251204.mbx

251204.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, December 4, 2025, Vol. 28, No. 242 Headlines A U S T R A L I A BLUE RIVER: Second Creditors' Meeting Set for Dec. 9 DICKY BILL: Salad Farms Enter Administration With 180 Job Cuts FALCON CAPITAL: Liquidators Prepare Investors for the Worst LIBERTY PRIMARY: Second Creditors' Meeting Set for Dec. 8 MOSAIC BRANDS: Ordered to Appoint Second Liquidator NUFARM LIMITED: Fitch Lowers LongTerm IDR to 'BB-', Outlook Stable PEERS EARTHMOVING: First Creditors' Meeting Set for Dec. 8 SLAT FENCING: First Creditors' Meeting Set for Dec. 9 VICTORIAN ALPS: First Creditors' Meeting Set for Dec. 9 C A M B O D I A PRINCE HOLDING: Thailand Seizes Assets Linked to Cambodian Tycoon I N D I A ADARSHA MOTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating AVIOM INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category B.V.L. EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating DEEM CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating DIGNITY BUILDCON: ED Accuses Experion of Misusing IBC Rules GIRIJASHANKAR COTTON: ICRA Keeps B+ Ratings in Not Cooperating GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating GOWRI INFRAENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating HITECH HYDRAULICS: ICRA Keeps B+ Debt Ratings in Not Cooperating KAILASH INFRATECH: CARE Lowers Rating on INR12.97cr LT Loan to D KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category LYPSA GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating MUMS MEGA: ICRA Keeps B Debt Rating in Not Cooperating Category NORTH INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category PERIYAR AGRO: CARE Keeps D Debt Ratings in Not Cooperating RAM PULSE: ICRA Keeps B+ Debt Rating in Not Cooperating Category RATHI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ROSHA ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating SAI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating SIVA SANKAR: ICRA Keeps B+ Rating in Not Cooperating Category SUMA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category SUNNY ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating M A L A Y S I A TALAM TRANSFORM: Faces Shareholder Push for Forensic Audit N E W Z E A L A N D ARC FRAMING: Court to Hear Wind-Up Petition on Dec. 8 BRIGHT HOMES: Court to Hear Wind-Up Petition on Feb. 11 COUNTRY GRIND: Creditors' Proofs of Debt Due on Dec. 29 OU LA LA LIMITED: Creditors' Proofs of Debt Due on Dec. 15 PLUMBMAX PLUMBING: Creditors' Proofs of Debt Due on Dec. 24 [] NEW ZEALAND: Corporate Insolvencies Rise 5% in September Qtr. S I N G A P O R E ACM WORKS: Court to Hear Wind-Up Petition on Dec. 12 FRAIS ENGINEERING: Court to Hear Wind-Up Petition on Dec. 19 JIU LIN: Court Enters Wind-Up Order SPHERE HOLLAND: Creditors' Meetings Set for Dec. 16 UNITED MARITIME: Commences Wind-Up Proceedings S O U T H K O R E A [] S. KOREA: Construction Margin Drops, Raising Insolvency Fears - - - - - ================= A U S T R A L I A ================= BLUE RIVER: Second Creditors' Meeting Set for Dec. 9 ---------------------------------------------------- A second meeting of creditors in the proceedings of Blue River Landscape Supplies (QLD) Pty Ltd has been set for Dec. 9, 2025, at 10:00 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 8, 2025 at 4:00 p.m. Alan Walker and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on Nov. 4, 2025. DICKY BILL: Salad Farms Enter Administration With 180 Job Cuts -------------------------------------------------------------- ABC News reports that an immediate shutdown of major Victorian and Queensland baby-leaf salad supplier Dicky Bill has put more than 180 people out of work just weeks before Christmas. Dicky Bill operates two farms at Maffra, Victoria and Drinan, west of Bundaberg in Queensland, growing leafy salad vegetables and herbs year-round. But on Nov. 27, owner Ryan McLeod put the company into voluntary administration, owing hundreds of thousands of dollars to creditors, the ABC relates. According to the ABC, the family-owned business was originally founded by Richard William (Dicky Bill) and Kaye Barnard in 1996. Their son Ryan McLeod and wife Tahirih took on the business after Ryan's father died, supplying triple-washed and packed fresh salads to domestic and international markets. At peak production, the business would wash and pack 40 tonnes of loose-leaf salads each week. In a statement, Mr. McLeod said the situation was devastating for his family and employees, the ABC relays. "This is our family business. For months, we worked side by side with professional advisers to put forward a plan that everyone could live with," the ABC quotes Mr. McLeod as saying. "We had the full support of our secured creditor. We genuinely believed we were close to a solution that protected our people and our community," he said. Victorian flood damage, along with cyclonic weather in Queensland in recent years, placed pressure on the business, according to Mr. McLeod. He said the owner of the two farm properties, Warakirri Asset Management, was owed approximately AUD330,000 in rent arrears and negotiations to resolve that position had been "ongoing in good faith". But on Nov. 26, Mr McLeod said Warakirri issued termination notices for both the Maffra and Drinan leases and sent security guards to both farms at dawn on Nov. 27 to lock the gates, the ABC relays. Mr. McLeod said AUD2 million worth of crop was in the ground, the ABC adds. FALCON CAPITAL: Liquidators Prepare Investors for the Worst ----------------------------------------------------------- The Australian Financial Review reports that investors in First Guardian are unlikely to get their AUD446 million back in full, say liquidators of the company behind the failed fund, although they do expect to recover enough money to repay its lenders. In an update this week, FTI Consulting liquidators Ross Blakeley and Paul Harlond said they had so far only recovered AUD1.6 million since being appointed in April to manage Falcon Capital, the responsible entity that administered the allegedly fraudulent First Guardian scheme, the Financial Review relates. They also warned that they won't be in a position to repay any money to investors until the first half of 2027 at the earliest. "It will likely be at least 18 months before both sufficient funds and certainty exist in the liquidation in order to consider declaring and paying a dividend to creditors, or making a distribution to unitholders," FTI said in an emailed statement. They had received claims amounting to just over AUD243,000 from secured and unsecured creditors who lent money to Falcon, all of which were "likely to receive 100 cents in the dollar" when the liquidation is secured, the Financial Review relays. But the news was bleaker for investors whose life savings were exposed to its scheme. "Only a partial return of unredeemed funds may eventuate" for unitholders, the liquidators said because "a substantial shortfall of asset recoveries to outstanding and unredeemed funds invested is likely". According to the Financial Review, the update will put even more pressure on the superannuation platforms that hosted First Guardian products to dig into their own pockets to compensate investors, after financial advisers used their systems to pump millions of dollars of retirement savings into the schemes. The next step for the liquidators will be to begin public examinations of the directors of Falcon and First Guardian in December, the statement from FTI said. It noted that many of the investments made by the managed investment scheme have "already been determined to be of no or little value". The Financial Review says the remaining investments are "largely illiquid, intangible assets, located in foreign jurisdictions, and involve related parties" of Falcon and First