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251208.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 Monday, December 8, 2025, Vol. 28, No. 244 Headlines A U S T R A L I A DICKY BILL: First Creditors' Meeting Set for Dec. 11 DICKY BILL: PALM Scheme Workers Scrambling for Jobs DISTINCTIVE PROPERTY: Second Creditors' Meeting Set for Dec. 11 DYNAMONEY ABS 2025-1: Moody's Assigns B2 Rating to Class F Notes GASMERE PTY: First Creditors' Meeting Set for Dec. 11 LIBERTY PRIMARY: Consortium Races to Rescue Tahmoor Mine MOLONG RSL: First Creditors' Meeting Set for Dec. 11 NOW TRUST 2025-2: Moody's Assigns B2 Rating to AUD5.60MM F Notes PANORAMA AUTO 2025-4: Fitch Assigns B(EXP)sf Rating on Cl. F Notes RESIMAC TRIOMPHE 2025-2: S&P Assigns Prelim. 'B+' Rating on F Notes SPORTCOR HOLDINGS: First Creditors' Meeting Set for Dec. 11 TRITON EBISU 1: Fitch Affirms 'Bsf' Rating on Class F Notes C H I N A CHINA VANKE: Fitch Puts 'CCC-' LongTerm IDRs on Watch Negative COUNTRY GARDEN: Gets Nod for Domestic Offshore Debt Restructuring TAOPING INC: Acquires Skyladder Group for $21MM in Shares WEST CHINA CEMENT: Fitch Assigns 'B' LongTerm IDR, Outlook Stable I N D I A BHAVYALAXMI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating BYJU'S: SC Stays Order for RP, EY India Chief, Glas Rep to Appear C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating CALL EXPRESS: ICRA Keeps D Ratings in Not Cooperating Category EASTERNZONE INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating HARIKISHAN TEJMAL: CARE Keeps D Debt Ratings in Not Cooperating HEINKEL ENGINEERING: Voluntary Liquidation Process Case Summary JAI SHIV: CARE Keeps B- Debt Rating in Not Cooperating Category JUGNU FOODS: CARE Lowers Rating on INR12.01cr LT Loan to B- M.D. AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category NEXTRA TELESERVICES: CARE Keeps D Debt Ratings in Not Cooperating P.R. NAYAK: ICRA Keeps B+ Debt Rating in Not Cooperating Category PATIL AND COMPANY: CARE Keeps D Debt Ratings in Not Cooperating RAJENDRA RICE: CARE Keeps C Debt Ratings in Not Cooperating RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating RAMKRISHNA CASTING: ICRA Keeps D Debt Ratings in Not Cooperating REAL GROWTH: ICRA Withdraws D Rating on INR21cr LT Loan REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating RIDDHI AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category SAI POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category SHIVAM MOTORS: ICRA Lowers Rating on INR53cr LT Loan to C SIDDHARTHA ACADEMY: ICRA Lowers Rating on INR93.10cr Loan to B+ SUN SHINE: CARE Keeps B- Debt Rating in Not Cooperating Category SUNCITY SYNTHETICS: ICRA Keeps D Debt Ratings in Not Cooperating WORLDS WINDOW: Insolvency Resolution Process Case Summary YATRA ONLINE: Subsidiary Resolves Insolvency Dispute with Ezeego J A P A N TOSHIBA CORP: S&P Upgrades ICR to 'BB-', Outlook Positive UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B-', Outlook Stable M A L A Y S I A CAPITAL A: Expects to Exit PN17 Status by Year End N E W Z E A L A N D 26 OWENS: Creditors' Proofs of Debt Due on Jan. 6 CIVIL AND LAND: Creditors' Proofs of Debt Due on Feb. 2 HAYDEN AND CASSIE: Court to Hear Wind-Up Petition on Dec. 11 PB PROPERTIES: Court to Hear Wind-Up Petition on Dec. 12 TE HAA: Creditors' Proofs of Debt Due on Jan. 20 THE PERC: Owner Set to Shut Down Two More Café Shops S I N G A P O R E ASIA BEVERAGE: Court to Hear Wind-Up Petition on Dec. 12 DT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 19 FINAQE GROUP: Court to Hear Wind-Up Petition on Dec. 19 K.T. CENTURY: Court Enters Wind-Up Order TWELVE CUPCAKES: Commences Wind-Up Proceedings T A I W A N SEMILEDS CORP: Posts $1.1MM Loss in FY25, Has Going Concern Doubt - - - - - ================= A U S T R A L I A ================= DICKY BILL: First Creditors' Meeting Set for Dec. 11 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Dicky Bill Australia Pty Ltd (trading as Maffra Produce Group, Drinan Farming Company and Lion Freighters) and Wallaville Farming Pty Ltd will be held on Dec. 11, 2025 at 10:30 a.m. at Level 29, 360 Collins Street in Melbourne and via Microsoft Teams video conference. Sam Kaso, Stephen Earel, and Matthew Sweeny of Cor Cordis were appointed as administrators of the company on Dec. 1, 2025. DICKY BILL: PALM Scheme Workers Scrambling for Jobs --------------------------------------------------- ABC News reports that the unexpected shutdown of Australian herb and salad grower Dicky Bill has left backpackers and Pacific Australia Labour Mobility (PALM) scheme workers scrambling for new jobs. According to the ABC, more than 180 people were working at Dicky Bill Australia's Queensland and Victorian farms when they suddenly found themselves unemployed late last month as the family-run company went into voluntary administration. Dicky Bill operated two farms at Maffra in Gippsland and Drinan, west of Bundaberg. The ABC understands at least 30 of the workers from the Maffra farm have found work at local farms and in Mildura, but many others are still searching as Christmas looms. The ABC relates that Cambrai Backpackers Hotel owner Adam Mair said he and his wife Beck were using their contacts to help find alternative work for tenants who have lost their jobs. "Fingers crossed we find a few more jobs for them and they can continue on their visa work," the ABC quotes Mr. Mair as saying. "It's an unfortunate thing for us and the backpackers, but we can probably recover quicker than locals looking for full-time work." Mr. Mair said he was concerned for the Maffra community in the wake of the shutdown, the ABC relays. "Everyone will be optimistic that another operator will buy and take over. It is a good facility out there and good growing land," he said. "Most of the backpackers, they do spend locally - they go for dinner at the pubs and clubs." Dicky Bill operates two farms at Maffra, Victoria and Drinan, west of Bundaberg in Queensland, growing leafy salad vegetables and herbs year-round. On Nov. 27, owner Ryan McLeod put the company into voluntary administration, owing hundreds of thousands of dollars to creditors. DISTINCTIVE PROPERTY: Second Creditors' Meeting Set for Dec. 11 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Distinctive Property Holdings Pty Ltd and Megalo Property Holdings Pty Ltd has been set for Dec. 11, 2025, at 11:00 a.m. 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. 10, 2025 at 12:00 p.m. Andrew Heard and Victoria Young of Heard Phillips Lieberenz were appointed as administrators of the company on Nov. 7, 2025. DYNAMONEY ABS 2025-1: Moody's Assigns B2 Rating to Class F Notes ---------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the ABS notes issued by AMAL Trustees Pty Limited, as trustee of Dynamoney ABS Trust 2025-1. Issuer: AMAL Trustees Pty Limited as trustee of Dynamoney ABS Trust 2025-1 AUD302.00 million Class A Notes, Assigned Aaa (sf) AUD36.8 million Class B Notes, Assigned Aa2 (sf) AUD17.60 million Class C Notes, Assigned A2 (sf) AUD9.60 million Class D Notes, Assigned Baa2 (sf) AUD21.20 million Class E Notes, Assigned Ba2 (sf) AUD1.60 million Class F Notes, Assigned B2 (sf) The AUD7.20 million Class G1 Notes and AUD4.00 million Class G2 Notes (together, the Class G Notes) are not rated by us. Dynamoney ABS Trust 2025-1 is a securitisation of commercial auto and equipment loan receivables extended to Australian small and medium sized businesses. The portfolio consists of chattel mortgages, which are secured by vehicles, and wheeled and non-wheeled equipment, rental or operating lease. All receivables were originated and serviced by Dynamoney Limited (Dynamoney). Dynamoney, formerly Grow Finance Limited, established in 2016, is a leading lending partner for SME businesses, originally specialising in trade finance. Dynamoney offers prime customer lending solutions designed to meet the evolving needs of SMEs, including asset and equipment finance, business loans and insurance premium finance. As of September 30, 2025, Dynamoney has lent over AUD2.0 billion asset and equipment finance loans. RATINGS RATIONALE The definitive ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.5% of all notes other than the Class G Notes; (5) the legal structure; (6) experience of Dynamoney as servicer; and (7) the presence of AMAL Asset Management Limited as the backup servicer. The transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The key challenge in the transaction is the limited historical data available for the portfolio. Dynamoney was established in 2016 and started originating primary asset chattel mortgages with significant volumes in late 2019. The historical default data for its auto and equipment commercial loan book for primary assets is only available from 2019. As such, the pool's performance could be subject to greater variability than the observed data indicates. TRANSACTION STRUCTURE AND POOL CHARACTERISTICS Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date and the Class Subordination is at least 1.5x the Original Class A subordination, all notes, other than the Class G Notes, will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, no unreimbursed charge-offs and the payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in December 2028 and the invested amount of the notes falling below 15% of the initial invested amount of the notes. -- Swaps provided by National Australia Bank Limited (NAB, Aa2/P-1/Aa1(cr)/P-1(cr)) and Westpac Banking Corporation (Westpac, Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow the schedule amortization of the portfolio. -- AMAL Asset Management Limited (AMAL) is the backup servicer. If Dynamoney is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its backup servicing plan. Key pool features are as follows: -- The pool has a weighted average seasoning of 9.4 months. -- The portfolio is diversified both at an obligor level and a geographical level. The largest obligor concentration is 0.2%. -- The portfolio has a high yield of 10.22% which provides excess spread to cure portfolio losses. -- Trucks and trailers are the largest asset component making up 35.7% of the portfolio, followed by passenger vehicles, plant and equipment, and other tertiary assets with 21.4%, 13.6% and 11.3% respectively. