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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

          Tuesday, December 2, 2025, Vol. 28, No. 240

                           Headlines



A U S T R A L I A

CONNECTED PROPERTY: Second Creditors' Meeting Set for Dec. 8
LONG PIPES: Second Creditors' Meeting Set for Dec. 5
MME AUTOPAY 2025-1: Fitch Assigns 'Bsf' Final Rating on Cl. F Notes
PACIFIC NATIONAL: Fitch Affirms BB Rating on Jr. Subordinated Debt
PEPPER PRIME 2025-1: S&P Assigns B+(sf) Rating on Class F Notes

STAR ENTERTAINMENT: Names Mathieson Jr. as New Chairman
TOPCUT GROUP: First Creditors' Meeting Set for Dec. 5
TWISTED METALCRAFT: First Creditors' Meeting Set for Dec. 5
VAN STRYP: First Creditors' Meeting Set for Dec. 5
ZONE MANUFACTURING: Cor Cordis Appointed as Administrators



B A N G L A D E S H

BRAC BANK: S&P Affirms 'B+/B' ICRs After Review of Banking Sector
DUTCH-BANGLA BANK: S&P Affirms & Then Withdraws 'B/B' ICRs
[] Moody's Ratings Affirms Ratings on 3 Bangladeshi Banks


C H I N A

AIXIN LIFE: Reports $340,461 Net Loss in 2025 Q3
CANON INC: Printer Factory in China's Zhongshan Shuts Down
CHINA VANKE: S&P Lowers LT ICR to 'CCC-', On Watch Negative
SENMIAO TECHNOLOGY: Reports $723,730 Net Loss in 2026 Q2


H O N G   K O N G

EMPEROR INTERNATIONAL: Secures Bank Approval to Resume Borrowing
HEALTH AND HAPPINESS: S&P Alters Rating Outlook to Stable
LAI SUN: Negotiates Potential Asset Sales
NEW WORLD: Delays Home Sales Amid Grief Over Tai Po Fire


I N D I A

ALPHA THOUGHT: Voluntary Liquidation Process Case Summary
BYJU'S: SC Dismisses Byju Raveendran's Plea Against NCLAT Order
KND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
MANGALAM DRUGS: CRISIL Cuts Long/Short Term Ratings to D
MOTOR WORLD: CRISIL Keeps B Debt Ratings in Not Cooperating

MUNEER ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
R R HOLIDAY: Ind-Ra Moves D Rating to NonCooperating
STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
SVR ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
SWADISHT OILS: CRISIL Keeps C Debt Ratings in Not Cooperating

TAMILNADU JAI: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANS TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANSPORT SOLUTIONS: CRISIL Keeps D Ratings in Not Cooperating
TRIPATHI HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating

UDAY STRUCTURALS: CRISIL Keeps D Debt Ratings in Not Cooperating
URBAN LAND: CRISIL Keeps B Debt Rating in Not Cooperating
UTOPIAN SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
VE-7 CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
VEETEEJAY MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating

VIJAYA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
VINIT KNITTINGS: CRISIL Keeps D Ratings in Not Cooperating
VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating
VRS FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating Category
VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating

WAVE ONE: CRISIL Keeps B Debt Ratings in Not Cooperating Category
WHITE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
WYAN INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating


N E W   Z E A L A N D

EMPORIUM PRODUCTIONS: Creditors' Proofs of Debt Due on Jan. 16
JCD NZ: Damien Grant and Adam Botterill Appointed as Receivers
LASER CLINICS: Ponsonby Beauty Clinic Owes Almost NZD500,000
OCEANE HOLDINGS: Court to Hear Wind-Up Petition on Dec. 11
SKG HOMES: Court to Hear Wind-Up Petition on Dec. 16

TITAN TRAFFIC: Creditors' Proofs of Debt Due on Jan. 16
WINELY: Goes Into Liquidation With Liabilities Over NZD2.2MM


S I N G A P O R E

BV HEALTHCARE: Creditors' Proofs of Debt Due on Dec. 25
CHINA RESOURCES: Commences Wind-Up Proceedings
JOINT RAINBOW: Court Enters Wind-Up Order
KAIDEN ADVISORY: Commences Wind-Up Proceedings
PK GENERAL: Court Enters Wind-Up Order



T H A I L A N D

FNS HOLDINGS: Fitch Withdraws CCC+(tha) National LongTerm Rating

                           - - - - -


=================
A U S T R A L I A
=================

CONNECTED PROPERTY: Second Creditors' Meeting Set for Dec. 8
------------------------------------------------------------
A second meeting of creditors in the proceedings of Connected
Property Services Pty Ltd has been set for Dec. 8, 2025, at 11:30
a.m. virtually via Microsoft Teams.

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. 5, 2025 at 4:00 p.m.

Joanne Emily Dunn of FTI Consulting was appointed as administrator
of the company on Nov. 3, 2025.


LONG PIPES: Second Creditors' Meeting Set for Dec. 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Long Pipes
Limited has been set for Dec. 5, 2025, at 10:00 a.m. at the offices
of KPMG at Level 8 235 St Georges Terrace in Perth.

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. 4, 2025 at 4:00 p.m.

Martin Bruce Jones and Matthew David Woods of KPMG were appointed
as administrators of the company on Sept. 30, 2025.


MME AUTOPAY 2025-1: Fitch Assigns 'Bsf' Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to MME Autopay ABS 2025-1
Trust's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive loan receivables
originated by MoneyMe Financial Group Pty Ltd. The notes were
issued by Perpetual Corporate Trust Limited as trustee for the
trust.

   Entity/Debt                  Rating              Prior
   -----------                  ------              -----
MME Autopay
ABS 2025-1 Trust

   A AU3FN0103578            LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0103586            LT AAsf   New Rating   AA(EXP)sf
   C AU3FN0103594            LT Asf    New Rating   A(EXP)sf
   Commission AU3FN0103560   LT AAAsf  New Rating   AAA(EXP)sf
   D AU3FN0103602            LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0103610            LT BB+sf  New Rating   BB+(EXP)sf
   F AU3FN0103628            LT Bsf    New Rating   B(EXP)sf
   G                         LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

An updated final pool has been provided since the assignment of the
expected rating. The final pool totalled AUD440 million at the 31
October 2025 cut-off date, and consisted of 12,306 receivables with
weighted-average (WA) seasoning of eight months, WA remaining
maturity of 67 months and an average contract balance of
AUD35,755.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch derived default base-case
expectations for borrowers with Equifax scores of 600-799 and 800+.
Its default assumptions (and AAAsf default multiples) are 7.40%
(5.00x) and 2.75% (5.50x), respectively, for each sub-pool, with a
WA of 4.32% (5.21x). The recovery base case is 30.0%, with a
'AAAsf' recovery haircut of 55.0%, for both sub-pools.

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, rising to 2.1% in 2026,
with unemployment at 4.2% and 4.1%, respectively.

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

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the transaction account bank or
liquidity facility provider fall below a certain level. The class A
to F notes will receive principal repayments pro rata upon
satisfaction of the step-down conditions. The percentage of credit
enhancement provided by the G notes will increase as the A to F
notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests the robustness of each note by
stressing default and recovery rates, prepayments, interest-rate
movements and default timing.

Low Operational and Servicing Risk: All receivables were originated
by MoneyMe, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
standby servicing arrangements. The nominated standby servicer is
Perpetual Corporate Trust Limited. Fitch undertook an operational
review and found that the operations of the originator and servicer
were comparable with those of other auto lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 14.5% of the portfolio by loan balance has
balloon amounts payable at maturity.

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.

Downside Sensitivities

Classes: Commission / A / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / Bsf

10% increase in WA defaults: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf
/ BBsf / less than Bsf

25% increase in WA defaults: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf
/ BBsf / less than Bsf

50% increase in WA defaults: AAAsf / AA-sf / A-sf / BBBsf / BBsf /
B+sf / less than Bsf

10% decrease in WA recovery rate: AAAsf / AAAsf / AA-sf / Asf /
BBBsf / BB+sf / Bsf

25% decrease in WA recovery rate: AAAsf / AAAsf / AA-sf / Asf /
BBB-sf / BBsf / less than Bsf

50% decrease in WA recovery rate: AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BBsf / less than Bsf

10% increase in WA defaults / 10% decrease in WA recovery rate:
AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BBsf / less than Bsf

25% increase in WA defaults / 25% decrease in WA recovery rate:
AAAsf / AAsf / Asf / BBB+sf / BB+sf / BB-sf / less than Bsf

50% increase in WA defaults / 50% decrease in WA recovery rate:
AAAsf / A+sf / BBB+sf / BBB-sf / BB-sf / 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

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Classes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BB+sf / Bsf

10% decrease in WA defaults / 10% increase in WA recovery rate:
AA+sf / A+sf / BBB+sf / BBB-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

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of MoneyMe's origination files and found the file
information to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio. Prior to the transaction closing,
Fitch sought to receive a third-party assessment of the asset
portfolio information, but none was made available.

Overall, 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.

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.


PACIFIC NATIONAL: Fitch Affirms BB Rating on Jr. Subordinated Debt
------------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Pacific National
Holdings Pty Ltd's (Pacific National) Long-Term Issuer Default
Rating (IDR) at 'BBB-' with a Negative Outlook. Fitch has also
affirmed the senior unsecured rating of its subsidiary Pacific
National Finance Pty Ltd at 'BBB-' and the rating on its
subordinated debt at 'BB'. The notes issued by Pacific National
Finance Pty Ltd are guaranteed by various group entities, including
Pacific National.

The affirmation reflects Fitch's expectation that Pacific National
will continue to make significant progress in restoring its credit
metrics in the year ending 30 June 2026 (FY26) to levels adequate
for its rating. The company generated AUD145 million from the sale
of non-core assets in FY25, reducing pressure on the balance sheet,
despite a soft volume recovery in its core haulage markets.