Guardian or parties that had a close association with those directors. Other investments will require litigation to get any money recovered. Furthermore, the liquidators' recovery efforts are also likely to involve legal claims against those directors or related parties and "the ability of the directors or related parties to meet any claim and repay monies is questionable". "While substantial progress has been made over the eight months since the liquidators' appointment, this is a complex liquidation in its early stages with significant work still to be done," the FTI statement said. The Financial Review notes that the corporate regulator is investigating whether Falcon misused investor money, and has already pursued the super platforms that hosted the similarly failed Shield Master Fund for failing to do enough to protect the public from the defective scheme. These super platforms offer a menu of investment options, which are used by financial advisers to help allocate their clients' savings. Netwealth, Equity Trustees and Diversa had all allowed First Guardian products on their platforms. Netwealth and Diversa have alleged the schemes were fraudulent, and have flagged they will ask the federal government for assistance to make their customers whole. FTI has previously argued the Australian Securities and Investments Commission's concerns about Falcon's conduct were "well-founded". In the liquidators' most recent update, they said creditors and unitholders were unlikely to see any distributions until mid-2027 as they track down Falcon's assets and bank accounts, the Financial Review relays. "The liquidators have prepared subpoenas for a select list of 150-plus parties where the liquidators believe Falcon monies have been paid," the liquidators said. Investigations were underway into "entities and funds established by [Falcon's] directors and their associates in the Cayman Islands, including understanding their purpose, activity and financial position." About Falcon Capital Falcon Capital Limited is the responsible entity for the First Guardian Master Fund, a registered managed investment scheme. As reported in the Troubled Company Reporter Asia Pacific on April 11, 2025, the Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon Capital Limited and ordered the Liquidators to wind up Falcon, the First Guardian Master Fund and related unregistered subsidiary funds. The Liquidators were appointed following an application by ASIC. ASIC took this action as it was concerned about Falcon's management and operation of First Guardian and the associated risks to investors. The Federal Court also ordered that Mr. Paul Allen of PKF Melbourne be appointed as receiver to the property of David Anderson, a director of Falcon. This action follows previous action taken by ASIC in February 2025 to freeze the assets of Falcon, First Guardian and Mr. Anderson to help protect investor funds while ASIC continues its investigation. The related unregistered subsidiary funds are: * the First Guardian Global Income Fund * the First Guardian Australian Development Fund * the First Guardian Absolute Equities Fund * the First Guardian Trulet Innovation Fund * the First Guardian Global Equity Fund. LIBERTY PRIMARY: Second Creditors' Meeting Set for Dec. 8 --------------------------------------------------------- A second meeting of creditors in the proceedings of Liberty Primary Metals Australia Pty Ltd has been set for Dec. 8, 2025, at 12:00 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 5, 2025 at 5:00 p.m. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrator of the company on Nov. 3, 2025. MOSAIC BRANDS: Ordered to Appoint Second Liquidator --------------------------------------------------- The Australian Financial Review reports that the Federal Court has ordered Mosaic Brands to appoint a second liquidator after it determined the first may have a conflict of interest because it provided the failed retailer with consulting advice before it collapsed. Mosaic was one of the biggest ASX-listed clothing retailers before it collapsed last year and FTI Consulting was appointed as liquidator, the Financial Review notes. The company operated chains including Katies, Millers, Noni B and Rivers, which have closed, leading to thousands of people losing their jobs. In February, almost 3,000 workers left out of a job from the collapse of clothing retailer Mosaic Brands were granted fast-tracked access to unpaid wages and other entitlements through a last-resort government scheme. As liquidator, FTI Consulting in June formed a preliminary view that the group was likely trading insolvent since late 2020, and identified that creditors could recover up to AUD77 million. The Financial Review says the liquidator outlined multiple potential breaches of directors' duties by the Mosaic board over that time, including failures to exercise reasonable care and diligence, act in good faith and keep proper records. However, creditors such as Chinese textiles supplier Shaoxing Newtex contested the appointment of FTI Consulting senior managing director Vaughan Strawbridge because he provided consulting advice to Mosaic in 2020. Until late 2020, Mr. Strawbridge was a partner at Deloitte, where he performed consulting work for Mosaic Brands, which included a strategic review, a JobKeeper report, and analysis of financial and cash flow forecasts over two years, according to the Financial Review. Mr. Strawbridge also attended board meetings of Mosaic Brands that covered the management of cash flow for that work. He joined FTI in December 2020. The Financial Review relates that Shaoxing Newtex launched a lawsuit to try to remove FTI and sought a resolution to appoint alternative liquidators at a creditor meeting in July, but failed to obtain enough votes in support. On Dec. 1, the Federal Court sided with Shaoxing Newtex and said there may be a perceived conflict of interest because of the history between Strawbridge and Mosaic. According to the Financial Review, the Federal Court ordered the collapsed retailer to appoint a second set of liquidators who will be tasked with investigating and pursuing claims against the company's directors for breach of duty and insolvent trading, as well as any claims against external advisers, including Deloitte. Justice Cameron Moore found that although Mr. Strawbridge billed only 4.6 hours worth of consulting work for Mosaic Brands, his position as a partner at Deloitte still raised a substantial risk of a conflict of interest. "A scenario in which Mr Strawbridge is involved in a claim for insolvent trading is not merely hypothetical and remote, but is a credible possibility," the Financial Review quotes Moore as saying. "Common experience suggests that a claim of that magnitude is likely to generate cross-claims where available, and the available material raises the possibility of a cross-claim against Deloitte, including potentially in respect of the period while Mr Strawbridge was a partner," he said. However, Moore dismissed Shaoxing Newtex's attempt to remove FTI entirely, citing the significant costs and delay associated with a complete change of liquidator, the Financial Review says. FTI liquidators will still carry out the remaining liquidation duties. Shaoxing Newtex, which is owed about AUD3 million, is seeking to have Wexted Advisors appointed as the alternative liquidators. About Mosaic Brands Mosaic Brands Limited was engaged in the retail of women's apparel and accessories in Australia and New Zealand. The company sold its products under the Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy brand names. It operated through a network of 804 stores and online digital department platforms. On Oct. 28, 2024, David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth of KPMG were appointed Receivers and Managers to the assets and