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") is 28.0%. Moody's expected default rate for this transaction is 6.0% and expected recovery is 25%, resulting in an expected loss of around 4.5%. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. The expected default rate, recovery and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model. To address the limited historical loss data on Dynamoney's portfolio, Moody's have benchmarked the performance to data from comparable Australian commercial auto and equipment ABS originators. Moody's have also overlaid additional stresses into Moody's default and PCE assumptions. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" 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 amortization or a better-than-expected collateral performance. The Australian economy and job market are primary drivers of performance. Factors that could lead to a downgrade of the notes is a 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. GASMERE PTY: First Creditors' Meeting Set for Dec. 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Gasmere Pty. Ltd, Arden Medical Pty. Ltd., and Biotempus Pty Ltd will be held on Dec. 11, 2025 at 10:30 a.m. via electronic facilities. Shaun Matthews and Daniel P Juratowitch of Cor Cordiswere appointed as administrators of the companies on Dec. 1, 2025. LIBERTY PRIMARY: Consortium Races to Rescue Tahmoor Mine -------------------------------------------------------- ABC News reports that a local consortium said it is "hastily" working on a bid to take over the mothballed Tahmoor mine, owned by British billionaire Sanjeev Gupta, to ensure operations start soon and "there is a workforce to come back". The Tahmoor coking coal mine, south-west of Sydney, has been closed since February after running out of cash amid financial turmoil within Mr. Gupta's GFG Alliance, the ABC notes. About 500 workers, including contractors, were stood down on minimum pay, and in November, about half were told they would not be paid. William Buck was appointed administrator of Liberty Primary Metals Australia (LPMA) in November, the ABC notes. LPMA is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor, and relies heavily on income from the mine to meet its financial obligations. The ABC says RStar, Tahmoor's majority contractor, has partnered with GBA Capital to assemble a bid. According to the ABC, RStar's legal representative, Olivia Hitchens, principal at Artemide Law, said the consortium was moving quickly to put together an attractive offer. "RStar's workforce is a contracted workforce that would remain, as would the existing workforce . . . our proposal also carves off a piece of the pie for management to participate as equity owners." The ABC relates that Ms. Hitchens said the closure had been difficult for RStar workers, many of whom had worked at the mine for decades. "I think that the idea came about out of fear that someone else might take over the mine, who might not understand it, might not have the same relationship with management and might not love it the way that our client loves it," she said. The creditors' report released by William Buck on Dec. 1 found LPMA's holding-company structure and the complexity of GFG's global arrangements left its Australian businesses exposed. It also revealed a failed US$1 billion plan to shift an electric arc furnace from South Korea to Romania to capture EU steel incentives. Administrators said tens of millions were borrowed against Tahmoor to support the project before the economics collapsed when EU incentives were reduced, the ABC relays. Combined with production issues, the cash drain left the mine unable to fund operations, forcing its closure earlier this year. The ABC relates that administrators said they had received letters from third parties expressing interest in acquiring Tahmoor Coal and were recommending a Deed of Company Arrangement (DOCA) as a better outcome for creditors than liquidation. Ms. Hitchens said the release of the creditors' report provided vital clarity for the consortium as it finalised its bid. "Until now, we didn't know what that looks like, but we need to get an idea of that number," she said, referring to the scale of LPMA's debt. She said analysts were now assessing the mine's assets and future potential following a four-hour underground inspection on Dec. 2, the ABC adds. MOLONG RSL: First Creditors' Meeting Set for Dec. 11 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Molong R.S.L Limited will be held on Dec. 11, 2025 at 2:30 p.m. via virtual meeting. Michael Gregory Jones of Jones Partners Insolvency & Restructuring was appointed as administrator of the company on Dec. 2, 2025. NOW TRUST 2025-2: Moody's Assigns B2 Rating to AUD5.60MM F Notes ---------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as trustee of the NOW Trust 2025-2. Issuer: Perpetual Corporate Trust Limited in its capacity as trustee of the NOW Trust 2025-2 AUD570.50 million Class A Notes, Assigned Aaa (sf) AUD12.88 million Class A-X Notes, Assigned Aaa (sf) AUD39.90 million Class B Notes, Assigned Aa2 (sf) AUD30.80 million Class C Notes, Assigned A2 (sf) AUD11.90 million Class D Notes, Assigned Baa2 (sf) AUD32.90 million Class E Notes, Assigned Ba2 (sf) AUD5.60 million Class F Notes, Assigned B2 (sf) The AUD8.40 million Class G Notes are not rated by Moody's. The transaction is a cash securitisation of unsecured personal loans, secured personal loans and consumer automotive loans extended to obligors located in Australia. It is a static structure. All receivables were originated by Now Finance Group Pty Ltd (NFG). NFG is a private non-bank lender in the Australian consumer loan market. NFG began originating unsecured personal loans in 2013, secured personal loans in 2016 and consumer auto finance loans in 2022. RATINGS RATIONALE The ratings take into account, among other factors: -- The limited amount of historical data. NFG began originating personal loans in 2013, with significant origination growth beginning in 2017, and started originating automotive loans from 2022. The collateral performance data used in Moody's analysis reflects NFG's short origination history, particularly for the automotive loans, and does not cover a full economic cycle. Moody's have incorporated additional stress into its default assumptions to account for the limited data. -- The evaluation of the capital structure. The transaction features a sequential/pro rata principal paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A notes. Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among Class A through to Class F Notes. Following the call date, or if the pro rata conditions are otherwise not satisfied, the principal collections distribution will revert to sequential. Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 18.5%, 12.8%, 8.4%, 6.7%, 2.0% and 1.2% of note subordination, respectively. -- The Class A-X Notes are repaid according to a scheduled amortisation profile. These notes are not collateralised and are repaid through the interest waterfall only. The notes are sensitive to very high prepayment rates, which could see the underlying asset portfolio repay in full before the notes have fully amortised in December 2028. If the deal is called by the sponsor before repayment of the Class A-X Notes under the amortisation schedule in December 2028, the Class A-X Notes will be made whole and repaid in full. The notes also benefit from access to principal draw. -- The availability of excess spread over the life of the transaction. Repayment of the Class A-X Notes in a senior position the interest waterfall reduces the availability of excess spread for the other notes. -- The liquidity facility in the amount of 1.50% of the aggregate invested amount of all note balances, subject to a floor of AUD1.12 million. -- The interest rate swap provided by National Australia Bank Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)). -- The experience of NFG as servicer, and the back-up servicing arrangements with AMAL Asset Management Limited. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 24.0%. Moody's mean default rate for this transaction is 5.5% and the assumed recovery rate is 16.00%. Expected defaults, recoveries and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 4.4%. The stress Moody's have applied in determining its mean default rate reflects the limited historical data available for NFG's portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 24.00% is based on Moody's assessments of the pool taking into account (i) historical data variability; (ii) quantity, quality and relevance of historical performance data; and (iii) originator quality and servicer quality. Key pool features are as follows: -- Consumer automotive loans constitute 60.0% of the pool, unsecured personal loans constitute 33.9% of the pool while the remaining 6.1% is made up of secured personal loans -- The weighted average interest rate of the portfolio is 13.2%; -- The weighted average remaining term of the portfolio is 68.8 months; and -- The weighted average seasoning of the initial portfolio is 8.5 months. Methodology Underlying the Rating Action The methodologies used in these ratings were "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. 