Fitch believes the company's identified deleveraging sources—cash
inflows from asset divestments, cost reduction programmes and
volume recovery—are adequate to support short-term deleveraging.
The Negative Outlook reflects its view that the company continues
to face risks that could delay deleveraging.

Key Rating Drivers

Deleveraging Initiatives: Implementation of business improvement
measures saved AUD67 million in FY25 and is guided to reduce costs
by another AUD63 million-73 million in FY26. This will be driven by
better train design and slot utilisation to increase labour and
fuel efficiency, which form a material part of its operating costs.
Price indexation is also likely to result in margin gains.

Its forecast incorporates AUD65 million in savings and volume
recovery that will improve the EBITDA margin to 25.4% in FY26 and
27.4% by FY29 (FY24: 24.6%). Fitch forecast EBITDA net leverage to
fall to 4.4x in FY26 and 4.3x starting FY27. However, risks in
achieving the aim of the initiatives and a potentially slower
demand recovery in the Australian intermodal market are the main
risks to the deleveraging.

Asset Sale for Debt Repayment: Fitch believes that non-organic
sources of deleveraging have become more important to the rating
given a slow recovery in volumes over last two years. The company
sold its St. Marys terminal for AUD145 million in FY25, which
supported cashflow. It is also reviewing its non-core assets with
the aim of releasing surplus capital and reducing debt to restore
its credit metrics.

Strong Market Position: Pacific National is the largest intermodal
rail freight operator in Australia with a strong market share of
about 60% on the east-to-west containerised freight route. This is
one of the company's most profitable freight routes, and Fitch
expects its market share on this route to remain strong despite new
entrants, like Aurizon. Pacific National's market position is
supported by its strategically located rail terminals, which are
either owned or under long-term lease agreements.

Intermodal Recovery: Intermodal volumes are improving from that in
FY25 largely on improved steel volumes. Fitch expects the
intermodal freight market to continue to grow over the longer term,
supported by customers' greater focus on carbon efficiency. Pacific
National will benefit from the government's inland road project,
which will lower freight prices on the Melbourne-Brisbane route,
allowing it to be competitive with road freight, although this
impact will deliver stronger growth from FY28.

Stable Coal Business: Fitch believes the coal business will be
stable over the medium term, supported by two new large contracts
with Glencore and Whitehaven and the take-or-pay features of the
contracts, which pass on volume risk to customers, inflation-linked
price increases, along with a weighted-average maturity of
contracts of five years. Fitch expects thermal coal volumes to fall
over the short term, but metallurgical coal volumes are likely to
be stable due to the lack of alternatives for producing steel at
scale. The low-cost position of Australia's mines and exports to
Asia will support stable coal volumes.

Dividend Suspension: Pacific National' has suspended shareholder
distribution since FY22 to strengthen the balance sheet following
challenging periods in the Australian rail freight industry. Fitch
expects the company to continue to defer distributions until its
credit metrics are again in line with its investment-grade rating.
The company has previously suspended shareholder distributions when
required, for example during the Covid-19 pandemic and when weather
events have reduced earnings.

Flexible Growth Capex: The company's capex is largely for the
essential maintenance of rolling stock and new rolling stock
purchases and growth in the form of infrastructure development.
Fitch believes Pacific National can reduce or defer uncommitted
growth capex if its operational performance is weaker than it
expects. This was demonstrated in FY25 when the company revised
down its capex by AUD80 million compared with its budget.

Growing Intermodal Market: Fitch expects the intermodal freight
market to continue to grow over the medium and long term, supported
by customers' greater focus on carbon efficiency and favourable
government policy. The government's Inland Rail project will lower
rail freight prices on the Melbourne-Brisbane route, allowing
intermodal freight to compete with road freight and increase the
share of rail freight. Pacific National will benefit from the
completion of this project, which has been delayed until at least
2028, as it owns terminals along the route.

Peer Analysis

Pacific National is a leading provider of rail freight haulage
services in Australia, with a leading position in intermodal
freight and second largest in coal and bulk haulage. Its strong
market position enhanced by long-term customer relationships and
limited competition, restricted by industry structure and high
capital intensity. This is similar to its peers Union Pacific
Corporation (UPC, A-/Rating Watch Positive) and Qube Holdings
Limited (Qube, BBB/Stable).

Pacific National operates a large above-rail network across
Australia, with some concentration in New South Wales and
Queensland. This is somewhat weaker compared to Qube, which Fitch
believes has superior end-market and product diversification.
Qube's stronger competitive position is also enhanced by its
exposure to nationally significant infrastructure and broader
integration of services.

UPC is significantly larger than Pacific National. It is the
second-largest North American railroad by revenue and volume
operating in a duopolistic rail market. Its credit profile benefits
from lower leverage through the cycle. In contrast, Pacific
National's financial profile has been under pressure over the last
three years due to operational disruptions related to extreme
weather events. Pacific National's EBITDA net leverage exceeded 5x
leading to the Negative Outlook on its rating.

RATING SENSITIVITIES

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

- Inability to achieve improved operational performance or asset
disposal, so that EBITDA net leverage remains above 4.5x on a
sustained basis;

- Negative developments in its long-term outlook for thermal coal;

- Material loss of take-or-pay contracts and market share in the
intermodal or freight businesses.

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

The Outlook could be revised to Stable if cost-saving targets lead
to improved financial performance, or if debt is reduced through
capital management initiatives, such that EBITDA net leverage falls
to below 4.5x on a sustained basis.

Liquidity and Debt Structure

Pacific National had cash on hand of AUD201 million and access to
AUD900 million of undrawn revolving credit facilities at FYE25,
which is sufficient to cover its AUD350 million bond maturing in
May 2027.

Issuer Profile

Pacific National is one of the largest providers of above-rail
freight haulage services in Australia. It hauls a range of bulk
goods for domestic and export consumption, including containerised
freight, coal, grain and construction and infrastructure materials
such as steel.

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
   -----------                 ------           -----
Pacific National
Holdings Pty Ltd         LT IDR BBB- Affirmed   BBB-

Pacific National
Finance Pty Ltd

   senior unsecured      LT     BBB- Affirmed   BBB-

   junior subordinated   LT     BB   Affirmed   BB


PEPPER PRIME 2025-1: S&P Assigns B+(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the 10 classes
of prime residential mortgage-backed securities (RMBS) issued by
Permanent Custodians Ltd. as trustee for Pepper Prime 2025-1 Trust.
Pepper Prime 2025-1 Trust is a securitization of prime residential
mortgage loans originated by Pepper Homeloans Pty Ltd., a
subsidiary of Pepper Money Ltd. (Pepper).

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated notes comprises note subordination and excess spread.
Our assessment of credit risk considers the underwriting standards
and centralized approval process of the seller, Pepper."

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "We have assessed the counterparty exposure to National
Australia Bank Ltd. as liquidity facility provider and Commonwealth
Bank of Australia as bank account provider. The transaction
documents for the liquidity facility and bank account include
downgrade remedy language consistent with our counterparty
criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Pepper Prime 2025-1 Trust

  Class A1-s, A$236.25 million: AAA (sf)
  Class A1-a, A$438.75 million: AAA (sf)
  Class A2, A$26.25 million: AAA (sf)
  Class B, A$25.50 million: AA (sf)
  Class C, A$11.25 million: A (sf)
  Class D, A$4.50 million: BBB (sf)
  Class E, A$3.75 million: BB (sf)
  Class F, A$0.75 million: B+ (sf)
  Class G1, A$2.00 million: Not rated
  Class G2, A$1.00 million: Not rated


STAR ENTERTAINMENT: Names Mathieson Jr. as New Chairman
-------------------------------------------------------
Reuters reports that Star Entertainment has elected Bruce Mathieson
Jr. as chairman, cementing the billionaire Mathieson family's grip
on the embattled casino firm after the family and U.S. gaming group
Bally’s converted their rescue loans into equity.

Chairwoman Anne Ward has resigned as a director of the company,
Star said in a statement on Dec. 1, Reuters relates.

Sydney-based Star, Australia's second-largest casino operator, had
been scrambling to stave off bankruptcy as years of regulatory
scrutiny left it cash-strapped when Bally's and the Mathieson
family tabled a AUD300 million (US$196.32 million)rescue package.

According to Reuters, the appointment came alongside a number of
other board changes which saw Bally's chair Soo Kim and president
George Papanier appointed Star board members as nominees of
Bally's. The U.S. company now controls about 38% of Star
Entertainment while the Mathieson family has a 23% interest.

Mathieson Jr. is the scion of former director at Endeavour Group,
which operates the Dan Murphy's liquor store chain in Australia.

                      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 in
late November 2025, Queensland and New South Wales gaming
authorities have given the green light to a US-led rescue package
for the embattled Star Entertainment.

Earlier this year, Star agreed to a AUD300 million lifeline from US
gambling giant Bally's, as well as Investment Holdings Pty Ltd,
which is controlled by pub baron Bruce Mathieson and his family.

The move was approved by shareholders in June, ABC News said.
Combined the two companies will own more than half of the embattled
casino operator.


TOPCUT GROUP: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Topcut Group
Pty Ltd (trading as Top Cut Welding & Maintenance) will be held on
Dec. 5, 2025 at 10:30 a.m. via virtual meeting facilities.

Edwin Narayan and David Hurst of Mackay Goodwin were appointed as
administrators of the company on Nov. 25, 2025.


TWISTED METALCRAFT: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Twisted
Metalcraft Pty Ltd will be held on Dec. 5, 2025 at 11:00 a.m. via
virtual meeting only.

Ernie Chou of EKC Advisory was appointed as administrator of the
company on Nov. 26, 2025.


VAN STRYP: First Creditors' Meeting Set for Dec. 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of Van Stryp
Pty Ltd will be held on Dec. 5, 2025 at 10:300 a.m. via
videoconference only (Microsoft Teams.

Marcus Watters of Hall Chadwick was appointed as administrator of
the company on Nov. 25, 2025.