undertakings of the Mosaic Brands Group entities. Mosaic Brands entities are: - Mosaic Brands Limited - Noni B Holdings Pty Limited - W.Lane Pty Ltd - Pretty Girl Fashion Group Pty. Ltd. - Pretty Girl Fashion Group Holdings Pty Ltd - Noni B Holdings 2 Pty Ltd - Rivers Retail Holdings Pty Ltd - Crossroads Retail Pty Ltd - Katies Retail Pty Ltd - Autograph Retail Pty Ltd - Millers Retail Pty Ltd - Noni B HoldCo Pty Ltd - Ezibuy Pty. Limited The Receivers' appointment follows the appointment of Vaughan Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI Consulting as Voluntary Administrators to the Mosaic Brands Group on Oct. 28, 2024. On July 1, 2025, creditors voted to liquidate the company after the administrators failed to receive a deed of company arrangement (DOCA) or find another proposal for the group. Mosaic has appointed its existing administrators, Vaughan Strawbridge and David McGrath, along with Kathryn Evans, Kate Warwick of FTI Consulting, as liquidators. NUFARM LIMITED: Fitch Lowers LongTerm IDR to 'BB-', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has downgraded Australia-based Nufarm Limited's Long-Term Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Stable. Fitch has also downgraded the rating on senior unsecured notes issued by Nufarm's wholly owned subsidiaries, Nufarm Australia Limited and Nufarm Americas Inc., under a dual tranche structure, to 'BB-' from 'BB'. At the same time, Fitch has removed the Rating Watch Negative on all the ratings. The downgrade reflects Nufarm's high leverage in the absence of asset sales to accelerate debt reduction, following its review of the seed technologies segment. Therefore, Fitch expects EBITDA leverage to remain at around 4.5x in the financial year ending September 2026 (FY26), before gradually improving to around 3.5x in FY28 on volume growth, product price recovery, margin improvement and sustained capex reduction. The Stable Outlook reflects its expectations Nufarm's financial profile will remain commensurate with the rating over the medium term. The notes are rated at the same level as Nufarm's IDR because they represent its direct, unconditional, unsecured and unsubordinated obligations. Key Rating Drivers Leverage Remains High: Fitch expects EBITDA leverage to remain elevated at 4.3x in FY26, as the review of Nufarm's seed technologies did not result in a transaction to provide proceeds to accelerate deleveraging. Earnings in FY25 were weaker than Fitch expected, weighed down by the seed technologies segment, while debt increased mainly because of a working-capital build-up in that segment. Near-Term Key Priorities: Fitch expects Nufarm to prioritise cost control, capex and net working-capital reduction amid uncertainty around the extent of price recovery and trade tensions. It plans to reduce capex, including capitalised R&D, to below AUD200 million in FY26 (FY25: around AUD250 million), as peak crop-protection spending concludes. Fitch expects average inventory turnover to improve further - up 16 days in FY25 against FY24, excluding higher omega-3-related inventory - supporting positive free cash flow generation. Slower Growth in Seed Technologies: Fitch expects currently depressed omega-3 prices, despite early signs of price recovery, to weigh on near-term earnings in seed technologies. The segment had previously offset crop-protection weakness. Nufarm is scaling its bioenergy platform and other technologies, but Fitch expects significant earnings closer to FY28. Near term, Fitch expects a focus on reducing omega-3 production costs and tighter inventory management. Tentative Recovery in Crop Protection: The crop protection margin widened to 12% in FY25, from 10.5% in FY24, but demand and price recovery were slower than Fitch expected due to the absence of a significant supply reduction from China. In-channel inventory in the US has normalise, although restocking could remain subdued in the near term as US-China trade tensions and tariffs dampen sentiment. Margins may also stay constrained due to competitive pressure. Australia's Robust Demand, Industry Fundamentals: Nufarm's revenue from Australia is around 20% and Fitch expects favourable weather conditions and attractive grain prices to support overall demand and earnings in FY26. The global crop-protection industry offers better profitability and lower price volatility than commodity chemicals, but remains vulnerable to extreme weather events. Still, the crop-protection industry has high barriers to entry due to strict regulations and lengthy product-registration processes. Limited Vertical Integration: Fitch expects Nufarm to remain exposed to volatility in raw-material availability and costs, which will affect its margins as operating conditions normalise over the medium term. Nufarm is heavily reliant on external purchases, with the majority of its raw-material requirements met by manufacturers in China. A lack of vertical integration protects Nufarm's margins to some extent compared with that of peers amid the currently low raw-material prices. Strong Market Position; Organic Expansion: Nufarm is a top-10 global player in crop-protection and seed sales and has leading positions in Australia and New Zealand. It also maintains strong positions in European cereal herbicides, US turf and ornamental crop protection, and phenoxy herbicides globally. Its scale and revenue are small relative to the industry's leaders, but it is well-positioned within the 'BB' category. Fitch expects Nufarm to expand scale and broaden its product range organically, where the ability to provide a comprehensive set of product solutions to farmers via an extensive portfolio is a key competitive advantage. Moderate Product, Geographical Diversification: Herbicides contribute around two-thirds of Nufarm's revenue, weakening portfolio diversification, and dry weather has a significant impact on demand. Nufarm derived 42% of its crop-protection revenue from North America in FY25 (FY24: 43%), 28% from APAC (FY24: 29%) and 30% from Europe (FY24: 28%). Still, its geographical diversification is limited by a lack of presence in Latin America, one of the largest crop chemical markets, and significant revenue exposure to the small Australian market. Peer Analysis Nufarm is rated one notch lower than crop-protection chemical industry peer UPL Corporation Limited (BB/Stable), whose rating is based on the consolidated profile of parent UPL Limited. UPL Corporation's EBITDA is more than 4x that of Nufarm, with significantly wider EBITDA margins. It also has better geographical diversification and its product portfolio is more balanced. In addition, UPL Corporation has a stronger business profile than Nufarm, while its financial metrics are more conservative than Nufarm's following equity inflows used for debt repayment. Nufarm is rated two notches below the 'bb+' Standalone Credit Profile (SCP) of Syngenta AG (BBB/Stable). Syngenta's rating incorporates a two-notch uplift from its linkage with indirect parents China National Chemical Corporation Limited (A/Stable) and, ultimately, Sinochem Holdings Corporation Ltd. The rating difference between Nufarm and Syngenta is due mainly to Syngenta's stronger business profile. Nufarm is rated two-notches below soda ash producer Tata Chemicals Limited (TCL, BB+/Stable). TCL has lower leverage and wider EBITDA margins than Nufarm. TCL has a strong market position as the world's third-largest soda ash producer, with a cost advantage compared with peers. TCL, like Nufarm, is constrained by its small scale relative to global peers and limited product diversification. Nufarm is rated up to four notches below other fertiliser producers, including The Mosaic Company (BBB/Stable), ICL Group Ltd. (BBB-/Stable), FMC Corporation (BB+/Stable) and CF Industries, Inc. (BBB/Stable). The rating difference is due largely to the peers' stronger business profiles. Fitch’s Key Rating-Case Assumptions - Revenue CAGR of 3% in FY26-FY29, driven by gradual price recovery and volume growth; - Average EBITDA margin (after adding capitalised R&D costs and adjusting for leases) around 7% in FY26-FY29; - Average annual capex (after adjusting for capitalised R&D costs) of AUD125 million in FY26-FY29, funded mainly by operations; - No dividends and spending on acquisitions in FY26-FY29. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Upgrade: - EBITDA leverage above 4.5x for a prolonged period; - Negative FCF for a prolonged period; - Evidence of weakening competitiveness and business profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Downgrade: - EBITDA leverage below 3.5x on a sustained basis. Liquidity and Debt Structure Fitch expects Nufarm to use available liquidity and cash to fund capex and working-capital requirements, and repay a portion of debt in the near term. Fitch estimates Nufarm's readily available cash at around AUD300 million at end-September 2025, lower than the reported cash and cash equivalents of AUD475 million after adjustment for working-capital seasonality. Accordingly, cash is sufficient to meet short-term debt (adjusted for supplier financing) of around AUD260 million. Long-term debt largely comprised USD350 million of senior unsecured notes due January 2030 and the drawn-down loans from an asset-based lending (ABL) credit facility. The ABL facility is secured against inventory and trade receivables located in Australia, the US and Canada, and supply chain financing. The outstanding amount under the ABL facility is reported as secured debt. The supply chain financing is an off-balance-sheet arrangement, but Fitch treats a portion of the amount outstanding as secured debt to adjust for reverse factoring under its criteria. However, Fitch does not believe the level of this prior-ranking debt will impair Nufarm's ability to pay senior unsecured creditors. Issuer Profile Nufarm is among the world's 10 largest crop-protection chemical companies, operating mainly in the post-patent segment. It also has a small but fast-growing global commercial seed business. 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 ----------- ------ ----- Nufarm Limited LT IDR BB- Downgrade BB Nufarm Australia Limited senior unsecured LT BB- Downgrade BB Nufarm Americas Inc. senior unsecured LT BB- Downgrade BB PEERS EARTHMOVING: First Creditors' Meeting Set for Dec. 8 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Peers Earthmoving Pty Ltd will be held on Dec. 8, 2025 at 11:00 a.m. via Zoom. Nathan Deppeler and Matthew Jess of Worrells were appointed as administrators of the company on Nov. 26, 2025. SLAT FENCING: First Creditors' Meeting Set for Dec. 9 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Slat Fencing Online Pty Ltd will be held on Dec. 9, 2025 at 10:30 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Level 6, 109 St Georges Terrace, in Perth, WA, and via virtual facilities. Clifford Rocke and David Hurt of WA Insolvency Solutions were appointed as administrators of the company on Nov. 27, 2025. VICTORIAN ALPS: First Creditors' Meeting Set for Dec. 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Victorian Alps Wine Company Pty Ltd (trading as 'gapsted Estate' and 'Gapsted Wines') and Victorian Alps Winery Pty. Ltd. will be held on Dec. 9, 2025 at 11:00 a.m. at Quality Hotel Wangaratta Gateway, 29-37 Ryley Street, in Wangaratta, Vic and via virtual meeting technology. Richard Lawrence of Mackay Goodwin was appointed as administrator of the company on Nov. 27, 2025. =============== C A M B O D I A =============== PRINCE HOLDING: Thailand Seizes Assets Linked to Cambodian Tycoon ----------------------------------------------------------------- VnExpress.net reports that an anti-money laundering authority in Thailand has seized and frozen assets linked to the cybercrime network of scam tycoon Chen Zhi and another Cambodian individual, totaling THB840 million (US$26 million). Concerning Chen, who holds British and Cambodian citizenship, the office has uncovered an online fraud network with human trafficking operations and money laundering involving digital currency, the Transaction Committee of the Anti-Money Laundering Office said Dec. 1, as reported by Nation Thailand, relays VnExpress.net. The 37-year-old chairman of Prince Holding Group operates a fraud and criminal networks and uses money laundering techniques to convert funds across countries into digital assets, the office added. VnExpress.net says the office collected 102 items from his network, including land, cash, branded goods, and jewelry worth approximately THB373 million. VnExpress.net relates that Chen, who remains at large, has been identified by the U.S. and U.K. governments as the operator of a transnational criminal operation that used forced labor in scam centers and laundered billions of dollars worldwide. Authorities in the U.S., U.K., Singapore and Hong Kong have also seized and frozen assets linked to him. VnExpress.net adds that Thailand's Anti-Money Laundering Office has also seized assets from another Cambodia-based money laundering network linked to Cambodian national Kok An, a 71-year-old senator and casino tycoon. Its investigation uncovered a fraud network engaged in cybercrime, in which money was transferred through bank accounts and subsequently used to purchase assets. These assets were held by associated individuals in Thailand, VnExpress.net relates. It seized and frozen 90 items such as land and bank accounts with a combined value of THB467 million. Based in Cambodia, Prince Group engages in real estate development, financial services, and consumer services. ========= I N D I A ========= ADARSHA MOTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Adarsha Motor Sales Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.77 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.23 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Adarsha Motor, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated as a private limited company in March 2012 by Mr. Satyanarayana Goud and Mr. G. Satyanarayana Reddy, AMSPL is the sole authorised dealer of motorcycles, mopeds, scooters, along with spares and services for TVS Motors Limited in Karimnagar, Jagtial and Peddapalli districts of Telangana. The company has operated as partnership firm named Adarsha Motors since 1999 and has been converted to private limited company in March 2012. It operates three showrooms-cumservice centres in those districts. AMSPL is a part of the Adarsha Group, which comprises Adarsha Auto Private Limited [authorised dealer of Maruti Suzuki India Limited (NEXA)], Adarsha Motor Sales, Susheel Motors, Adarsha Automobiles, and Thirumal Motors [authorized distributor of TVS Motors Limited] in different parts of Telangana]. AVIOM INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Aviom India Housing Finance Pvt Ltd (AIHFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 290.00 [ICRA]D; ISSUER NOT COOPERATING; debenture Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AIHFPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AIHFPL is a social impact focused affordable housing finance company catering to customers based in semi-urban areas. The company operates in the white space between traditional housing finance and microfinance and provides loans for sanitation, home extension, home improvement, construction and loan against property (LAP) to low-income families from the informal sector with a strong focus on women as the main applicants, who do not have any formal income documentation. B.V.L. EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term rating of B.V.L. Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 125.