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 amortization or a better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factor that could lead to a downgrade of the notes is a 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. PANORAMA AUTO 2025-4: Fitch Assigns B(EXP)sf Rating on Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to Panorama Auto Trust 2025-4's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes will be issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2025-4. Entity/Debt Rating ----------- ------ Panorama Auto Trust 2025-4 Commission Note LT AAA(EXP)sf Expected Rating A LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool at the 30 September 2025 cut-off date was AUD630 million. The pool consisted of 12,978 receivables with weighted-average (WA) seasoning of 1.4 months, WA remaining maturity of 53.2 months, an average contract balance of AUD48,544 and receivables with subvention terms accounting for 15.0% of the current pool balance. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.2% (7.50x) Consumer loans: 3.0% (5.75x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The weighted-average (WA) base-case default assumption is 2.7% and the 'AAAsf' default multiple is 5.8x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% for the year to June 2025 and unemployment was 4.3% in October 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Failure to make payments on the commission note in line with its amortisation schedule will not constitute an event of default. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider, liquidity facility provider or transaction account bank fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to F notes amortise. Approximately 15.0% of the asset pool comprises subvention receivables supported by a fully pre-funded subvention reserve. The reserve releases funds into the income waterfall to offset the lower contractual income on these subvention receivables, in line with the amortisation schedule of the subvention receivables.. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 46.5% of the portfolio by receivable value has balloon amounts payable at maturity, which has been incorporated into the rating analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Note: Commission / A / B / C / D / E / F Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 10% WAFF increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% WAFF increase: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 50% WAFF increase: AAAsf / AA-sf / A-sf / BBB-sf / BBsf / less than Bsf / less than Bsf 10% WARR decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf 25% WARR decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 50% WARR decrease: AAAsf / AA+sf / AA-sf / A-sf / BB+sf / B+sf / less than Bsf 10% WAFF increase / 10% WARR decrease: AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% WAFF increase / 25% WARR decrease: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf / less than Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E Expected Ratings: Asf / BBBsf / BBsf / Bsf 10% WAFF decrease / 10% WARR increase: AA+sf / A+sf / BBB+sf / BBsf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2025-4 has an ESG Relevance Score (RS) of '4' for Energy Management because EVs form 17.4% of the pool, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RESIMAC TRIOMPHE 2025-2: S&P Assigns Prelim. 'B+' Rating on F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-2. RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-2 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The preliminary ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 18.2% of the portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P's ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and swap provider, and Westpac Banking Corp. as bank account provider. The transaction documents for the liquidity facility include downgrade language consistent with our counterparty criteria. S&P's have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. Preliminary Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-2 Class A1, A$155.00 million: AAA (sf) Class A2, A$745.00 million: AAA (sf) Class AB, A$50.00 million: AAA (sf) Class B, A$27.50 million: AA (sf) Class C, A$11.50 million: A (sf) Class D, A$4.50 million: BBB (sf) Class E, A$3.50 million: BB (sf) Class F, A$1.00 million: B+ (sf) Class G, A$2.00 million: Not rated SPORTCOR HOLDINGS: First Creditors' Meeting Set for Dec. 11 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Sportcor Holdings Pty Ltd will be held on Dec. 11, 2025 at 10:30 a.m. via telephone conference facilities. James Robba of Worrells was appointed as administrator of the company on Dec. 2, 2025. TRITON EBISU 1: Fitch Affirms 'Bsf' Rating on Class F Notes ----------------------------------------------------------- Fitch Ratings has affirmed six note classes from Triton Ebisu Warehouse Trust Series 1's mortgage-backed floating-rate bonds. The warehouse transaction is backed by a pool of first-ranking Australian conforming mortgage loans originated by Columbus Capital Pty Limited. The pool includes loans secured by specialist disability accommodations (SDA). The notes were issued by Perpetual Corporate Trust Limited as trustee for Triton Ebisu Warehouse Trust Series 1. This is a warehouse transaction featuring an initial 12-month availability period, with the option to extend by multiple times. Entity/Debt Rating Prior ----------- ------ ----- Triton Ebisu Warehouse Trust Series 1 A LT AAAsf Affirmed AAAsf B LT AAsf Affirmed AAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BBsf Affirmed BBsf F LT Bsf Affirmed Bsf Transaction Summary The transaction is a warehouse that purchases receivables on a revolving basis. The asset pool is subject to eligibility criteria and pool parameters. The transaction has triggers to protect debtholders from deterioration in the portfolio's credit quality, which requires rectification or may otherwise cause an amortisation event during which all collections would be used to pay down the debt in sequential order. The class F note is constrained by the revolving pool concentration test by two notches. KEY RATING DRIVERS Portfolio Parameters Drive Losses: The transaction has an availability period during which mortgages can be sold into and out of the trust subject to adherence to the portfolio parameters and performance-based triggers. Accordingly, Fitch's analysis is based on a proxy pool that applied stresses reflecting the pool parameters, historical and projected pool composition, and Fitch's forward-looking view. Stresses were applied to several portfolio characteristics to reflect the historical portfolio composition and Fitch's expected future portfolio composition of the pool. The portfolio's 'AAAsf' weighted-average (WA) foreclosure frequency (WAFF) of 13.4% is driven by the stressed WA unindexed loan/value ratio (LVR) of 68.0%, stressed investment loans of 40.2%, stressed self-managed superannuation fund loans of 40.0%, stressed non-resident loans of 10.1%, stressed self-employed loans of 10.0%, stressed SDA loans of 5.0% and Fitch-adjusted 30+ day arrears of 0.6%. The 'AAAsf' WA recovery rate (WARR) of 50.2% is driven by the stressed portfolio's WA indexed scheduled LVR of 73.8%. Credit Enhancement Supports Ratings: Full cash flow analysis was performed for the trust using documented note limits, minimum credit enhancement and the minimum yield covenant. Classes A, B, C, D, E and F have documented minimum credit enhancement of 8.0%, 5.5%, 3.9%, 2.3%, 1.0% and 0.6%, respectively, during the availability period. The transaction employs a sequential structure after the availability period, with no pro rata paydown permitted. It also benefits from a liquidity facility sized at 1.0% of the outstanding note balance after the availability period. The rated notes pass all relevant stresses applied in the cash flow analysis. Payment of class A, B, C, D, E and F residual interest is excluded from its rating analysis. Residual interest is subordinated below losses if an amortisation event is subsisting. Non-payment of residual interest will not lead to an event of default, as outlined in the transaction documentation. Operational and Servicing Risk: Columbus Capital is a diversified non-bank financial institution that commenced lending in 2006. Fitch undertook an operational review and found that the operations of the servicer were comparable with market standards and that there were no material changes that may affect Columbus Capital's ongoing ability to undertake administration and collection activities. The serviceability assessment for Columbus Capital's Easy Refi products differs from standard market practice. Fitch believes this may affect credit risk and has applied a portfolio-level adjustment of 1.2x, which increased foreclosure frequency for 15% of the proxy pool. Fitch may amend the adjustment if information received over time indicates that the effect may be higher or lower than assumed. Adjustment Applied to SDA Loans: Fitch applied a 1.3x loan-level foreclosure frequency adjustment to SDA loans due to limited historical performance data and higher vacancy risks compared with standard investment loans. This increased foreclosure frequency for stressed SDA loans, which comprise 5% of the proxy pool. SDA are customised housing solutions for individuals with significant functional