ZONE MANUFACTURING: Cor Cordis Appointed as Administrators
----------------------------------------------------------
Rahul Goyal, Kate Conneely and Stephen Earel of restructuring
advisory firm Cor Cordis have been appointed administrators of Zone
Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd (Zone RV) on
Dec. 1, 2025.

Zone RV is a recognised leader in the design and manufacture of
premium off-road caravans, headquartered in Coolum, Queensland. The
appointment was initiated by the director of Zone RV.

The Administrators are conducting an urgent review of Zone RV's
financial and operational position.  Their primary objective is to
preserve value for all stakeholders, including approximately 250
employees, customers, and suppliers, and to determine the strategic
options available for the business moving forward.

Rahul Goyal commented, "Zone RV has built a strong reputation as a
leading caravan manufacturer, renowned for its innovation, design
excellence and commitment to comfort, while pioneering advancements
in four-wheel technology. Our immediate priority is to assess all
viable options that maximise outcomes for all stakeholders while
exploring avenues for a sustainable future for the brand."

During the Administration process, Zone RV will continue to trade
in a substantially reduced capacity. At the same time, the
Administrators will work closely with the company’s management
team, employees, and key stakeholders to stabilise operations and
explore restructuring opportunities.

Stakeholders seeking further information or wishing to raise
queries regarding the administration are encouraged to contact Cor
Cordis via email at zone@corcordis.com.au.




===================
B A N G L A D E S H
===================

BRAC BANK: S&P Affirms 'B+/B' ICRs After Review of Banking Sector
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
issuer credit rating on BRAC Bank PLC. The outlook on the long-term
rating remains stable.

Structural reforms are progressing in Bangladesh's banking sector,
but significant transformation will be lengthy. Asset quality
remains a risk, with a likely high stressed loans ratio to persist
over the next two years.

While external funding risks have eased thanks to improved dollar
liquidity, domestic liquidity remains selectively tight, especially
for Islamic banks, necessitating central bank intervention.

On Nov. 26, 2025, S&P Global Ratings revised its assessment of
economic imbalance in the sector to high risk from intermediate
risk, changing the economic risk score to '9' from '8', and revised
the industry risk trend to stable from negative. S&P Global Ratings
maintained its Banking Industry Country Risk Assessment (BICRA) for
Bangladesh at group '9' and the bank anchor, its starting point to
rate banks in the country, at 'b+'.

BRAC Bank will maintain its financial profile amid tough operating
conditions. S&P estimates its risk-adjusted capital (RAC) ratio
will be in the range of 4%-5% over the next two years. This was
3.3% at the end of December 2024, down from 3.7% in 2023.

The country is navigating a period of heightened economic and
political volatility, which has weighed on S&P's assessment of
credit conditions in Bangladesh. BRAC Bank's improved
profitability, high earnings retention, and calibrated loan growth
should support the RAC ratio over the next two years.

S&P said, "BRAC Bank's financial profile should be stable, in our
view. The bank has a record of prudent management that will help it
navigate this period of volatility. We expect the bank's
nonperforming loan ratio to stay at 3.1%-3.5% over the next 12-18
months, significantly lower than the average for Bangladesh's
banking sector. The bank's balanced loan book and proactive risk
management should keep asset quality healthy.

"The rating action follows our revision of the economic risk score
for Bangladesh's banking system to '9' from '8'. Our industry risk
score remains '9'. We view the trends for both as stable. The BICRA
group remains unchanged at '9'."

Bangladesh's banking sector faces elevated asset-quality stress
amid economic and political volatility. Weak consumption and
investment, coupled with structural reforms under the IMF program,
have exposed deep-rooted fragilities in Bangladesh's banking
system, particularly the scale of stressed assets. This indicates
economic imbalances are high and unwinding.

Tighter loan classification and renewal criteria should keep the
ratio of stressed assets (nonperforming and restructured loans)
above 40% of systemwide loans over the next two years. State-owned
and Islamic banks accounted for a major portion of the stressed
assets.

"We expect the banking sector's credit loss ratio to stay high at
2.0%-2.5% of total loans. This reflects persistent asset quality
challenges and insufficient provisioning buffers. While a new
restructuring scheme may ease provisioning requirements from 2026,
banks are required to maintain general provisions in 2025, limiting
earnings relief in the near term. We expect the credit loss ratio
to trend down to about 2.25% in 2026 and 2.0% in 2027, while still
being higher than the five-year long-term average of about 1.0%.

"We expect the sector's profitability to remain subdued over the
next one to two years. We project a return on assets of about 0.10%
in 2025, 0.20% in 2026, and about 0.4% in 2027, compared with 0.43%
in 2024, as elevated credit costs persist.

"Sustained reform momentum, especially after elections in 2026,
will be critical for addressing weak supervision and governance in
the banking sector, in our view. Banking sector capitalization is
critically low, with a capital adequacy ratio (CAR) of about 3.1%
on average for the banking sector as of end-December 2024, far
below the regulatory minimum of 10%. A successful merger of five
troubled Islamic banks to create Sammilito Islami Bank could help
restore some confidence in the banking system.

"Stronger remittances and steady export receipts support the
banking system's U.S. dollar liquidity. The sector's funding
situation shows early signs of stabilization, barring some troubled
entities. This is because of likely tepid loan growth, reflecting
weaker economic activity and healthy deposit growth amid elevated
interest rates. That said, we note that stronger private sector
banks with better governance structures are increasingly benefiting
from a flight to quality."

Support from the Bangladesh central bank remains critical for some
of the banks facing liquidity challenges. This has mainly taken the
form of open-market operations, along with special liquidity
facilities and credit guarantee schemes.

S&P said, "Our BICRA for Bangladesh is group '9', near the bottom
of our 1-10 scale, with 10 being the weakest. This reflects the
very high economic and industry risks to which the Bangladesh
banking sector is exposed.

"Bangladesh's economic risk trend is stable, in our view. Economic
growth should be supported by labor markets and exports. However,
political uncertainty may limit policy predictability. Credit
growth is likely to remain subdued due to high interest rates and
inflation, while elevated nonperforming loans will keep credit
costs above historical levels. A stable post-election environment
could improve sentiment and support long-term reforms.

"We changed the industry risk trend to stable from negative.
Systemwide funding risks have eased somewhat, supported by
improvements in the country's external position and better access
to U.S. dollar liquidity. While central bank support remains
important for banks facing liquidity pressures, overall funding
conditions have improved because loan growth has been slower than
deposit growth.

"Industry risk in Bangladesh's banking sector could improve if the
new government maintains a strong commitment to reforms following
the 2026 election, in our assessment. Progress in strengthening the
institutional framework will be key, although we expect any
improvement to be gradual."

Conversely, industry risk could rise if Bangladesh's external
position deteriorates, leading to a sustained decline in foreign
exchange reserves. This could trigger foreign currency liquidity
shortages and increase stress within the banking system.

The stable outlook on BRAC Bank reflects S&P's view that the bank
should be able to steadily navigate challenging operating
conditions in Bangladesh and maintain its financial profile over
the next 12-18 months.

Though unlikely over the next 12-18 months, S&P may lower the
ratings if:

-- BRAC Bank's asset quality deteriorates sharply, due, for
example, to strategic missteps or broader macroeconomic
vulnerabilities.

-- BRAC Bank's RAC ratio declines and stays below 3% on a
sustained basis. This could be due to more aggressive growth or
higher credit costs, leading to weaker profitability than S&P
anticipates.

-- An upgrade of BRAC Bank looks unlikely over the next 12-18
months. However, this could happen if there is a significant
improvement in the bank's creditworthiness and we raise our
sovereign rating on Bangladesh.


DUTCH-BANGLA BANK: S&P Affirms & Then Withdraws 'B/B' ICRs
----------------------------------------------------------
S&P Global Ratings affirmed and then withdrew its 'B' long-term and
'B' short-term issuer credit ratings on Dutch-Bangla Bank PLC at
the bank's request. The outlook on the long-term rating was stable
at the time of the withdrawal.


[] Moody's Ratings Affirms Ratings on 3 Bangladeshi Banks
---------------------------------------------------------
Moody's Ratings has affirmed the B2/NP long-term and short-term
local currency and foreign currency deposit and issuer ratings of
BRAC Bank PLC. (BRAC Bank), City Bank PLC. (CBP) and Eastern Bank
PLC. (EBP).

Moody's have also affirmed the three banks' b2 Baseline Credit
Assessments (BCA).

At the same time, Moody's have maintained the outlooks on the LT
deposit and issuer ratings of all three banks at negative.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=561NXe

RATINGS RATIONALE

BRAC Bank

The affirmation of BRAC Bank's B2 long-term deposit and issuer
ratings and b2 BCA reflects its better-than-peer-average
capitalization and asset quality amid a weak operating environment.
Nonetheless, rapid growth in unsecured retail lending and high
concentration in twenty largest corporate exposures could increase
asset risk. The ratings also reflect the bank's good deposit
franchise and stable liquidity. Moody's expects BRAC Bank's funding
and liquidity will continue to benefit from flight to quality
because of the turbulence in the banking sector.

CBP

The affirmation of CBP's B2 long-term deposit and issuer ratings
and b2 BCA reflects its improving funding and profitability, as
well as stable liquidity, which balance its weak asset quality and
moderate capital. Moody's expects CBP's funding and liquidity will
continue to benefit from flight to quality because of the
turbulence in the banking sector.

EBP

The affirmation of EBP's B2 long-term deposit and issuer ratings
and b2 BCA reflect its stable capital and profitability. Its
higher-quality corporates loan will limit asset-quality
deterioration, as indicated by its NPL ratio, which has
historically been lower than industry average. The bank's exposures
to the power sector have been restructured for a long-term special
government bond, which indicates additional asset risks.
Nevertheless, the bank's loan loss reserves will provide some
buffers against potential losses. The ratings also reflect the
bank's moderate reliance on less-stable funding and modest deposit
franchise, as well as adequate liquidity.

