and only focused on providing cold storage facilities on rent basis to customers. PIONEER GAS: Liquidation Process Case Summary --------------------------------------------- Debtor: Pioneer Gas Power Limited 3rd Floor, Plot No. 13, Phase III, Road No. 82, Jubilee Hills, Hyderabad, Telangana, India, 500033 Liquidation Commencement Date: November 11, 2025 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Mr. Avil Menezes 106, 1st Floor, Kanakia Atrium 2, Cross Road 'A', Chakala MIDC, Andheri (East), Mumbai 400093 Email: pioneergascirp@gmail.com Last date for submission of claims: December 11, 2025 PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pradeep Udyog (PU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 4, 2024, placed the rating(s) of PU under the 'issuer non-cooperating' category as PU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 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 PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep Agarwal and commenced operation in January 2016. PU is engaged in trading of iron & steel products such as Thermo Mechanically Treated (TMT) bars, round bars, angles, channels, beams, flats, etc, which find application in various industries like construction, infrastructure and engineering, amongst others. The entity has its registered office and servicing facility based in Nagpur, Maharashtra. RAKSHA SUPREME: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Raksha Supreme Camouflage Private Limited RZ-666/2 Sadh Nagar-ii, Palam, New Delhi, India, 110045 Insolvency Commencement Date: November 12, 2023 Estimated date of closure of insolvency resolution process: May 12, 2026 Court: National Company Law Tribunal, New Delhi Bench- VI Insolvency Professional: Navdeep Gupta 487/40, 2nd Floor, Gopal Tower, Near Metro Station, Peera Garhi, West, NCT of Delhi, 110087 Email: ngaoffice@gmail.com Email: raksha.cirp@gmail.com Last date for submission of claims: November 27, 2025 RENEW ENERGY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the 'BB-' Long-Term Issuer Default Ratings (IDRs) of Indian renewable power producer ReNew Energy Global Plc (REGP) and onshore subsidiary ReNew Private Limited (ReNew). The Outlook is Stable. Both companies have similar credit profiles, with REGP as the offshore holding company of the group. Fitch has also affirmed the 'BB-' ratings on the US dollar notes issued by ReNew and REGP subsidiaries India Clean Energy Holdings and Diamond II Limited. The Stable Outlook on the IDRs reflect recovery in operating performance in first half of financial year ending March 2026 (1HFY26), supported by improved wind power generation, together with a moderation in capex and progress in commissioning projects. Consequently, EBITDA net interest cover will rise to 1.6x in FY26 (FY25:1.4x) and 1.7x by FY27, improving on REGP's tight rating headroom compared to the 1.5x negative rating sensitivity. Key Rating Drivers Leading Renewable Power Producer: REGP's large and diversified operating renewable portfolio of 11.6GW provides economies of scale and operating advantages, mitigating concentration risk. Its projects, including those under construction, are diversified by source and geography, reducing risks from adverse climatic conditions. Fitch expects the plant load factor (PLF) of its wind projects, which account for around 40% of total EBITDA, to improve to above 27% in FY26 (FY25: 26%), as weather patterns affected wind generation in FY25. Wind PLFs rebounded 2pp yoy to 37% in 1HFY26, supporting a 24% EBITDA growth over the period, along with contribution from commissioned projects and solar manufacturing segment. EBITDA growth was moderated by the fall in PLF's in solar generation to 22% in 1HFY26 (1HFY25: 24%) due to curtailment in the state of Rajasthan, driven by grid bottlenecks. Fitch forecasts curtailments to reduce by 4QFY26 with the commissioning of evacuation infrastructure. Manufacturing Neutral to Profile: Fitch expects the increased scale of REGP's solar module and cell manufacturing to provide backward integration for in-house demand as well as add to cash flow from third-party sales. Fitch expects EBITDA from solar equipment sales to third parties to rise to around INR15 billion by FY27, or around 15% of total EBITDA, notwithstanding the higher variability in the segment's EBITDA margins compared to power generation. This is balanced by the segment's low capital intensity and short payback period. Lower Capex Intensity, Complex Projects: Fitch expects REGP's capex intensity to drop below 50% in FY26 (FY25: 95%) after the commissioning of large projects under construction and delays in capex on some of its committed projects caused by transmission network readiness issues. The increasing scale and complexity of REGP's committed projects, which are mostly hybrid and firm and dispatchable renewable energy (FDRE) projects, could also result in a slower capex pace. Adequate Financial Profile: Fitch expects REGP's EBITDA net leverage to ease to below 7.0x (FY25: 8.5x) in the medium term due to moderating investment plans. Capex is likely to average about INR75 billion a year in FY26-FY28 (FY25: INR94 billion). Fitch expects REGP's financial profile to remain adequate for the 'BB-' ratings, given cash flow