impairments that are eligible for funding through the National Disability Insurance Scheme. Fitch applied two criteria variations for recoveries and foreclosure timing. Fitch adjusted the recovery rate by valuing SDA loans based on the 'alternative use' method from valuation reports, assuming properties are sold as non-SDA eligible securities, removing the pricing premium from higher rental yields through the National Disability Insurance Scheme. Where alternative-use valuations were unavailable, a state-level haircut was applied based on observed valuations, ranging from 25% in New South Wales and South Australia to 40% in the Northern Territory and Western Australia. Fitch lengthened the foreclosure timing assumption by two months due to limited foreclosure experience with SDA properties. Fitch may adjust these criteria if new information suggests the effects are different than initially assumed. Tight Labour Market Supports Growth: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.3% in October 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The performance of the transaction may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. For illustration purposes, the downgrade sensitivities below are applied to the proxy pool, which is used to determine the ratings of the notes during the revolving period. These sensitivities reflect changes in the portfolio parameters and/or a material change in the projected pool composition. Triton Ebisu Warehouse Trust Series 1 Notes: A/B/C/D/E/F Current rating: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf Increase defaults by 15%: AA+sf/AA-sf/A-sf/BBB-sf/BB-sf/Bsf Increase defaults by 30%: AA+sf/A+sf/BBB+sf/BB+sf/BB-sf/Bsf Reduce recoveries by 15%: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf Reduce recoveries by 30%: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf Increase defaults by 15% and reduce recoveries by 15%: AA+sf/AA-sf/A-sf/BBB-sf/BB-sf/Bsf Increase defaults by 30% and reduce defaults by 30%: AA+sf/A+sf/BBB+sf/BB+sf/BB-sf/Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade sensitivity As the proxy pool - derived by stressing the portfolio to the portfolio parameters and/or expected future pool composition - is used to determine the ratings of the notes during the revolving period, a reduction in defaults or an increase in recoveries will not result in a rating change during this period unless there are changes in the portfolio parameters and/or a material change in the projected pool composition. Triton Ebisu Warehouse Trust Series 1 Current rating: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf CRITERIA VARIATION The recovery rate is adjusted for SDA loans based on 'alternative use' method from the valuation reports, assuming properties are sold as non-SDA eligible securities, removing the pricing premium from higher rental yields through the NDIS. Where alternative use valuations were unavailable, a state-level haircut was applied based on observed valuations. Also lengthened the foreclosure timing assumption by two months due to limited foreclosure experience with SDA properties. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Triton Ebisu Warehouse Trust Series 1 has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to 5% of the transaction consisting of mortgages used to finance specialist disability accommodations, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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. ========= C H I N A ========= CHINA VANKE: Fitch Puts 'CCC-' LongTerm IDRs on Watch Negative -------------------------------------------------------------- Fitch Ratings has placed Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'CCC-' and wholly owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd's (Vanke HK) Long-Term IDR of 'CCC-' on Rating Watch Negative (RWN). Fitch has also downgraded Vanke HK's senior unsecured rating and the rating on the subsidiary's outstanding senior notes to 'CC' from 'CCC-', with a lower Recovery Rating of 'RR5' from 'RR4', and placed the ratings on RWN. The RWN follows the announcement of a bondholders' meeting to discuss matters related to a debt extension for China Vanke's CNY2 billion onshore bond maturing on 15 December 2025. Fitch believes this indicates heightened risk of a distressed debt exchange (DDE). Key Rating Drivers Heightened Risk of DDE: Fitch believes China Vanke's potential debt extension on its CNY2 billion onshore bond maturing on 15 December 2025, indicates heightened risk of a DDE. Fitch believes a potential extension of the maturity date constitutes a material reduction in the original terms and that it would allow the issuer to avoid an eventual probable default, which may constitute a DDE under its Corporate Rating Criteria. Tight Liquidity: Fitch believes China Vanke may not have sufficient liquidity to pay the bond on the original maturity date. China Vanke's available cash fell to CNY60 billion by end-September 2025, from CNY69 billion at end-June 2025, and Fitch believes most of the cash is presale deposits. Large Debt Maturities: China Vanke faces about CNY6 billion of capital-market debt maturing in December 2025 and a further CNY12 billion in 2026. Fitch believes the company may be unable to repay these maturities without shareholder support. Its largest shareholder, Shenzhen Metro Group Co. Ltd (SZMC), provided about CNY29 billion in shareholder loans to China Vanke from January to November 2025, supporting repayment of capital-market debt during this period. Negative FCF Persists: Fitch expects China Vanke's free cash flow (FCF) to remain negative in 2025 and 2026, even after including asset sale proceeds. Fitch expects FCF outflow of CNY9 billion-10 billion in 2025 and CNY5 billion in 2026, against CNY10 billion in 2024, with its estimates including potential proceeds from asset disposals. Rated on Standalone Basis: SZMC, wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission, is China Vanke's largest shareholder with a 27.18% stake. Fitch rates China Vanke on a standalone basis, as SZMC has a minority stake in China Vanke, does not control the board of China Vanke and does not consolidate China Vanke. Fitch also rates Vanke HK, China Vanke's sole offshore financing platform, on a standalone basis, as Fitch assesses the standalone credit profile of Vanke HK at 'ccc-', the same level as China Vanke. Lower Recovery for Vanke HK: Fitch has lowered the Recovery Rating on the offshore notes issued by Vanke HK to 'RR5' from 'RR4' to reflect increased uncertainty in the recovery prospects of onshore property assets, which are mostly co-owned between Vanke HK and China Vanke. Peer Analysis China Vanke's ratings reflect heightened risk of a DDE. Fitch’s Key Rating-Case Assumptions - Sales to fall by 45% in 2025 and 30% in 2026 (1H25: -46%). - FCF outflow after asset disposal proceeds of CNY5 billion-10 billion in 2025-2027 (outflow of CNY9 billion in 1H25). - Trade and bill payables to decline by CNY45 billion in 2025 and CNY35 billion in 2026, compared to a decline of CNY24 billion in 1H25. Recovery Analysis The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects its view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. - 0% advance rate applied to net inventory. The onshore property projects are mostly co-owned with China Vanke and Fitch therefore believes the recovery prospect is unclear, as China Vanke is in the process of a potential debt restructuring. - 50% advance rate applied to Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY15 billion. - 50% advance rate applied to property, plant and equipment, and investment properties, which are of insignificant value. - 0% advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated presales deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables - available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0%. - Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR5' for the offshore senior unsecured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For both China Vanke and Vanke HK: - Fitch may downgrade the IDR to 'C' if China Vanke reaches an agreement on a distressed debt restructuring with bondholders, - Fitch would also downgrade the IDR if it fails to meet its debt obligations Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For both China Vanke and Vanke HK: - No positive rating action is anticipated, given a debt restructuring is in progress Liquidity and Debt Structure China Vanke reported CNY60 billion of cash at end-September 2025, including regulated pre-sales funds, against short-term debt of about CNY151 billion. The company has about CNY6 billion of capital-market debt maturing in December 2025 and a further CNY12 billion in 2026. Issuer Profile China Vanke was one of China's 10 largest property developers by contracted sales in 2024 and 1H25, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CCC- Rating Watch On CCC- senior unsecured LT CC Downgrade RR5 CCC- China Vanke Co., Ltd. LT IDR CCC- Rating Watch On CCC- LC LT IDR CCC- Rating Watch On CCC- COUNTRY GARDEN: Gets Nod for Domestic Offshore Debt Restructuring ----------------------------------------------------------------- Yicai Global reports that Country Garden Holdings has won approval for its onshore and offshore debt restructuring plans, an overhaul that should lighten its debt load by over CNY90 billion (USD12.7 billion). The firm is also reshuffling its top management. Creditors have agreed to extend repayment of nine domestic bonds worth CNY13.8 billion (USD2 billion), the Foshan-based company announced on Dec. 4. The High Court of Hong Kong has also approved extending USD17.7 