NEGATIVE OUTLOOK ON THE LT DEPOSIT AND ISSUER RATINGS

BRAC Bank, CBP, EBP

The negative outlook on the long-term deposit and issuer ratings is
in line with the negative outlook on Bangladesh's sovereign rating.
The negative outlook also reflects Moody's expectations of
heightened credit risk due to weak operating environment.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

WHAT COULD MOVE THE RATINGS UP

BRAC Bank, CBP, EBP

An upgrade of the bank's long-term deposit and issuer ratings and
BCA is unlikely because they are already at the same level as the
sovereign rating. Moody's could change the outlook on the ratings
to stable if the sovereign rating outlook is changed to stable
while the banks' credit fundamentals remain stable, particularly
their asset quality and capital.

WHAT COULD MOVE THE RATINGS DOWN

BRAC Bank

Moody's could downgrade the bank's ratings and BCA if the sovereign
rating is downgraded or if the bank's fundamentals worsen because
of a deterioration in its loss-absorption capacity or funding.
Specifically, a downgrade is likely if its tangible common equity
to risk-weighted assets (TCE ratio) declines to below 9% or if its
less-stable funds to tangible banking assets (LSF ratio) increases
to above 25%. The likelihood of BRAC Bank breaching the thresholds
is lower than other rated banks in Bangladesh due to its stronger
credit fundamentals.

CBP

Moody's could downgrade the bank's ratings and BCA if the sovereign
rating is downgraded or if the bank's fundamentals worsen because
of a deterioration in its loss-absorption capacity or funding.
Specifically, a downgrade is likely due to larger-than-expected
increase in asset risks or if its TCE ratio declines to below 9%,
or if its LSF ratio increases to above 25%.

EBP

Moody's could downgrade the bank's ratings and BCA if the sovereign
rating is downgraded or if the bank's fundamentals worsen because
of a deterioration in its loss-absorption capacity and funding.
Specifically, a downgrade is likely if its TCE ratio declines to
below 9% or if its deposit franchise weakens, resulting in the LSF
ratio exceeding 25%.

The principal methodology used in these ratings was Banks published
in November 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

BRAC Bank PLC. is headquartered in Dhaka and reported total
consolidated assets of BDT1,255 billion as of September 2025.

City Bank PLC. is headquartered in Dhaka and reported total
consolidated assets of BDT849 billion as of September 2025.

Eastern Bank PLC. is headquartered in Dhaka and reported total
consolidated assets of BDT716 billion as of September 2025.




=========
C H I N A
=========

AIXIN LIFE: Reports $340,461 Net Loss in 2025 Q3
------------------------------------------------
AiXin Life International, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $340,461 and $546,186 for the three months ended
September 30, 2025 and 2024.

For the nine months ended September 30, 2025 and 2024, the Company
incurred a net loss of 1,413,674 and $1,326,569, respectively.

Revenue was $301,979 in the three months ended September 30, 2025,
compared to $936,406 in 2024, a decrease of $634,427 or 68%.
Revenue was $1,161,739 in the nine months ended September 30, 2025,
compared to $3,120,615 in 2024, a decrease of $1,958,876 or 63%.

As of September 30, 2025, the Company had $3,372,467 in total
assets, $9,196,866 in total liabilities, and $5,824,399 in total
stockholders' deficit.

The Company used net cash in operating activities of $1,772,076 and
$548,130 for the nine months ended September 30, 2025 and 2024,
respectively, and has a working capital deficit of $6,765,269 as of
September 30, 2025.

These facts and conditions raise substantial doubt about the
Company's ability to continue as a going concern, the Company
said.

From January 1, 2025 through September 30, 2025, the Company's cash
and cash equivalents decreased from $62,310 to $19,113 mainly due
to an increase in cash outflow from operating activities.

Management believes that it has developed a liquidity plan, that,
if executed successfully, should provide sufficient liquidity to
meet the Company's obligations as they become due for a reasonable
period of time, and allow the development of its core business. The
plan includes:

     * Gaining positive cash-inflow from operating activities
through continuous cost reductions and the sales of higher margin
products.

     * Raising cash through loans from related parties and
potential equity offerings.

While the management believes that the measures in its liquidity
plan will be adequate to satisfy its liquidity requirements for the
12 months after the date that these financial statements are
issued, there is no assurance that the liquidity plan will be
successfully implemented.

Failure to successfully implement the liquidity plan may have a
material adverse effect on the Company's business, results of
operations and financial position, and may adversely affect its
ability to continue as a going concern.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/ywc89rse

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets, and sells
premium-quality healthcare, nutritional products, and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products such as weight management products,
probiotics, foods, and drinks. The Company also provides
advertising and marketing services to clients who engage us to
market and distribute their products.

As of June 30, 2025, the Company had $3.35 million in total assets,
$8.80 million in total liabilities, and $5.45 million in total
stockholders' deficit.

Irvine, California-based YCM CPA INC., the Company's auditor,
issued a "going concern" qualification in its report dated May 6,
2025, attached to the Company's Annual Report on Form 10-K for the
year ended December 31, 2024, citing that the Company had a working
capital deficit as of December 31, 2024 and a net loss and negative
cash flows from operations for the year ended December 31, 2024.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

CANON INC: Printer Factory in China's Zhongshan Shuts Down
----------------------------------------------------------
Yicai Global reports that Japanese camera maker Canon's printer
factory in Zhongshan, China's southern Guangdong province, has
ceased operations because of pressure from intensifying market
competition, according to an internal letter sent to employees.

The plant halted production on Nov. 21 because of persistent and
worsening operational difficulties due to the continuous narrowing
of the laser beam printer market in recent years and the rapid rise
of Chinese competitors, Yicai learned from an internal letter Canon
Zhongshan Office Equipment, the operator of the factory, sent to
employees.

The company has yet to comment on the matter.

Established in 2001, Canon Zhongshan is one of Canon's major laser
printer production subsidiaries. As of Sept. 30, it had about 1,400
workers, compared with 3,372 in 2022, according to corporate
information platform Qichacha. The head of a small home appliance
firm in Zhongshan told Yicai that Canon Zhongshan's factory had
more than 10,000 workers around 2010.

Canon Zhongshan is still paying suppliers in accordance with
agreements, so the short-term impact of the suspension on suppliers
is limited, a manager at one of the factory's local suppliers told
Yicai.

Yicai relates that some senior executives returned to work this
week to handle follow-up matters related to the shutdown, the
supplier noted, adding that an employee compensation plan is
expected to be announced soon.

After the rise in labor costs in Zhongshan, the factory's orders
were gradually transferred to Canon's facilities in Vietnam and
Thailand, the head of the small home appliance firm said, Yicai
relays. Canon's strategic shift to higher-margin businesses, such
as medical imaging and semiconductor equipment, is another reason
for the shutdown.

Zhongshan and neighboring Zhuhai have formed a mature supply chain
for printing equipment and consumables, the person in charge of a
plastic parts firm in Zhongshan told Yicai. Due to relatively
higher production costs, the profitability of Canon Zhongshan's
factory has gradually shrunk amid intensifying competition.

Canon and HP were once absolute leaders in China's printer market,
Zhang Yi, chief executive and chief analyst of iiMedia Research
Group, told Yicai. But in recent years, their Chinese printer
market share was severely eroded by local competitors, bringing
significant pressure to Canon.

"Moreover, with the rapid development of paperless offices,
printing demand is in a gradual downward trend," Yicai quotes Zhang
as saying. The use and popularization of third-party office
software platforms, such as WeChat Work, DingTalk, and Lark, have
allowed most enterprises to store their approval of documents
online. Paperless contracts have also become very common.

As Canon printers no longer have obvious competitive advantages in
China, it is natural for the company to shift to emerging markets,
Zhang believes, relays Yicai. The degree of paperless office in
emerging markets is relatively low, so there is still significant
demand for paper printing. Moreover, local competitors in emerging
markets have not yet emerged.

Canon Inc manufactures medical equipment, cameras, office
multifunction devices, laser and inkjet printers, and lithography
equipment.


CHINA VANKE: S&P Lowers LT ICR to 'CCC-', On Watch Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong
Kong) Co. Ltd. (Vanke HK), to 'CCC-' from 'CCC'. S&P also lowered
its long-term issue ratings on Vanke HK's senior unsecured notes to
'CCC-' from 'CCC'. At the same time, S&P placed these ratings on
CreditWatch with negative implications.

S&P said, "We expect to resolve the CreditWatch as soon as
practically possible once the terms of China Vanke's potential debt
maturity extension are available.

"We believe the risk of a distressed restructuring at China Vanke
within the next six months has heightened. This follows Shanghai
Pudong Development Bank Co. Ltd.'s (SPDB) recent announcement that
China Vanke may extend the maturity of a Chinese renminbi (RMB) 2
billion onshore bond that currently falls due on Dec. 15."

The terms of the proposed maturity extension are not yet available.
SPDB is the duration management institution of that onshore bond.

S&P said, "We view China Vanke's financial commitments as
unsustainable due to its weak liquidity. The company's debt
obligations are currently vulnerable to risks of nonpayment or
distressed restructuring, in our opinion.

"From December 2025 to May 2026, China Vanke faces a bond maturity
wall of about RMB11.4 billion. This compares with our forecast of
negative operating cash flow for the company, and its thin
accessible cash buffer as of Sept. 30, 2025.

"We expect to resolve the CreditWatch as soon as practically
possible once the terms of the company's potential debt maturity
extension of its RMB2 billion onshore bond due on Dec. 15, 2025,
are available.

"We may lower the ratings on China Vanke and Vanke HK if we view
the potential debt maturity extension as a distressed
restructuring."


SENMIAO TECHNOLOGY: Reports $723,730 Net Loss in 2026 Q2
--------------------------------------------------------
Senmiao Technology Limited filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $723,730 for the three months ended September 30, 2025,
compared to a net loss of $425,453 for the three months ended
September 30, 2024.

For the six months ended September 30, 2025, the Company reported a
net loss of $1 million, compared to a net loss of $1.2 million for
the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $936,344 and $745,880, respectively.  For the six months
ended September 30, 2025 and 2024, the Company had total revenues
of $1.8 million and $1.6 million, respectively.

