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       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

          Monday, December 1, 2025, Vol. 28, No. 239

                           Headlines



A U S T R A L I A

AKASHA BREWING: First Creditors' Meeting Set for Dec. 8
ARCADE GARAGE: First Creditors' Meeting Set for Dec. 5
BRISK AIR: Second Creditors' Meeting Set for Dec. 17
COOLEENA PTY: First Creditors' Meeting Set for Dec. 5
LEUCO AUSTRALIA: First Creditors' Meeting Set for Dec. 4

PEPPER ASSET NO. 4: Fitch Assigns 'Bsf' Final Rating on Cl. F Notes
REX AIRLINES: Owes Parkes Council Thousands
STAR ENTERTAINMENT: Mathieson jnr to Become Chairman


C H I N A

CHINA VANKE: Loan Request Rejected by at Least Two Chinese Banks


H O N G   K O N G

NEW WORLD: Raises Creditor Support on Overseas Debt Swap
WEST KOWLOON CULTURAL: Posts HK$769 Million Deficit


I N D I A

ACCORD WATERTECH: CARE Keeps B- Debt Rating in Not Cooperating
AGRAWAL OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
AVIOM INDIA: Creditors to Go for Swiss Challenge
BALAJI MOBITECH: CARE Keeps D Debt Rating in Not Cooperating
BEC FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating

BEE PEE: CARE Keeps B- Debt Rating in Not Cooperating Category
CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
DASHMESH RICE: CARE Keeps D Debt Rating in Not Cooperating
DHURIA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
FIVE STAR: CARE Keeps B- Debt Rating in Not Cooperating Category

GALAXY ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
INNOVARE LABS: CARE Keeps D Debt Ratings in Not Cooperating
IRIS HEALTH: CARE Keeps D Debt Ratings in Not Cooperating Category
J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating Category
M J HOME: CARE Keeps B- Debt Rating in Not Cooperating Category

M.G. ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
MAHADEV COLD: CARE Keeps B- Debt Rating in Not Cooperating
MARVELOUS METALS: CARE Cuts Rating on INR13.53cr LT Loan to D
MUTHURAJA MODERN: CARE Keeps B- Debt Rating in Not Cooperating
RADHA MADHAV: CARE Keeps B- Debt Rating in Not Cooperating

RAIGARH CHAMPA: JSW Energy Gets CoC Nod to Acquire Company
RS NAVYA: CARE Keeps B- Debt Rating in Not Cooperating Category
SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating
SARNA MARBLES: CARE Keeps D Debt Rating in Not Cooperating
SCG EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category

SVM OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
WOODLANDS HOUSING: CARE Keeps B- Debt Rating in Not Cooperating


I N D O N E S I A

PAN BROTHERS: Fitch Hikes National LongTerm Rating to 'B-(idn)'


M A L A Y S I A

1MDB: Malaysia Still Owes MYR24.46BB Debt at 2025 September End
KHEE SAN: On Track to Exit PN17 Status
LAMBO GROUP: Unveils PN17 Regularisation Plan


N E W   Z E A L A N D

84 HOBSONVILLE: Creditors' Proofs of Debt Due on Dec. 22
BENDON GROUP: Posts Third Straight Annual Loss in 2025
BLAKEMAN EARTHWORKS: Court to Hear Wind-Up Petition on Dec. 8
ENSURA BUILDING: Creditors' Proofs of Debt Due on Dec. 31
JCD NZ: Waterstone Insolvency Appointed as Receivers

MEGA CAPITAL: Court to Hear Wind-Up Petition on Dec. 4
MONSTER GROUP: Creditors' Proofs of Debt Due on Dec. 24
PANSTAR BRACKEN: Court to Hear Wind-Up Petition on Dec. 11
PEOPLES COFFEE: Creditors' Proofs of Debt Due on Dec. 31
PORJAI LIMITED: Court to Hear Wind-Up Petition on Dec. 4

PRINCE OF PERSIA: Creditors' Proofs of Debt Due on Dec. 24


S I N G A P O R E

1AXIS RENTAL: Court to Hear Wind-Up Petition on Dec. 19
ADS INDUSTRY: Creditors' Proofs of Debt Due on Dec. 19
CORDLIFE GROUP: MOH Orders Group to Stop Collecting New Cord Blood
COSMO AUTOMOBILES: Court to Hear Wind-Up Petition on Dec. 12
GERSON & CO: Court to Hear Wind-Up Petition on Dec. 5

ID 212: Commences Wind-Up Proceedings
MINERVA INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 22
NAUTEC GROUP: Commences Wind-Up Proceedings
REYL SINGAPORE: Creditors' Proofs of Debt Due on Dec. 23


V I E T N A M

PETROVIETNAM GAS: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR

                           - - - - -


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A U S T R A L I A
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AKASHA BREWING: First Creditors' Meeting Set for Dec. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Akasha
Brewing Company Pty Ltd will be held on Dec. 8, 2025 at 10:00 a.m.
virtually via Microsoft Teams.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on Nov. 26, 2025.


ARCADE GARAGE: First Creditors' Meeting Set for Dec. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Arcade
Garage Pty Ltd will be held on Dec. 5, 2025 at 10:00 a.m. via
virtual meeting.

Ross Andrew Blakeley and Paul Stuart Harlond of FTI Consulting were
appointed as administrators of the company on Nov. 25, 2025.


BRISK AIR: Second Creditors' Meeting Set for Dec. 17
----------------------------------------------------
A second meeting of creditors in the proceedings of Brisk Air
Solutions Pty Ltd has been set for Dec. 17, 2025, at 11:00 a.m. at
the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street in
Brisbane and via telephone.

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. 15, 2025 at 5:00 p.m.

Nicholas David Lancaster of Rodgers Reidy was appointed as
administrator of the company on Oct. 23, 2025.


COOLEENA PTY: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cooleena Pty
Ltd will be held on Dec. 5, 2025 at 10:30 a.m. via Microsoft
Teams.

Anthony Phillip Wright and Neil Robert Cussen of Olvera Advisors
were appointed as administrators of the company on Nov. 25, 2025.


LEUCO AUSTRALIA: First Creditors' Meeting Set for Dec. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Leuco
Australia Pty Limited will be held on Dec. 4, 2025 at 11:00 a.m. at
the offices of AL Restructuring at Level 13, 50 Margaret Street in
Sydney and via virtual meeting technology.

Andre Lakomy of AL Restructuring was appointed as administrator of
the company on Nov. 14, 2025.


PEPPER ASSET NO. 4: Fitch Assigns 'Bsf' Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Pepper Asset Securities
No.4 Trust's pass-through floating-rate notes. The notes are backed
by a pool of first-ranking Australian automotive novated lease
receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper). The notes were issued
by BNY Trust Company of Australia Limited as trustee for Pepper
Asset Securities No.4 Trust.

This is a whole loan sale, where the trustee acquired all of the
seller trustee's right, title and interest in the receivables using
funds provided by the investors under a whole loan pass-through
structure. All notes and units are held by investors.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Pepper Asset
Securities No.4 Trust

   A1-a                 LT NRsf  New Rating   NR(EXP)sf
   A1-x                 LT NRsf  New Rating   NR(EXP)sf
   B AU3FN0104386       LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0104394       LT Asf   New Rating   A(EXP)sf
   D AU3FN0104402       LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0104410       LT BBsf  New Rating   BB(EXP)sf
   F AU3FN0104428       LT Bsf   New Rating   B(EXP)sf
   G AU3FN0104436       LT NRsf  New Rating   NR(EXP)sf

Transaction Summary

The collateral pool remains unchanged from that supporting the
expected rating. At the 31 October 2025 cut-off date, the pool
totalled AUD500 million and comprised 10,639 receivables with
weighted-average (WA) seasoning of 12.5 months, a WA remaining
maturity of 42.0 months and an average contract balance of
AUD46,997.

KEY RATING DRIVERS

Stress Commensurate with Ratings: The pool consists entirely of
novated leases. Fitch has assigned base-case default expectations
of 1.5% and 'AAAsf' default multiples of 7.5x for novated leases.
The recovery base case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a
'AAAsf' recovery haircut of 50.0%.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market. GDP growth was 1.8% for
the year to June 2025 and unemployment was 4.3% in October 2025.
Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with
unemployment at 4.2% and 4.1%, respectively.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables and a premium. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall, above the class B to G notes.