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with B.V.L. Exports, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. B.V.L. Exports Private Limited was incorporated in 2000 and is involved in trading of tobacco. The company has a godown in Ongole District which it has rented out to ITC Limited for tobacco storage. It continued to operate as a tobacco exporter till 2004 when it transferred its entire tobacco export business to Indian Tobacco Traders. The company then ventured into granite mining by acquiring granite quarry in Ongole District of Andhra Pradesh. The company mines black galaxy variety of granite. However, the company restarted its tobacco trading business from December 24th, 2014. DEEM CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Deem Construction Company Private Limited continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 29.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 5.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of DCCPL under the 'issuer non-cooperating' category as DCCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur-based (Rajasthan) Deem Construction Company Private Limited (DCCPL) was incorporated in 2007 by Mr Naseem Qureshi along with his family members. DCCPL is mainly engaged in the business of construction, installation and commissioning of water supply lines, distribution lines, construction of sewage lines and sewage treatment plants and construction and repair of roads. DCCPL is registered 'AA' class (highest in the scale of AA to E) contractor with Public Health Engineering Department (PHED). Further, the company also executes contracts for Rajasthan Urban Infrastructure Development Project (RUIDP). DIGNITY BUILDCON: ED Accuses Experion of Misusing IBC Rules ----------------------------------------------------------- The Economic Times reports that the Enforcement Directorate has said that realty developer Experion Developers misused the provisions of the Insolvency and Bankruptcy Code in acquiring 9.3 acres of land in Sector 62 of Gurugram. ET relates that while investigating a Prevention of Money Laundering Act (PMLA) case against Religare Finvest, the ED had attached assets belonging to the corporate debtor, Dignity Buildcon, which was later acquired by Experion. According to ET, Experion allegedly manipulated the committee of creditors to approve a resolution plan. The ED has asked the National Company Law Tribunal to recall its order. Experion denies the allegations, stating debt assignments were legitimate. Dignity Buildcon Private Limited (DBPL) engaged in developing commercial towers on the Golf Course Extension Road of Gurgaon. Dignity Buildcon went into insolvency process in October 2019. GIRIJASHANKAR COTTON: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Girijashankar Cotton Private Limited (GCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term 1.00 [ICRA]B+(Stable); ISSUER NOT Unallocated COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. GCPL is a group company of Tayal Group, spread across at Madhya Pradesh and Maharashtra and engaged in the cotton ginning. The group as a whole has ginning capacity of 850 bales per day. The group enjoys locational advantage due to proximity to the cotton producing states. The group is entirely managed by Mr. Gaurav Tayal and family. The group concerns are closely related and enjoy operational synergies. The following is the table depicting the financial snapshot of the company. GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Global Institute of Medical Science & Health Care (GIMSH) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GIMSH, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in November 2011, GIMSH is a closely held company registered under section 25 (not for profit company) that is setting up a 300-bedded multi-specialty hospital in Jabalpur, (Madhya Pradesh). The promoters of the company are Mr. Rajeev Baderia and Mr. Saurabh Baderia, who are currently running a130 bedded hospital in Jabalpur, Madhya Pradesh. They are also managing the affairs of medical and engineering institutes located in Madhya Pradesh. The promoters of the company already have extensive experience in the healthcare sector. GOWRI INFRAENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Deem Construction Company Private Limited continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 95.38 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 17.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of GIPL under the 'issuer non-cooperating' category as GIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2010, Gowri Infra Engineers Pvt Ltd. (GIPL) is promoted by Mr. C.P Umesha. The Company is into the business of construction of commercial and residential complexes for Karnataka Slum Development Board (KSDB) and Bangalore Development Authority (BDA). It majorly focuses on pre-cast concrete houses and Monolithic Structures for low cost and speedy construction. Its operations are concentrated in Karnataka especially around the region of Bengaluru. HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings for the Bank Facility of Hi-Tech Frozen Facilities Private Limited (HTFFPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.80 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with HTFFPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hi-Tech Frozen Facilities Private Limited (HTFFPL) was incorporated by Mr. Vijay Shah for setting up a frozen & cold chain facility in Surat, Gujarat. The cold chain facility commenced operations in FY 2010-11 and has an installed cold storage capacity of 10,000 MT. The company also has two refrigerated trucks of 7 MT and 9 MT capacities for transporting the farm produce to cold storage facility and then to the consumption centers. The cold storage facility was set up under the aegis of the "Integrated Cold Chain Infrastructure Project Scheme" launched by the Ministry of Food Processing Industries, Govt. of India under which financial assistance in the form of grant-in-aid @ 50% of the total cost of plant and machinery and technical civil works is given to the company (subject to a maximum grant of INR10.00 crore). HTFFPL received a total grant of INR7.20 Cr under the scheme. HITECH HYDRAULICS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Hitech Hydraulics in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.94 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 7.06 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Hitech Hydraulics, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hitech Hydraulics was incorporated in 1997 by Mr. A. Srinivasa Rao & Mr. K. Rama Mohan Rao. The firm is involved in the manufacturing of various hydraulics and pneumatics systems for the aerospace and defence sector. The firm has a manufacturing unit at IE Kukatpally, Hyderabad. The company's clients include reputed players like the Defence Research & Development Laboratory, Bharat Dynamics Limited and Bharat Electronics Limited. KAILASH INFRATECH: CARE Lowers Rating on INR12.97cr LT Loan to D ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kailash Infratech Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 12.97 CARE D; ISSUER NOT COOPERATING; Bank Facilities Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from Kailash Infratech to monitor the ratings vide e-mail communications/letters dated November 21, 2025, November 19, 2025; November 18, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Kailash Infratech Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of Kailash Infratech Private Limited (hereinafter referred to as KIPL) have been revised on account of the recent delays in debt servicing obligations of the company as confirmed by the bankers. Analytical approach: Standalone Outlook: Not Applicable Key strengths: Not Applicable Key weaknesses * Delay in debt servicing: As confirmed by the lenders, there are delays in servicing of scheduled debt repayments by KIPL. Liquidity: Not Applicable The company was incorporated as Commercial Equipment's Private Limited on June 06, 2011, and commenced commercial operations from October 2011. The company is an authorized dealer of Construction Equipment's of Tata Hitachi Construction Machinery Company Limited (THCM) for Jabalpur region. The company deals in various models of THCM, including – mini excavators, midi excavators, wheeled products, cranes, and other machines. KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of KTC Foods Private Limited (KTC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 110.