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251205.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, December 5, 2025, Vol. 28, No. 243 Headlines A U S T R A L I A ARCHITECTURAL SIGN: Second Creditors' Meeting Set for Dec. 10 CONSTRUCT SKILL: Second Creditors' Meeting Set for Dec. 9 HAEMOKINESIS LIMITED: Second Creditors' Meeting Set for Dec. 11 MEGA FAST: Second Creditors' Meeting Set for Dec. 10 PRECISE PREFABS: Second Creditors' Meeting Set for Dec. 10 TAURUS TRUST 2025-2: Moody's Assigns (P)B2 Rating to AUD2MM F Notes C H I N A CHINA GEZHOUBA: Moody's Withdraws 'Ba1' Corporate Family Rating COUNTRY GARDEN: US Judge Recognizes HK Restructuring Plan DASHAN EDUCATION: Chairman Steps Down After Trading Halt by SFC SENMIAO TECHNOLOGY: Appoints New CEO and Two Independent Directors [] CHINA: Revives Dozens of Stalled Landmark Property Projects H O N G K O N G NEW WORLD: Secures US$1.362 Billion New Debt in Exchange Offers I N D I A ADHIKARI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating ALCHEMIST LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ALKA VENTURES: Insolvency Resolution Process Case Summary BALAJI INSTALMENTS: CRISIL Keeps B Debt Rating in Not Cooperating BYJU'S: RP, GLAS Rep, EY India Chief Ordered to Appear in Court CA MAGNUM: Fitch Affirms & Then Withdraws 'BB-' IDR CHOTTA SHIMLA: CRISIL Moves D Debt Ratings to Not Cooperating DATT REALINFRA: CRISIL Lowers Rating on INR9cr LT Loan to B+ HINDUSTAN FLUOROCARBONS: CRISIL Keeps C Rating in Not Cooperating IVRCL CHANDRAPUR: Insolvency Resolution Process Case Summary JURIMATRIX SERVICES: Voluntary Liquidation Process Case Summary KARVY DATA: CRISIL Keeps D Debt Ratings in Not Cooperating KONARK SYNTHETIC: CRISIL Keeps D Debt Ratings in Not Cooperating MELSTAR INFORMATION: CRISIL Keeps D Ratings in Not Cooperating MURALI EXPORT: CRISIL Moves D Debt Rating to Not Cooperating PAREKH ALUMINEX: CRISIL Keeps D Debt Ratings in Not Cooperating RAJESH ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating RUCHIRA PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating SANTOSH FINE-FAB: CRISIL Keeps B Debt Ratings in Not Cooperating SLC PROJECTS: CRISIL Withdraws D Rating on INR18cr Cash Loan SRS LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating TIRUPATI COTTON: CRISIL Keeps B Debt Rating in Not Cooperating TOTALA TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating TRAFIKSOL ITS: CRISIL Lowers Long/Short Term Rating to D TRINITY BUILDCON: CRISIL Keeps B Debt Ratings in Not Cooperating TRISHUL TREAD: CRISIL Keeps B Debt Ratings in Not Cooperating VASANT COLD: CRISIL Keeps B Debt Rating in Not Cooperating VDV INFRAVENTURES: CRISIL Keeps B+ Debt Rating in Not Cooperating VEDANTA RESOURCES: S&P Affirms 'B+' Foreign Currency ICR VIBHARAJ CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating VIDEO PLAZA: CRISIL Keeps B Debt Rating in Not Cooperating WOBILLAHI: CRISIL Keeps B Debt Ratings in Not Cooperating YESKAY CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating N E W Z E A L A N D CANTERBURY HOSPO: Creditors' Proofs of Debt Due on Jan. 12 CHAR GRILL: Creditors' Proofs of Debt Due on Jan. 16 DIVERSITY TECH: Court to Hear Wind-Up Petition on Dec. 11 HENLEY-SMITH CONSTRUCTION: BDO Wellington Appointed as Liquidator MANA ORCHARDS: Goes Into Liquidation; Owes NZD6.65MM to BNZ VTP CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 17 P H I L I P P I N E S ABS-CBN CORP: TV5's PHP1 Billion Claim 'Remains Disputed' S I N G A P O R E CORDLIFE GROUP: Faces SGD5.45 Million Civil Claim from Clients HATTEN LAND: Subsidiary Enters Provisional Liquidation HSD ENGINEERING: Placed in Provisional Liquidation MSQM PTE: Placed Under Interim Judicial Management NEREUS MARINE: First Creditors' Meeting Set for Dec. 11 SQUAREPOINT SELECT: Creditors' Proofs of Debt Due on Dec. 29 TIYU'S PTE: AAG Corporate Appointed as Liquidators S R I L A N K A HOUSING DEVELOPMENT: Moody's Alters Outlook on Caa2 CFR to Stable - - - - - ================= A U S T R A L I A ================= ARCHITECTURAL SIGN: Second Creditors' Meeting Set for Dec. 10 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Architectural Sign Industries Pty Limited has been set for Dec. 10, 2025, at 11:00 a.m. virtually via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 9, 2025 at 5:00 p.m. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on Nov. 5, 2025. CONSTRUCT SKILL: Second Creditors' Meeting Set for Dec. 9 --------------------------------------------------------- A second meeting of creditors in the proceedings of Construct Skill Hire Pty Ltd has been set for Dec. 9, 2025, at 11:00 a.m. at the offices of SV Partners at Level 17, 200 Queen Street in Melbourne and via teleconference/electronic facilities (Microsoft Teams). The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 8, 2025 at 5:00 p.m. Peter Gountzos and Timothy James Brace of SV Partners were appointed as administrators of the company on Nov. 3, 2025. HAEMOKINESIS LIMITED: Second Creditors' Meeting Set for Dec. 11 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Haemokinesis Limited has been set for Dec. 11, 2025, at 11:30 a.m. at the offices of Romanis Cant at Level 2, 106 Hardware Street in Melbourne. 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. 10, 2025 at 12:00 p.m. Manuel Hanna of Romanis Cant was appointed as administrator of the company on Nov. 6, 2025. MEGA FAST: Second Creditors' Meeting Set for Dec. 10 ---------------------------------------------------- A second meeting of creditors in the proceedings of Mega Fast Karts Wanneroo Pty Ltd has been set for Dec. 10, 2025, at 9:30 a.m. virtually via videoconference facilities only. 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. 9, 2025 at 5:00 p.m. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Nov. 5, 2025. PRECISE PREFABS: Second Creditors' Meeting Set for Dec. 10 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Precise Prefabs (VIC) Pty Ltd has been set for Dec. 10, 2025, at 11:00 a.m. via electronic means (Microsoft Teams). The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 9, 2025 at 4:00 p.m. Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were appointed as administrators of the company on Nov. 5, 2025. TAURUS TRUST 2025-2: Moody's Assigns (P)B2 Rating to AUD2MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to notes to be issued by BNY Trust Company of Australia Limited in its capacity as trustee of Taurus 2025-2 Trust. Issuer: BNY Trust Company of Australia Limited in its capacity as the trustee of the Taurus 2025-2 Trust AUD280.00 million Class A1 Notes, Assigned (P)Aaa (sf) AUD6.50 million Class A1-X Notes, Assigned (P)Aaa (sf) AUD60.00 million Class A2 Notes, Assigned (P)Aaa (sf) AUD33.20 million Class B Notes, Assigned (P)Aa2 (sf) AUD6.40 million Class C Notes, Assigned (P)A2 (sf) AUD8.40 million Class D Notes, Assigned (P)Baa2 (sf) AUD8.40 million Class E Notes, Assigned (P)Ba2 (sf) AUD2.00 million Class F Notes, Assigned (P)B2 (sf) The AUD1.6 million Class G Notes is not rated by Moody's. Taurus 2025-2 Trust transaction is a static cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. Taurus Finance Holdings Pty Limited (Taurus) originated and services the receivables. Taurus is a finance company that originates retail auto loans and provides floorplan finance to automotive dealers. Taurus was founded in 2016 and started originating retail auto loans in October 2019. From July 2025, Taurus became a wholly owned subsidiary of Navalo Financial Services Group Pty Ltd (Navalo), which in turn is wholly owned by Metrics Credit Holdings Pty Ltd (Metrics). Taurus is equity-backed by entities managed by Metrics Credit Partners, along with key management personnel. As of September 2025, Taurus had a loan portfolio of AUD941.5 million of retail auto loans. RATINGS RATIONALE The ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.50% of the invested amount of all rated notes subject to a floor of AUD600,000, the legal structure, and the experience of Taurus as servicer. According to Moody's analysis, the transaction benefits from the prime nature of the obligors and the strong historical performance of Taurus's loan portfolio with delinquencies and losses since October 2019 lower than for comparable auto loan originators. However, the limited nature of historical performance data presents a challenge as the future performance of auto loans could be subject to greater variability than the current data indicates. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expect the portfolio to suffer in the event of a severe recession scenario — is 13.0%. Moody's mean expected default rate for this transaction is 2.3% and the assumed recovery rate is 30.0%. Expected defaults, recoveries and PCE are parameters used by Moody's to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Moody's assumed mean default rate is stressed compared to observed levels of default, with only 394 loans written off between October 2019 and September 2025. To address the limited performance history, Moody's have benchmarked Taurus's portfolio performance, portfolio characteristics, underwriting and credit policies to comparable originators. Moody's have also overlaid additional stresses into Moody's loss assumptions to account for the limited origination and operational history. The PCE of 13.0% is broadly in line with other Australian auto ABS deals and is based on Moody's assessment of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. Key transactional features are as follows: -- Principal collections will be at first distributed pari passu and rateably to the Class A1 notes and Class A2 Notes; then sequentially to Classes B to Class G Notes. Once the step down conditions are satisfied, all notes, excluding the Class G Notes, may participate in proportional principal collections distribution. The step-down conditions include, among others, subordination to the Class A2 Notes least 22.5%, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 4.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate stated amount of the notes (excluding the Class A1-X Notes) is less than 20.0% of the aggregate invested amount of the notes (excluding Class A1-X Notes) at closing, or on or after the payment date in December 2028. -- A swap provided by National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the fixed rate assets and the floating rate liabilities. The notional balance of the swap will follow a schedule based on the repayment profile of the assets, assuming a certain prepayment rate. -- BNY Trust Company of Australia Limited (BNY), a wholly owned subsidiary of The Bank of New York Mellon (Aa1/P-1) acts as the standby servicer. BNY has delegated the standby servicer function to Verofi Pty Limited (Verofi), a specialist third-party standby servicer under a memorandum of understanding with Verofi. However, BNY retains legal responsibility for the standby servicer's contractual obligations. If Taurus is terminated or retires as servicer, BNY will take over the legal responsibility of the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- The pool consists of 91.3% consumer loans and 8.7% of commercial loans. -- Interest rates in the portfolio range from 3.5% to 16.9%, with a weighted average interest rate of 10.1%. -- The weighted average seasoning of the portfolio is 11.2 months, while the weighted average remaining term of the portfolio is 54.2 months. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. ========= C H I N A ========= CHINA GEZHOUBA: Moody's Withdraws 'Ba1' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn the following ratings of China Gezhouba Group Company Limited (CGGC) and China Gezhouba Group Corporation (CGGC Group): 1. CGGC's Ba1 corporate family rating and b1 Baseline Credit Assessment (BCA); and 2. CGGC Group's Ba1 CFR and b1 BCA. Prior to the withdrawal, the rating outlooks for all entities were stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE CGGC and CGGC Group are two of China's leading hydropower construction companies. Their main businesses are construction; industrial manufacturing, including environmental protection, cement, civil explosive and equipment; investments, including real estate development, highway operations and water utilities; financing; and trading. COUNTRY GARDEN: US Judge Recognizes HK Restructuring Plan --------------------------------------------------------- James Nani of Bloomberg Law reports that a U.S. bankruptcy court has recognized Chinese developer Country Garden Holdings Co.'s Hong Kong restructuring plan, a move that will eliminate at least $10 billion in debt and advance its cross-border reorganization. The approval marks a significant milestone as the company works to stabilize its operations amid mounting financial strain. Judge Philip Bentley of the Southern District of New York ruled that Country Garden's center of main interests is in Hong Kong, satisfying a key requirement for recognition under Chapter 15. The developer is navigating one of China's most complex real estate restructuring efforts as the broader sector continues to face deepening financial turmoil, the report states. About Country Garden Holdings Company Limited Country Garden Holdings Company Limited is a holding company that has issued, borrowed, or guaranteed secured and unsecured debt as part of a restructuring scheme. It serves as the ultimate parent of the Country Garden Group, a major property developer in Hong Kong and mainland China engaged in property development, construction, interior decoration, and property investment. The group also develops, operates, and manages hotels across its markets. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq., of Linklaters LLP. DASHAN EDUCATION: Chairman Steps Down After Trading Halt by SFC --------------------------------------------------------------- The Standard reports that Dashan Education's chairman Zhang Hongjun has resigned from all his positions, after the company's shares were halted trading by the Securities and Futures Commission over significant overstatement of its corporate bank balances. According to The Standard, the firm announced that Zhang Hongjun has stepped down from executive director and chairman, chairman of the Nomination Committee, chairman of the Investment Management Committee, member of the Remuneration Committee, and Authorized Representative under Listing Rule 3.05, which took effect from December 1. Earlier, the SFC suspended the share trading of Dashan Education from 9:00 a.m. on Dec. 3, saying that the move is desirable to maintain a fair and orderly market and to protect the interest of the investing public during the SFC's investigation. The Standard notes that Dashan's shares were once suspended for trading on March 30, 2023 as its former auditor identified certain audit matters related to a software development project and its acquisition of a UK-based company. Following the investigation by Dashan and its advisers concluded with no adverse findings, the company resumed share dealing in September 2024. However, when the SFC made its own inquiry into the payments relating to these two issues, the commission found material discrepancies between the bank statements provided by Dashan and those it obtained independently, The Standard states. In particular, the bank statements provided to the SFC by Dashan omitted specific circular fund flows that returned to the firm. The Standard relates that the SFC also uncovered material overstatements of bank balances in Dashan's financial statements, totaling CNY36.4 million as of June 30, 2023 and CNY76.3 million as of Dec. 31, 2023, which represented 19 percent and 55 percent of its net asset value in its published financial results in 2023. Under such discoveries, the SFC suspected that its software development and the UK acquisition were neither genuine nor conducted at arm's length, and it had submitted fabricated bank statements to the SFC to conceal questionable fund flows related to these transactions, as well as the significant overstatement of its corporate bank balances. According to The Standard, the SFC said it held serious concerns about the integrity of Dashan's management, in particular the company's executive director, Zhang Hongjun, the reliability of its internal controls and accounting systems, and its ability to keep the market properly informed. Furthermore, the commission raised suspicions on its resumption of trading in September 2024, which was based on false or misleading information provided by itself. Dashan was listed on the main board of the Hong Kong Stock Exchange in July 2020. Before the trading halt, the company's stock price stood at HK$1.88. Dashan Education Holdings Limited, an investment holding company, provides education services in the People's Republic of China. SENMIAO TECHNOLOGY: Appoints New CEO and Two Independent Directors ------------------------------------------------------------------ Senmiao Technology Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Ms. Sichun Wang a director of the Board of Directors, the chairwoman of the Board's audit committee, a member of the Board's compensation committee and a member of the Board's nominating and corporate governance committee, resigned from her positions, effective November 25, 2025. Ms. Wang's resignation was not a result of any disagreement with the Company on any matter relating to its accounting, operations, policies or practices. Appointment of Si (Simon) Li as an Independent Director: Following Ms. Wang's resignation, the Board appointed Mr. Si (Simon) Li as an independent director of the Board, the chairman of the Audit Committee, a member of the Compensation Committee and a member of the Nominating Committee, to fill the vacancy created by the resignations of Ms. Sichun Wang. Mr. Si (Simon) Li has served as the Chief Financial Officer of Token Cat Limited (Nasdaq: TC) since June 2023. From June 2020 to May 2023, he served as the General Manager and Partner of Hongange (Beijing) Private Equity Fund Management Co., Ltd. Mr. Li has also served as the General Manager of the Capital Operations Department of Avatar Technology (Chongqing) Co., Ltd. from August 2019 to May 2020. Mr. Li obtained his bachelors degree in International Business and Trade from the Beijing Technology and Business University in June 2007, a masters degree in Applied Statistics from the University of Pennsylvania in July 2009, and a masters degree in executive business administration from Tsinghua University's School of Ecnomoics and Management in 2025. Mr. Li's annual compensation for his services will be $30,000. There is no arrangement or understanding between Mr. Li and any other person pursuant to which he was selected as a director of the Board, and there is no family relationship between Mr. Li and any of the Company's other directors or executive officers. Appointment of Chong Chen as an Independent Director: The Board also appointed Mr. Chong Chen as an independent director of the Board, a member of the Compensation Committee, a member of the Audit Committee and the chairman of the Nominating Committee, to fill the vacancy created by the resignation of Mr. Trent D. Davis on November 21, 2025 as previously disclosed. Mr. Chong Chen has served as the Financial Controller for Shenzhen Qianhai Huineng Technology Industrial Co., Ltd. since July 2020. From July 2018 to July 2020, Mr. Chen also served as the Director of Investment & Financing at Shenzhen Yongda Electronic Information Co., Ltd. Mr. Chen obtained his bachelor's degree in accounting from Zhongnan University of Economics and Law in 1999. Mr. Chen is a certified public accountant in both the United States and the United Kingdom. Mr. Chen's annual compensation for his services will be $30,000. There is no arrangement or understanding between Mr. Chen and any other person pursuant to which he was selected as a director of the Board, and there is no family relationship between Mr. Chen and any of the Company's other directors or executive officers. Appointment of Ronggang (Jonathan) Zhang: Furthermore, effective November 25, 2025, the Board also appointed Mr. Ronggang (Jonathan) Zhang) to serve as the Chief Executive Officer of the Company and executive director and chairman of the Board, to fill the vacancy created by the resignation of Mr. Xi Wen on November 21, 2025 as previously disclosed. Mr. Ronggang (Jonathan) Zhang has served as an independent director of Chijet Motor Company, Inc. (Nasdaq: CJET) since September 2025. He has also served as an independent director of SOS Ltd (NYSE: SOS) from May 2020 to November 2025, as well as the independent director of NFT Limited (NYSE American: MI) from September 2023 to November 2025. He is the Chief Executive Officer of 5CGroup International Asset Management Co., Ltd. and Strategic Development Consultant of SG & CO PRC Lawyers, positions he has held since 2015. Mr. Zhang has served since 2015 as master's supervisor of Zhejiang Sci-Tech University and visiting professor of Zhejiang NDRC Training Center. Mr. Zhang previously served as the Department Chief of Commercial Bureau of HEDA between 2003 and 2015 and as Chief of Investment Bureau of Ningbo Free Trade Zone between 2000 and 2003. Mr. Zhang received his bachelor's degree at Hubei University in 1987, and Visiting Scholar to University of Newcastle upon Tyne, UK in 1996. Mr. Zhang's annual compensation for his services will be $50,000. There is no arrangement or understanding between Mr. Zhang and any other person pursuant to which he was selected as the Chief Executive Officer of the Company and executive director and chairman of the Board, and there is no family relationship between Mr. Zhang and any of the Company's other directors or executive officers. Since the beginning of the Company's last fiscal year, there are no transactions in which the Company was or is to be a participant and in which Mr. Li, Mr. Chen, and Mr. Zhang or any member of his immediate family had or will have any interest that are required to be reported under Item 404(a) of Regulation S-K. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company reported net losses from continuing operations of $3.47 million and $3.85 million for the fiscal years ended March 31, 2025 and 2024, respectively. Operating losses may persist as the Company expects higher expenses tied to customer acquisition, business development, and potential expansion into new revenue-generating activities. Senmiao said it does not expect proceeds from future public offerings or anticipated cash flows to be sufficient to meet working capital needs and capital expenditures over the next 12 months from July 10, 2025. The Company warned that without significant revenue generation, it may need to curtail or cease operations. [] CHINA: Revives Dozens of Stalled Landmark Property Projects -------------------------------------------------------------- Yicai Global reports that a growing number of long-abandoned big real estate projects are being resuscitated in China as debt restructurings and new capital injections unlock development. Yicai relates that China Great Wall Asset Management has invested nearly CNY2.5 billion (USD350.5 million) in the stalled Chongqing Bay project, the Beijing-based company announced recently, noting that its real estate subsidiary will take over the project. Located in the city's core district, the project is a mixed-use development of homes, offices, and shops. Construction began in 2003 but was halted after its two successive developers defaulted and failed to complete the work, leading to a complete stoppage in early 2022, according to Yicai. Another previously mothballed project is the World's No. 1 Shuisi Mansion project in Guizhou province, which was converted into a luxury hotel that opened for business in May. Meanwhile, preparations to restart the Shengang International Center project in Shenzhen are in hand, Yicai says. The central and local governments are rolling out policies, including for bailout funds and tax incentives, to help the new developers of idled projects, said Yan Yuejin, vice president of E-House China Research Institute, a Shanghai-based real estate think tank, Yicai relays. Financial support from both private and state investors has enabled many projects to resume construction, Yan said. Big project restarts need to overcome three major hurdles -- the funding gap, legal disputes, and the restoration of market confidence -- while also attracting suitable investors, Yan noted. Yicai adds that the revival of unfinished urban landmark projects reflects a shift in how real estate sector risk is being handled, according to Liu Shui, director of enterprise research at the China Index Academy, another property market think tank. Rather than simply bailing out or liquidating failed projects, the authorities and investors now evaluate each project's actual status, isolate the risks, and coordinate stakeholders' interests to achieve a "soft landing," Liu said. Financial and asset managers are playing an increasingly important role in this process, Yicai says. They can set up bailouts, give restructuring advice, and create risk disposal trusts and specific asset revenue rights trusts, Li pointed out. After taking over a long-abandoned project and isolating the risks, they can then can bring in a reputable builder to develop and run the project, he added. ================= H O N G K O N G ================= NEW WORLD: Secures US$1.362 Billion New Debt in Exchange Offers --------------------------------------------------------------- Dimsum Daily reports that New World Development said the exchange offers it launched early last month for certain perpetual securities and notes have closed, with holders of US$2.292 billion in existing perpetuals and about US$236 million in outstanding notes accepting the proposals. The company expects to issue US$1.175 billion of new perpetual securities and US$186 million of new notes in exchange, for a combined fresh issuance of US$1.362 billion - equivalent to 71.7% of the original US$1.9 billion target cap. On a comparison of accepted principal versus total new issuance, New World will reduce its debt by approximately US$1.167 billion, according to Dimsum Daily. For the perpetuals exchange, the aggregate accepted principal did not exceed the "maximum perpetual corporate cap", resulting in full acceptance of all eligible submissions before the deadline with no pro‑ration applied, Dimsum Daily relates. The company also anticipates an additional US$8.713 million of new perpetual securities to be issued. Similarly, the notes exchange did not breach the "overall cap", meaning all notes tendered by the cut‑off were accepted in full without scaling. An additional US$46.576 million of new notes are expected to be issued. In November, New World proposed issuing up to US$1.9 billion in new debt to replace certain outstanding obligations, with some perpetual holders facing haircuts of up to around 50%, recalls Dimsum Daily. About New World Development New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HKD15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= ADHIKARI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Adhikari Brothers Television Network Limited (SABTNL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 25 CRISIL D (Issuer Not Cooperating) Term Loan 21 CRISIL D (Issuer Not Cooperating) Term Loan 10 CRISIL D (Issuer Not Cooperating) Term Loan 9 CRISIL D (Issuer Not Cooperating) Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SABTNL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SABTNL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SABTNL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SABTNL continues to be 'Crisil D Issuer not cooperating'. SABTNL was incorporated on December 19, 1994 by Mr. Gautam Adhikari and Mr. Markand Adhikari, to take over the business of partnership firm - Sri Adhikari Brothers. SABTNL is engaged in the business of content production and syndication for television. The company is listed on the Bombay and National Stock Exchanges. ALCHEMIST LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alchemist Limited (AL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 21.82 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AL for obtaining information through letter and email dated October 27, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AL continues to be 'Crisil D Issuer not cooperating'. AL was initially established in 1988 at as Toubro Infotech & Industries Ltd, a private-limited company by Dr K D Singh; it got reconstituted as AL when it came out with its initial public offering in 1994. AL has grown into a diversified corporation with operations in chemical trading, pharmaceuticals, food-processing, floriculture, and steel. ALKA VENTURES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s Alka Ventures Private Ltd Meena TC 36/1690(1), Subhash Nagar, Vallakkadavu P.O, Thiruvananthapuram Insolvency Commencement Date: November 19, 2025 Estimated date of closure of insolvency resolution process: May 18, 2026 (180 Days) Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: Adv. Jossy Steephen Kattur Barons - 16C, Skyline Imperial Gardens, Stadium Link Road, Kaloor, Ernakulam - 682025 Email: jossysk@gmail.com Email: alkairp2025@gmail.com Last date for submission of claims: December 3, 2025 BALAJI INSTALMENTS: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on the fixed deposit programme of Balaji Instalments Limited (BIL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fixed Deposits-LT 3.0 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BIL through letters, dated September 25, 2025, among others, apart from telephonic communication, for obtaining information. However, the issuer has continued to be non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'issuer not cooperating' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the company's management, Crisil Ratings did not receive any information on the financial performance or strategic intent of BIL, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. The rating action on BIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on the fixed deposit programme of BIL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 1989, BIL is a deposit-accepting non-banking financial company promoted by Mr Pramod Kumar Agarwal. It has operations in Pilibhit, Uttar Pradesh. It provides loans for refinancing of used commercial vehicles (CVs) such as trucks and buses. It had an outstanding portfolio of INR2.02 crore and networth of INR2.0 crore as on March 31, 2017. BYJU'S: RP, GLAS Rep, EY India Chief Ordered to Appear in Court --------------------------------------------------------------- The Economic Times reports that the Kerala High Court has directed the Resolution Professional (RP) of Think & Learn Pvt. Ltd. (BYJU'S), the authorised representative of GLAS Trust Company LLC, and the India Chairman of Ernst & Young LLP to personally appear before the Court today, Dec. 5, 2025, in connection with ongoing alleged contempt case concerning BYJU'S foreign assets. ET says the order was issued by Justice K. Natarajan on Nov. 27, 2025. According to ET, the case arises from the High Court's earlier judgment dated May 21, 2025, which had restrained any transfer of BYJU'S key overseas subsidiaries such as Epic! Creations Inc. and Tangible Play Inc. (Osmo). ET relates that the petitioners allege that despite this protection, parallel bankruptcy actions and asset enforcement measures were initiated in the United States using the same Term Loan B (TLB) debt that GLAS is relying on in India, thereby violating the court's order. A detailed counter affidavit filed on behalf of BYJU'S co-founder Riju Ravindran in the contempt proceedings places before the Court extensive material alleging what it calls a "fraudulent double-recovery architecture." It states that BYJU'S international subsidiaries Tangible Play, Great Learning, Byju's Alpha Inc., Epic!, and Tynker were acquired for a combined amount of nearly USD1.42 billion and form the backbone of the company's global business. Despite their central importance, these foreign subsidiaries were allegedly omitted from the Resolution Professional's Form G (Expression of Interest) dated Aug. 25, 2025, and Sept. 24, 2025. ET, citing the affidavit, says the omission created a misleading and artificially diminished picture of BYJU'S asset position, suppressing value in the Corporate Insolvency Resolution Process (CIRP). At the same time, the affidavit alleges that GLAS pursued enforcement actions in the United States against these very subsidiaries under the Term Loan B (TLB) while maintaining its full admitted claim of INR11,432.98 crore in India, thereby enabling an unlawful double recovery. ET adds that the materials presented to the Kerala High Court also raise serious conflict-of-interest concerns involving EY and the conduct of the insolvency process. Communications reproduced in the affidavit show, according to the petitioners, that EY's restructuring team was closely involved from the inception of the CIRP - advising on GLAS's claims, managing key communication channels such as the ip.byjus@outlook.com email used for collecting and verifying creditor claims, and vetting those claims. According to ET, the affidavit alleges that EY failed to disclose its prior work for both BYJU'S and GLAS in its conflict-of-interest disclosures mandated by the Insolvency and Bankruptcy Board of India (IBBI). It adds that draft emails prepared by EY marked all conflicts as "NIL," despite earlier engagements with the parties. The appointment of the current Resolution Professional, Shailendra Ajmera, whose address is listed as Ernst & Young LLP's Worldmark Aerocity office, is also questioned as evidence that EY continued to exercise de facto control over the CIRP even after the initial Interim Resolution Professional was replaced. ET adds that the counter affidavit further seeks a set of directions from the Kerala High Court. It requests that the Serious Fraud Investigation Office (SFIO) and the Central Bureau of Investigation (CBI) be tasked with investigating the alleged fraud, collusion, cross-border value stripping, and concealment of foreign enforcement actions. It also seeks protection for BYJU'S foreign subsidiaries until these issues are resolved. Finally, it asks that the INR158 crore personally contributed by Riju Ravindran toward a proposed settlement be placed in a court-monitored escrow account, with a mechanism for refund if the Committee of Creditors (CoC) or the National Company Law Tribunal (NCLT) do not act on the settlement proposal, ET relays.. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CA MAGNUM: Fitch Affirms & Then Withdraws 'BB-' IDR --------------------------------------------------- Fitch Ratings has affirmed the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of CA Magnum Holdings and its 75%-owned subsidiary, Hexaware Technologies Limited, at 'BB-'. The Outlook is Stable. At the same time, Fitch has withdrawn all the ratings. The Stable Outlook reflects uncertainty over the size and funding of any future acquisitions and whether capital management initiatives will lead to the upstreaming of cash to the private-equity sponsor, The Carlyle Group Inc. (A-/Stable), even though leverage has been on a declining trend. Fitch expects the group's EBITDA and free cash flow (FCF) will continue growing, supported by its strong execution, but that leverage headroom will be utilised to support growth. Fitch has chosen to withdraw the ratings for commercial reasons. Key Rating Drivers Leverage Affected by Acquisitions: Fitch forecasts that EBITDA net leverage will continue to decline to 3.2x by end-2026 (2024: 3.7x), assuming that Hexaware spends INR7 billion in 2025 and INR4.4 billion in 2026 on acquisitions (2024: INR8.3 billion. 9M25: INR4.5 billion), excluding payment for contingent considerations. Fitch assumes a portion of the outstanding contingent consideration for acquisitions will be paid in 2026-2027. Hexaware reported contingent considerations with a fair value of INR7.7 billion for the Softcrylic and SMC Squared acquisitions as of end-September 2025. The actual payout for Softcrylic's year 1 earnout was USD6.5 million, against a potential payout of up to USD25 million. Hexaware paid INR3.1 billion (USD34.5 million) in November as initial upfront cash consideration for CyberSolve, with contingent consideration of around USD31.5 million. Opportunistic Acquisition Strategy: Fitch expects Hexaware to continue using its strong FCF generation and balance sheet to pursue opportunistic acquisitions. Such acquisitions, like those of SMC Squared and CyberSolve in 2025, would complement its existing service offerings such as data, artificial intelligence, software engineering and security. Bond Refinancing: CA Magnum's USD1.01 billion of outstanding debt due in October 2026 has been redeemed. The company funded the repayment with proceeds raised from a new five-year syndicated term loan. Increased Minority Interest: Minority shareholdings in Hexaware increased to about 25% after its IPO earlier this year. Adjusting EBITDA net leverage metrics for minorities' share of net income would result in about 0.2x-0.3x higher leverage than adjusting for minorities' share of dividends (3.6x for 2025). Margin Improvement: Fitch expects Hexaware's profitability to benefit from higher utilisation and the increased proportion of revenue generated from offshore contracts. The staff attrition rate remained steady at around 11% over the last four quarters, while the staff utilisation rate rose to around 84% in 3Q25 (3Q24: 82.9%). Fitch expects the EBITDA margin to continue to recover to 15.8% in 2025 (2024: 15.3%), following declining profitability during 2022-2023. Moderate Market Position: CA Magnum's group ratings take into consideration Hexaware's strong execution ability relative to mid-tier peers. However, its scale is much smaller compared with larger Indian IT service providers, such as Tata Consultancy Services Limited (A/Stable), HCL Technologies Limited (A-/Stable) and Wipro Limited (A-/Stable). Hexaware's ratings are supported by solid long-term relationships with key customers due to moderate-to-high switching costs, differentiated product offerings and high customer satisfaction. Rated on Consolidated Basis: Fitch rates CA Magnum and Hexaware based on the consolidated group profile, as Fitch assesses access and control and legal ringfencing as 'Open' under the "strong subsidiary" path of its Parent and Subsidiary Linkage Rating Criteria. This approach constrains Hexaware's rating at the same level as that of CA Magnum, which has full control over Hexaware. There are no material minority shareholders and no restrictions on CA Magnum extracting cash from Hexaware. CA Magnum relies on Hexaware's cash flow generation to service debt. PIK Treated as Non-Debt: Fitch believes the payment-in-kind (PIK) US dollar notes issued at two levels above CA Magnum do not increase the group's probability of default, as the proceeds are injected as equity and a default would not trigger a CA Magnum default. At liquidation, senior bondholders would rank above the PIK noteholders, as the notes are structurally subordinated and not secured by any assets in the CA Magnum group. This approach assumes CA Magnum's notes will be refinanced with debt that has similar terms as the existing notes. Peer Analysis CA Magnum's ratings are supported by Hexaware's strong operating record and financial performance. Fitch believes Hexaware will continue to grow faster than the industry, given its strong execution capability and access to Carlyle's portfolio companies. Fitch believes CA Magnum's credit profile is substantially weaker than that of other rated IT peers such as Wipro and DXC Technology Company (BBB-/Stable), as these peers have larger operating scales and more comprehensive IT service coverage. CA Magnum's financial profile is also characterised by higher leverage than the peers, as Fitch forecasts that Wipro will maintain a strong net cash position and DXC will maintain lower leverage with EBITDA leverage close to 2.0x. RATING SENSITIVITIES No applicable as the ratings have been withdrawn. Liquidity and Debt Structure CA Magnum has a strong liquidity position after securing a new five-year syndicated term loan facility to refinance its USD1.01 billion note due in 2026. The company also obtained a USD75 million revolving credit facility from syndicated lenders. Fitch expects Hexaware's FCF generation will fund enough dividends for CA Magnum to cover the parent's interest payment and other cash outflows. Issuer Profile CA Magnum, an investment vehicle set up by Carlyle to acquire Hexaware, has a 74.6% stake in Hexaware. Hexaware is a global provider of digital, IT and business transformation services, with annual revenue of around USD1.4 billion in 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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. Following the withdrawal of ratings for CA Magnum Holdings and Hexaware Technologies Limited, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Prior ----------- ------ ----- Hexaware Technologies Limited LT IDR BB- Affirmed BB- LT IDR WD Withdrawn LC LT IDR BB- Affirmed BB- LC LT IDR WD Withdrawn CA Magnum Holdings LT IDR BB- Affirmed BB- LT IDR WD Withdrawn LC LT IDR BB- Affirmed BB- LC LT IDR WD Withdrawn CHOTTA SHIMLA: CRISIL Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Chotta Shimla Projects Private Limited (CSPPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL D (Migrated from 'CRISIL D ISSUER NOT COOPERATING') Term Loan 15.00 CRISIL D (Migrated from 'CRISIL D ISSUER NOT COOPERATING') Working Capital 1.25 CRISIL D (Migrated from Term Loan 'CRISIL D ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with CSPPL for obtaining information through letter and email dated November 11, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CSPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CSPPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of CSPPL to 'Crisil D/Crisil D Issuer not cooperating'. CSPPL was incorporated in 2010 as a special purpose vehicle to undertake a multi-level parking and commercial project near the Chotta Shimla area of Shimla on design, build, operate and transfer basis. The company is promoted by Mr Parmod Sood and Mr Kanwaljeet Singh. DATT REALINFRA: CRISIL Lowers Rating on INR9cr LT Loan to B+ ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Datt Realinfra Private Limited (DRPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 9 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING*') Crisil Ratings has been consistently following up with DRPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DRPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of DRPL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating' due to delay in debt service obligations to its lenders as per publicly available information. DRPL was incorporated in 2012 and is engaged in the development of residential real estate in Jabalpur, Madhya Pradesh. DRPL is promoted and is currently being run by Mr. Sudhir Datt. HINDUSTAN FLUOROCARBONS: CRISIL Keeps C Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hindustan Fluorocarbons Limited (HFL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.50 CRISIL A4 (Issuer Not Cooperating) Cash Credit 5.15 CRISIL C (Issuer Not Cooperating) Letter of Credit 0.38 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 5.97 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HFL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HFL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. HFL is a Hyderabad-based company manufacturing poly tetra fluoro ethylene (PTFE), an engineering plastic in India. HFL was incorporated in 1983 as a subsidiary of Hindustan Organic Chemicals Limited (HOCL). IVRCL CHANDRAPUR: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Ivrcl Chandrapur Tollways Limited Mihir, 8-2-350/5/A/24/1-B & 2, Road No.2, Panchavati Colony, Banjara Hills, Hyderabad, Telangana, India - 500034 Insolvency Commencement Date: November 19, 2025 Estimated date of closure of insolvency resolution process: May 18, 2026 (180 Days) Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Mr. Piyush Kisanlal Jani Om Ashray, New Laxminagar, Behind Mazar Ring Road Gondia, Maharashtra 441614 Email: capiyushj@gmail.com Plot No. 212, Pragati Colony, 2nd Floor, Ring Rd, Chhatrapati square, Near Kalpavruksha Hospital, Nagpur, Maharashtra - 440015 Email: capiyushj@gmail.com Email: cirp.ivrcltollways@gmail.com Last date for submission of claims: December 4, 2025 JURIMATRIX SERVICES: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Jurimatrix Services India Private Limited The Estate, Level 4, 121 Dickenson Road, Bengaluru - 560042 Karnataka, India Liquidation Commencement Date: November 19, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Mr. Joby Chacko No. 120, 3rd Cross, 3rd Main, Pride Valley View Layout, Jigani Hobli, Bengaluru – 560105 Email: jobykc@gmail.com Last date for submission of claims: December 19, 2025 KARVY DATA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Karvy Data Management Services Limited (KDMSL; part of the KDMSL group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Non Convertible 22 CRISIL D (ISSUER NOT Debentures COOPERATING) Crisil Ratings has been consistently following up with KDMSL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KDMSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KDMSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities and Non Convertible Debentures of KDMSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the KDMSL Group KDMSL, incorporated in 2008, is a Hyderabad-based step-down subsidiary of KSBL. KDMSL provides business and knowledge process services; it started off as a pure-play back-office service provider and added other verticals such as e-governance, banking, telecom, and e-commerce. The company is an established player in government mandates such as UIDAI's Aadhar, PAN card, NPR Biometric, and E-TDS. It has established working relationships with several key government departments and enjoys strong support from KSBL. About the KSBL KSBL is a part of the Hyderabad-based Karvy group of companies. The key promoters of the group are Mr C Parthasarathy, Mr M S Ramakrishna, and Mr M Yugandhar. KSBL undertakes equity broking, depository operations, and distribution of financial products; and provides advisory services and wealth management. KONARK SYNTHETIC: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Konark Synthetic Limited (KSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.00 CRISIL D (Issuer Not Cooperating) Cash Credit 9.25 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.25 CRISIL D (Issuer Not Cooperating) Letter of Credit 5.50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KSL, incorporated in 1984, manufactures specialty yarn and fabrics; trades in processed fabric; and undertakes job work for readymade garments. The company has three facilities - a yarn unit in Silvassa, a fabric unit in Sarigram (Gujarat) and a garment manufacturing unit in Bengaluru. Mr Prakash Dalmia and Mr Ram Tibrewala are the promoters. MELSTAR INFORMATION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Melstar Information Technologies Limited (MITL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MITL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MITL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MITL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MITL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MITL, part of the Yash Birla group of companies, primarily provides staffing services to large information technology (IT) companies and IT divisions of large corporations. MITL also provides application development and implementation services, albeit on a modest scale. MITL is listed on the Bombay Stock Exchange and the National Stock Exchange. MURALI EXPORT: CRISIL Moves D Debt Rating to Not Cooperating ------------------------------------------------------------ Crisil Ratings has migrated the rating on bank facilities of Murali Export House (MEH) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase 2 CRISIL D (Issuer Not Cooperating; Rating Migrated) Packing Credit 2 CRISIL D (Issuer Not Cooperating; Rating Migrated) Packing Credit 2 CRISIL D (Issuer Not Cooperating; Rating Migrated) Proposed Packing 2.5 CRISIL D (Issuer Not Credit Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with MEH for obtaining information through letter and email dated November 11, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MEH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MEH is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of MEH to 'Crisil D Issuer not cooperating'. MEH was established in 2014 as a proprietorship firm by Mr Shekhar Mohan Saha. Prior to 2014, the firm was a partnership concern. MEH trades in chemicals, such as caustic soda, bleaching powder, and acetic acid. It also trades in materials required for the erection of towers. PAREKH ALUMINEX: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Parekh Aluminex Limited (PAL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Non Convertible Debentures 125 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with PAL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities and Non Convertible Debentures of PAL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1994, PAL manufactures aluminium foil containers (AFC), lids, covers, and allied products used in packaging food items. Manufacturing units are in Dadra and Nagar Haveli. In 2005, PAL acquired a Singapore-based company to enter the Southeast Asian markets. In 2008, its units acquired export oriented-unit status. The company entered the retail space with two brands, PAL and ME Foil, in fiscal 2011. It has annual production capacities of 688 crore pieces of AFC, 3.96 crore pieces of foil roll, and 179 crore pieces of foil lids. RAJESH ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on the non-convertible debentures (NCDs) of Rajesh Estates and Nirman Private Limited (RENPL) continues to be 'Crisil D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 297.6 Crisil D (Issuer Not Debentures LT Cooperating) Crisil has been following up with Rajesh Estates and RENPL for getting information through letter and email, dated September 25, 2025, apart from various telephonic communications. However, the issuer has continued to be non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the RENPL management, Crisil failed to receive any information on either the financial performance or strategic intent of the company, which restricts Crisil ability to take a forward-looking view on its credit quality. The rating action on SDPL is consistent with 'Assessing Information Adequacy Risk.' Based on the last available information, the rating on the non-convertible debentures (NCDs) of RENPL continue to be 'Crisil D Issuer Not Cooperating'. Incorporated in 1996, RENPL is a fully owned subsidiary of Rajesh Estates And Nirman Private Limited (the flagship company of the Rajesh group). The company has been developing two projects: Raj Grandeur and Raj Embassy and has recently started developing Raj Torres in Thane, Maharashtra, aggregating to a total saleable area of 19 lakh square foot (sq ft). The Rajesh group is a Mumbai-based real estate developer, promoted by Mr Raghav Patel. Group companies have been engaged in real estate construction and development for over 50 years. Operations are currently managed by the third generation of the family, Mr Priyal Patel and Mr Pratik Patel. The group has nearly 86 lakh sq ft of area under development across various projects in Mumbai as on date. RUCHIRA PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ruchira Papers Limited (RPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Auto Loans 0.28 Crisil B/Stable (Issuer Not Cooperating) Auto Loans 0.55 Crisil B/Stable (Issuer Not Cooperating) Auto Loans 0.4 Crisil B/Stable (Issuer Not Cooperating) Term Loan 1.2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RPL continues to be 'Crisil B/Stable Issuer not cooperating'. RPL, incorporated in 1980, manufactures kraft paper and WPP in its manufacturing facility at Sirmaur, Himachal Pradesh. The company is listed on Bombay Stock Exchange and National Stock Exchange. Mr Jatinder Singh, Mr Subhash Chander Garg and Mr Umesh Chander Garg are the promoters. SANTOSH FINE-FAB: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Santosh Fine-Fab Limited (SFFL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 Crisil B/Stable (Issuer Not Cooperating) Standby Line 0.5 Crisil B/Stable (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with SFFL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SFFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFFL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1981, SFFL manufactures fabrics and sells it under the brand, Santosh. The company got listed on the Bombay Stock Exchange in June 2001. Its manufacturing unit is at Tarapur in Thane. SLC PROJECTS: CRISIL Withdraws D Rating on INR18cr Cash Loan ------------------------------------------------------------ Crisil Ratings has withdrawn its ratings on the bank facilities of SLC Projects Private Limited (SLCPPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL D (Issuer Not Cooperating; Withdrawn) Cash Credit 18 CRISIL D (Issuer Not Cooperating; Withdrawn) Crisil Ratings has been consistently following up with SLCPPL for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLCPPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on SLCPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLCPPL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. Established in 1974, as a partnership entity and later incorporated as a private limited company in 2004, SLCPPL undertakes civil construction works such as construction of roads and buildings, electrical works like construction of substations, transmission lines and other mechanical works for Government defense related projects for entities like Defence Research and development Organisation, Military Engineering Services, Director General Naval Projects in Andhra Pradesh, and Tamil Nadu. SRS LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of SRS Limited (SRS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fixed Deposits LT 125.