The class A to G notes will receive principal repayments pro rata
upon satisfaction of stepdown criteria. Other structural features
include a reverse turbo mechanism that redirects available excess
income to repay note principal, a loss reserve that is initially
funded by note issuance at closing and traps excess income on or
before the third payment date, which is available for loss
reimbursement within the first three months, and a supplemental
reserve that traps excess income to cover losses and class G
interest shortfall. Fitch's cash flow analysis incorporates the
transaction's structural features and tests each note's robustness
by stressing default and recovery rates, prepayments, interest-rate
movements and default timing.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by backup servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 100% of the portfolio by loan value has
balloon amounts payable at maturity, which was incorporated into
the analysis.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. Hence, Fitch
conducts sensitivity analysis by stressing a transaction's initial
base-case assumptions; these include increasing WA defaults and
decreasing the WA recovery rate.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

10% increase in defaults: AA-sf / A-sf / BBB-sf / BB-sf / Bsf

25% increase in defaults: A+sf / BBB+sf / BB+sf / B+sf / less than
Bsf

50% increase in defaults: A-sf / BBBsf / BBsf / Bsf / less than
Bsf

10% decrease in recoveries: AAsf / A-sf / BBB-sf / BBsf / Bsf

25% decrease in recoveries: AA-sf / A-sf / BBB-sf / BB-sf / Bsf

50% decrease in recoveries: AA-sf / A-sf / BBB-sf / BB-sf / less
than Bsf

10% increase in defaults / 10% decrease in recoveries: AA-sf / A-sf
/ BBB-sf / BB-sf / Bsf

25% increase in defaults / 25% decrease in recoveries: Asf / BBBsf
/ BBsf / B+sf / less than Bsf

50% increase in defaults / 50% decrease in recoveries: BBB+sf /
BB+sf / BB-sf / less than Bsf / less than Bsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

Upgrade Sensitivities

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

10% decrease in defaults / 10% increase in recoveries: AA+sf / A+sf
/ BBB+sf / BB+sf / B+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

Date of Relevant Committee

12 November 2025

ESG Considerations

Pepper Asset Securities No.4 Trust has an ESG Relevance Score (RS)
of '4' for Energy Management because EVs form 24.2% of the pool,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors. The ESG RS is
higher than the baseline RS of '2' for this general issue in the
Australian auto sector. There is limited credit performance data
for EVs, and available market data show notable differences in
recoveries between EVs and non-EVs. Fitch's analytical approach for
the transaction was not adjusted, due purely to the "green" nature
of the underlying collateral, but Fitch referenced available market
data for EVs in determining its recovery assumptions.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


REX AIRLINES: Owes Parkes Council Thousands
-------------------------------------------
Parkes Champion-Post reports that Parkes Shire Council is among
several regional airport owners who are owed money from Rex
Airlines.

With a new owner for Rex and a new federal government funding
program to support airports impacted by Rex's voluntary
administration, there's now hope outstanding payments could be
recovered.

Rex's debt to Parkes Council currently stands at AUD63,902.36,
Parkes Champion-Post discloses.

"However, over many years of operation of Rex in the region, Parkes
Shire Council heavily subsidised the landing fees for the airline
to ensure this vital service continued for the entire region as the
Parkes airport services Parkes Shire, Forbes Shire, Lachlan Shire
and Weddin Shire," council said.

According to the report, the government's AUD5 million fund was
announced during Air T's bid to acquire Rex and aims to compensate
regional councils for Rex's debts.

Eligibility will be based on the amount owed to the organisation by
Rex.

Dubbo Regional Council is owed almost AUD660,000.

"Before Rex entered voluntary administration, our council was owed
almost AUD660,000, so this program represents an important
opportunity to restore those funds," it said.

Once the program is fully finalised by the government, Parkes Shire
Council said it will then make representation, Parkes Champion-Post
relays.

Rex fell into voluntary administration in mid-2024 and US-based Air
T became its new owner after creditors approved a deed of company
arrangement on November 11.

                        About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


STAR ENTERTAINMENT: Mathieson jnr to Become Chairman
----------------------------------------------------
The Australian Financial Review reports that Bruce Mathieson jnr is
expected to become Star Entertainment's executive chairman after
the billionaire Mathieson family and its business partners at
American casino giant Bally's converted loans to the gaming group
into shares.

Bally's and the Mathieson family, who lobbed a AUD300 million deal
to take control of the business in April, have finally taken up
majority shareholder positions after receiving probity approvals
over the past month.

According to the Financial Review, the appointment is not expected
to be this week, and is part of a number of significant board
changes the company is working on. When they are announced, as
early as next week, chairwoman Anne Ward will retire. Star chief
executive Steve McCann is expected to remain in his position.

The Mathieson family owns about 23 per cent of Star, and Bally's
now controls about 38 per cent, the Financial Review notes.

Mathieson jnr is the son of publican Bruce Mathieson and a former
director at Endeavour, which owns a string of hotels and the Dan
Murphy's bottle shop business. He was elected to the board as a
director on Nov. 25 and told shareholders that he would do his best
to turn the company around.

Bally's chairman Soo Kim is also expected to join the board.
Mathieson jnr was approached for comment.

The Financial Review notes that Mathieson jnr takes up his position
at a critical time for the ailing casino operator, which has been
under significant financial strain for years, with gambling revenue
unable to offset construction and remediation costs.

Star is still trying to offload its 50 per cent stake in its
Brisbane casino and entertainment complex, while waiting on a hefty
fine for historical breaches of money laundering laws and will need
to refinance its debt early next year, according to the Financial
Review.

Over two financial years, Star's revenue declined 30 per cent in
Sydney and 19 per cent on the Gold Coast. Star said there were
signs of improvement at the Gold Coast, while Sydney had stabilised
"at depressed levels".

The Financial Review says Brisbane's Queen's Wharf complex is the
newest of Star's three precincts. It opened in August last year.
Star was forced to sell its position this year because it could not
afford the costs required to complete it or repay debt.

Chow Tai Fook and Far East, which each own 25 per cent of Queen's
Wharf, signed long-form documentation for the purchase of Star's
stake in August. It included a casino operator fee for Star of AUD5
million per month, which will increase to AUD6 million per month on
July 1.

According to the Financial Review, people briefed on the
discussions who requested anonymity to speak freely said the Hong
Kong investors are attempting to change a range of other conditions
outlined in an agreement, including the timing of changes to the
management fee they currently pay Star to operate the casino.

Star will continue to run the casino until March, but Chow Tai Fook
and Far East have spent six months talking to a range of
alternative operators, including ASX-listed SkyCity Entertainment
and Crown Resorts.

The Financial Review relates that sources with knowledge of the
sales process, who are not authorised to speak publicly, said one
of those potential partners is Melco Resorts, the casino group
controlled by Hong Kong businessman Lawrence Ho.

Melco was once a shareholder of Crown and offered to buy 20 per
cent of the business from its former owner, James Packer, in 2020.
It acquired 10 per cent before abandoning plans and selling it to
Blackstone.

Melco would require probity approval from the Queensland regulator
if it were also chosen as the preferred party.

The Financial Review adds that Star told investors on Nov. 25 that
Chow Tai Fook and Far East had requested an extension of the
refinancing of its AUD1.4 billion debt from December until March
31. Star has guaranteed half of the precinct's AUD1.4 billion debt,
which will be extended until the Queen's Wharf deal is done.

                       About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

The casino operator posted a statutory net loss after tax of
AUD471.5 million for the year ended June 30, 2025.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.




=========
C H I N A
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CHINA VANKE: Loan Request Rejected by at Least Two Chinese Banks
----------------------------------------------------------------
Bloomberg News reports that China Vanke Co was rejected by at least
two big local banks as it tried to secure a short-term loan to
quell the default fears that have fueled a plunge in its bonds last
week, according to people familiar with the matter.

According to Bloomberg, the company held talks with banks about
securing a so-called liquidity loan to help repay two bonds worth a
combined CNY5.7 billion (US$805 million) due next month, said the
people, asking not to be identified when discussing a private
matter. The talks were held ahead of a Wednesday evening [Nov. 26]
announcement that Vanke would seek bondholder approval to push back
the maturity of one of the bonds.

One of the banks declined before Vanke sought to extend its bond
and the other rebuffed the attempt on Nov. 27, following the bond
announcement, the people said. Two other banks were reluctant to
proceed, said other people familiar with the matter.

Bloomberg relates that the response underscores waning support for
one of the last big survivors of China's years-long real estate
crisis, which has fuelled around US$130 billion of defaults and
dealt major damage to consumer confidence in the world's
second-largest economy. Vanke has become a crucial bellwether of
Beijing's willingness to support the battered real estate sector.

The loan talks were being led by Vanke's largest shareholder,
Shenzhen Metro Group Co, according to one of the people.

Shenzhen Metro has extended about CNY30 billion yuan in shareholder
loans to the cash-strapped builder, a crucial funding source that
helped Vanke repay bonds this year. But that lifeline was thrown
into doubt earlier this month, after Shenzhen Metro signalled
tighter borrowing terms for Vanke.

"The latest proposed onshore maturity extension implies that the
funding tap from the Shenzhen government has indeed closed, and
that the Shenzhen government is no longer willing or able to
provide a backstop for Vanke's debt," Bloomberg quotes Leonard Law,
a senior credit analyst at Lucror Analytics Pte Ltd, as saying.