As of September 30, 2025, the Company had $4.7 million in total
assets, $4.8 million in total liabilities, and $132,073 in total
equity.

In assessing the Company's liquidity, the Company monitors and
analyzes its cash on-hand and its operating and capital expenditure
commitments. The Company's liquidity needs are to meet its working
capital requirements, operating expenses and capital expenditure
obligations. Debt financing from financial institutions and equity
financings have been utilized to finance the working capital
requirements of the Company.

The Company's business is capital intensive. The Company's
management has considered whether there is substantial doubt about
its ability to continue as a going concern due to:

     (1) the net loss of approximately $1 million for the six
months ended September 30, 2025;

     (2) accumulated deficit of approximately $45.9 million as of
September 30, 2025;

     (3) the working capital deficit of approximately $2.6 million
as of September 30, 2025.

Although the Company has completed one financing transaction with
gross proceeds of $0.66 million as of the filing date of this
Report and expects to complete another with gross proceeds of $2.8
million by November 21, 2025, management still determines there is
substantial doubt about its ability to continue as a going concern.
This is due to the cost incurred to obtain the financing and the
planned settlement of payables, which result in the financing
obtained not being sufficient for the Company to maintain a net
working capital position for a reasonable period of time (i.e., one
year from the filing date of the unaudited condensed consolidated
financial statements).

Given the Company is expected to sustain operating cash outflow,
there is still substantial doubt on going concern. If the Company
is unable to generate significant revenue, the Company may be
required to curtail or cease its operations. Management will
continue to alleviate the going concern risk through the following
sources:

     * Equity financing to support its working capital;

     * Other available sources of financing (including debt) from
PRC banks and other financial institutions; and

     * Financial support and credit guarantee commitments from the
Company's related parties.

Based on these considerations, management is of the opinion that
the Company will probably not have sufficient funds to meet its
working capital requirements and debt obligations as they become
due one year from the filing date of these unaudited condensed
consolidated financial statements if the Company is unable to
obtain additional financing.

There is no assurance that the Company will be successful in
implementing the foregoing plans or that additional financing will
be available to the Company on commercially reasonable terms, or at
all.

There are a number of factors that could potentially arise that
could undermine the Company's plans, such as:

     (i) Changes in the demand for the Company's services,

    (ii) PRC government policies,

   (iii) economic conditions in China and worldwide,

    (iv) competitive pricing in the automobile transaction and
related service and ride-hailing industries,

     (v) changes in the Company's relationships with key business
partners,

    (vi) the ability of financial institutions in China to provide
continued financial support to the Company's customers, an

   (vii) the perception of PRC-based companies in the U.S. capital
markets.

The Company's inability to secure needed financing when required
could require material changes to the Company's business plans and
could have a material adverse effect on the Company's ability to
continue as a going concern and results of operations.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/a66khaja

                  About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides
automobile transaction and related services including sales of
automobiles, facilitation and services for automobile purchases and
financing, management, operating leases, guarantees and other
automobile transaction services in China.

As of June 30, 2025, the Company had $5.3 million in total assets
against $4.8 million in total liabilities, and $448,475 in total
equity.

In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued
a "going concern" qualification citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.



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

EMPEROR INTERNATIONAL: Secures Bank Approval to Resume Borrowing
----------------------------------------------------------------
South China Morning Post reports that Emperor International
Holdings has secured bank approval to resume borrowing under
existing terms by nearly two years, providing the embattled Hong
Kong developer with much-needed breathing room after it failed to
meet HK$16.6 billion (US$2.13 billion) in debt obligations in
July.

Emperor would "enjoy greater financial flexibility until at least
July 31, 2027, to accommodate its future business development,
which represents an important milestone in the group's financial
management," said chairwoman Semon Luk Siu-man in the filing, the
Post relays.

The agreement with the banks "demonstrates full confidence . . .
towards the group's outlook and creditworthiness".

In July, Emperor disclosed that its losses for the financial year
ending in March widened 11 per cent to HK$2.32 billion due to a
fair value loss and losses from discontinued operations, the Post
recalls.

According to the Post, the group's total external borrowings
amounted to HK$17.23 billion, while its net gearing ratio –
measured by net debts as a percentage of total asset value – was
44.4 per cent, up from 40.2 per cent the previous year.

Since then, the group has launched presales of 117 units at MVP, a
residential project in the Mid-Levels, with 112 units sold for a
total of HK$2.23 billion, according to a filing in September.

Additionally, it sold a HK$580 million luxury home at No 15 Shouson
Hill, a joint project with C C Land Holdings and CSI Properties, in
Hong Kong's affluent Southern district. The group also disposed of
investment properties in Macau for HK$90 million.

"Thanks to a rebound in new home sales, we are seeing an easing of
debt levels of some developers," the Post quotes Martin Wong
Shiu-kei, director and head of research and consultancy of Greater
China at Knight Frank, as saying. "This improvement could last six
months to one year as the market expects more interest rate cuts."

                     About Emperor International

Emperor International Holdings Limited is an investment holding
company, which is principally engaged in property development and
investment business. The Company and its subsidiaries develop and
manage a wide range of property development projects, comprising
office buildings, shopping malls, residential blocks, industrial
buildings and hotels in Hong Kong, Macau and China.

As reported in the Troubled Company Reporter-Asia Pacific in early
July 1, 2025, Emperor International disclosed it had defaulted on
HK$16.6 billion in bank borrowings. According to The Standard, the
company said in its annual results released June 27 that as of
end-March, HK$16.6 billion in bank loans were overdue or in breach
of certain terms of the loan agreements. As a result, the loans
were classified as current liabilities and lenders could demand
immediate repayment, according to the exchange filing.


HEALTH AND HAPPINESS: S&P Alters Rating Outlook to Stable
---------------------------------------------------------
S&P Global Ratings revised its rating outlook on Health and
Happiness (H&H) International Holdings Ltd. to stable from
negative. S&P affirmed its 'BB' long-term issuer credit rating and
issue ratings on the Hong Kong-based company and its notes.

The stable outlook reflects S&P's expectation that H&H's baby
segment will see a healthy recovery over the next 12-18 months. S&P
also expects no significant expense related to the ATO dispute in
the period.

S&P said, "We expect H&H's baby nutrition business to stay solid
over the next year, after a good recovery in the first nine months
of 2025. Beyond 2026, growth in the adult and pet segments should
neutralize a decline in the baby segment.

"Risks related to H&H's ongoing dispute with the Australia Tax
Office (ATO) should be manageable, in our view."

The solid recovery in H&H's infant milk formula (IMF) segment
should continue in 2026. The company saw a 33% growth in IMF sales
to distributors in the first nine months of 2025. Its trailing 12
months adjusted debt-to-EBITDA ratio has therefore dropped to 3.8x,
below our downgrade trigger of 4x. The acceleration in sales in the
third quarter of 2025 after a weak 2024 was driven by H&H resolving
supply bottlenecks in July and distributors being willing to stock
up inventory on the back of strong sell-through to consumers.

S&P said, "Into 2026, we forecast a 6% growth for the IMF segment,
compared with an about 25% increase we expect in 2025. The largest
driver will remain distributors building up inventory. We expect
distributors to normalize their inventory levels to 20-30 days by
mid-2026, from the current high-single-digit days.

"We anticipate H&H will be able to compete with other overseas
brands more effectively, capitalizing on a shift in consumer
preference in mainland China away from some domestic brands.
Potential launch of new products may also help. An additional minor
supporting point to sales growth will be a transit of existing
consumers of stage 1 and 2 IMF to stage 3 and 4."

Beyond 2026, H&H's business growth will be driven by the adult and
pet nutrition segments. The company's brand recognition and product
innovation should fuel growth in the adult nutrition segment, which
represents 64% of its EBITDA mix. The introduction of new products
such as gummies, diverse flavors, and targeted functions for
specific consumer groups should help H&H cater to the increasing
demand for health and beauty products in mainland China. This,
coupled with consistent spending on social media platforms such as
Douyin (TikTok), should help the company maintain brand visibility
and engagement.

The rising pet population in China and North America, alongside
H&H's expanded distribution channels, should create favorable
conditions for growth in the pet nutrition segment.

The adult and pet segments will likely sufficiently cover decline
in the baby nutrition segment that S&P expects amid a declining
birth rate in mainland China. As such, it expects H&H's EBITDA to
hold up and see a 1% growth in 2027.

Risks related to the dispute with the ATO should be manageable for
H&H. The company made a cash deposit amounting to about a quarter
of the A$407 million (about Chinese renminbi [RMB] 1.9 billion) tax
claim in July 2025. The claim centers around a dispute between H&H
and the ATO over the 2018 transfer of certain intellectual property
related to the company's Swisse brand from Australia to Hong Kong.
S&P said, "For now, we believe the tax claims are not a contingent
liability due to the low probability of payment. The company has
made no provision per external professional advisors. Our base case
has incorporated legal expenses and we assume the cash deposit made
is the potential minimum amount that H&H might need to pay for
settlement."

In the scenario that a settlement is unlikely in the next 12
months, H&H could enter into a full blown litigation process. The
company is determined to go through the whole trial and appeal
process, which could take about three years to complete. In the
event of an unfavorable final outcome, leverage would rise to 3.6x
in 2030.

H&H is keen to maintain the current rating level and has made
public commitments to lower leverage. The company intends to
channel cash flows to repay 4%-6% of its total reported debt of
RMB300 million-RMB500 million annually, and keep its annual
dividend payout at about RMB200 million, with a payout ratio at
30%-40% over the next three years.

H&H will need to refinance upcoming maturities due 2027. The
company will face about RMB5.6 billion maturities in 2027,
primarily from an offshore syndicated loan of about RMB4.7 billion.
With only RMB1.4 billion cash flow generation likely in 2025-2026,
H&H's available cash can only cover 30% of the 2027 maturities, and
the rest will need to be refinanced. S&P believes H&H will be able
to refinance the debt, based on its recent financing and expanded
funding channels.