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRS for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on Fixed Deposits of SRS continues to be 'Crisil D Issuer not cooperating'. Incorporated as SRS Commercial Company Ltd in 2000, SRS got its current name in 2009. It operates in four business verticals: gems and jewellery (SRS Jewells brand), cinema exhibition (multiplexes under SRS Cinema), retail value chains (under SRS Value Bazaar and SRS Fashion Wear), and food and beverages (under SRS 7 Dayz, Asian Amigo, Punjabi Haandi, and Desi Cafe). The company has been listed on the Bombay Stock Exchange and National Stock Exchange since September 2011. It is managed by Dr Anil Jindal, a first-generation entrepreneur. TIRUPATI COTTON: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Tirupati Cotton (TC) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TC for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TC continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2009, TC is a partnership firm of Mr Shivshankar Agrawal and Mr Chetankumar Agrawal. It gins and presses cotton bales at its unit at Ghatanji in Yavatmal, and has installed capacity of 500 bales per day. TOTALA TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Totala Textiles Quality Sizers (TTQS) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.50 Crisil B/Stable (Issuer Not Cooperating) Rupee Term Loan 6.38 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TTQS for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TTQS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTQS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TTQS continues to be 'Crisil B/Stable Issuer not cooperating'. TTQS was incorporated in 2017 as a partnership between Mr. Ramjeevan Totala and his son Mr. Mukesh Totala, started operations in May 2018. It is engaged in yarn sizing and has the capacity to cater to 200 machines. Incorporated in 2015, TTPL initially traded in clothing material. Since fiscal 2018, it has been manufacturing grey fabrics of different specifications. The company has 76 loom machines, and installed capacity is 60 lakh metre of fabrics per annum. The company is promoted by Mr. Rajeevan Totala and his family members. TRAFIKSOL ITS: CRISIL Lowers Long/Short Term Rating to D -------------------------------------------------------- Crisil Ratings has downgraded the ratings on the bank facilities of Trafiksol ITS Technologies Limited (TITL) to 'Crisil D/Crisil D' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB-/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The downgrade reflects delays in debt servicing on account of weak liquidity. The company has disclosed these delays in the no-default statement it has provided. The ratings reflect the company's healthy product and customer diversity. This strength is partially offset by the modest scale of operations and large working capital requirements. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TITL. Key Rating Drivers - Weaknesses * Modest scale of operations and exposure to risks inherent in tender-based business: The business risk profile is constrained by the company's modest scale of operations amid intense competition. * Large working capital requirement: Gross current assets (GCAs) were sizeable at 250-300 days which were driven by receivables on account of higher sales. Efficient working capital management as the company ramps up operations will remain monitorable. Key Rating Drivers - Strengths * Healthy product and customer diversity: TITL, an established player in the software market, has built longstanding relationships with its customers. The product basket is diversified and the company offers consulting and design services in road and tunnel ITS construction, management and integration. The products and services find varied applications, and hence, the company has a wide end-user industry base. This mitigates the risk of obsolescence in case of any new technology in the market. Liquidity Poor Liquidity is poor as reflected in delays in repayment of term debt obligations. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days * Increase in revenue by 25% and sustenance of operating margin above 18% leading to higher cash accrual * Improvement in the working capital cycle. TITL (previously known as Trafiksol ITS Technologies Pvt Ltd) was incorporated in March 2018. TITL is a specialised EPC (engineering, procurement and construction) contractor and undertakes projects in the fields of Advanced Traffic Management Systems (ATMS), Toll Management Systems (TMS) and Tunnel Management Systems. It develops, designs and installs testing and commissioning of electrical, electronic fee collection, tunnel management systems and highway traffic management systems. It also provides maintenance for these systems. TITL is promoted and managed by Mr Jitendra Narayan Das (chairman and managing director) and Ms Poonam Das (whole-time director). TRINITY BUILDCON: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Trinity Buildcon (India) Private Limited (TBPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 6.85 Crisil B/Stable (Issuer Not Cooperating) Term Loan 50 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TBPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TBPL continues to be 'Crisil B/Stable Issuer not cooperating'. TBPL is part of the Mayar group, which was formed in 1948. The company is currently developing independent villas at Hailey Road, New Delhi. The company also undertakes trading of newsprint and timber. TRISHUL TREAD: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Trishul Tread Private Limited (TTPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 4 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TTPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1998, TTPL is a privately owned company promoted by Mr. Sunil Taneja, Mrs. Alka Taneja, Mr. Girish Chandra Pradhan, and Mr. Kabir Taneja. It is an authorised dealer of Tata Hitachi in Odisha. TTPL deals in the entire heavy earth moving machinery range of Tata Hitachi, such as Hydraulic Excavators, Excavator Loaders, Wheel Loaders, Transit Mixers, Dump Trucks, Compactors, Motor Graders and Cranes. VASANT COLD: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vasant Cold and IQF (VCI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VCI for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCI continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2018, VCI is a partnership firm of Mr Sanjay Ramdas Yadav and Mr Umesh Vasantrao Thorat. VCI operates a cold storage facility with capacity of 6000 metric tonne in Daund, Maharashtra. The storage facility was commissioned in January 2021 and is leased to TBEL for 10 years. VDV INFRAVENTURES: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of VDV Infraventures Private Limited (VDV) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VDV for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VDV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VDV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VDV continues to be 'Crisil B/Stable Issuer not cooperating'. VDV, incorporated in 2013 at Meerut, is a RERA registered company promoted by Mr Vikas Tyagi, Mr Davendra Nirwan and Mr Dinesh Tyagi. It is undertaking development of a residential project, Maple Heights, at Shastri Nagar, Meerut. It also has a land at Rajpura site in Meerut, where a residential project will be started after the completion of the project, Mapple Heights. VEDANTA RESOURCES: S&P Affirms 'B+' Foreign Currency ICR -------------------------------------------------------- S&P Global Ratings revised its rating outlook to positive from stable and affirmed its 'B+' foreign currency issuer credit rating on Vedanta Resources. S&P also affirmed the issue rating of 'B' on the company's senior unsecured notes. At the same time, S&P assigned its 'B+' local currency issuer credit rating on Vedanta Resources with positive outlook. The positive outlook on the long-term issuer credit ratings reflects S&P's expectation that Vedanta Resources will ramp-up its new capacities and continue deleveraging at the holding company level, which could support a ratio of funds from operations (FFO) to debt of above 30% on a sustained basis. A timely ramp-up in Vedanta Resources Ltd.'s recently commissioned facilities in the aluminium business will improve its cost structure and support earnings and cash flow. Lower interest expenses at the holding company level will aid deleveraging as a large part of the dividend from subsidiary Vedanta Ltd. can now be used to reduce debt. Cost reduction initiatives and favourable product prices will support Vedanta Resources' earnings and cash flow. A likely increase in captive alumina production will improve the cost structure of aluminium division. The company recently commissioned a 1.5 million tons per annum (mtpa) alumina refinery facility at Lanjigarh, increasing the total refining capacity to 5 mtpa. S&P expects the incremental capacity to ramp up over the next six months, resulting in cost savings of US$50 per ton of aluminium. Besides alumina, Vedanta Resources is also in the process of improving its backward integration into bauxite. A gradual ramp-up of mining operations over the next 12-18 months could lower the cost of production further. Vedanta Resources' rising share of value-added products in both aluminium and zinc divisions will increase the sales premium of these metals over the London Metal Exchange prices. This, along with lower cost of production and an increase in aluminium output, will strengthen the company's earnings. Vedanta Resources' credit metrics will likely improve on the back of strong earnings. S&P said, "We now expect Vedanta Resources' EBITDA to increase 10% in each of fiscal years 2026 and 2027 (year ending March 31). Higher earnings will lift the company's ratio of FFO to debt slightly above our upside threshold of 30%, from 24% that we expect in fiscal 2026. Our positive outlook on the rating reflects this." Historically, large swings in commodity prices have resulted in volatile credit metrics. S&P said, "We believe improving backward integration would shield the company's earnings from such volatility and result in a sustainable improvement in its credit profile. That said, any delay in expected ramp-up could weigh on the positive outlook given the limited buffer in FFO-to-debt ratio against our upside trigger." Vedanta Resources' debt maturities at the holding company are becoming increasingly manageable. The company has scheduled debt repayments of US$500 million-US$600 million annually over the next three fiscal years. S&P believes the company should be able to meet these obligations along with interest expenses through brand fees of US$350 million and dividends from Vedanta Ltd. of US$600 million-US$700 million. The dependence on dividends is now lower than the US$800 million dividend at holding company level that it projects in fiscal 2026. The recent refinancing of high-cost private credit debt and proposed repayment of intercompany loans will further reduce Vedanta Resources' borrowing costs at the holding company level. S&P said, "We estimate an average interest expense of US$450 million over the next two fiscal years. A large part of this can be covered by brand fees, which means the bulk of the dividends derived from Vedanta Ltd. could be directed toward deleveraging. We now project debt at the holding company to fall by US$500 million annually in fiscal years 2027 and 2028." The deleveraging at the holding company level has improved Vedanta Resources' capital structure. Nonetheless, the company remains dependent on dividends to service its debt, resulting in large, albeit reducing, minority leakages. Vedanta Resources' ability to service debt and any committed capital commitments with minimal reliance on dividends would be crucial to achieve a more sustainable capital structure. Growth plans and acquisitions are key risks to maintaining a sustainably stronger credit profile. S&P bases its views on Vedanta Resources' record of debt funded acquisitions and announcement of large capital expansion projects. While the company's recent bid to acquire Jaiprakash Associates for US$2 billion was unsuccessful, the possibility of potential debt-funded acquisitions in the future cannot be ruled out given the company's appetite