Vanke has a two billion yuan note due on Dec. 15 and a CNY3.7
billion bond that matures on Dec. 28, the first of a wave of
maturities over the next 12 months, Bloomberg discloses.

Bloomberg adds that the company said on Nov. 26 it would ask
investors to accept delayed principal repayments on the Dec. 15
note, without giving more details about the plan.

That ramped up pressure on bond and stock prices that had already
plummeted this week. Vanke's US$1 billion of dollar bonds that
mature in 2027 plunged to 23 cents on the dollar on Thursday,
bringing their losses to around 60% this week, according to
Bloomberg-compiled data.

Vanke's Hong Kong-listed shares dropped as much as 8.5%, hitting a
record low before paring their losses.

                         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.




=================
H O N G   K O N G
=================

NEW WORLD: Raises Creditor Support on Overseas Debt Swap
--------------------------------------------------------
Bloomberg News reports that New World Development Co., the poster
child of the city's distressed property sector, received a small
increase in bondholder support for its debt swap plan as a second
early bird deadline closed, a filing showed.

The company said the amount of perpetual bonds to be exchanged rose
by $94.9 million, while $32.7 million more conventional bonds will
be issued to swap for existing notes. That brings it to 69% of its
total $1.9 billion target of new notes to be swapped, according to
Bloomberg calculations.

Stung by a property slump in Hong Kong and mainland China, New
World has been struggling with its debt, Bloomberg relays. The swap
is the company's latest move to ease liquidity stress stemming from
the years-long downturn. The company completed a record US$11
billion loan deal in June and secured a HK$3.95 billion loan backed
by its crown jewel asset, Victoria Dockside, in September.

Under the swap plan, New World has offered to issue up to US$1.79
billion of perpetuals, expanding from an original US$1.6 billion
after an initial early deadline of Nov 17, in exchange for its old
notes at a price of 50 cents on the dollar, according to Bloomberg.
It also proposed a debt swap for some of its conventional bonds, at
a lower haircut.

"It signals unease with the exchange offer plan and makes it more
challenging for the developer to introduce new proposals for other
debt instruments, such as Hong Kong dollar bonds," said Bloomberg
Intelligence analyst Daniel Fan.

The general deadline falls on Dec. 2 at 11:59 p.m. New York time,
giving perpetual bond holders until then to receive US$50 more for
each US$1,000 in deferred interest and principal on the existing
notes than in the original base offer, adds Bloomberg.

                    About New World Development

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.

New World is still facing challenges even after it pulled off one
of Hong Kong's biggest refinancing deals worth US$11 billion
earlier this year. It has also been trying to secure a loan of as
much as HKD15.6 billion led by Deutsche Bank, though it recently
missed a self-imposed target for that effort, Bloomberg News.

Controlled by Hong Kong's Cheng family, New World carries the
heaviest debt burden among major developers in the city, amid a
prolonged real estate downturn in the financial hub and mainland
China. Its net debt reached 95.5 per cent of shareholders' equity
as at December, according to Bloomberg Intelligence.


WEST KOWLOON CULTURAL: Posts HK$769 Million Deficit
---------------------------------------------------
Dimsum Daily reports that the West Kowloon Cultural District, a
flagship cultural landmark, has recorded another annual loss, with
its deficit widening further.  Dimsum Daily, citing government
papers submitted to the Legislative Council, discloses that the
district's deficit for the 2024/25 financial year rose 33 per cent
year on year to HK$769 million. Core income fell 18 per cent from
HK$1.061 billion to HK$871 million, while the end of support from
the Anti-epidemic Fund pushed staff costs up by HK$123 million to
HK$571 million. The figures have renewed questions over the
project's long‑term sustainability.

Dimsum Daily relates that officials noted that despite the higher
shortfall, the HK$769 million deficit is broadly in line with those
in 2021/22 (HK$772 million) and 2022/23 (HK$718 million). They
added that the West Kowloon Cultural District Authority met all
financial discipline KPIs in 2024/25, including the three‑year
cap on operating deficits and the ceiling on staff costs as a share
of total annual operating expenditure.

Explaining why last year's operating performance lagged 2023,
authorities said the earlier period benefited from Hong Kong's
rapid post‑pandemic recovery, improved local consumption
sentiment and a still‑muted outbound travel market, which lifted
revenues across the district, including ticket sales, Dimsum Daily
relates. Although visitor numbers and event counts continued to
rise in 2024/25, global political and economic uncertainty and
shifts in spending habits among residents and tourists weighed on
takings. Ticketing, fundraising and programme income declined,
while corporate B2C and B2B revenues fell 23 per cent and 12 per
cent year-on-year, respectively.




=========
I N D I A
=========

ACCORD WATERTECH: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Accord
Watertech & Infrastructureprivate Limited (AWIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 25, 2024, placed the rating(s) of AWIPL under the
'issuer non-cooperating' category as AWIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AWIPL 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

Accord Watertech And Infrastructure Private Limited (AWIPL) was
incorporated in 2009 by Mr. Anik Choudhary, Mr. Dhiren Mevada and
Mr Ajay Sharma as a private limited company and is engaged in the
business of civil construction services. AWIPL is registered as a
class A contractor for electrical & mechanical work and Class II
contractor for civil work, which enables it to bid for projects of
any size within the state of Maharashtra floated by government
agencies.


AGRAWAL OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agrawal Oil
& General Industries (AOGI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       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 November 7, 2024, placed the rating(s) of AOGI under the
'issuer non-cooperating' category as AOGI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AOGI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 23, 2025, October 3, 2025, October 13, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

AOGI was established in 1983 by Mr. Sanjay N Agrawal and Ms. Sunita
Sanjay Agarwal. It is engaged in the business of processing of
cottonseed oil and cottonseed cake AOGI operates from its
processing plant located at Amravati. Further, AOGI also provides
operational support to its group entity Agrawal Traders.


AVIOM INDIA: Creditors to Go for Swiss Challenge
------------------------------------------------
The Economic Times reports that the committee of creditors (CoC)
for Aviom India Housing Finance has decided to conduct an auction
under the Swiss challenge mechanism to attract competitive bids,
according to people familiar with the development.

The creditors' committee has dismissed the revival proposal put
forth by the promoters, ET says.

PwC is currently developing the auction guidelines, with an
e-auction date set to be announced shortly, according to ET.

                            About Aviom

Aviom India Housing Finance is a Delhi-based housing finance
company which provides home loans and loan against property to
low-income women borrowers in Tier II and Tier III towns. The
borrowers are self-employed or salaried individuals in informal
sectors.

Aviom commenced insolvency proceedings on Feb. 20, 2025.


BALAJI MOBITECH: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balaji
Mobitech Private Limited (BMPL) 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     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 14, 2024, placed the rating(s) of BMPL under the
'issuer non-cooperating' category as BMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 30, 2025, October 10, 2025 and October 20, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Balaji Mobitech Pvt. Ltd. (BMPL) was incorporated on April 25,
2007. BMPL is involved in trading of mobile phones, mobile phone
batteries & chargers and accessories such as hand free kit, data
cable, MMC card etc.

BEC FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bec
Fertilizers Limited (BFL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      63.70       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 25, 2024, placed the rating(s) of BFL under the
'issuer non-cooperating' category as BFL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BFL 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

BEC Fertilizers Limited (BFL) was incorporated in 2013 by Mr. Veenu
Jain, Mr. Viren Jain and Mr. Arjun Jain. The company is part of BEC
group (with flagship company Bhilai Engineering Corporation Limited
– rated ACUITE D) which has its presence across diversified
business viz. engineering [manufacturing of high precision
equipment's catering mainly to railways, power, defense and metals
& minerals industry], fertilizers, agro chemicals and food
products. BFL is into manufacturing of Single Super Phosphate (SSP,
phosphatic fertilizer) as well as is into conversion to value-added
Granulated SSP. The company has
plants located at Bharuch in Gujarat, Pulgaon in Maharashtra and
Bilaspur in Chhattisgarh.

BEE PEE: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bee Pee
Rollers Private Limited (BPRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 11, 2024, placed the rating(s) of BPRPL under the
'issuer non-cooperating' category as BPRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BPRPL 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).

The ratings assigned to the bank facilities of BPRPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Bee Pee Rollers Private Limited (BPRPL) was incorp orated in June
1994 and currently, the company is managed by Mr. Prem Chand
Agarwal and Mr. Akhil Kumar Agarwal. Since its inception, the
company has been engaged in manufacturing of structural steel
products such as TMT bars. The manufacturing unit of the company is
located at Kalunga, Sundargarh, Odisha.

CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Card Pro
Solutions Private Limited (CPSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.84      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.30      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 7, 2024, placed the rating(s) of CSPL under the
'issuer non-cooperating' category as CSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 23, 2025, October 3, 2025, October 13, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Card Pro Solutions Private Limited (CSPL) incorporated in 1989 as
Kamal Offset Private Limited by Mr. Vikas Choudhary and Mr. Kishin
Gidwani and got its current name in 2010. CSPL is engaged in
business of the manufacturing of pre-paid cards and chip & non-chip
based smart cards. CSPL has its manufacturing facility located at
Navi Mumbai. Further it has head office in Mumbai (Maharashtra) and
also has two more branches in Delhi and Kolkata for conducting its
marketing activities.

DASHMESH RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dashmesh
Rice Mills (Tarn Taran) (DRMT) 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 November 15, 2024, placed the rating(s) of DRMT under the
'issuer non-cooperating' category as DRMT had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DRMT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 1, 2025, October 11, 2025 and October 21, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Dashmesh Rice Mills_(Tarn Taran) (DRMT) was established in 2001 as
a partnership firm and is currently being managed by Mr. Prem
Singh, Mr Dalip Singh and Mr Harjit Singh. The firm is engaged in
the processing of paddy at its manufacturing facility located at
Tarn Taran, Punjab.


DHURIA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhuria Rice
Mill (DRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       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 November 13, 2024, placed the rating(s) of DRM under the
'issuer non-cooperating' category as DRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 29, 2025, October 9, 2025 and October 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

Dhuria Rice Mills (DRM) was established in 1978 as a partnership
firm and is currently being managed by Mr Ashok Kumar and Mr Arun
Kumar sharing profit and losses equally. DRM is engaged in
processing of paddy at its manufacturing unit located at Fazilka,
Punjab.


FIVE STAR: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Five Star
Shipping Agency Private Limited (FSSAPL) 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 11, 2024, placed the rating(s) of FSSAPL under the
'issuer non-cooperating' category as FSSAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. FSSAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2025, September 6, 2025, September 16, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Incorporated in April 2000, Five Star Shipping Agency Private
Limited (FSSAPL) was promoted by Mr. Saik Majaffar, Mr. Asraf Ali
Shaikh and Mr. Sekh Ajgar Ali based out of Kolkata, West Bengal.
Since its inception, the company has been engaged in contract
labour services at Haldia port. The activities of the company
include loading and unloading of goods at client site as per their
requirement.


GALAXY ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Galaxy
Enterprise (GE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 25, 2024, placed the rating(s) of GE under the
'issuer non-cooperating' category as GE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GE 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

About the Firm Vadodara (Gujarat) based, Galaxy Enterprise (GE) was
established as a partnership firm in August 27, 2014. GE has other
entities which are also engaged into real estate development. The
group has successfully completed number of residential and
commercial projects under different entities in Vadodara. GE is
engaged in the real estate development and is currently executing
its residential cum commercial project named 'Devine Galaxy' at
Vadodara, Gujarat. It comprises of 115 bungalows, 161 flats and 134
shops with total 2,89,453 Sq. Ft.

INNOVARE LABS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Innovare
Labs Private Limited (ILPL) continue to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      165.47      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      21.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 16, 2024, placed the rating(s) of ILPL under the
'issuer non-cooperating' category as ILPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ILPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
2, 2025, August 12, 2025, August 22, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Innovare Labs Private Limited (ILPL) was established as a private
limited company on August 02, 2012 and promoted by Dr. Sunil Kumar
I.V. (CEO), who has 24 years of pharma experience and was
associated with various pharma companies such as Laurus Labs,
Mylan, VERA Laboratories Limited, SOL Pharmaceuticals Limited and
holds 90 patents (in his individual capacity) from the past 120
products worked on. The company is engaged in manufacturing of Key
starting Materials (KSM's), APIs, pharmaceutical intermediaries and
Contract Research and Management Services (CRAMS). The company has
successfully commenced operations and has dispatched validation
batches from December 2018 at its manufacturing plant located in
Vishakhapatnam. Installed capacity expanded from 40 reactors (138KL
reactor capacity) to 51 reactors (178KL reactor capacity). The
company successfully commercialized sales for 16 API's and 11
Intermediates till November 30, 2022.

IRIS HEALTH: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IRIS
Health Services Limited (IHSL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.97       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.88       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 IHSL under the
'issuer non-cooperating' category as IHSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. IHSL 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 December 18, 2007, IRIS Health Services Ltd (IHSL)
was promoted by Mr. Pavan Kumar Poddar, Mr. Govindswamy Sridharan,
Mr. Nikhil Poddar, Mr. Ramesh Kumar Kedia, Mr. Vivek Kumar Kathotia
and Mr. Sanjay Kumar Ginoria based out of Kolkata, West Bengal. The
company has started its commercial operations from February 2008
onwards. The company has been engaged in Healthcare Services.
Currently the hospital is running with 180 beds which consist of 35
deluxe beds, 22 emergency beds, 15 Intensive Care Unit (ICU), and
other general beds.


J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J P Singhal
& Company (JPSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 7, 2024, placed the rating(s) of JPSC under the
'issuer non-cooperating' category as JPSC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JPSC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 23, 2025, October 3, 2025, October 13, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

JPSC was established in December, 1982 as proprietorship firm by
Mrs. Kamaladevi Singhal which was later on reconstituted as
partnership firm in November 2013. Presently, JPS is managed by
four partners namely Mr. Jai Prakash Singhal, Mr. Narendra Kumar
Singhal, Mr. Dinesh Kumar Singhal and Mr. Madanlal Singhal. JPS is
engaged into providing services such as conducting seismic surveys,
bunk accommodation, catering, equipment supply, manpower supply and
housekeeping service. JPSC is also engaged into trading of
stationery, hardware products, electronic products, gaming
equipment, sports and gym items etc.


M J HOME: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M J Home
Furnishing (MJHF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.05       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 November 15, 2024, placed the rating(s) of MJHF under the
'issuer non-cooperating' category as MJHF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MJHF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 1, 2025, October 11, 2025, October 21, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Haryana based, M J Home Furnishing was incorporated on March 28,
2015. However, the commercial operations commenced in October, 2018
and are currently being managed by Mr. Hemant Jain, Mr. Shubham
Jain and Mrs. Asha Rani Jain as its partners. Prior to June-19, the
firm was engaged in trading of thread like polyester yarn. However,
the firm has setup the manufacturing unit for manufacturing of grey
fabric which finds its end use in wide width bed sheets.


M.G. ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.G.
Associates (MA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; 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 MA under the
'issuer non-cooperating' category as MA had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MA 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

Kalaburagi (Karnataka) based, M.G. Associates (MA) was established
in the year 2010 as a partnership firm by Rathi and Mailapur
family. The firm is engaged in the construction of residential
townships, apartments, shopping malls and commercial complexes.
Further, the firm has diversified its business in FY18 into
hospitality by starting hotel in the name of Citrus Hotel in
Gulbarga, Karnataka. Currently, the firm engaged in development of
residential project in Gulbarga with total investment of INR72.64
crore.


MAHADEV COLD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahadev
Cold Storage (MCS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 13, 2024, placed the rating(s) of MCS under the
'issuer non-cooperating' category as MCS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 29, 2025, October 9, 2025 and October 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

Aligarh (Uttar Pradesh) based Mahadev Cold Storage (MCS) a
partnership firm was incorporated in 2007 by Shri Indra Pal Singh,
Smt. Manju Devi, Smt. Kalpana Tiwari, Shri Varun Kumar Rathore,
Shri Arun Kumar Rathore and Shri Pushkar Kumar Rathore. MCS is
engaged in renting of its cold storage facility for potatoes to the
local farmers in Aligarh with multi chambers.


MARVELOUS METALS: CARE Cuts Rating on INR13.53cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Marvelous Metals Private Limited (MMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.53      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable

   Long Term/           1.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B-;
                                   Stable/CARE A4

   Short Term Bank       2.14      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable and Downgraded
                                   From CARE A4

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 7, 2024, placed the rating(s) of MMPL under the
'issuer non-cooperating' category as MMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 23, 2025, October 3, 2025, October 13, 2025 and
November 20,2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of MMPL have been
revised on account of non-availability of requisite information.
The rating revision also considers the initiation of liquidation
proceedings for MMPL as recognized from publicly available
information i.e. NCLT order dated August 4, 2025.

Analytical approach: Standalone

Outlook: Not Applicable
Marvelous Metals Private Limited (MMPL) was incorporated in the
year 1985 by Mr. Surjitsingh Pawar (Managing Director), along with
his brother and other associates to undertake manufacturing as well
as exporting Cast Iron (C.I.) components and sub-assemblies. The
company's facility is located in Kolhapur, Maharashtra.