S&P said, "The stable rating outlook reflects our expectation that
H&H's baby segment will post a healthy recovery over the next 12-18
months. We assume no significant expense or payment related to the
ATO dispute in the next two years. The company's adjusted
debt-to-EBITDA ratio should therefore trend down to 3.5x-3.8x in
2025 and 2026, from 4.9x in 2024.

"Beyond 2026, benefits for the baby segment will likely reduce as
distributors build up sufficient inventory. We expect growth from
the company's adult and pet segments to offset the decline in the
baby segment.

"We could downgrade H&H if the company's debt-to-EBITDA ratio
exceeds 4.0x. This could happen if we see a higher probability of a
significant payment to settle the ATO tax claim, or if H&H's
commitment to deleverage weakens.

"Beyond the next 12 months, we could also lower the rating if the
baby nutrition business contracts materially and growth in the
adult nutrition and pet businesses is unable to compensate for
this.

"Although remote in the next 12 months, we could consider an
upgrade if: (1) we believe H&H's debt-to-EBITDA ratio will fall
sustainably below 3.0x, driven by stronger businesses; and (2) we
have greater clarity on the settlement of the ATO dispute and it
does not significantly impact credit metrics."


LAI SUN: Negotiates Potential Asset Sales
-----------------------------------------
South China Morning Post reports that shares of Lai Sun Development
(LSD) resumed trading on the Hong Kong stock exchange on Nov. 28,
after the firm said it was negotiating a potential asset sale
alongside its parent company, Lai Sun Garment (LSG). As of July,
LSD reported total borrowings of about HK$25.38 billion.

The Post relates that LSD said it was "in the process of
negotiating a transaction with a potential purchaser in relation to
[a] certain proposed disposal" involving LSG.

The developer, whose portfolio includes hotels such as the Ocean
Park Marriott Hotel in Hong Kong, Fairmont St Andrews in Scotland
and the Caravelle Hotel in Vietnam, trimmed its losses by about 22
per cent to HK$2.87 billion for the financial year ending in July,
the Post discloses.

LSD reported bank borrowings of HK$20.8 billion, notes worth
HK$4.25 billion and additional borrowings totalling HK$296.7
million.

                      About Lai Sun Development

Headquartered in Hong Kong, Lai Sun Development Company Limited
(HKG:0488) -- https://www.laisun.com/lai-sun-development --
together with its subsidiaries, invests in, develops, leases, and
sells real estate properties in Hong Kong, Mainland China, Macau,
the United Kingdom, Vietnam, and internationally.

Lai Sun Development reported annual net losses of HKD2.87 billion,
HKD3.67 billion and HKD2.96 billion for the financial years ended
July 31, 2025, 2024 and 2023, respectively. The company reported
annual net loss of HKD1.97 billion in 2022.


NEW WORLD: Delays Home Sales Amid Grief Over Tai Po Fire
--------------------------------------------------------
South China Morning Post reports that Hong Kong developers have
postponed property sales scheduled for Nov. 28 as the city mourns
the deaths of dozens of residents in a devastating fire that broke
out in Tai Po.

According to the Post, Sino Group and New World Development
announced on Nov. 27 that the sale of 150 units at One Park Place
in Yau Tong and 63 units at the Austin Bohemian project in Yau Ma
Tei, respectively, would be deferred.

Both Sino Group and NWD did not disclose the reason for the
postponement or when sales would be rescheduled, the Post relates.

Meanwhile, DBS Bank (Hong Kong) said it would donate HK$10 million
(US$1.29 million) to Hong Kong Red Cross to help affected families
and postponed its annual company dinner on Nov. 39, according to an
internal memo seen by the Post. The company was collaborating with
venue AsiaWorld-Expo to distribute food for the dinner - which was
for 4,000 staff - to affected families.

"We should recognise the sombre mood of the public and we must
prioritise providing aid to impacted communities," the memo sent by
CEO Sebastian Paredes said, the Post relays.

The Post says the announcements came a day after a massive blaze
broke out in seven of eight buildings at Wang Fuk Court in the
northern New Territories.

Flames in four buildings were brought under control by early
Thursday morning [Nov. 27], authorities said. Three more were still
burning in the afternoon, but flames had retreated to the upper
floors.

At least 75 people, including a firefighter, died, while 76 people
were injured.

The Post says the eight residential buildings in Wang Fuk Court had
been undergoing renovations since July last year. They were wrapped
in mesh netting that did not meet fire safety standards, government
officials said.

The property sales were among a number of activities suspended, the
Post notes.

                    About New World Development

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

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

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




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

ALPHA THOUGHT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Alpha Thought Technologies Private Limited
        2A, Heritage Arcade, Plot No. 900,
        S.R. Nagar, Hyderabad-38,
        Andhra Pradesh, Telangana,
        India - 500038

Liquidation Commencement Date: November 18, 2025

Court: National Company Law Tribunal Hyderabad Bench

Liquidator: CA Ravindranath Narayana Rao
            522/C 2nd Floor, 1st D Cross,
            15th Main, 3 Stage, 4 Block WCR,
            Basaveshwaranagar Bangalore 560 079
            Email: vl.attpl@gmail.com
            Contact No: 9845258480

Last date for
submission of claims: December 18, 2025


BYJU'S: SC Dismisses Byju Raveendran's Plea Against NCLAT Order
---------------------------------------------------------------
The Economic Times reports that the Supreme Court on Nov. 28
dismissed a plea of Byju Raveendran, the promoter of Think and
Learn Private Limited that operates ed-Tech firm Byju, challenging
an NCLAT order which has mandated that the settlement of the BCCI's
claim be placed before the Committee of Creditors.

According to ET, a bench of Justices J B Pardiwala and K V
Viswanathan dismissed the appeal against the April 17 order of the
Chennai bench of the National Company Law Appellate Tribunal
(NCLAT) and asked senior counsel Navin Pahwa, representing
Raveendran in the matter, to proceed further.

In its April 17 order, the NCLAT said the approval of the Committee
of Creditors (CoC) was necessary for the application filed by the
Board of Control for Cricket in India (BCCI) to withdraw the
insolvency proceedings against Byju's.

ET relates that the top court noted that in July, it dismissed the
appeals filed by the BCCI and Riju Raveendran, the younger brother
Byju Raveendran and co-founder of Byju, against the same NCLAT
order.

ET says Justice Pardiwala asked Pahwa what was wrong with the view
taken by the NCLAT that the apex court's judgment would apply, in
which it was stated that the CoC was constituted during the
pendency of the proceedings and had allowed the parties to seek
remedies relating to the withdrawal and settlement of claims "in
compliance with the legal framework governing the withdrawal of the
CIRP".

Pahwa contended that the earlier petition in the apex court was
filed at the pre-CoC stage and the panel was formed during the
pendency of that matter.

The bench, however, disagreed with his contentions, saying, "The
moment we accept your argument, we frustrate the entire process,"
ET relays.

Pahwa said the petitioner has paid the BCCI from his own pocket but
now, the whole complexion of the dispute has changed.

According to ET, the insolvency dispute revolves around a
settlement between Think and Learn Private Limited and the BCCI,
which had initiated the insolvency process over unpaid sponsorship
dues on July 16, 2024.

A settlement was reached on July 31, 2024, and the entire claim of
the BCCI was paid by Riju Raveendran.

On August 2, 2024, the NCLAT accepted the settlement and permitted
the withdrawal of the Corporate Insolvency Resolution Process
(CIRP), but this order was later stayed by the apex court on August
14, 2024, ET says.

In the present appeal, Raveendran had contended that the NCLT, on
January 29, 2025, treated the settlement as post-CoC and directed
that the withdrawal application be placed before the panel, which
was upheld by the NCLAT, adds ET.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, the National Company Law Tribunal (NCLT) on July 16 ordered
insolvency proceedings against the company after a complaint by the
Board of Control for Cricket in India (BCCI) for not paying US$19
million in dues. Pankaj Srivastava was appointed as the interim
resolution professional.

Reuters said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than US$3 billion. Byju's has
denied any wrongdoing.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.

However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
US$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.


KND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KND
Engineering Technologies Limited (KND) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        35         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           15         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank         20         CRISIL D (Issuer Not
   Guarantee                        Cooperating)

Crisil Ratings has been consistently following up with KND for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KND, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KND
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KND continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

KND, based in Kolkata, was incorporated in 1982, by Late Mr. K N
Dadina; it became a public limited company in 1991. The company
provides services such as soil investigation, geotechnical studies
and also undertakes foundation/piling works. It recently forayed
into civil construction segment. The Dadina family manages the
daily operations.


MANGALAM DRUGS: CRISIL Cuts Long/Short Term Ratings to D
--------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank facilities of
Mangalam Drugs and Organics Limited (MDOL) to 'Crisil D/Crisil D
Issuer Not Cooperating' from 'Crisil BB+/Stable/Crisil A4+ Issuer
Not Cooperating' as the company has overdrawn its cash credit
facilities for a period exceeding 30 days and has defaulted in its
payment of Covid loans, based on publicly available information and
feedback received from bankers.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil BB+/Stable ISSUER
                                     NOT COOPERATING')

   Short Term Rating      -          Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil A4+ ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with MDOL for
obtaining information through letter and email dated October 10,
2025, October 24, 2025, November 4, 2025, November 7, 2025,
November 18, 2025 and November 20, 2025 and November 24, 2025 apart
from telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MDOL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MDOL
is consistent with 'Assessing Information Adequacy Risk'.

MDOL (formerly Advent Pharma Pvt Ltd), promoted by the Mumbai
(Maharashtra)-based Dhoot family, was set up in 1972 as part of the
Mangalam group. The company was reconstituted as a public limited
company in 2001. MDOL manufactures bulk drugs, and organic and
inorganic chemicals. MDOL is among the few companies which are
World Health Organization (WHO)-approved Indian companies to be
associated with the William J Clinton Foundation (Clinton
Foundation) for manufacture of anti-malarial drugs; the company
supplies artemisinin-based bulk drugs to pharmaceutical companies,
for the manufacture of anti-malarial formulations.