visibility from the renewable portfolio combined with lower receivables. It previously sold operating projects or stakes in under-construction projects to manage its financial profile. Lower Receivables: Fitch expects REGP's receivable days to continue improving to 77 in FY26 due to increasing exposure to sovereign-owned entities that make timely payments, and the receipt of payments from state utilities under late payment surcharge rules. Receivable days improved to 90 in FY25 (FY24: 102), as state utilities cleared part of their long outstanding dues while REGP's exposure to them fell to 42%, from around 60% in FY24, as a larger part of its recently commissioned capacity is tied up with sovereign-owned counterparties. Adequate Debt-Service Coverage: Fitch expects the cash flow from operations (CFO)-based debt-service coverage ratio to remain at around 1x in the medium term as larger operational capacity boosts cash flow and receivables improve. This supports adequate liquidity at the holding companies and projects outside the restricted groups. Fitch defines the ratio as CFO + interest expense/scheduled project debt amortisations + interest expense at the ReNew and REGP holding-company level and unrestricted projects, excluding the two restricted groups. No Notching for Subordination: Fitch does not notch down the rating of the three US dollar notes issued by ReNew, India Clean Energy Holdings and Diamond II as Fitch assesses at least an average recovery for noteholders. The subordination risk is mitigated by the cash available for upstreaming from operating projects after servicing their own debt obligations. Its view benefits from REGP's large scale and diversity, resource types and counterparties. Fitch also factors in the subordination of notes to prior-ranking project debt at operating entities. Structural Subordination Risk: Fitch does not expect total debt at the ReNew and REGP holding-company level to increase materially in the near to medium term. Headroom against an increase in structural subordination is particularly low at REGP and its offshore subsidiaries, as measured by the CFO-based debt service coverage and holding company interest coverage ratios. A material increase in debt at REGP or its offshore subsidiaries could lead to negative rating action on REGP or notes issued by these subsidiaries. Privatisation Proposal: Fitch believes the non-binding proposal from Abu Dhabi Future Energy Company PJSC (Masdar, AA-/Stable) and its consortium to acquire the stake held by public shareholders, which would take the company private if successful, would not immediately affect REGP's credit profile. Fitch does not expect the proposal to result in a change of control trigger event over its US dollar notes. Any material change in REGP's longer-term financial policies and risk appetite as a result of the acquisition would be treated as event risk. Peer Analysis Fitch views Greenko Energy Holdings (BB/Negative) and Continuum Green Energy Holdings Limited (CGEHL, B+/Stable) as REGP's close peers. Greenko, like REGP, is one of India's leading power producers, with a focus on renewable energy. However, REGP's operating capacity has increased above Greenko's in recent years, as Greenko is focusing on pumped hydro storage projects, which have a longer gestation period than wind and solar power generation projects. REGP's resource risk is lower, with higher exposure of 53% to solar-based projects while Greenko has 28% in solar and 14% in hydro. REGP's counterparty risk is also lower, with 41% of operating capacity contracted with sovereign-owned entities and the rest with state-owned distribution companies (42%) and direct sales (17%). Greenko's better credit assessment than REGP's is supported by its stronger financial access, benefiting from its key shareholders, including Singapore sovereign wealth fund GIC. This enables Greenko to rely on fresh equity for investments and acquisitions, while using cash generated from operations to deleverage. The Negative Outlook on Greenko reflects low headroom within its EBITDA net interest coverage against the 1.5x sensitivity, mainly due to delays in both the restoration of its Teesta hydro project and the commissioning of its first pumped hydro project. CGEHL's counterparty risk is lower than REGP's, with around 80% of capacity contracted to commercial and industrial customers with timely payments. However, CGEHL's better counterparty profile is offset by its higher near-term net leverage of above 10x, compared with REGP's 7x. This, along with REGP's larger-scale, diversified operating assets with a higher proportion of solar assets, results in CGEHL's one-notch lower rating. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - PLFs in line with the average historical performance or resource assessment studies - Plant-wise tariff in line with respective PPAs - Asset-level EBITDA margins of 80%-93%, in line with historical performance, and overall EBITDA margins to decrease to around 65% (FY25: 75%), with increasing earnings contribution from its lower-margin manufacturing business - Average receivable days to decrease to 77 in FY26 (FY25: 90), helped by regular payments from state distribution companies under the government's late payment surcharge scheme and ReNew's increasing exposure to sovereign-owned entities - Capex to average around INR75 billion a year from FY26 to FY28 (1HFY26: INR45 billion, FY25: INR94 billion) - No dividend payout in the medium term. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA net interest coverage below 1.5x for a sustained period - Material increase in structural subordination risk at ReNew and/or the REGP holding-company level, measured by a sustained decline in their holding company-level CFO-based debt-service coverage ratios (including cash flow from unrestricted projects) to below 1.0x - Significant and prolonged deterioration of the receivable position - Failure to adequately mitigate foreign-exchange risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA net leverage below 5.0x on a sustained basis, provided there is no significant increase in REGP's overall business risk profile. Liquidity and Debt Structure REGP had cash and cash equivalents of around INR72 billion at end 1HFY26, against INR139 billion in debt maturing over the next 12 months, including short-term debt of INR65 billion and Diamond II notes of USD525 million (about INR45 billion) maturing in July 2026. Fitch expects REGP to refinance its maturities in a timely manner. Fitch expects the company to generate negative free cash flow in the near to medium term due to capacity additions. However, this is likely to be mitigated by REGP's policy of funding the equity portion of capex through a mix of capital recycling and internal accruals, and its adequate access to onshore and offshore debt markets. Issuer Profile ReNew is one of India's leading renewable-energy companies with a total portfolio of about 18.5 GW. The projects, mainly wind and solar, are spread across 10 states. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- ReNew Energy Global Plc LT IDR BB- Affirmed BB- ReNew Private Limited LT IDR BB- Affirmed BB- senior secured LT BB- Affirmed BB- Diamond II Limited senior secured LT BB- Affirmed BB- India Clean Energy Holdings senior unsecured LT BB- Affirmed BB- SATLUJ REAL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Satluj Real Estate Private Limited Half Mezzanine no. 1, Sandhya Deep Building 15, East of Kailash near Community Centre, South Delhi, New Delhi, Delhi, India, 110065 Insolvency Commencement Date: November 13, 2025 Estimated date of closure of insolvency resolution process: Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi -110001 Email: cppumba2409@gmail.com Email: cirp.satluj@gmail.com Devendra Umrao 94-D, Pocket F, Mayur Vihar Phase 2, East, National Capital Territory of Delhi, 110091 Email: devumraoibc@gmail.com Ms. Rakesh Verma H.NO. 1099, Vikas Kunj, Vikas Puri, West Delhi 110018, West, National Capital Territory of Delhi - 110018 Email: rverma@ravkassociates.com Mr Varun Vasistha R-8, South Extension Part 2, South, National Capital Territory of Delhi - 110049 Email: cavarunvashisht@gmail.com Last date for submission of claims: November 27, 2025 SOUNDARARAJA MILLS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Soundararaja Mills Limited Soundaraja Building GTN. Salai, Dindigul 624 005, Tamil Nadu Insolvency Commencement Date: November 4, 2025 Estimated date of closure of insolvency resolution process: May 2, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Shri Nagalingam Muthiah B-8, Gems Court, 25/14, Khadar Nawas Khan Road, Nungambakkam, Chennai – 600006 Email: ip.soundarajamills@gmail.com Mobile: 9786055123 Last date for submission of claims: November 18, 2025 SPLEN MICA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Splen Mica Private Limited (SMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.17 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 SMPL under the 'issuer non-cooperating' category as SMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPL 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 Ahmedabad (Gujarat) based Splen Mica Private Limited (SMPL) was incorporated in October 2000 as Aim Laminar Private Limited (ALPL). However, the company commenced its full-fledged operations from December 2014 post erection and commissioning of plant and management take over in 2013 by Mr. Hitesh Patel and Mr. Masukhbhai Patel. Subsequently, it has changed its name to the current name from October 8, 2021. The company is engaged in the manufacturing of decorative laminates which is used as an overlay over plywood or other wooden furniture. SMPL has its sole manufacturing plant situated in Kheda (Gujarat) with an installed capacity of 13.25 lakh sheets per annum. SPS EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SPS Educational Trust (SET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of SET under the 'issuer non-cooperating' category as SET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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 Palwal-based (Haryana), SPS Educational Trust (SET) was established in the year 2010 by Mr Sureshchandra Bharadwaj, Mrs. Sunita Bhardwaj, Mr Shyam Sunder, Mr Brijesh Kumar and Mr Ram Kumar Gupta with the object of setting up educational institutions. SPS is running a school in the name of SET International at Palwal (Haryana) since, August, 2011. The school is affiliated to the Central Board of Secondary Education (CBSE) and offers education from Kindergarten to class XII. The school is spread across the area of 5.25 acres and it has all the state-of-the-art facilities like computer labs, library, smart classes, various sports facilities and swimming pool etc. SRASTHI BUILD: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Srasthi Build Con Private Limited Registered Address: 189, Maida Mill Road, Near Jinsi Square, Bhopal 462008, Madhya Pradesh Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 5, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency professional: Mayuri Daga Interim Resolution Professional: Mayuri Daga 194, Om Shiv Colony, Lalghati, Bhopal 462030 Email: Mayuri_lunawat16@yahoo.com Email: Cirp.srasthi@gmail.com Last date for submission of claims: November 11, 2025 THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Thermo Products Private Limited (TPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of TPPL under the 'issuer non-cooperating' category as TPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Pune (Maharashtra) based TPPL, incorporated in 2004 is promoted by Mr. Mukesh Agarwal and Mr. Omprakash Agarwal. The company is engaged in the manufacturing of packaging material viz. EPS (Expanded Polystyrene or Styrofoam popularly known as thermocol) buffers at its manufacturing facility located at Sanaswadi, Pune. TIRUMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tirumala Cotton Industries (TCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.32 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 25, 2024, placed the rating(s) of TCI under the 'issuer non-cooperating' category as TCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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 Tirumala Cotton Industries (TCI) was established in June 20, 2016 and promoted by Mr. B Ramesh, his friends and relatives/family members. The firm is engaged in cotton ginning & pressing. The manufacturing unit of cotton ginning and pressing unit with total installed capacity of 20304 MT of cotton/year is located at Medak district of Telangana. The firm commenced its operations in the month of January 2017. The firm purchases raw cotton from local farmers located in and around Medak district (Telangana). The firm sells cotton bales to spinning mills in Telangana, Andhra Pradesh and Tamil Nadu. The firm sell the cotton seeds to the oil mills. TRN ENERGY: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of TRN Energy Private Limited (TEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3,056.57 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 430.00 CARE D/CARE D; ISSUER NOT Term Bank COOPERATING; Rating continues Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated September 27, 2024, placed the rating(s) of TEPL under the 'issuer non-cooperating' category as TEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 13, 2025, August 23, 2025 and September 2, 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 TEPL was incorporated on November 27, 2006. The company was originally promoted by Mr. Anil Kumar Jain and Mr. Sanjay Jain. In May 2009, the company was acquired by ACB India Limited (ACBIL) by purchasing a controlling equity stake of 51%. Subsequently the entire stake of ACBIL in TEPL was transferred to its subsidiary, ACB (India) Power Limited (ACBPL). ACBPL further increased its stake in TEPL to 74% in FY13. VARIEGATE PROJECTS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Ms. Variegate Projects Private Limited Plot No. 436, Road No. 80, Jubilee Hills, Phase-III, Hyderabad - 500033, Telangana Insolvency Commencement Date: November 12, 2025 ` Estimated date of closure of insolvency resolution process: May 11, 2026 (180 Days) Court: National Company Law Tribunal, Hyderabad Bench-II Insolvency Professional: Chillale Rajesh B-725, Western Plaza, O U, Colony, H.S. Darga Hyderabad 500 008 Telangana Email: chillalerajesh@yahoo.co.in Email: variegate.cirp@gmail.com Last date for submission of claims: November 27, 2025 VITASTA SOFTWARE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Vitasta Software India Private Limited 102, Ganga Chambers, 6A/1, First Floor, WEA, Karol Bagh, Central Delhi, New Delhi, Delhi, India, 110005 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 5, 2026 Court: National Company Law Tribunal, Delhi Bench Insolvency Professional: Shrishti Garg G-301, Park View City 2, Sector-49, Sohna Road, Near Vatika Business Park, Gurgaon, Haryana - 122018 Email: ip.shrishtigarg@gmail.com 163, BALCO Apartments, Plot No.58, IP Extn., Patparganj, Delhi - 110092 Email: Cirp.vitastasoftwareindiapvtltd@gmail.com Last date for submission of claims: November 21, 2025 YOUTHSY FOUNDATION: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Youthsy Foundation A 418 4 Plot - CS 286, Aurus Chambers, Shivram Seth Amrutwar Road, Worli, Mumbai, Maharashtra, India - 400013 Liquidation Commencement Date: October 27, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Vallabh Narayandas Sawana Building No. 11 Flat No. 505 Regency Sarvam, Ganesh Mandir Road, Titwala East, Kalyan District Thane- 421605, Maharashtra Email: ipvallabsawana@gmail.com Last date for submission of claims: November 26, 2025 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***