billion of its offshore debt, people familiar with the matter told Yicai. The lifeline is likely to restore confidence among homebuyers, supply chain partners, and financial institutions, helping Country Garden to quickly restore normal operations, said Liu Shui, director of enterprise research at real estate think tank China Index Academy, Yicai relays. The debt restructuring is expected to pare Country Garden's liabilities by more than CNY90 billion, easing the firm's debt repayment pressure over the next five years, according to industry insiders. In addition, most of the new debt instruments will carry interest rates of between just 1 percent and 2.5 percent, saving Country Garden vast amounts in interest payments and effectively alleviate cash flow pressure, the insiders noted, according to Yicai. "The core of these plans is debt reduction, not simply extending repayment periods, while significantly lowering interest rates," Liu noted. Country Garden's controlling shareholder has fully converted over USD1.1 billion of shareholder loans into equity and signed an irrevocable commitment, which shows its determination to help the company weather its difficulties, Liu noted. "Aligning interests is crucial," Liu stressed. "When the controlling shareholder takes the lead in bearing losses, it greatly enhances creditors' confidence, serving as a shot in the arm for the plan's final approval." Yicai adds that in another announcement on Dec. 4, Country Garden said that President Mo Bin was promoted to co-chairman responsible for coordinating outside strategic ties and resource integration, as well as overseeing the implementation of strategies and coordinating major cross-disciplinary issues. Yang Huiyan remains in place as the other co-chair, with responsibility for leading the board and managing the company's operations, it said. According to Yicai, Cheng Guangyu was promoted to president from executive vice president and chief executive officer of Country Garden Real Estate Group. He will build and implement the firm's operational management system, while overseeing day-to-fay operations and administration. Cheng, who turns 45 this year, earned a PhD in civil engineering from Tsinghua University in 2007. He has held several mid-to-senior management positions at Country Garden and was appointed CEO of Country Garden Real Estate in May 2023, responsible for managing the parent company's development business. In addition, Country Garden has also undergone a new round of organizational restructuring, merging its 13 property management regions into 10, the firm said, Yicai relays. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. 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. TAOPING INC: Acquires Skyladder Group for $21MM in Shares --------------------------------------------------------- Taoping Inc., has closed the Share Purchase Agreement it entered into with Skyladder Holding Limited, pursuant to which unit Taoping Holdings agreed to acquire 100% of the equity interests of Skyladder Group Limited, a Hong Kong company and a wholly owned subsidiary of the Transferor. As reported in the Report on Form 6-K filed with the U.S. Securities and Exchange Commission on September 30, 2025, Taoping Inc., through its wholly owned British Virgin Islands subsidiary, Taoping Holdings Limited, entered into a Share Purchase Agreement with Skyladder Holding Limited on September 29, 2025, pursuant to which Taoping Holdings agreed to acquire 100% of the equity interests of Skyladder Group Limited, a Hong Kong company and a wholly owned subsidiary of the Transferor. Pursuant to the SPA, the total consideration for the acquisition of the Target is RMB 152 million (approximately US$21.36 million), payable in 7,882,921 ordinary shares of the Company, with no par value per share, which will be issued in a single batch within 10 business days after all closing conditions have been satisfied or waived and the equity transfer of the Target has been completed in Hong Kong. The Ordinary Shares to be issued will initially be subject to transfer restrictions, which may be lifted in tranches upon achievement of required audited revenue and net profit (after tax) targets for various time periods. On November 25, 2025, the Company through Taoping Holdings entered into a Supplemental Agreement to the SPA with the Transferor to amend the first clause of Article 3.3 of the SPA. Pursuant to the Supplemental Agreement, if during the period from December 1, 2025 to December 31, 2025, the Target achieves audited operating revenue of RMB 8.16 million and net profit (after tax) of RMB 440,000, then 1,576,584 Ordinary Shares will be unlocked. On November 26, 2025, the parties to the SPA, as amended, consummated the acquisition. Pursuant to the SPA and the Supplemental Agreement, the Company acquired all of the equity interests in the Target and issued an aggregate of 7,882,921 Ordinary Shares to the Transferor's shareholders, subject to the transfer restrictions set forth therein. A full-text copy of Securities Purchase Agreement - Supplemental Agreement is available https://tinyurl.com/mt37yr3r About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China. Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors. London, United Kingdom-based PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the competitive market in China, potential financial consequence from the tariffs war and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern. Due to the unfavorable macro-economic environment and the slowdown of the out-of-home advertising market in China, the Company incurred a net loss of approximately $7.1 million in 2022, $0.7 million in 2023 and $1.8 million in 2024. However, the Company will aggressively develop domestic and international markets to develop new customers and new product offerings through potential acquisitions and strategic collaborations with its business partners. There can be no assurance that the Company will be successful in achieving the goals set forth in its new business strategy and business model. As of December 31, 2024, the Company had $35.13 million in total assets, $19.26 million in total liabilities, and a total equity of $15.87 million. WEST CHINA CEMENT: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned West China Cement Limited (WCC) a final Long-Term Default Rating (IDR) of 'B'. The Outlook is Stable. Fitch has also assigned WCC's newly issued USD400 million senior unsecured notes due December 2028 a final rating of 'B' and a Recovery Rating of 'RR4'. The final ratings are the same as the expected ratings assigned on 17 November 2025. WCC's IDR is supported by the company's post-refinancing credit profile, stable operation in China with dominant position in Southern Shaanxi Province, and diversification into high-growth offshore markets, mainly in Africa, while constrained by the company's weak liquidity coverage and uncertainty in amount of funds repatriation from Ethiopia. Key Rating Drivers Adequate Liquidity: Fitch expects WCC will face no significant debt maturities until 2028 following the USD400 million bond issuance, supporting financial flexibility and the IDR. WCC sold its Xinjiang assets to Anhui Conch Cement Company Limited (A/Stable) for CNY1.65 billion in June 2025. Fitch expects proceeds from the sale and new senior unsecured bonds to be used for repayment of WCC's USD600 million notes due July 2026. Readily available cash is projected by Fitch to exceed CNY2.0 billion by end-2026 (2024: CNY1.3 billion), supported by improving EBITDA, moderate capex and enhanced funding access. Deconsolidation of Ethiopia: Fitch has deconsolidated WCC's Ethiopian operations in its financial analysis due to uncertainty regarding funds repatriation. Fitch adds back expected dividend distributions from Ethiopia to EBITDA. Fitch estimates WCC could repatriate up to 30% of the Ethiopian project's net income, given the improved foreign reserve position in the country. Moderate Geographical Diversification: WCC's IDR reflects its business profile with a stable Chinese business including a dominant position in South Shaanxi, and its exposure to high-margin, high-growth markets. However, the rating is constrained by WCC's higher business risks in countries such as Ethiopia (RD), Mozambique (CCC) and the Republic of Congo (CCC+). Fitch expects WCC's China operations to remain stable, generating around CNY1.8 billion in annual EBITDA. Fitch sees no further asset disposals in the Chinese market in the near future. Improving FCF Generation: Fitch expects WCC's free cash flow (FCF) to improve from neutral in 2025-2026 to CNY500 million in 2027, supported by growing EBITDA and moderate capex. Fitch forecasts EBITDA to increase from around CNY2.6 billion in 2025 to CNY3.6 billion in 2027 (excluding Ethiopia), driven by margin improvements from offshore markets. Fitch assumes capex excluding Ethiopia is CNY1.6 billion-1.8 billion over 2025-2027, with around 60% funded by long-term project loans, supporting deleveraging from 3.8x in 2025 to 2.4x in 2027. Recovery Rating 'RR4': Fitch includes only EBITDA from operations in China and Mozambique for recovery analysis, as bond investors may have limited access to assets and cash flow from other countries in a distressed scenario due to the estimated negative residual value at other offshore operating companies, and the uncertainty in the amount of fund repatriation in Ethiopia. Offshore secured loans, except those in Mozambique, are excluded from cash flow distribution due to their non-recourse nature. Peer Analysis WCC's business profile is comparable with Mongolian Mining Corporation (MMC, B+/Stable), Mongolia's largest coking coal producer. MMC is a cost leader with a long mine life, but its rating is constrained by limited scale and regulatory volatility. WCC has a similar EBITDA size and stronger growth potential. Still, Fitch views MMC's financial profile as stronger, with EBITDA net leverage of 0.2x at end-2024 and no significant near-term maturities, while WCC has lower financial flexibility to counter operating risks. WCC has larger business scale and more diversified geographic footprint than Cimko Cimento Ve Beton Sanayi Ticaret Anonim Sirketi (Çimko, B+/Stable), a major Turkish cement producer, but Çimko benefits from lower leverage and strong FCF. Fitch expects Çimko to have limited capex, generate positive FCF through 2028 with no major maturing debt before 2030. Fitch’s Key Rating-Case Assumptions - Revenue excluding Ethiopia to be CNY7.7 billion in 2025, CNY8.5 billion in 2026 and CNY10.0 billion in 2027. - EBITDA margin excluding Ethiopia of 33% in 2025, 36% in 2026 and 36% in 2027. - Capex excluding Ethiopia of CNY1.7 billion in 2025, CNY1.8 billion 2026 and CNY1.6 billion in 2027. Recovery Analysis Its recovery analysis includes only EBITDA from the operations in China and Mozambique when calculating the going-concern EBITDA. Fitch believes bond investors may not have access to assets and cash flow from other countries in a distressed scenario, due to the estimated negative equity value and uncertainty in the amount of funds repatriation in Ethiopia. Accordingly, Fitch also excluded offshore secured loans, except those from Mozambique, from the cash flow distribution due to their non-recourse nature. - Going-concern EBITDA of CNY2.3 billion; - Multiplier of 5x for EBITDA from China and 4x for Mozambique; - Offshore senior unsecured debt is structurally subordinated to onshore secured and unsecured debt; - 10% administrative claim; - Fitch estimates the waterfall generated recovery computation on the offshore senior unsecured debt corresponds to a Recovery Rating of 'RR4'; - For liquidation assumptions, Fitch assumed a 60% advance rate for accounts receivable and 70% for inventory as most of these assets are for China business; Fitch assumed a 40% advance rate for unencumbered property, plant and equipment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Substantially negative FCF beyond 2025 due to business performance weaker than Fitch's expectations or high capex; - Weakening of liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net EBITDA leverage sustained below 2.5x; - Cash flow from operations (CFO)-capex/debt sustained above 5%; - Demonstrating access to substantial funds from Ethiopia, including the repatriation of funds Liquidity and Debt Structure Fitch believes WCC will have no imminent refinancing pressure following the USD400 million bond issuance. WCC's cash and cash equivalent was CNY986 million at end-June 2025. Fitch expects WCC's cash resources to be around CNY2.0 billion at end-September 2025, following receipt of part of the proceeds from the asset disposal. The company's onshore short-term debt is mostly working-capital loans, which Fitch expects to be rolled over. Issuer Profile WCC primarily produces and markets cement and related products. Total production capacity is 37 million tonnes per annum (mtpa), with over 60% of its capacity in China (25mtpa), alongside a significant overseas presence in Ethiopia, Mozambique, Democratic Republic of Congo and Uzbekistan. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- West China Cement Limited LT IDR B New Rating B(EXP) senior unsecured LT B New Rating RR4 B(EXP) ========= I N D I A ========= BHAVYALAXMI INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Bhavyalaxmi Industries (P) Ltd. (BIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.45 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.27 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.28 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. BIPL was incorporated in 2008 and undertakes milling of non-basmati rice, which it sells under its own brand names. The company's promoters Mr. Sanjeev Gupta and Mr. Pradeep Kumar Gupta have extensive experience in agro-based businesses through their group companies. BYJU'S: SC Stays Order for RP, EY India Chief, Glas Rep to Appear ----------------------------------------------------------------- The Economic Times reports that the Supreme Court on Dec. 5 stayed the Kerala High Court order directing Byju's' parent Think & Learn's (TLPL) resolution professional Shailendra Ajmera, a Glas Trust representative, and EY India chairman Rajiv Memani to appear in contempt proceedings linked to the edtech firm's foreign assets. The Glas Trust represents Byju's' US lenders. ET relates that the contempt proceedings were initiated by Voizzit Technology, which has claimed rights over TLPL's foreign assets, including the children's learning platform Epic and coding platform Tynker. According to ET, the counsels representing Glas, EY, and Ajmera told the apex court that the proceedings constituted a misuse of the legal process and were aimed at disrupting the ongoing insolvency suit against TLPL. ET says the contempt case arises from the Kerala High Court's (HC's) judgment dated May 21, 2025, which had restrained any transfer of Byju's' key overseas subsidiaries, such as Epic and Tangible Play. On May 29, the SC set aside the HC order restraining US bankruptcy attorney Claudia Springer, who has been managing the insolvency proceedings of Byju's' subsidiaries in the US, from selling intellectual property linked to Epic and Tangible Play. The bench on Dec. 5 asked how the contempt case could continue when the underlying order it relied on had been overturned. Earlier, ET had reported that Byju's Alpha, a US-based special purpose vehicle set up by founder Byju Raveendran to receive a $1.2 billion loan, had sold its US assets at a fraction of their purchase price as creditors pushed to recover their dues from the edtech. 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. C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of C. J. Corporation (CJC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of CJC under the 'issuer non-cooperating' category as CJC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CJC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable C.J Corporation (CJC) is a partnership firm, established in March 2003, by promoters of Alok group i.e., Jiwrajka family, Mr. Mahendra Chirawala & Mr. Aditya Chirawala (holding the remaining proportion equally between them). It is primarily engaged in manufacturing of Corrugated Boxes and Textile tubes. It also manufactures some specialized products like corrugated pallets, container assembly, etc. The manufacturing plant is located at Silvassa. CALL EXPRESS: ICRA Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-term and Short-Term ratings of Call Express Construction India Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Call Express, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2006, Call Express Construction (India) Private Limited (Call Express) is a Chennai based realestate company involved in the development of residential and commercial projects. The focus of the company has been primarily on project planning and land acquisition. The company completed its first residential project – Euphoria in 2011. Its second residential project – Ushera, categorized under ultra luxury segment is in the early stages of construction is expected to be completed by March 2019. EASTERNZONE INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Easternzone Industries Private Limited (EIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 7.30 [ICRA] B+(Stable); ISSUER NOT Fund based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 2.70 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with EIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, EIPL is managed by its promoter-director, Mr. Surendra Nath Sahoo, along with Mr. Samarjeet Sahoo, Mr. Sanjay Kumar Sahoo and Mr. Subhrajeet Sahoo. The company manufactures rice products and has a 12-tonne-per-hour, non-basmati rice mill unit located in Cuttack, Odisha. FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ferromet Steels Private Limited (FSPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.55 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 0.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short Term- (4.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with FSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ferromet Steels Private Limited (FSPL) is engaged in the manufacturing of structural steel products such as Mild Steel (MS) Flat, MS Angle, MS Round, MS Square, MS Channels. The company started its manufacturing operations with a capacity of 19,200 TPA in 2008 and later added additional capacity by setting up another rolling mill with a capacity of 21,600 TPA, which commenced operations during April 2012 (total installed capacity of 40,800 TPA). Apart from manufacturing structural steels, FSPL also engages in trading of structural steels to cater to customer orders, which are not produced in house. FSPL was initially incorporated under the name of S. R. M. C. Exports Limited in the year 1995 and was subsequently renamed in 2008. FSPL is promoted and managed by Mr. Manmohan Mittal and Mr. Ashok Kumar Goel, current directors of the company. FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the long-term rating of Flock Sur India Pvt. Ltd. (FIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with FIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, FIPL is engaged in manufacture of flock fabrics which find application in furnishing products. Prior to the incorporation of FIPL, these operations were earlier carried out under the partnership firm Flocksur India, having FIPL's promoters Mr. Sunil Girdhar and his wife Mrs. Urvashi Girdhar as partners. FIPL's manufacturing unit located in Gurgaon, Haryana produces around 4-5 lakh meters of flocked fabric per month. GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Geetanjali Ispat & Powers Pvt. Ltd. (GIPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GIPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Geetanjali Ispat & Powers Pvt. Ltd. (GIPPL) was incorporated in 2003, and its plant is located at Bilaspur, Chhattisgarh. GIPPL has a production facility for sponge iron with an annual capacity of 30,000 MT. The current management took over the operations of the company in 2014. HARIKISHAN TEJMAL: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Harikishan Tejmal & Company (HTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 22.