MOTOR WORLD: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Motor World
Private Limited (MWPL) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Inventory              18         CRISIL B/Stable (ISSUER NOT
   Funding Facility                  COOPERATING)

   Long Term Loan         17         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with MWPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MWPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MWPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 2001, MWPL, promoted by Mr Saju Thomas, is an
authorised dealer of Toyota passenger cars.


MUNEER ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Muneer
Enterprises Private Limited (MEPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Electronic Dealer      6.25       CRISIL B/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING)
   (e-DFS)                

Crisil Ratings has been consistently following up with MEPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MEPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

MEPL is an authorised dealer for MSIL in Karnataka. It operates six
showrooms and workshops each in Karnataka. Mr Aleem S Ahamed is the
promoter.


R R HOLIDAY: Ind-Ra Moves D Rating to NonCooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
R R Holiday Homes Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating action is:

-- INR620 mil. Bank loan facilities migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of R R Holiday Homes Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect R R Holiday Homes Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in May 1995, RRHPL is engaged in hospitality,
restaurant, flight catering, and travel and tour businesses. The
company has a flagship hotel named Uday Samudra Leisure Beach Hotel
with a total occupancy of 227 rooms. The brand also has two more
hotels under the name Uday Backwater Resort and Uday Suites, and a
convention center named Uday Palace Convention Centre. The company
also provides flight catering services under the name of Uday Sky
Kitchen.

STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sta-co Nutra
Products Private Limited (SNPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              5.4        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SNPPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.     

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SNPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SNPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SNPPL continues to be 'Crisil D Issuer not cooperating'.  

Established in 2013 by Mr Shivaji Sankpal and Ms Rohini Satkar,
SNPPL is setting up a unit in Ranjangaon, Pune, to manufacture
allopathic and ayurvedic lozenges and oncology active
pharmaceutical ingredients.


SVR ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SVR
Enterprises (SVRE) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Bank          1          Crisil B/Stable (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          5          Crisil B/Stable (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with SVRE for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SVRE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVRE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVRE continues to be 'Crisil B/Stable Issuer not cooperating'.  

Promoted by Mr. Viswanadh Penumalla in 2011 and based out of
Vishakhapatnam in Andhra Pradesh, SVRE is engaged in distribution
of products of Micromax Informatics Limited in Vishakhapatnam
region.


SWADISHT OILS: CRISIL Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swadisht Oils
Private Limited (SOPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL C (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL C (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SOPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SOPL continues to be 'Crisil C Issuer not cooperating'.  

On February 22, 2016, Mr Tilak Raj Sharma (and family; referred to
as the TRS group) bought out the stake of Mr Dinesh Arora (and his
family; referred to as the DA group) and took full control from
them. Commercial operations were restarted from December 2016.
Swadisht undertakes solvent extraction of varieties of edible and
nonedible oil seeds such as soy and mustard with the capacity of
300 tonne per day (tpd) at Rania, Kanpur. Beside this, the company
has an oil refining unit with refining capacity of 100 tpd.


TAMILNADU JAI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tamilnadu Jai
Bharath Mill Limited (TNJBL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           26          CRISIL D (Issuer Not
                                     Cooperating)

   Key Loan              10          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         9          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    25.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with TNJBL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TNJBL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TNJBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TNJBL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Set up in 1989, TNJBL is part of the Ramalinga group of companies,
which has diversified interests in businesses such as spinning and
cargo transportation. The company manufactures cotton yarn and
operations are currently managed by Mr TR Dhinakaran and his son,
Mr D Senthilkumar.


TRANS TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trans Tech
Turnkey Private Limited (TTTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit       60         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Letter of credit      135         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Short Term    10         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with TTTPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TTTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TTTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TTTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Set up by Mr. Suranjan Chatterjee, Mr. Sugato Majumdar, Mr. A N
Ghosh, and Mr. Ulhas V Pradhan, TTTPL offers engineering,
procurement and construction services, ranging from design and
civil construction to mechanical, electrical, and plumbing work.
Its large-scale turnkey division caters to industrial units and
commercial buildings, while its heating, ventilation, and air
conditioning division provides design and engineering, supply, and
installation services, mainly to pharmaceutical and chemical
companies.


TRANSPORT SOLUTIONS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Transport
Solutions India Private Limited (TSIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with TSIPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TSIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSIPL continues to be 'Crisil D Issuer not cooperating'.  

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.


TRIPATHI HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tripathi
Hospital Private Limited (THPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              20         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with THPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of THPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on THPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
THPL continues to be 'Crisil D Issuer not cooperating'.  

THPL, incorporated in November 2001, provides medical services in
the fields of orthopaedics and gynaecology/obstetrics. It was
originally established as a partnership firm in 2000 and was
reconstituted as a private limited company in 2001. The company is
managed by Mr B K Tripathi and his wife Ms. Nidhi Tripathi. It has
a 100-bed hospital at Noida in Uttar Pradesh.


TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tulsi Rocks
Private Limited (TRPL) continue to be 'Crisil D Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         Crisil D (Issuer Not
                                     Cooperating)   

   Export Packing          3         Crisil D (Issuer Not
   Credit                            Cooperating)   

   Long Term Loan         15         Crisil D (Issuer Not
                                     Cooperating)   

Crisil Ratings has been consistently following up with TRPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TRPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TRPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2013 and promoted by Mr. Prabhat Bhandari and his
family, TRPL is engaged in granite processing in Hyderabad
(Telangana).


UDAY STRUCTURALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Uday
Structurals and Engineers Private Limited (USEPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with USEPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of USEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on USEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


USEPL, based in Mumbai (Maharashtra), was set up in 2010 by Mr.
Uday Patil and his wife. The company manufactures scaffoldings and
also undertakes real estate construction on contractual basis.


URBAN LAND: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Urban Land
Management Private Limited (ULM) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               30        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with ULM for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ULM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ULM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ULM continues to be 'Crisil B/Stable Issuer not cooperating'.  

ULM, incorporated in 2012, is promoted by Mr. Mukesh Yadav, Mr.
Trilok Sharma, and Mr. Dinesh Nagpal. The company's residential
project in Rewari (Haryana) is expected to be completed in April
2017.


UTOPIAN SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Utopian
Sugars Limited (USL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Sugar Pledge           13         CRISIL D (Issuer Not
   Cash Credit                       Cooperating)

   Term Loan              20.01      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              21.66      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              30.51      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              14.82      CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with USL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of USL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on USL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
USL continues to be 'Crisil D Issuer not cooperating'.  

USL was incorporated in March, 2010 and is managed by Mr. Umesh
Paricharak and Mr. Mahesh Paricharak. The company processes sugar,
and molasses in Solapur, Maharashtra. It also has co-gen power
capacity. The company recently completed its distillery unit
project. The capacity of distillery unit is 45KLPD.


VE-7 CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VE-7 Ceramic
(VEC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.65        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           3.00        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.95        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VEC for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VEC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VEC continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 2014 and promoted by members of Morbi-based Patel
family, VEC manufactures wall tiles.


VEETEEJAY MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Veeteejay
Motors Private Limited (VMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund Based             10.0       CRISIL D (Issuer Not
   Facilities- LT                    Cooperating)

Crisil Ratings has been consistently following up with VMPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VMPL continues to be 'Crisil D Issuer not cooperating'.  

The company is an authorized dealer of passenger vehicles of
Hyundai Motor India Ltd (HMIL) and is based in Kochi, Kerala. It
operates two 3S (sales, service and spares) showrooms and three
sales outlets in Kochi. It is promoted by Mr Thomas J.


VIJAYA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya
Krishna Agro Food Processing Private Limited (VKAFPL) continue to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    1.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             5.00        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VKAFPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VKAFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
VKAFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of VKAFPL continues to be 'Crisil D Issuer not
cooperating'.  

Incorporated in 2014, VKAFPL, promoted by Mr G Vijaya Kumar and
family, is engaged in processing and sale of guava and mango pulp.
Its pulp processing unit near Vijayawada, Andhra Pradesh.


VINIT KNITTINGS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinit
Knittings Private Limited (VKPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.21      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with VKPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VKPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VKPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2004 and promoted by Mr. Sudama Arora, Mr. Vaneet
Arora, Mr. Manoj Arora, and Ms. Rachna Arora, VKP manufactures
industrial cloth at its unit in Sameypur Extensive Industrial Area
in New Delhi, which has installed capacity of 8 tonne per day.


VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vintegrate
Technology Private Limited (VTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5.7        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VTPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VTPL continues to be 'Crisil D Issuer not cooperating'.  

Vintegrate is constructing a commercial property in Panchkula,
Chandigarh. The property is expected to have lease space of around
1 lakh sq. ft and is expected to be completed in 2018.


VRS FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VRS Foods
(VRSF) continue to be 'Crisil B/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    10         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Warehouse Receipts     2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with VRSF for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VRSF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VRSF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VRSF continues to be 'Crisil B/Stable Issuer not cooperating'.  

VRSF was establish in 2013 as partnership firm by Mr Ramniwas
Gupta, Mr Satpal Gupta and Mr Vijay Goel. VRSF is engaged in
manufacturing of Rice grits, Rice flour, Gram flour and Gram grits.
VRSF manufacturing facility is located in Narela, Delhi.


VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrundavan
Ceramic Private Limited (VCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           9.75        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       3.30        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term    0.70        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital       9.00        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with VCPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

VCPL, incorporated in Morbi (Gujarat) as a limited company in 2000,
was promoted by Mr. O T Patel. It was reconstituted as a private
limited company in 2003. VCPL manufactures floor and wall tiles
that are sold under the Vrundavan and Spaniso brands. Gangotri is a
partnership firm engaged in the same line of business.