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 9.01 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 0.99 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KTC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2010, KTC is primarily involved in the rice -milling business. The company has an installed production capacity of 24 tons per hour. It sells rice in Punjab, Haryana, Uttar Pradesh, Rajasthan, Delhi, and many southern and eastern states. KTC sells broken rice under the brand name, 'Barfi', in the southern states. LYPSA GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings for the Bank Facility of Lypsa Gems and Jewellery Limited (LGJL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 50.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Non Fund Based- Cooperating' Category Others As part of its process and in accordance with its rating agreement with LGJL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated on November 30, 1995, Maloo Polymers Limited, a public limited company, was listed on Ahmedabad Stock Exchange in the year 1997. In the year 2008-09, it was taken over by Mr. Dipan Patwa and Mr. Manish Janani. At the time of takeover, it was only a shell company with no trading activities. Subsequently the name of the company was also changed to Maloo Gems and Jewellery Ltd. on 12thJanuary 2010. The name of the company was further changed to Lypsa Gems & Jewellery Limited (LGJL) on 7th March 2012. MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Mann Mediciti Wellness Centre Private Limited (MMWCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 1.50 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MMWCPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mann Mediciti Wellness Centre Pvt. Ltd. (MMWCPL) incorporated in the year 1999 by Dr. J.S. Mann operates a hospital by the name of "Mann Mediciti Super Specialty Hospital (MMSSH)". MMSSH established in the year 2009 is currently a 100 bedded facility located in Jalandhar city of Punjab. MMSSH specializes in Medicine, Cardiology, Neurology, Orthopedics and plastic and reconstructive surgery among other branches of Medical Science. MMSSH is empaneled with Ex-Servicemen Contributory Health Scheme (ECHS), Employees State Insurance scheme (ESI) and Food Corporation of India (FCI). MUMS MEGA: ICRA Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of Mums Mega Food Park Private Limited (MMFPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 95.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MMFPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mums Mega Food Park Pvt. Ltd. (MMFPPL) is a special purpose vehicle (SPV) which was incorporated, in January 2012, to undertake Mega Food Park project in Buxar district of Bihar under the Ministry of Food Processing Industries (MoFPI)' Mega Food Parks Scheme. The SPV, based on its Expression of Interest submitted to MoFPI, has been accorded Inprincipal Approval by the Ministry for implementing the said project. The company is promoted by Amrapali group which is a well-established real estate player in Delhi with execution track record of residential and commercial project across NCR. The directors of the company are Mr. Sanjeev Kumar Singh and Mr. Chandan Kumar NORTH INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of North India Surgical Company (NISC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 11.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with NISC, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. North India Surgical Company (NISC), a partnership firm, started its business in April 2012 by taking over running business of medical segment from Jagat Steels Private Limited. Jagat Steels Private Limited earlier had this medical segment along with wholesale sugar trading segment. In April 2012, the company demerged its medical division by selling it to North India Surgical Company. Jagat Steels Private Limited is family concern of partners of the firm. PERIYAR AGRO: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Periyar Agro Food Industries Private Limited (PAFIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of PAFIPL under the 'issuer non-cooperating' category as PAFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Periyar Agro Food Industries Private Limited (PAFIPL) was incorporated in 1996 as a wheat processing mill. The company processes raw wheat into semolina (suji), refined flour (maida) and whole wheat flour (atta) and sells them under the brand "Taj Gold" majorly in the markets of Kerala. Of the total sales volume, maida and atta accounts for 70% while suji accounts for 7% and balance 23% other products. The Company owns a mill in Perumbavoor, Kochi with a capacity to process about 80 tonnes of wheat per day. The company is promoted by Mr. P.P. Abdul Marakkar and the day to day operations are managed by his son Mr. Mohamed Riyaz. RAM PULSE: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Ram Pulse Mills (SRPM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SRPM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2003 by Mr. Dhruv Parekh, Shree Ram Pulse Mills (SRPM), was initially engaged in trading of pigeon peas (tuver dal), gram pulse (chana dal) and black gram (udad dal). Subsequently, in the year 2007 the firm had set up a plant to process pigeon peas, black gram pulse and gram pulse. SRPM's plant is located at Gondal (Gujarat) and is currently equipped with sortex and processing machine having an aggregate installed capacity to process 9,000 MTPA of pulses. The firm markets its products under the brand names of Ram Gold, Ram Silver and Ram Platinum to differentiate among various grades processed by it. The partners of the firm have long experience of over a decade in processing and marketing of food grains in the domestic market and hence the firm enjoys well-established relationships with the customers. RATHI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Rathi Agro Industries (SRAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.01 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.29 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of SRAI under the 'issuer non-cooperating' category as SRAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shri Rathi Agro Industries (SRAI) is a partnership firm established on May 16, 2010 by Mr Hemraj Rathi and his son Mr. Vinesh Rathi being the active partner. SRAI is engaged in the business of processing of rice and wheat. Its plant is situated at SanandBavla highway having installed capacity of 30,000 MTPA for rice processing and 40,500 for wheat processing as on March 31, 2017. Mr Hemraj Rathi and Smt. Bhagvatiben Rathi have been associated as partners for almost 20 years with other partnership firms namely Rathi Rice Mill (RRM) and Annapurna Pulse Mill (APM) from which promoters have separated on the event of family separation. SRAI has a warehouse in Ahmedabad. The firm caters to the customers of Gujarat, Maharashtra and Tamil Nadu. ROSHA ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Rosha Alloys Private Limited (RAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. M/S