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of HTC under the 'issuer non-cooperating' category as HTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bundi (Rajasthan) based Harikishan Tejmal & Company (HTC) was formed as a partnership concern by its key promoter Mr. Tejmal Nyati along with his family members in 2006. Subsequently, there was change in the partnership deep and HTC started to be owned and managed by Mr. Rajesh Kumar Nyati along with his wife Mrs. Prerna Nyati. HEINKEL ENGINEERING: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Heinkel Engineering Private Limited 504-506, Fenkin 9, Plot No C-5, Wagle Estate, Wagle. I.E, Thane, Maharashtra - 400604 Liquidation Commencement Date: November 17, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Vinit Nagar 818, Shivalik Satyamev, Bopal – Ambli Cross Road, Bopal, Ahmedabad – 380058, Gujarat Email: ipvinitnagar@gmail.com Tel No: 02717-416007 Last date for submission of claims: December 16, 2025 JAI SHIV: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jai Shiv Suitings Private Limited (JSSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.66 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 7, 2024, placed the rating(s) of JSSPL under the 'issuer non-cooperating' category as JSSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhilwara based (Rajasthan) JSSPL was incorporated in 1993 by its key promoter, Mr. Shanti Lal Ajmera along with his family members. However, the company started its commercial production from 2002 onwards. JSSPL is primarily engaged in the business of manufacturing of synthetic grey fabrics from polyester yarn and outsources the processing work required for the manufacturing of finished fabrics on job-work basis to the nearby processing houses at Bhilwara. JUGNU FOODS: CARE Lowers Rating on INR12.01cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jugnu Foods Private Limited (JFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.01 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of JFPL under the 'issuer non-cooperating' category as JFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JFPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in January 2013, Nagpur (Maharashtra) based Jugnu Foods Pvt. Ltd. (JFPL), promoted by Mr. Ajay Saxena and Mr. Jay Saxena, is engaged in the business of manufacturing of a variety of biscuits such as 'Monaco', 'Krackjack', 'Marie' and 'Parle- G' on job work basis for Parle Biscuits Pvt Ltd (PBPL) (Subsidiary of Parle Products Pvt. Ltd). The company has a unit for manufacturing of biscuits from its plant situated in Chhindwara, Madhya Pradesh. M.D. AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the long-term rating for the bank facilities of M/S. M.D. Agro Foods (MDAF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MDAF, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MDAF was established in Nissing, Karnal (Haryana) in 2009 and undertakes milling and processing of basmati rice. MDAF commenced commercial operations in January 2010 and is owned and managed by Mr. Ajay Kumar and Mr. Praveen Kumar. NEXTRA TELESERVICES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nextra Teleservices Private Limited (NTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 13, 2024, placed the rating(s) of NTPL under the 'issuer non-cooperating' category as NTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025 and October 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nextra Teleservices Private Limited (NTPL) was incorporated in 2006 under the name Suncity Karnataka Projects Private Limited. On August 22, 2012 the name changed to present one. The company started its commercial operation on April 1, 2013. The company is currently being managed by Mr. Gaurav Bansal, Mr. Nikhil Bansal and Mr. Ankit Bansal. NTP is a broadband service provider over FTTX Networks and Cable Networks. P.R. NAYAK: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of P.R. Nayak Associates Pvt Ltd (PRN) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 34.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PRN, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. P.R. Nayak Associates Private Limited (PRN) is an authorized dealer of JCB India Limited (JCB) for the sale of earthmoving equipment in Karnataka. Incorporated in 2005, the company commenced operations in September- 2014. Its product offerings comprise of earthmoving equipment like Backhoe Loaders (BHL), Excavators, etc. It holds rights to exclusive dealership in ten districts in Karnataka namely – Bagalkot, Belgam, Chitradurga, Davengere, Dharwad, Gadag, Haveri, Hospet, Bellary and Koppal. The company has a network of 17 branches in addition to three service plants and four workshops to provide after-sales services. Prior to PRN, Aishwarya Earthmovers was the JCB dealer for majority of districts in Karnataka where PRN currently operates. As per the management, post the operations were shut down by Aishwarya Earthmovers, the business was awarded to PRN, owing to its promoter's experience in the dealership business through other group entities which have authorized dealerships of Toyota Vehicles, Vespa and TVS two-wheeler. PATIL AND COMPANY: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Patil and Company (PC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of PC under the 'issuer non-cooperating' category as PC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Patil and Company (PC) was established in the year 1976 as a partnership firm and is engaged in civil construction of roads and is registered as a Class 1-A contractor with Public Work Department (PWD), Maharashtra, and Karnataka by virtue of which it is eligible to undertake all types of civil works contract within the respective states. The partners of the firm have an extensive experience of more than four decades since the inception of the firm. RAJENDRA RICE: CARE Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajendra Rice & General Mills (RRGM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.50 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 13, 2024, placed the rating(s) of RRGM under the 'issuer non-cooperating' category as RRGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRGM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025 and October 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tohana-based, (Haryana) Rajendra Rice & General Mills (RRGM) was established in 1986 as partnership firm by Mr Avtar Singh and his sons, Mr Tarsem Singh and Ms Surinder Kaur sharing profit and losses equally. RRGM is engaged in milling and processing of basmati and Non-Basmati rice. The firm is also engaged in trading of basmati rice. RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramakrishna Electronics (Kurnool) (RE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 4, 2024, placed the rating(s) of RE under the 'issuer non-cooperating' category as RE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ramakrishna Electronics (RE), is a partnership firm established in April, 2000by Mr. V. Raghavenrdra, Mr. V. Ravi Kumar, Mrs. V. Rajeshwari, Mrs. V. Neelima, Mr. V Ananthakrishna, Mr. G. Ramaiah, Mr. G. Seshamma and Mrs. V. Nagarekha. The firm is engaged in distribution and trading (retail and wholesale) of consumer electronic products and home appliances. It operates with a total 9 showrooms. The firm has its registered office and show room located at Municipal Shopping Complex, Park Road, Kurnool with other retail show rooms located at Anathapur, Nadhyala, Madhanapally, Thandapathi, Kadiri and Guntakal in Andhra Pradesh. The firm distributes consumer durables of some major brands which include Sony and LG electronics goods in and around two districts of Andhra Pradesh. RAMKRISHNA CASTING: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term and Short Term ratings of Ramkrishna Casting Solutions Limited (RCSL) in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 87.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 39.57 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 4.27 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term-Non 35.