MUTHURAJA MODERN: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Muthuraja
Modern Rice Mill (MMRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 28, 2024, placed the rating(s) of MMRM under the
'issuer non-cooperating' category as MMRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MMRM 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

Tamil Nadu based, Muthuraja Modern Rice Mill (MMRM) was
incorporated in 2000 and promoted by Mr. Muthiah vellaisamy. MMRM
is engaged in processing and selling of rice. The rice processing
unit of the firm is located at Palaiyur, Kandanur, Puduvayal,
Sivaganga, Tamil Nadu. Apart from rice processing and selling, the
firm is also into selling off by products such as broken rice and
rice bran. The main raw material, paddy, is majorly procured from
paddy merchants and farmers located in Tamil Nadu region (Around
90%) and from Kerala, Andhra Pradesh, Karnataka (Around 10%). The
firm sells rice and other byproducts to the rice dealers located in
Tamil Nadu.

RADHA MADHAV: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radha
Madhav Developers (RMD) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       30.00      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 November 5, 2024, placed the rating(s) of RMD under the
'issuer non-cooperating' category as RMD had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RMD continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 21, 2025, October 1, 2025, October 11, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

RMD was set up in 2013 by Mr. Rajesh Agarwal, Mr. Sanjay Agarwal,
and their family members. The firm undertakes residential real
estate development projects and is based in Nagpur, Maharashtra.


RAIGARH CHAMPA: JSW Energy Gets CoC Nod to Acquire Company
----------------------------------------------------------
The Economic Times reports that JSW Energy has secured the approval
of the creditors of Raigarh Champa Rail Infrastructure for its
proposal to acquire the debt-laden entity currently under the
insolvency process.

JSW Energy acquired KSK Mahanadi Power Company Ltd (KMPCL), a 3,600
MW thermal power plant in Chhattisgarh, for INR16,084 crore through
the insolvency process, in March this year, ET recalls.

After the KMPCL acquisition, JSW Energy held significant indirect
ownership in Raigarh Champa Rail Infrastructure Private Limited
(RCRIPL), which is the sole provider of rail infrastructure for
coal transportation services to KMPCL.

In an exchange filing on Nov. 27, JSW Energy said, "We wish to
inform that the resolution plan submitted by the company for RCRIPL
under the corporate insolvency resolution process has been approved
by the Committee of Creditors," ET relays.

ET relates that JSW Energy said it received a Letter of Intent from
the Resolution Professional on Nov. 26.

The closure of the transaction will be subject to the receipt of
approval from the National Company Law Tribunal.


RS NAVYA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RS- Navya
Polymers India Private Limited (RNPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 28, 2024, placed the rating(s) of RNPIPL under the
'issuer non-cooperating' category as RNPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RNPIPL 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

Bangalore (Karnataka) based RS-Navya Polymers India Private Limited
(RNPIPL) was incorporated in 1997 as a Private Limited. The present
board of directors consists of Mr. Santosh Kumar Chhajer (Managing
Director) and Mr. Mal Chand Chhajer. The company is engaged in
manufacturing of plastic household products like buckets,
containers, stool, baskets etc. with installed capacity of 75 ton
per month.


SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Sankheswaraa Gold Exports Private Limited (SGEPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.50      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 November 7, 2024, placed the rating(s) of SGEPL under the
'issuer non-cooperating' category as SGEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 23, 2025, October 3, 2025, October 13, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Sankheswaraa Gold Exports Private Limited (SGEPL) was incorporated
on June, 25, 2012 by Mr Ketan Nirmal Jain & family. In March, 2016,
the company was taken over by Mr Rakesh Champalal Parekh and Mr
Nikunj Pravin Parekh. SGEPL commenced its operations from May 19,
2016 by setting up a plant & machinery for manufacturing of gold
chains and bracelets with high quality art and finishing.


SARNA MARBLES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarna
Marbles Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 30, 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
September 15, 2025, September 25, 2025, October 5, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Jaipur (Rajasthan) based Sarna Marbles Private Limited (SMPL) was
incorporated in 2006 by Mr Bajrang Lal Khetan and Mr Ramchandra
Khetan. Later on, the management was acquired by Mr Arvind Khetan,
son of Mr Bajrang Lal Khetan. The company is engaged in the
business of manufacturing of High-Density Polyethylene (HDPE) and
Rigid PVC pipes and sells its product in the brand name of
"Khetan".

SCG EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SCG Exports
Private Limited (SEPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     340.00      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 6, 2024, placed the rating(s) of SEPL under the
'issuer non-cooperating' category as SEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 22, 2025, October 2, 2025, October 12, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

SCG Exports Private Ltd (SEPL), promoted by the Gouti family
commenced its operations in January 2007. SEPL started its
operation by selling 'hand-made gold Jewellery' to Middle East
markets where its entire hand-made jewellery is sold to SCG
Jewellers LLC (SJL) and ALL Amirats Jeweller LLC (AAJL), (not
related) based in Dubai, which in turn caters to countries in the
Middle East. During FY14, SEPL forayed into Indian markets.

SVM OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SVM Oil
Industries (SOI) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       14.00      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 November 5, 2024, placed the rating(s) of SOI under the
'issuer non-cooperating' category as SOI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SOI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 21, 2025, October 1, 2025, October 11, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Bharatpur (Rajasthan) based S.V.M Oil Industries (SOI) was formed
in 2006 as a partnership concern. Initially, the firm was formed by
Mr. Vishnu Kumar, Mr. Satish Chand, Mrs. Manju Rani. SVM is engaged
in the business of extraction of mustard oil from mustard seeds as
well as mustard oil cake. The firm is also engaged in the trading
of mustard crude oil as well as soyabean oil and rice bran oil.


WOODLANDS HOUSING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Woodlands
Housing Private Limited (WHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       15.00      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 21, 2024, placed the rating(s) of WHPL under the
'issuer non-cooperating' category as WHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. WHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 6, 2025, September 16, 2025, September 26, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable
Incorporated in 2016 by Mr. Surendra Kapur, son Mr. Joy Kapur, and
nephew Mr. Gaurav Kapur, Woodlands Housing Private Limited (WHPL),
is engaged into real estate development.



=================
I N D O N E S I A
=================

PAN BROTHERS: Fitch Hikes National LongTerm Rating to 'B-(idn)'
---------------------------------------------------------------
Fitch Ratings Indonesia has upgraded Indonesia-based garment
manufacturer PT Pan Brothers Tbk's National Long-Term Rating to
'B-(idn)' from 'RD(idn)'. The Outlook is Stable.

The upgrade follows the completion of Pan Brothers' restructuring
process, with the issuance of new notes and mandatory convertible
bonds (MCBs) on 14 November 2025 as part of the new capital
structure. The rating reflects reduced liquidity and refinancing
pressure in the absence of near-term debt maturity. However,
liquidity remains tight on limited funding access, high working
capital needs, and execution risks around the company's operational
turnaround.

'B' National Ratings denote a significantly elevated level of
default risk relative to other issuers or obligations in the same
country or monetary union.

Key Rating Drivers

New Notes and MCBs: Pan Brothers has completed its in-court debt
restructuring, which included issuance of USD79 million of new
notes and USD157 million of MCBs on 14 November 2025. As a result,
the company's USD337 million of debt has been fully restructured
into USD180 million of debt and USD157 million of MCBs.

Extended Debt Maturity, Lower Interest: The restructuring has
extended Pan Brothers' debt by 11-15 years, with the first debt
repayment due in 2029. Fitch estimates debt maturities at under
USD1 million in 2029, USD5 million in 2030, and USD10 million in
2031, before exceeding USD10 million a year in 2032-2035. Of the
new notes, USD50 million are due in 2036 and USD29 million in
2040.

The new debt has much lower interest rates at 1%-2%, with cash and
paid-in-kind components, compared with pre-restructuring rates of
2.5%-7.625%. Financial covenant testing on the new debt will start
from 2030.

Tight Liquidity, Limited Funding Access: Pan Brothers relies on
letters of credit from PT Bank UOB Indonesia (AAA(idn)/Stable) and
internally generated cash to fund operations. Lenders' appetite for
the Indonesian textile sector has weakened after several defaults.
Most of Pan Brothers' assets have been pledged for the restructured
debt, which limits its ability to raise more secured debt. The thin
EBITDA margin also gives limited cushion against risks.

Turnaround Risks: Significant improvement in revenue and EBITDA
will depend on the company's ability to secure funding for its high
working capital needs. The current limited external funding
constrains its cash generation and growth. Fitch estimates revenue
to fall by 15% in 2025 (2024: -45%) on weaker customer demand and
limited working capital funding. Fitch expects revenue to start
recovering in 2026-2027, which will improve EBITDA margin to 1%-4%
(2024: 0.6%), still below the 7%-8% in 2021-2023. Fitch forecasts
Pan Brothers will be able to cover its cash interest obligations,
with EBITDA interest coverage above 3x, given the lower interest
rates.