Rosha Alloys Private Limited (RAPL) was set up in 2002 and manufactures Iron ingots and trading of Iron Products The registered office of the company is at Mandi Gobindgarh, which is one of the most famous Iron/steel markets in India. It has an annual production capacity of 20,000 tons. RAPL acquires the raw material locally and mainly deals with rolling mills located within Mandi Gobindgarh. The company's is professionally managed by Mr. Harinder Pal Singh and Hardev Singh Rosha. S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of S.P. Sortex Rice Exports India Ltd (SPS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.45 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.80 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SPS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SP Sortex Rice Exports India Ltd. (SPS) is a private limited company, was set up in 2010 by Mr. Shiv Poojan. SPS is engaged in processing and selling of non-basmati rice to different traders and millers in Andhra Pradesh and Telangana. It has a plant at Naini (Allahabad) which has a milling capacity of 28800 tons per annum and a Sortex machinery of similar capacity. SAI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Sai Balaji Tobaccos Private Limited (SSBTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SSBTPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Sai Balaji Tobaccos Private Limited (SSBTPL), incorporated in 2011 by Mr. Showraiah and family, is involved in trading and processing of tobacco. The company is registered with the Tobacco Board as a tobacco dealer and can participate in the auction conducted by the same. The company is involved in trading and processing of tobacco leaves, primarily Virginia Flue Cured (VFC) and non-VFC. SBTPL is located in Guntur district of Andhra Pradesh which is among high tobacco-growing regions in the state. SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings of Shakti Polytex Private Limited (SPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.85 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 3.15 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SPPL was incorporated in August 2010 and is engaged in the manufacturing of RPSF using waste polyethylene terephthalate (PET) bottles as raw material. The company is based in Agra, Uttar Pradesh and has a production capacity of 35 tons per day (TPD) currently. SPPL belongs to the Shakti Group which has been promoted by Mr. Suresh Chand Agarwal and includes other companies engaged in manufacturing PVC pipes, hand pumps, rubber powder and PET bottles. SIVA SANKAR: ICRA Keeps B+ Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term rating of Sree Siva Sankar Automobiles (SSSA) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SSSA, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sree Siva Sankar Automobiles (SSSA) was incorporated in the year 1992 as a partnership firm. The firm is an authorized dealer of two-wheeler vehicles of Hero Moto Corp Limited (HMCL) in the Visakhapatnam region. It operates three showrooms with 3S facilities in Visakhapatnam city and 10 sub-dealers in the Visakhapatnam district. SUMA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Suma Foods Private Limited (SFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.21 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 7.79 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SFPL was established in July 2015. The company is primarily involved in the milling of paddy rice with an installed capacity of 16 tone per hour. It has a sortex machine with the capacity of 16 tone per hour. The milling unit is based out of Nissing (Karnal). The company sells rice to states like Punjab, Haryana, UP, Delhi. SUNNY ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Sunny Enterprises in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 5.70 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term 6.30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sunny Enterprises, ICRA has been trying to seek information from the entity so as to monitor its performance, but Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Formed in 2003 by Mrs. Sheetal Tanna, Sunny Enterprises is authorised online lottery distributor of M/s Serenity Trades Private Limited, which is one of the main distributors for state government lotteries across India. The firm appoints the lottery retailers in these states, who in turn sell the lottery tickets to the final customers. It delivers rolls and charts for the lottery draw and supplies advertisement material. To diversify its business, SE is involved as an authorised distributor for Bata Limited in October 2018, wherein it supplies Bata footwear to the multi-brand stores across Mumbai, Navi Mumbai, Palghar and Thane in Maharashtra. The firm also ventured in trading of agricultural products, namely dry coriander and jaggery. These two segments accounted for a minor share of the total operating income in FY2019. However, the firm is focused to increase this share in the near to medium term. =============== M A L A Y S I A =============== TALAM TRANSFORM: Faces Shareholder Push for Forensic Audit ---------------------------------------------------------- The Malaysian Reserve reports that Talam Transform Bhd has received a requisition from three shareholders seeking to convene an extraordinary general meeting (EGM) to appoint a forensic auditor. In a filing, the group said it received a letter dated December 1, 2025 from shareholders Ang Lam Poah, Loo Leong Fatt and his daughter, Loo Foong Luan. Ang Lam Poah is also the CEO of Jaks Resources Bhd. Together, they hold at least 10% of Talam Transform's paid-up share capital carrying voting rights. According to the Malaysian Reserve, the requisitionists called for an EGM under Sections 310, 311 and 312 of the Companies Act 2016 to consider the appointment of a forensic auditor. The Malaysian Reserve relates that Talam Transform said its board had deliberated on the request and will seek further clarification from the requisitionists on the need for the EGM before making a decision. The group has now recorded 16 consecutive quarters of losses, extending its streak of being in the red for more than a decade, the Malaysian Reserve notes. Talam Transform remained loss-making up to the second quarter of FY2026. For 2Q26 ended September 30 2025, Talam Transform reported a net loss of MYR8.11 million on revenue of MYR6.90 million, compared with a net loss of MYR6.64 million on revenue of MYR4.19 million a year earlier, The Malaysian Reserve discloses. The higher loss was mainly due to a fair value expense of 84,000 for the newly implemented employee share option scheme and an impairment charge of 77,000 million on a receivable. Sequentially, revenue surged 125.9% from MYR3.05 million in the preceding quarter, driven by fresh construction revenue of MYR3.72 million, although pre-tax loss widened by MYR1.26 million quarter-on-quarter. Talam Transform Berhad, an investment holding company, engages in the property development business in Malaysia. It operates through Property Development, Property Investment and Management, and Construction segments. The company develops and sells residential and commercial properties. It is also involved in the rental and disposal of properties; construction; and money lending businesses, as well as the provision of management services. ===================== N E W Z E A L A N D ===================== ARC FRAMING: Court to Hear Wind-Up Petition on Dec. 8 ----------------------------------------------------- A petition to wind up the operations of ARC Framing Design Limited will be heard before the High Court at Tauranga on Dec. 8, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 31, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton BRIGHT HOMES: Court to Hear Wind-Up Petition on Feb. 11 ------------------------------------------------------- A petition to wind up the operations of Bright Homes Nz Limited will be heard before the High Court at Auckland on Feb. 11, 2026, at 10:45 a.m. Carters Building Supplies Limited filed the petition against the company on Sept. 3, 2025. The Petitioner's solicitor is: Philip John Morris Stace Hammond Lawyers KPMG Building Level 7, 85 Alexandra Street Hamilton 3240 COUNTRY GRIND: Creditors' Proofs of Debt Due on Dec. 29 ------------------------------------------------------- Creditors of Country Grind Limited are required to file their proofs of debt by Dec. 29, 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: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 OU LA LA LIMITED: Creditors' Proofs of Debt Due on Dec. 15 ---------------------------------------------------------- Creditors of OU La La Limited are required to file their proofs of debt by Dec. 15, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 26, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 PLUMBMAX PLUMBING: Creditors' Proofs of Debt Due on Dec. 24 ----------------------------------------------------------- Creditors of Plumbmax Plumbing Limited are required to file their proofs of debt by Dec. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 26, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 [] NEW ZEALAND: Corporate Insolvencies Rise 5% in September Qtr. ---------------------------------------------------------------- Radio New Zealand reports that the number of companies going broke has increased in recent months as creditors take a harsh view, but they are down on a year ago amid signs of economic recovery. RNZ, citing the latest report from BWA Insolvency for the September quarter, discloses that a 5 percent rise in the number of insolvencies to 777 on the previous quarter, but down 6 percent on the same period in 2024. According to RNZ, BWA Insolvency principal Bryan Williams said the number of insolvencies reflected an economic "game of two halves". "On one side, you've got irrepressible forward-looking indicators-share prices rising, real estate agents bouncing back, building permits up, and even ready-mix concrete demand forecasts improving." "But then there's the other half: companies weighed down by cost inflation, credit tightening, and enforcement for unpaid taxes." "For those burdened with debt that earnings can't service, the future is bleak," RNZ quotes Mr. Williams as saying. There was a clear hardening of attitudes among creditors, which he called healthy destruction, Mr. Williams said. "Creditors are accelerating the exit of firms that can't recover. It's a harsh reality, but it's shaping the market." There was still a reasonable number of companies to fail even as economic conditions improved, he said. "There is still all those companies hanging on by the end of their fingers, and that's quite a pipeline, I imagine it will be well into the third quarter of next year before we see a downturn in actual liquidations." Construction remained the industry with the most insolvencies, 192 in the quarter, a slight reduction on the previous and a year ago, RNZ relays. "Although it appears over represented in insolvency data, its failings are proportionally low compared to its economic weight, especially when you compare it to sectors like hospitality, which runs a close second in insolvency stakes but contributes far less to GDP." According to RNZ, the sector with the biggest insolvency increase was transport and delivery, followed by manufacturing, and food and beverage which were being squeezed variously by rising costs and soft demand, issues which were structural and not cyclical. The economic signs were looking more positive overall, Mr. Williams said. However, he lamented that administration, a ring fencing of a company to try to find a solution to its financial troubles, was barely used in this country, adds RNZ. ================= S I N G A P O R E ================= ACM WORKS: Court to Hear Wind-Up Petition on Dec. 12 ---------------------------------------------------- A petition to wind up the operations of ACM Works Engineering Pte. Ltd. will be heard before the High Court of Singapore on Dec. 12, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 21, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FRAIS ENGINEERING: Court to Hear Wind-Up Petition on Dec. 19 ------------------------------------------------------------ A petition to wind up the operations of Frais Engineering Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 21, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 JIU LIN: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Nov. 21, 2025, to wind up the operations of Jiu Lin Construction Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SPHERE HOLLAND: Creditors' Meetings Set for Dec. 16 --------------------------------------------------- Sphere Holland Pte. Ltd. and Sphere Millenia Pte. Ltd. will hold a meeting for its creditors on Dec. 16, 2025, at 10:00 a.m. via Zoom. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as provisional liquidator of the Companies on Nov. 21, 2025. UNITED MARITIME: Commences Wind-Up Proceedings ---------------------------------------------- Members of United Maritime Logistics Pte. Ltd. on Nov. 21, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Bernard Juay and Shirley Lim. ===================== S O U T H K O R E A ===================== [] S. KOREA: Construction Margin Drops, Raising Insolvency Fears ---------------------------------------------------------------- ChosunBiz reports that it was found that last year's profitability in South Korea in the construction industry fell to the lowest level in 10 years. ChosunBiz, citing a report "Analysis of 2024 management performance of construction companies subject to external audits and marginal corporations," published by the Construction & Economy Research Institute of Korea (CERIK) on Nov. 28, relates that the net profit margin of construction corporations subject to external accounting audits is 0.8%. CERIK said that it is the first time since 2015 that the net profit margin has fallen into the 0% range. The average net profit margin of general construction fell into the red, from 0.5% in 2023 to -0.2% in 2024. Over the same period, mid-sized companies also fell from 0.0% to -0.4%, ChosunBiz relays. The share of corporations with an interest coverage ratio below 1, which cannot cover interest costs with operating profit, grew from 43.7% in 2023 to 44.2% in 2024. Marginal corporations for which this situation persisted for three consecutive years account for 22.6%. As of 2024, there are 473 marginal corporations in the construction industry. By size, there are 8 large corporations (1.7%), 59 mid-sized corporations (12.5%), and 406 small and medium-sized corporations (85.8%), according to ChosunBiz. By region, Yeongnam had the highest share of marginal corporations at 27.4%. Compared with 2023, Gangwon-Jeju rose by 11.9 percentage points (p), and Gyeonggi-Incheon rose by 3.6 p, respectively. ChosunBiz adds that the report analyzed that construction costs, which rose after the COVID-19 pandemic, remain high, and despite a decline in the base interest rate and a decrease in liability ratios among corporations subject to external audits, interest costs increased 18.4% from a year earlier, leading to a deterioration in revenue ratios. Kim Tae-jun, head of the New Growth Strategy Research Office at CERIK, said, "With the rise in insolvencies across the construction sector, chain-reaction damage is growing - such as disputes over subcontract payment, wage arrears for workers, and a decline in construction jobs—so countermeasures are urgently needed," ChosunBiz relays. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***