WAVE ONE: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Wave One
Private Limited (Wave One) continue to be 'Crisil B/Stable Issuer
not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan        95         Crisil B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan       180         Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Wave for
obtaining information through letter and email dated October 17,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Wave One, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Wave
One is consistent with 'Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
Wave One continues to be 'Crisil B/Stable Issuer not cooperating'.


Wave One is a special-purpose vehicle formed under the real estate
arm of the Wave group for a commercial project in Sector 18, Noida.
The project is a 41-storey tower with total saleable area of 11
lakh sq ft, and has a mix of retail space and corporate offices.
Construction commenced in fiscal 2013 and the project was expected
to be partially completed by June 2020.


WHITE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of White Lotus
Cotyledon Private Limited (WLCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.05        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term   10.45        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             2.5         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with WLCPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of WLCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on WLCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
WLCPL continues to be 'Crisil D Issuer not cooperating'.  

WLCPL, established by Shah family in Aurangabad (Maharashtra), is
engaged in ginning and pressing of raw cotton. The company's unit,
located at Vaijapur in Aurangabad, has a manufacturing capacity of
1500 quintals per day.


WYAN INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Wyan
Industries Private Limited (WIPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            16         Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Term Loan      2.32      Crisil B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              11.68      Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with WIPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of WIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on WIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
WIPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

WIPL was incorporated in 2004. Operations are managed by Mr Somnath
Aggarwal and his son, Mr Sahil Aggarwal. The company manufactures
aluminium products (castings for two- and four-wheelers), and also
trades in rice. Its factory is in Sonipat, Haryana.




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

EMPORIUM PRODUCTIONS: Creditors' Proofs of Debt Due on Jan. 16
--------------------------------------------------------------
Creditors of Emporium Productions Limited are required to file
their proofs of debt by Jan. 16, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2025.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          DO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010


JCD NZ: Damien Grant and Adam Botterill Appointed as Receivers
--------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Nov.
25, 2024, were appointed as receivers and managers of JCD NZ
Limited.

The receivers and managers may be reached at:

          Damien Grant
          Adam Botterill
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


LASER CLINICS: Ponsonby Beauty Clinic Owes Almost NZD500,000
------------------------------------------------------------
New Zealand Herald reports that a Ponsonby beauty clinic where
staff are at the centre of a franchise dispute over outstanding
wages, owes creditors almost NZD500,000, according to liquidators.

The Ponsonby Road branch of Laser Clinics New Zealand was shuttered
on August 16, with staff left out of work and out of pocket,
according to NZ Herald.


OCEANE HOLDINGS: Court to Hear Wind-Up Petition on Dec. 11
----------------------------------------------------------
A petition to wind up the operations of Oceane Holdings Limited
will be heard before the High Court at Auckland on Dec. 11, 2025,
at 10:00 a.m.

Intorock Drilling Limited filed the petition against the company on
Oct. 21, 2025.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19, 191 Queen Street
          Auckland


SKG HOMES: Court to Hear Wind-Up Petition on Dec. 16
----------------------------------------------------
A petition to wind up the operations of SKG Homes Limited will be
heard before the High Court at Auckland on Dec. 16, 2025, at 10:45
a.m.

Carters Building Supplies Limited filed the petition against the
company on Oct. 10, 2025.

The Petitioner's solicitor is:

          Rebecca Selby
          Russell van Hout
          Mastercard House
          136 Customs Street West
          Auckland CBD 1010


TITAN TRAFFIC: Creditors' Proofs of Debt Due on Jan. 16
-------------------------------------------------------
Creditors of Titan Traffic Management Limited are required to file
their proofs of debt by Jan. 16, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


WINELY: Goes Into Liquidation With Liabilities Over NZD2.2MM
------------------------------------------------------------
BusinessDesk reports that winemaking technology startup Winely has
gone into liquidation with known liabilities of about NZD2.2
million.

According to BusinessDesk, the company's shareholders have
appointed Andrew McKay and Rees Logan of BDO Auckland as
liquidators.

BusinessDesk relates that Mr. McKay said they had yet to start
investigating its failure.

Winely had a good concept, but it hadn't secured additional funding
to develop, the report notes.

Winely was incorporated in 2018 and provided AI-driven technology
that continuously monitored winery fermentation processes via
internet-connected sensors.




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

BV HEALTHCARE: Creditors' Proofs of Debt Due on Dec. 25
-------------------------------------------------------
Creditors of BV Healthcare ll Pte. Ltd. are required to file their
proofs of debt by Dec. 25, 2025, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way #03-06C
          Shenton House
          Singapore 068805


CHINA RESOURCES: Commences Wind-Up Proceedings
----------------------------------------------
Members of China Resources Power Singapore Holdings Pte. Ltd. on
Nov. 19, 2025, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

          Oon Su Sun
          Dang Looyean
          Finova Advisory
          182 Cecil Street
          #23-02 Frasers Tower
          Singapore 069547


JOINT RAINBOW: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 14, 2025, to
wind up the operations of Joint Rainbow Shipping Pte. Ltd.

The company's liquidators are:

          Mr. Abuthahir Abdul Gafoor
          Ms. Yessica Budiman
          AAG Corporate Advisory
          11 Collyer Quay
          #07-02 The Arcade
          Singapore 049317


KAIDEN ADVISORY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Kaiden Advisory Pte. Ltd. on Nov. 21, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Oon Su Sun
          Finova Advisory
          182 Cecil Street
          #23-02 Frasers Tower
          Singapore 069547


PK GENERAL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 14, 2025, to
wind up the operations of PK General Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




===============
T H A I L A N D
===============

FNS HOLDINGS: Fitch Withdraws CCC+(tha) National LongTerm Rating
----------------------------------------------------------------
Fitch Ratings (Thailand) Limited has upgraded the National
Long-Term Rating of FNS Holdings Public Company Limited to
'CCC+(tha)' from 'CCC-(tha)'. Fitch has also affirmed its National
Short-Term Rating at 'C(tha)'. Simultaneously, Fitch has withdrawn
the ratings.

The upgrade reflects reduction in refinancing risk after FNS
successfully redeemed its debentures in October 2025. The rating
reflects FNS's tight liquidity, as Fitch expects its wellness
business to operate with negative cash flow for at least the next
24 months, while FNS has limited access to new funding and must
rely on related companies to repay loans and its limited cash
balance.

Fitch has chosen to withdraw the ratings for commercial reasons.

Key Rating Drivers

Refinancing Risk Alleviated: FNS's bond redemption in October 2025
has reduced its refinancing risk. At end-September 2025, FNS had
only secured short-term borrowings from financial institutions
totaling THB123.3 million, with its shares in M.K. Real Estate
Development Public Company Limited (MK) pledged as collateral.
Fitch expects FNS to roll over the secured debts.

Tight Liquidity on Negative FCF: Fitch expects FNS's liquidity to
remain tight, with negative free cash flow (FCF) for at least the
next 24 months due to its wellness business. The business is in its
early stages, and access to new funding is limited. FNS is
therefore likely to rely on loan recoveries from MK, which also has
tight liquidity, to fund the negative FCF. FNS's alternative source
of funding is the divestment of non-core assets, which carries
execution risk.

Limited Operating Scale: FNS's credit profile is constrained by its
small operating scale. It focuses on two wellness projects: RAKxa
Integrative Wellness and RXV Wellness Village. RAKxa, launched in
2020, targets high-end foreign guests, while RXV, opened in 2023,
offers more affordable packages to domestic individual and
corporate customers, and foreign guests. Both projects have
occupancy rates below their cash flow breakeven levels, but FNS
expects to reach this level in the next 12 months. The company
plans to increase occupancy rates by attracting a larger pool of
guests and encouraging repeat visits.

Support to MK Unlikely: Following FNS's reduction of its stake in
MK and deconsolidation of its financials, Fitch expects FNS will no
longer provide financial support to MK. MK plans to source funds
independently of FNS to meet its high refinancing needs in the next
12 months. FNS will focus on improving the performance of its
wellness business, which still has negative operating cash flow and
limits FNS's ability to provide financial support to MK.

Modest Capex and Investment: Fitch forecasts that FNS's capex and
investment requirements will remain modest over the medium term.
This is based on its belief that FNS will focus on the performance
turnaround of the existing two wellness projects before embarking
on business expansion or new investments. As a result, FNS will
incur only minimal maintenance capex over the medium term.

Doubts Raised by Auditor: FNS's independent auditor issued an
opinion with an emphasis of matter on material uncertainty related
to FNS as a going concern in its audit report on the company's
financial statements for the nine month ended 30 September 2025.
FNS reported consecutive net losses in 2024 and 2025. Its current
liabilities exceeded its current assets, excluding short-term loans
to related parties, by THB0.5 billion, which casts significant
doubt on the company's ability to continue as a going concern.

Peer Analysis

FNS's rating is significantly lower than that of rated peers in
Thailand and is driven by its tight liquidity and limited operating
scale.

Fitch’s Key Rating-Case Assumptions

Fitch's Key Assumptions within Its Rating Case for the Issuer

- FNS to focus on its health and wellness business;

- FCF to remain negative in 2025-2027;

- No major capex in 2025-2027;

- No dividend payments in 2025-2027.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

Liquidity and Debt Structure

FNS's liquidity remains tight, as Fitch estimates negative FCF
totaling THB274 million during 2026-2027. FNS may have insufficient
liquidity to sustain its operations in the absence of additional
repayment of loans from MK, additional borrowings from financial
institutions or sales of non-core assets.

Issuer Profile

FNS is a holding company with investments in a variety of
businesses. Its primary investments are in the wellness sector,
where it holds a 100% stake in RX Wellness Ltd, and in the property
and real-estate sector, where it holds a 36.6% stake in MK. Its
other investments include a bakery chain, and small start-up
businesses.

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
   -----------               ------                 -----
FNS Holdings Public
Company Limited       Natl LT CCC+(tha) Upgrade     CCC-(tha)
                      Natl LT WD(tha)   Withdrawn
                      Natl ST C(tha)    Affirmed    C(tha)
                      Natl ST WD(tha)   Withdrawn



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***