High Leverage: Fitch forecasts Pan Brothers' EBITDA net leverage to
be above 20x in 2025-2027, due to subdued EBITDA generation and
high debt, albeit lower after the restructuring. Free cash flows
are likely to remain volatile during the period, driven by low
EBITDA, high working capital requirement and annual maintenance
capex. Fitch has assigned 50% equity credit to the MCBs as they
have no coupons, are subordinated, have a fixed conversion rate and
the mandatory conversion date is still more than three years away.

Peer Analysis

Pan Brother's National Long-Term Rating is lower than PT Kawasan
Industri Jababeka Tbk's (KIJA, BB+(idn)/Stable). Fitch expects Pan
Brothers to face higher financial and operational risks, due to
weaker cash generation, financial access and business profile
compared to KIJA. Pan Brothers' operations are impacted by its
limited working capital, which constrains its revenue and EBITDA
generation.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Revenue to drop by 15% in 2025, before growth of 8%-10% a year in
2026-2027 as demand recovers.

- EBITDA margin of 1% - 5% in 2025 - 2027.

- Capex of USD3 million-4 million in 2025-2027 in the absence of
capacity expansion.

- No dividend payments in 2025 - 2027.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Deterioration in liquidity, including failure to service debt
obligations

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Improvement in revenue and EBITDA generation, leading to
sustained improvement in CFO generation and deleveraging

Liquidity and Debt Structure

Pan Brother's liquidity remains constrained, with limited access to
funding. The company had USD13.8 million of available cash and no
known committed undrawn facilities at end-September 2025. It has
only a letter of credit facility from PT Bank UOB Indonesia and
vendor financing to support its working capital needs.

Issuer Profile

Pan Brothers is a garment manufacturer based in Indonesia, with a
production capacity of up to 111 million pieces a year. Adidas and
Uniqlo are among its main customers and exports represented around
94% of total sales in 2024.

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.

   Entity/Debt               Rating              Prior
   -----------               ------              -----
PT Pan Brothers Tbk   Natl LT B-(idn)  Upgrade   RD(idn)




===============
M A L A Y S I A
===============

1MDB: Malaysia Still Owes MYR24.46BB Debt at 2025 September End
---------------------------------------------------------------
theedgemalaysia.com reports that Malaysia still has MYR24.46
billion in outstanding 1Malaysia Development Bhd (1MDB) liabilities
as at end-September this year, despite having recovered MYR31.2
billion linked to the scandal-hit fund and its former subsidiary
SRC International Sdn Bhd (SRC).

In a written parliamentary reply on Nov. 27, the Ministry of
Finance (MOF) said the outstanding debt comprises MYR9.02 billion
in Islamic Medium-Term Notes (IMTN) sukuk - including MYR5 billion
in principal and MYR4.02 billion in interest - and MYR15.44 billion
in shareholder advances from the ministry and Minister of Finance
Inc, according to theedgemalaysia.com.

Of the recovered MYR31.2 billion, the ministry said the entire
amount has been channelled into the Asset Recovery Trust Account
(AA MKA), which includes hibah and foreign-exchange adjustments
accumulated since the account was established in December 2018.

The ministry added that MYR12.43 billion of the total was recovered
between 2022 and 2025, theedgemalaysia.com relays.

The MOF was responding to Bandar Tun Razak MP Datuk Seri Dr Wan
Azizah Wan Ismail, who asked how the government ensures that public
funds and assets recovered from high-profile cases since 2022 are
utilised for development projects, and what transparent and
effective monitoring mechanisms are in place.

According to theedgemalaysia.com, the MOF said the AA MKA funds are
strictly managed and used only to service existing 1MDB and SRC
debt obligations, not for operating or development expenditure, to
avoid further strain on public finances.

As at Sept. 30, 2025, the AA MKA held a balance of MYR5.29 billion
- still insufficient to cover the remaining liabilities.

theedgemalaysia.com relates that the ministry said it remains
committed to intensifying recovery efforts to maximise returns and
settle all outstanding 1MDB and SRC debts within the stipulated
time frame.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

In July 2020, the High Court convicted former Prime Najib Razak on
all seven counts of abuse of power, money laundering and criminal
breach of trust and was sentenced to 12 years imprisonment and
fined MYR210 million.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as $780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.


KHEE SAN: On Track to Exit PN17 Status
--------------------------------------
The Star reports that after posting 11 consecutive quarters of
profitability, Khee San Bhd is aiming to exit the Practice Note 17
(PN17) status before accelerating its domestic and international
growth.

The candy maker's PN17 exit is backed by a proposed rights issue
intended to strengthen the company's balance sheet and fund
expansion initiatives, The Star says.

According to The Star, executive chairman Desmond Yong Loong Chen
said Khee San plans to grow its presence at home and abroad.

On exports, in particular, he said the group currently exports to
over 20 countries and aims to more than double its international
footprint to 50 markets over the next five years.

Khee San sees strong opportunities in markets such as China and
India, driven by rising consumer demand for confectionery
products.

"We are also exploring product diversification to capture emerging
trends such as healthier snacks and innovative flavours, which will
further enhance our competitiveness in both existing and new
markets," he told StarBiz.

Yong added that the company's focus on operational efficiency,
customer relationships, and tighter financial controls has helped
deliver 11 consecutive quarters of profitability, The Star relays.

Looking ahead, he said Khee San plans to expand its sales force and
marketing efforts to increase market coverage, elevate brand
visibility, and translate operational improvements into higher
revenue.

                          About Khee San

Khee San Berhad is a Malaysia-based investment holding company. The
Company, through its subsidiaries, manufactures sweets and
confectionery products.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17)
company after its wholly-owned subsidiary was placed under judicial
management.

In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd,
via its solicitor Messrs Shook Lin & Bok, had filed an application
to place its unit Khee San Food Industries Sdn Bhd under the
court-supervised restructuring, theedgemarkets.com said.

On May 9, 2023, Khee San Bhd announced a regularisation plan, which
Bursa Malaysia approved on Aug. 19, 2024 and granted Khee San until
Feb. 18, 2026 to complete its implementation.

According to The Star, the plan includes a MYR137.52 million share
capital reduction, a scheme of arrangement with creditors, and an
employee share option scheme of up to 15% of the enlarged share
base for directors and staff.

The company currently carries total indebtedness of MYR141.47
million, with settlements amounting to MYR72.24 million –
including MYR21.06 million in settlement shares.


LAMBO GROUP: Unveils PN17 Regularisation Plan
---------------------------------------------
The Malaysian Reserve reports that Lambo Group Bhd has finally
tabled its long-awaited regularisation plan to Bursa Malaysia,
anchoring it on a MYR110 million share capital reduction, a major
diversification into the food and beverage business and the
reallocation of more than MYR30 million in previously raised
funds.

According to The Malaysian Reserve, the move comes as the ACE
Market company races to meet its revised deadline of Dec. 1, 2025
to submit a complete plan after years of extensions following its
GN3 classification.

Under the proposal, Lambo will cancel MYR110 million from its
issued share capital of MYR258.5 million, The Malaysian Reserve
relates. The credit will be used to eliminate the company's
accumulated losses, which stood at MYR105.89 million at the company
level and MYR102.85 million at the group level as at June 30,
2025.

After adjusting for MYR1.6 million in estimated expenses tied to
the plan, the reduction would reverse the accumulated losses into
retained earnings of MYR2.51 million at the company level and
MYR5.55 million at the group level.

According to The Malaysian Reserve, Lambo is also seeking
shareholder approval to formally diversify into the distribution,
wholesale, trading and retail of food and beverage products,
including live and frozen seafood, Korean Hanwoo beef and alcoholic
beverages, as well as the operation of restaurants and cafés.

The segment, which is currently reflected under retail operations,
has rapidly become the group's main revenue driver.

In the nine months ended June 30, 2025, the F&B business
contributed MYR27.93 million in revenue, making up 67.16% of the
group's MYR41.59 million topline.

This compares with only MYR784,000 in FY2023 and MYR1.31 million in
FY2024, The Malaysian Reserve discloses.

The Malaysian Reserve says the group also plans to rationalise
MYR30.40 million from the MYR57.59 million in unutilised proceeds
originally raised across three fund-raising exercises between 2020
and 2021, where Lambo secured a total of MYR154.87 million.

The bulk of the proposed reallocations involve shifting unused
marketing, system enhancement and warehouse-related budgets toward
inventory procurement for wine, champagne and seafood.

Under Private Placement I, MYR13.51 million will be reallocated,
while MYR3.61 million and MYR1.67 million will be shifted under
Private Placement II.

A further MYR10 million will be reallocated under the rights issue
with warrants, following an earlier MYR15 million variation in
2023.

Lambo's pivot into F&B is already underway through subsidiaries
involved in restaurant operations, seafood wholesaling and the
distribution of imported alcoholic beverages.