for growth. Apart from this, any large investment in new businesses such as semiconductors or critical minerals could also result in leverage higher than our base case. The positive rating outlook reflects the potential for an upgrade if Vedanta Resources continues its track record of reducing debt at the holding company and operating at a lower consolidated leverage, even as it pursues growth opportunities. This could materialize as the company improves its cost structure from deeper backward integration. In S&P's base case, it sees a path for the company's FFO-to-debt to improve to 30% over the next 12-18 months. S&P said, "We may revise the rating outlook to stable in the event of a delayed ramp-up of Vedanta Resources' backward integration projects or if the company pursues an aggressive debt-funded expansion plan that prevents further debt reduction, particularly if it is combined with a sharp decline in operating cash flow. Our expectation that the FFO-to-debt ratio will remain below 30% on a would indicate such deterioration." S&P would likely raise the rating if any of following scenarios materialize: -- Vedanta Resources demonstrates a track record of deleveraging at the holding company level and sustain an FFO-to-debt ratio above 30%. A successful and timely ramp-up of its backward integration projects could result in such a scenario; -- The capital structure and debt maturity profile improves sustainably, such that we assess the consolidated liquidity of Vedanta Resources to be adequate and believe the holding company can sufficiently cover capex commitments, reducing its debt service burden and refinancing risk; or -- The debt-servicing needs of Vedanta Resources decline, or its funding access improves to an extent that the company depends less on Vedanta Ltd.'s dividends, offsetting its inefficient corporate capital structure with leakage of cash flows due to significant minority interest. VIBHARAJ CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vibharaj Constructions Private Limited (VCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 10.43 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 0.07 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VCPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCPL continues to be 'Crisil B/Stable Issuer not cooperating'. VCPL was incorporated in 2006. It is engaged in providing crushing stones, bolder, sand and also provides drilling, blasting, earth work related activities. It is located in Nawada- Bihar and promoted by Vibha Devi and Mr. Eklavay Kumar. VIDEO PLAZA: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Video Plaza (VP) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.05 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 2.95 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.00 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VP for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VP continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1989 as a partnership between Mr. Kabi Dutta and Ms. Rikta Dutta, VP trades in electronic goods, runs a hotel (Citi Residenci), operates a foreign liquor 'Off' shop and rents out properties in Durgapur, West Bengal. WOBILLAHI: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Wobillahi (WO) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Rupee Term Loan 1 CRISIL B/Stable (Issuer Not Cooperating) Rupee Term Loan 3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WO for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of WO, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WO continues to be 'Crisil B/Stable Issuer not cooperating'. Registered in 1998, WO is a Karnataka-based distributor and transporter of fresh fish. The firm procures fresh sea water fishes from 12 fish centres in India which is then sold to the producers of fish meal which is used in poultry feed and fish oil which is used for a variety of usage such as preparing medicines and leather finishing. The firm is managed by Mr. Mohammed Ali, Mr. K P Hussain and Mr. K P Ibrahim. YESKAY CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Yeskay Constructions (YC) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B+/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 2 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YC for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YC continues to be 'Crisil B+/Stable Issuer not cooperating'. YC, set up in 1988 as a proprietary concern and promoted by Mr Sunil Kumar, is a sub-contractor in the infrastructure segment; it offers civil construction services such as construction of industrial, residential, and commercial buildings. ===================== N E W Z E A L A N D ===================== CANTERBURY HOSPO: Creditors' Proofs of Debt Due on Jan. 12 ---------------------------------------------------------- Creditors of Canterbury Hospo Limited are required to file their proofs of debt by Jan. 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 26, 2025. The company's liquidators are: Brenton Hunt PO Box 13400 City East Christchurch 8141 CHAR GRILL: Creditors' Proofs of Debt Due on Jan. 16 ---------------------------------------------------- Creditors of Char Grill Burgers and Pizzas Limited are required to file their proofs of debt by Jan. 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 25, 2025. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 DIVERSITY TECH: Court to Hear Wind-Up Petition on Dec. 11 --------------------------------------------------------- A petition to wind up the operations of Diversity Tech Limited will be heard before the High Court at Christchurch on Dec. 11, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 13, 2025. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch HENLEY-SMITH CONSTRUCTION: BDO Wellington Appointed as Liquidator ----------------------------------------------------------------- Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington on Nov. 27, 2025, were appointed as liquidator of Henley-Smith Construction Limited. The liquidators may be reached at: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1, 50 Customhouse Quay Wellington 6011 MANA ORCHARDS: Goes Into Liquidation; Owes NZD6.65MM to BNZ ----------------------------------------------------------- BusinessDesk reports that another apple orchard that grows trademarked Rockit apples has gone into liquidation, owing NZD6.65 million to the Bank of New Zealand. Mana Orchards GP is the second Rockit orchard to run into trouble in the past few months, according to BusinessDesk. In October, MyFarm Investments' partnership Rākete Orchards, which also grows Rockit apples, went into voluntary administration. Both are Hawke's Bay orchards. BusinessDesk says the first liquidators' report was released on Dec. 3, stating that Mana Orchards GP had been placed in liquidation on Nov. 24. VTP CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 17 ----------------------------------------------------------- A petition to wind up the operations of VTP Construction and Labour Limited will be heard before the High Court at Auckland on Dec. 17, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 7, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: TV5's PHP1 Billion Claim 'Remains Disputed' --------------------------------------------------------- Bilyonaryo.com reports that ABS-CBN Corp said on Dec. 4 it had received a notice from TV5 terminating their content supply agreement, but disputed the Pangilinan-led network's nearly PHP1 billion claim and denied any willful delay in payments. In a statement, the Lopez family's ABS-CBN said that the amounts and manner of the demands remain disputed, Bilyonaryo.com relays. "We acknowledge our obligations to TV5 and are doing everything we can to address these payments. We have sought additional time to resolve this matter and are working urgently within the thirty-day period we have been given. While this timeline is challenging given our current circumstances, we are committed to finding a way to fulfill our obligations - not only to TV5 but to all our partners and stakeholders," ABS-CBN said. "We remain open to fair and reasonable solutions that recognize the extraordinary circumstances our company has faced." "There is no truth to any insinuation that ABS-CBN willfully delayed payment. Such characterizations fail to acknowledge the severe financial constraints imposed on us through circumstances beyond our control," ABS-CBN added. According to Bilyonaryo.com, ABS-CBN made it clear the problems go way beyond money. Bilyonaryo.com says the network pointed to its devastating franchise loss in 2020, which forced it off free-to-air TV and radio. "In May 2020, two months after the COVID-19 lockdowns started, ABS-CBN was forced to cease its free-to-air TV and radio broadcasts following a cease-and-desist order from the NTC. Two months later, the House of Representatives denied our application for franchise renewal, officially taking ABS-CBN off air," it said. "This was not a matter of choice or mismanagement, but a direct result of regulatory action that stripped away our primary revenue source," ABS-CBN added. Even with some revenue streams bouncing back, the network is still operating at a loss. "While we are still short of realizing a full turnaround, our trajectory is clear and our dedication unwavering," the network said. Bilyonaryo.com adds that the company also reassured audiences it would continue delivering content even if the partnership with TV5 ends. "Should this partnership be terminated, we will find ways to reach you, our audiences. Just as we overcame the initial difficulties after losing our franchise, we will not abandon our Kapamilya and will find ways to continue serving you," ABS-CBN said. About ABS-CBN ABS-CBN Broadcasting operated a network of TV & radio stations in the Philippines. The Company produced entertainment and news programs for basic and cable channels. On May 5, 2020, the National Telecommunications Commission (NTC) issued a cease-and-desist order (CDO) against ABS-CBN, immediately directing it to stop broadcast operations in radio and television. The order followed the expiration of ABS-CBN's broadcast franchise on May 4, 2020. On July 10, 2020, members of the House of Representatives denied ABS-CBN's renewal franchise application, citing several issues on the network's prior 25-year franchise. The network has now rebranded itself as a mass content company and produced television programs, films and other entertainment content through partnerships with independent production companies and broadcasters. ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net loss in 2024. ================= S I N G A P O R E ================= CORDLIFE GROUP: Faces SGD5.45 Million Civil Claim from Clients -------------------------------------------------------------- The Business Times reports that Cordlife Group is facing claims of at least SGD5.45 million in damages from clients who stored 109 cord blood units (CBUs) with the company. The cord blood bank was notified on Dec. 1 of the filing in the courts by a person representing the group of claimants, the company said in a bourse filing on Dec. 2, BT relays. According to BT, the claimants want Cordlife declared liable for loss and damage arising from negligence or breach of contract, and "causing irreparable damage" due to its failure to properly store and preserve the CBUs. BT relates that the suit also seeks damages of SGD50,000 per damaged unit. Based on the 109 units involved, the company estimates the total claims to be at least SGD5.45 million. Alternatively, the claimants are seeking a refund of all storage fees paid to date, or an order for the assessment of damages, BT relays. BT says Cordlife noted that members of this claimant group are clients whose units were stored in tanks later labelled as "damaged" and "high risk". They are part of the same group that had previously issued a letter of demand to the company on March 28, 2025 through their solicitors. The company is currently seeking legal advice on its next steps, BT notes. While the board is still assessing the financial impact, it warned that an order to pay the claims would hurt the group's financials for the year ending Dec. 31. Cordlife added that the claims relate solely to its operations in Singapore, and the group remains in full operation in other geographical markets, BT adds. About Cordlife Headquartered in Singapore, Cordlife Group Limited, an investment holding company, provides cord blood banking services in Singapore, Hong Kong, India, Malaysia, the Philippines, and internationally. The company operates through two segments, Banking and Diagnostics. It offers cord blood, cord lining, and cord tissue banking services, including processing and storage of stem cells; and various diagnostics services, such as newborn genetic screening, pediatric vision and ear screening, pediatric allergen test, genetic talent test, preimplantation genetic screening, endometrial receptivity test, non-invasive prenatal testing, and newborn metabolic screening. The company also provides Moms Up, a mobile app for pregnancy and parenting resources for moms and moms-to-be. In addition, it provides medical laboratory, marketing, and property investment services. As reported in the Troubled Company Reporter-Asia Pacific in late in April 2024, Cordlife's former internal auditor KPMG had submitted a disclaimer of opinion in its independent auditor's report dated April 24, 2024, stating that it had not been able to obtain "sufficient appropriate audit evidence" to provide a basis for an audit opinion on several areas. These areas included the company's compliance with laws and regulations, given Cordlife's ongoing investigations by the Ministry of Health (MOH) and the Commercial Affairs Department (CAD). KPMG also addressed uncertainties in providing an audit opinion on the subject of Cordlife's refunds and claims, after the company said it would waive all future annual fees and initiate a refund for clients affected by its recent case of damaged cord-blood units, The Business Times related. Early in December 2025, Cordlife received a notice from the Ministry of Health (MOH) to stop collecting, testing, processing and/or storing new cord blood, effective Nov. 26. This means that the group has been suspended from collecting new cord-blood units (CBUs). According to BT, Cordlife will be permitted only to store existing CBUs, while performing limited actions in relation to them. HATTEN LAND: Subsidiary Enters Provisional Liquidation ------------------------------------------------------ The Judicial Managers of Hatten Land Limited (under judicial management) said that on Nov. 27, 2025, the directors of Genonefive Pte Ltd, a wholly owned subsidiary of the Company, executed a statutory declaration that Genonefive is unable to continue its businesses by reason of its liabilities. A directors' resolution in writing was also passed on Nov. 27, 2025 resolving that Messrs Tan Wei Cheong and Lim Loo Khoon, both care of Deloitte Singapore SR&T Restructuring Services Pte Ltd be appointed as Joint and Several Provisional Liquidators over Genonefive. The Extraordinary General Meeting for Genonefive will be held on Dec. 17, 2025 at 2:00 p.m. to confirm the appointment of Genonefive's liquidators pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018. A meeting of creditors for Genonefive will also be held on Dec. 17, 2025 at 2:30 p.m. to present a statement on Genonefive's affairs and to confirm the appointment of Genonefive's liquidators pursuant to Section 166 of the Insolvency, Restructuring and Dissolution Act 2018. The JMs said they will provide further updates on material developments as and when it is appropriate. About Hatten Land Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ -- operates as a property developer. The Company develops malls, hotels, and residential properties. Hatten Land serves customers in Singapore and Malaysia. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 18, 2024, Hatten Land has received approval from the Singapore High Court for the appointment of Deloitte & Touche's Tan Wei Cheong and Lim Loo Khoon as joint judicial Managers. As joint judicial managers, Tan and Lim are expected to manage the group's affairs, business and property, The Edge Singapore said. Hatten Land has received an extension for its judicial management order from the High Court of Singapore. The order, initially expired on Oct. 9, 2025, has been extended by 180 days to April 7, 2026. This extension provides the company with additional time to manage its affairs under judicial supervision. HSD ENGINEERING: Placed in Provisional Liquidation -------------------------------------------------- Mr. Seah Chee Wei of Rock Stevenson on Nov. 19, 2025, was appointed as provisional liquidator of HSD Engineering Pte Ltd. The provisional liquidator may be reached at: Seah Chee Wei c/o Rock Stevenson Pte Ltd 60 Paya Lebar Road #04-03 Paya Lebar Square Singapore 409051 MSQM PTE: Placed Under Interim Judicial Management -------------------------------------------------- Ho May Kee and Paresh Tribhovan Jotangia of Grant Thornton Singapore on Nov. 21, 2025, were appointed as interim Judicial Managers of MSQM Pte. Ltd. The interim Judicial Managers may be reached at: Ho May Kee Paresh Tribhovan Jotangia 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 NEREUS MARINE: First Creditors' Meeting Set for Dec. 11 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Nereus Marine Services Pte Ltd will be held on Dec. 11, 2025 at 3:00 p.m. via video conferencing (Microsoft Teams). The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of Nereus Marine Services Pte. Ltd. The company's liquidator is: Medora Xerxes Jamshid 22 Malacca Street #03-02 RB Capital Building Singapore 048980 SQUAREPOINT SELECT: Creditors' Proofs of Debt Due on Dec. 29 ------------------------------------------------------------ Creditors of Squarepoint Select Asia Pte. Ltd. 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. 19, 2025. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 TIYU'S PTE: AAG Corporate Appointed as Liquidators -------------------------------------------------- Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman care of AAG Corporate Advisory on Nov. 19, 2025, were appointed as liquidators of Tiyu's Pte Ltd. The liquidators may be reached at: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 ================= S R I L A N K A ================= HOUSING DEVELOPMENT: Moody's Alters Outlook on Caa2 CFR to Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Housing Development Corporation Limited's (HDC) Caa2 corporate family rating and caa2 Baseline Credit Assessment (BCA). Concurrently, Moody's have changed the rating outlook to stable from negative. The rating action also follows the affirmation of Government of Maldives' sovereign issuer rating at Caa2, and the change in its rating outlook to stable on November 27, 2025. "Moody's rating action on HDC is aligned with Moody's decisions on the Maldives, reflecting HDC's strong linkage to the sovereign. The company's credit quality is highly dependent on government support, given its untenable capital structure and weak liquidity," says Hui Ting Sim, a Moody's Ratings Vice President and Senior Analyst. "HDC has a very high likelihood of extraordinary support from the government, as most of its debt is backed by sovereign guarantees," adds Sim. RATINGS RATIONALE HDC's caa2 BCA reflects its strategic importance and exclusive mandate to develop key islands in Maldives, and the regular financial support it receives from the government of Maldives. However, the company has an untenable capital structure with weak liquidity. This is driven by its substantial borrowings over the past decade to fund social housing and infrastructure projects that generate limited immediate cash flows. These projects have been primarily financed through government funds or government-backed loans. As of December 31, 2024, about 95% of HDC's external debt was guaranteed by the government. A default on any obligation exceeding $1 million would trigger a cross-default on its government-guaranteed debt. Moody's expects the majority of HDC's debt to continue to carry sovereign guarantees. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating outlook is stable, in line with the stable outlook on Maldives' rating. Moody's will upgrade HDC's BCA and rating if Moody's upgrade Maldives' rating and the support assessment incorporated in HDC's rating remains unchanged. Moody's will downgrade HDC's rating if Maldives' is downgraded. Moody's may also downgrade HDC's rating if Moody's assesses that its likelihood of receiving extraordinary support from the Government of Maldives has declined. Factors that could drive such an assessment include (1) a reduction in the sovereign's ownership of HDC; (2) a change in HDC's policy role such that it materially weakens its strategic importance to the government; (3) a significant decline in the proportion of sovereign-guaranteed loans in the company's capital structure; (4) HDC repays its shareholder loans despite its limited ability to do so; or (5) a lack of timely financial support from the government, resulting in elevated liquidity risk at HDC. PRINCIPAL METHODOLOGY The methodologies used in these ratings were Homebuilding and Property Development published in September 2025. HDC's rating is three notches below the scorecard-indicated outcome of B2 in 2023, reflecting the company's weak liquidity, volatile credit metrics as well as its strong links to the Government of Maldives. CORPORATE PROFILE Housing Development Corporation Limited (HDC) is wholly owned by the Government of Maldives and is the largest state-owned enterprise by asset size in the Maldives. The company was incorporated in 2005 with the mandate to develop Hulhumalé, a 428-hectare reclaimed island in the Hulhulé--Farukolhufushi Lagoon in the Maldives. In late 2020, following its merger with Greater Male Industrial Zone Ltd (GMIZL), HDC's mandate was expanded to include the development of Gulhifalhu and Thilafushi, two adjacent industrial islands located approximately 6 to 7 kilometers to the west of Malé. ********* 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 ***