The group plans to open a new full-service restaurant under "The
Lemon Tree" brand in Genting Highlands by end-2025 and expand into
retailing live seafood via consignment at partner restaurants, as
well as broaden its frozen seafood portfolio.

According to The Malaysian Reserve, the group posted a loss of
MYR14.42 million for the nine-month period to June 2025, reversing
the profits achieved in FY2023 and FY2024.

Its IT consultancy and e-commerce segment, once its primary revenue
source, generated MYR10.59 million compared with MYR10.83 million
in FY2023 and MYR21.89 million in FY2024.

                         About Lambo Group

Lambo Group Berhad is an investment holding company. Through its
subsidiaries, the Company is involved in providing e-commerce
platforms, logistics services, and retail business.

Lambo slipped into GN3 status in January 2023 after its external
auditors issued a disclaimer of opinion for the 16-month financial
period ended Sept. 30, 2022.

The company has since sought multiple extensions, most recently
securing a deadline of Dec 1, 2025 to submit its regularisation
plan.

Bursa Securities had rejected earlier extension requests in
September 2024 on grounds that Lambo had not shown sufficient
progress.




=====================
N E W   Z E A L A N D
=====================

84 HOBSONVILLE: Creditors' Proofs of Debt Due on Dec. 22
--------------------------------------------------------
Creditors of 84 Hobsonville Road Limited are required to file their
proofs of debt by Dec. 22, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 21, 2025.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141


BENDON GROUP: Posts Third Straight Annual Loss in 2025
------------------------------------------------------
The New Zealand Herald reports that Bendon Group has reported its
third loss in a row in its 2025 full-year financial result, as the
business struggles to gather positive momentum.

Bendon reported NZD4.2 million net loss for the year ended June 30,
2025.

Bendon posted a NZD4.10 million loss for the year ended June 30,
2024, compared with NZD4.19 million the prior year, BusinessDesk
disclosed citing Companies Office records.

Bendon Group Limited manufactures and distributes intimate apparel,
women's lingerie, and men's underwear in New Zealand, Australia and
other countries.


BLAKEMAN EARTHWORKS: Court to Hear Wind-Up Petition on Dec. 8
-------------------------------------------------------------
A petition to wind up the operations of Blakeman Earthworks Limited
will be heard before the High Court at Greymouth on Dec. 8, 2025,
at 11:00 a.m.

L & F Limited filed the petition against the company on Oct. 22,
2025.

The Petitioner's solicitor is:

         Nicholas R. Frith
         MinterEllisonRuddWatts
         PwC Tower, Level 22/15
         Customs Street West
         Auckland 1010


ENSURA BUILDING: Creditors' Proofs of Debt Due on Dec. 31
---------------------------------------------------------
Creditors of Ensura Building Services 2018 Limited and Queenstown
Health Limited are required to file their proofs of debt by Dec.
31, 2025, to be included in the company's dividend distribution.

Ensura Building Services 2018 Limited commenced wind-up proceedings
on Nov. 20, 2025.

Queenstown Health Limited commenced wind-up proceedings on Nov. 21,
2025.

The company's liquidator is:

          Bryan Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


JCD NZ: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Nov.
25, 2025, were appointed as receivers and managers of JCD NZ
Limited.

The receivers and managers may be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland 1140


MEGA CAPITAL: Court to Hear Wind-Up Petition on Dec. 4
------------------------------------------------------
A petition to wind up the operations of Mega Capital Group Limited
will be heard before the High Court at Auckland on Dec. 4, 2025, at
10:00 a.m.

Auckland Council filed the petition against the company on June 25,
2025.

The Petitioner's solicitor is:

          Kirstin Margaret Wakelin
          135 Albert Street
          Auckland


MONSTER GROUP: Creditors' Proofs of Debt Due on Dec. 24
-------------------------------------------------------
Creditors of Monster Group Employment Services Limited are required
to file their proofs of debt by Dec. 24, 2025, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 24, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


PANSTAR BRACKEN: Court to Hear Wind-Up Petition on Dec. 11
----------------------------------------------------------
A petition to wind up the operations of Panstar Bracken Limited
will be heard before the High Court at Auckland on Dec. 11, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 3, 2025.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PEOPLES COFFEE: Creditors' Proofs of Debt Due on Dec. 31
--------------------------------------------------------
Creditors of Peoples Coffee Retail Limited and Peoples Coffee
Limited are required to file their proofs of debt by Dec. 31, 2025,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2025.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          Level 2, 40 Lady Elizabeth Lane
          Wellington
          PO Box 57124
          Mana
          Porirua 5247


PORJAI LIMITED: Court to Hear Wind-Up Petition on Dec. 4
--------------------------------------------------------
A petition to wind up the operations of Porjai Limited will be
heard before the High Court at Auckland on Dec. 4, 2025, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 23, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PRINCE OF PERSIA: Creditors' Proofs of Debt Due on Dec. 24
----------------------------------------------------------
Creditors of Prince of Persia Restaurant Limited are required to
file their proofs of debt by Dec. 24, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 18, 2025.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141




=================
S I N G A P O R E
=================

1AXIS RENTAL: Court to Hear Wind-Up Petition on Dec. 19
-------------------------------------------------------
A petition to wind up the operations of 1Axis Rental Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 19, 2025, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on Nov. 13,
2025.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


ADS INDUSTRY: Creditors' Proofs of Debt Due on Dec. 19
------------------------------------------------------
Creditors of ADS Industry Holding Pte. Ltd. are required to file
their proofs of debt by Dec. 19, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 18, 2025.

The company's liquidator is:

          Dr. Knut Unger
          c/o Luther LLP
          9 Raffles Place
          #24-01, Republic Plaza
          Singapore 04861


CORDLIFE GROUP: MOH Orders Group to Stop Collecting New Cord Blood
------------------------------------------------------------------
The Business Times reports that Cordlife Group received a notice
from the Ministry of Health (MOH) to stop collecting, testing,
processing and/or storing new cord blood, effective Nov. 26.

This means that the group has been suspended from collecting new
cord-blood units (CBUs).

According to BT, Cordlife will be permitted only to store existing
CBUs, while performing limited actions in relation to them.

These actions include facilitating the transfer of existing CBUs to
other cord-blood banks, and disposal of such existing CBUs as per
instructions from the group's clients.

BT relates that MOH said the conditions will remain in force even
if the company's licence is renewed for one year in January 2026,
and until Cordlife demonstrates the ability to consistently meet
the regulatory requirements for cord-blood banking services.

MOH also maintains earlier directions to the company, which include
replacing its current clinical governance officer, and reviewing
all laboratory records of the around 160 CBUs collected since
January, BT relays.

This notice of regulatory action comes with MOH's assessment that
Cordlife had not adequately addressed the concerns raised during
the ministry's mid-point audit in July, to continue providing its
cord-blood banking service in a "safe, clinically and ethically
appropriate manner".

BT notes that the ministry has issued a notice of intent to the
group on Sept. 29 regarding the intended suspension of its
licence.

Cordlife had responded to the notice with written representations
to MOH, it said on Oct 27. Thereafter, the ministry said the
company would "require time to satisfactorily address the
outstanding issues".

                           About Cordlife

Headquartered in Singapore, Cordlife Group Limited, an investment
holding company, provides cord blood banking services in Singapore,
Hong Kong, India, Malaysia, the Philippines, and internationally.
The company operates through two segments, Banking and Diagnostics.
It offers cord blood, cord lining, and cord tissue banking
services, including processing and storage of stem cells; and
various diagnostics services, such as newborn genetic screening,
pediatric vision and ear screening, pediatric allergen test,
genetic talent test, preimplantation genetic screening, endometrial
receptivity test, non-invasive prenatal testing, and newborn
metabolic screening. The company also provides Moms Up, a mobile
app for pregnancy and parenting resources for moms and moms-to-be.
In addition, it provides medical laboratory, marketing, and
property investment services.  

As reported in the Troubled Company Reporter-Asia Pacific in late
in April 2024, Cordlife's former internal auditor KPMG had
submitted a disclaimer of opinion in its independent auditor's
report dated April 24, stating that it had not been able to obtain
"sufficient appropriate audit evidence" to provide a basis for an
audit opinion on several areas.

These areas included the company's compliance with laws and
regulations, given Cordlife's ongoing investigations by the
Ministry of Health (MOH) and the Commercial Affairs Department
(CAD).

KPMG also addressed uncertainties in providing an audit opinion on
the subject of Cordlife's refunds and claims, after the company
said it would waive all future annual fees and initiate a refund
for clients affected by its recent case of damaged cord-blood
units, BT related.


COSMO AUTOMOBILES: Court to Hear Wind-Up Petition on Dec. 12
------------------------------------------------------------
A petition to wind up the operations of Cosmo Automobiles Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 12, 2025,
at 10:00 a.m.

HL Bank filed the petition against the company on Nov. 7, 2025.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


GERSON & CO: Court to Hear Wind-Up Petition on Dec. 5
-----------------------------------------------------
A petition to wind up the operations of Gerson & Co. Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 5, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 12, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


ID 212: Commences Wind-Up Proceedings
-------------------------------------
Members of ID 212 Pte. Ltd. on Nov. 14, 2025, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Ong Shyue Wen
          Ms. Lim Bee Lian
          EA Consulting Pte Ltd
           (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street
          Centre Singapore 179094


MINERVA INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 22
-------------------------------------------------------------
Creditors of Minerva Investments Pte. Ltd. are required to file
their proofs of debt by Dec. 22, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 14, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NAUTEC GROUP: Commences Wind-Up Proceedings
-------------------------------------------
Members of Nautec Group Pte. Ltd. on Nov. 14, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Lai Seng Kwoon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


REYL SINGAPORE: Creditors' Proofs of Debt Due on Dec. 23
--------------------------------------------------------
Creditors of Reyl Singapore Pte. Ltd. and Reyl Singapore Holding
Pte. Ltd. are required to file their proofs of debt by Dec. 23,
2025, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2025.

The company's liquidators are:

          Timothy James Reid
          Ng Yau Yee Theresa
          c/o Baker Tilly Reid
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778




=============
V I E T N A M
=============

PETROVIETNAM GAS: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
-------------------------------------------------------------------
Fitch Ratings has affirmed PetroVietnam Gas Joint Stock
Corporation's (PV Gas) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB+' with a Stable Outlook.

The rating is based on Fitch's assessment of PV Gas's Standalone
Credit Profile (SCP) of 'bb+', which is on a par with the IDR of
its parent, Vietnam National Industry - Energy Group (PVN,
BB+/Stable), which was previously known as Vietnam Oil and Gas. The
'bb+' SCP reflects PV Gas's position as Vietnam's sole midstream
gas distributor and its first authorized liquefied natural gas
(LNG) importer, diversified earnings from a regulated liquefied
petroleum gas (LPG) business, with a 70% market share, and a strong
financial profile. Long-term contracts with price protection
provide stable earnings.

The SCP is capped at the current level by the credit profiles of
key counterparties, including PetroVietnam Power Corporation -
Joint Stock Company (PV Power, BB+/Stable) and Vietnam Electricity
(EVN, BB+/Stable).

PV Gas' IDR would be equalised with PVN's even if its SCP weakens
below 'bb+', reflecting its assessment of the parent's 'High'
legal, strategic and operational incentives to support the
subsidiary in accordance with Fitch's Parent and Subsidiary Linkage
(PSL) Rating Criteria. If PV Gas' SCP improves above PVN's IDR, the
IDR would be constrained by the consolidated credit profile of PVN,
as Fitch assesses both legal ring-fencing and PVN's access and
control of PV Gas as 'Open' under the PSL criteria's "stronger
subsidiary" path.

Key Rating Drivers

High Earnings Visibility: PV Gas's dry gas operations provide
predictable profits, supported by long-term, tariff-based gas
transport contracts and sales agreements that set a minimum price
anchored to the wellhead price. The price floor-setting mechanism
by Vietnam's prime minister underpins stable earnings, with upside
when oil prices rise. Fitch expects the gas segment—which
includes dry gas, condensate, and self-produced LPG—to contribute
about 85% of PV Gas's gross profit in 2025, before reducing to
around 70% by 2028.

Emerging LNG Segment: Fitch expects the share of earnings from LNG
to rise to become PV Gas's second-largest earnings contributor, at
around 20% of gross profit by 2028. LNG volume will be anchored to
PV Power's two gas-fired power plants with total capacity of 1.5GW,
which were commissioned in 2024 and 2025. Fitch expects earnings
visibility for the LNG segment to also be high, as contracts allow
pass-through of LNG prices to customers, with PV Gas earning the
tariff related to storage and transportation.

Increasing Gas in Energy Mix: PV Gas's stable cash flow is anchored
by its low volume risk, with rising demand for gas and LNG in
alignment with Vietnam's National Energy Master Plan and Power
Development Plan (PDP) 8 (revised in 2025). The plans aim to reduce
coal dependency and achieve net-zero emissions by 2050. The revised
PDP8 aims to increase gas-based power generation capacity to about
19% by 2030 (2024: 9%), with a shift in the energy mix so that LNG
accounts for about 12% of the capacity and domestic gas about 6%.

Counterparty Profile Constrains SCP: Fitch estimates around half of
PV Gas's gross profit is from EVN and PV Power as PV Gas is the
sole supplier to their gas-fired power plants. Fitch expects this
concentration to further rise in the medium term as PV Gas began to
supply gas to PV Power's Nhon Trach 3 power plant from end-2024 and
to Nhon Trach 4 in 2025. Fitch constrains PV Gas's SCP at 'bb+' on
the credit profiles of the counterparties. PV Gas also supplies gas
to PVN's fertiliser plant and sells condensate to PetroVietnam Oil
Corporation, a PVN subsidiary.

Accelerating Capex for Expansion: Fitch expects PV Gas's capex to
increase to expand capacity for LNG storage, processing and
transportation in 2025-2028. Fitch anticipates capex to increase
but remain moderate in 2025 at about VND3 trillion, before rising
to VND7 trillion-14 trillion in 2026-2028. PV Gas also has gas
pipeline projects, including the Block B-O Mon pipeline, driving
the high capex. Fitch expects meaningful earnings contribution from
these projects from 2027.

Solid Financial Profile: Fitch expects PV Gas to maintain its net
cash position and preserve a robust balance sheet despite
increasing capex over the next four years. Its financial profile is
materially stronger than its SCP assessment, providing ample buffer
even with substantial investment. While gas distribution volumes
may fall as production from some mature Vietnamese fields decline,
this should be offset by ramp up of new fields, rising LNG volumes
and the phased ramp-up of production from Block B, supporting
overall volumes.

Peer Analysis

PV Gas's IDR is at the same level as the 'bb+' SCP assessment for
PT Perusahaan Gas Negara Tbk (PGN, BBB-/Stable). Both entities are
national monopolies in gas distribution and owned by their
respective national oil companies. Fitch thinks PV Gas' business
profile is comparable with that of PGN. PGN's business profile
benefits from a better counterparty profile with more
diversification, although its SCP assessment is constrained by
higher regulatory risks for the gas distribution and transmission
business in Indonesia.

PGN's earning margins are affected by the state's control over a
portion of its gas sales volumes that are sold at capped prices,
reducing earnings visibility to an extent compared with that of PV
Gas. Still, PV Gas's credit profile assessment is constrained by
the high exposure to 'BB+' rated counterparties. Both entities have
conservative financial profiles for their SCP assessments.

PV Gas's rating is based on its SCP, which is on a par with the IDR
of parent PVN, in line with Fitch's PSL criteria. PGN's IDRs are
one notch below those of its immediate parent, PT Pertamina
(Persero) (BBB/Stable), based on its assessment of 'Medium'
incentives for Pertamina to support PGN.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Oil price assumptions in line with Fitch's Brent price deck of
USD70/bbl in 2025, USD65/bbl in 2026 and 2027 and USD60/bbl in
2028.

- Dong to US dollar conversion rate of VND25,168 per US dollar in
2025, VND25,875 per US dollar in 2026 and VND25,625 per US dollar
thereafter.

- Dry gas sales price in line with the contracts, which are
typically higher than the market-driven price and wellhead price
(buying price).

- Transportation tariff in line with contract prices adjusted for
inflation.

- EBITDA margin to average around 14% in 2025-2028

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Positive rating action on PV Gas's parent, PVN.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Negative rating action on PV Gas's parent, PVN.

PVN's ratings are linked to and capped by that of the Vietnamese
sovereign (BB+/Stable), based on Fitch's Government-Related
Entities Criteria.

Liquidity and Debt Structure

PV Gas's liquidity is strong, driven by its sustained net cash
position. The company had about VND33.1 trillion in cash and cash
equivalents, including term deposits with maturity within 12
months, as of end-December 2024, and only VND934 billion in
short-term debt. PV Gas maintains banking relationships with both
domestic and international banks, with short-term credit facility
of VND8 trillion and long-term credit facility of VND3.6 trillion
as of December 2024.

Issuer Profile

PV Gas is Vietnam's leading midstream and downstream natural gas
company, responsible for gathering, transporting, processing,
storing, and distributing natural gas and associated gas, as well
as LNG and LPG. It is critical to Vietnam's gas-to-power and
industrial gas supply chains. PV Gas is a 95.76% owned by PVN and
it accounted for 13% of the parent's revenue and a third of its
EBITDA.

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
   -----------                  ------           -----
PetroVietnam Gas
Joint Stock Corporation   LT IDR BB+  Affirmed   BB+



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

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