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating continues to remain in the 'Issuer Not Cooperating' Category Short-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term/ 3.15 [ICRA]D/[ICRA]D ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RCSL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Ramkrishna Casting Solutions Limited is a 66.77% subsidiary of Amtek Auto Ltd. (AAL) and manufactures machined components for automobile, tractor and farm equipment, oil and natural gas and construction equipment sectors. The company was incorporated in 1987 as Jamshedpur Metal Treat Private Ltd. and operated as a dedicated ancillary to the erstwhile Tata Engineering and Locomotive Company Ltd. (Telco), supplying various machined components. The company's shares were listed in 1994 and are traded on both the Bombay Stock Exchange and the National Stock Exchange. Over the years, JMT has enhanced its manufacturing capabilities by backward integrating into forging and casting components. JMT has eight production units, located in Jamshedpur, Dharwad and Lucknow. REAL GROWTH: ICRA Withdraws D Rating on INR21cr LT Loan ------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Real Growth Corporation Limited, at the request of the company and based on the No Due Certificate/ Closure Certificate received from its lenders and in accordance with ICRA's policy on withdrawal. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 21.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Real Growth Commercial Enterprises Limited (RGCEL) was incorporated in 1995 under the name KRS Financials Pvt Ltd. In 2001, it was taken over by the RG Group and the name was changed to Rajesh Projects & Finance Limited. The company was involved in development of commercial office-cum-shopping complexes till 2007 and executed 4 commercial projects during this period. The company commenced trading of stainless steel sheets of various dimensions in January 2010. No new real estate projects were undertaken in the company after 2007 and the company is solely operating in the business of trading of stainless steel sheets in Bhiwadi. The name was later changed to Real Growth Commercial Enterprises Limited in January 2011. RGCEL is managed by Mr. Rajesh Goyal who is the Managing Director of the RG Group. The company does trading of steel sheets (patti and patta) of various dimensions in Bhiwadi where it has taken a warehouse on lease. The orders are taken on a daily basis at the prevailing market rates. The order is supplied at that rate with no raw material price risk assumed by the company. In some instances the goods are not even unloaded at the company's warehouse and are re-routed directly to the facility of the buyer located nearby based on off hand arrangements as most of the buyers and sellers of the company are located in the same area, i.e Bhiwadi. Thus, the company is able to save on its logistic costs and also avoid keeping stock of inventory. The inventory days stood at same levels in the range of 15-30 days in the last few years. REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Reddy and Reddy Import and Exports (RRIE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of RRIE under the 'issuer non-cooperating' category as RRIE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRIE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Reddy and Reddy Import and Exports (RRIE), is a partnership firm, incorporated in 1997 and is promoted by Mr. Goluguri Rama Krishna Reddy, Mr. Venakata Reddy and Mr. Sri Rama Reddy. Mr. Goluguri Rama Krishna Reddy is the firm's managing partner. The firm primarily trades in prawn feed in and around West Godavari district, Andhra Pradesh. The firm also derives about 10-12% of its revenue from manufacturing shirt buttons. RRIE belongs to Reddy and Reddy Group which has diverse interests including trading and manufacturing of prawns feed, authorized dealership of Maruthi Suzuki India Limited (MSIL) and Hero Motors. RIDDHI AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the long-term and short-term ratings of Riddhi Agro Industries (RAI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long Term/ 0.94 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; continues to remain Unallocated under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RAI, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained noncooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in August 2006, Riddhi Agro Industries (RAI) processes bengal gram (chana dal), yellow peas (matar dal), and pigeon pea (tuar dal) with an annual production capacity of 21,000 metric tonnes (MT). The firm also processes red lentil (masoor dal) with an annual production capacity of 7,200 MT. The plants are located at Raipur in Chhattisgarh. RAI is promoted by the Raipur-based Jain family who have a long experience in the pulses-processing industry. SAI POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Sai Poultry (SSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 4, 2024, placed the rating(s) of Sai Poultry Farm (SPF) under the 'issuer non-cooperating' category as SPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SPF is a partnership firm incorporated in the year 1983 by Mr. R Chinnapa Gounder and his son Dr C K Samy. Currently, the firm has four active partners namely Mr R Chinnapa Gounder, Dr C K Samy, Dr S Senthil kumar (son of Dr C K Samy) and Dr S Shornalatha (wife of Dr S Senthil kumara). The firm is engaged in the sale of eggs and cull birds. As on January 31, 2017, SPF has around 7 lakh hens at its four farms spread across 28 acres in Chittode, TamilNadu (TN). SPF sells around 4 lakh eggs per day. SHIVAM MOTORS: ICRA Lowers Rating on INR53cr LT Loan to C --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Shivam Motors Private Limited (SMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 53.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating downgraded from [ICRA]B+ Cash Credit (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term/ 22.00 [ICRA]C; ISSUER NOT COOPERATING/ Short Term- [ICRA]A4; ISSUER NOT COOPERATING Unallocated Long term rating downgraded from Limits [ICRA]B+ (Stable); ISSUER NOT COOPERATING and short-term rating continues to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Rationale The rating is downgrade because of lack of adequate information regarding SMPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Shivam Motors Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SMPL is the sole supplier of TML's commercial vehicles and spare parts in seven districts of Chhattisgarh namely Bilaspur, Korba, Janjgir, Surguja, Koriya, Raigarh and Jashpur (Districts under the territory of SMPL are marked with blue dots). All other districts of Chhattisgarh fall into the territory of another TML commercial vehicle dealer -Zaika Motors. In the districts under its territory, SMPL operates six 3S (Sales-ServiceSpares) showrooms at Bilaspur, Korba, Janjgir-Champa, Pendra, Raigarh and Ambikapur (Surguja) and eight 1S outlets at Mungeli, Manendragarh, Baikunthpur, Pathalgaon, Ramanujganj, Sarangarh, Jashpur and Sheorinarayan. SIDDHARTHA ACADEMY: ICRA Lowers Rating on INR93.10cr Loan to B+ --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Sri Siddhartha Academy of Higher Education (SSAHE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 93.10 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]BB+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term 6.90 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating downgraded Limties from [ICRA]BB+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgraded because of lack of adequate information regarding SSAHE performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As a part of its process and in accordance with its rating agreement with SSAHE, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Siddhartha Academy of Higher Education (SSAHE) was established as a trust under a Deed of Trust dated May 9, 2007, at Agalakote, Tumkur, Karnataka and was recognised as a Deemed to be University u/s 3 of the UGC Act, 1956 on May 30, 2008. The university is registered u/s 12A (A) and 12AA of the Income Tax Act, 1961 as a Charitable Trust. The university has been accredited with 'A' grade status by the National Assessment and Accreditation Council (NAAC) as on November 16, 2015. The sponsoring body, Sri Siddhartha Education Society (SSES) was founded by the Late H M Gangadharaiah. The constituent institutions are Sri Siddhartha Medical College, Sri Siddhartha Dental College, Sri Siddhartha Institute of Technology, Sri Siddhartha Institute of Medical Sciences & Research Centre (SSIMSRC) and Sri Siddhartha Paramedical College. They offer MBBS, MD, MS, BE, M.Tech, and Ph.D courses. SUN SHINE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sun Shine Autos Private Limited (SSAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 10.00 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of SSAPL under the 'issuer non-cooperating' category as SSAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sun Shine Autos Private Limited (SSAPL) was incorporated in 2008 by Mr. Sunil Kumar Singh and family members. SSAPL is a dealer of passenger cars, spares & accessories of Mahindra & Mahindra Limited for Aurangabad (Bihar) having a showroom and services centre located at Aurangabad and stockyard at M.G. Road (Aurangabad city). SSAPL is the sole Mahindra dealer in Aurangabad, Bihar. SSAPL has two group companies namely Pushpanjali Coal and Coke Private Limited and Sun Shine Fuels. SUNCITY SYNTHETICS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term rating of Suncity Synthetics Limited (SSL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.35 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.74 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 4.06 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 0.85 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SSL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Suncity Synthetics Ltd. (SSL) was incorporated in February 1988 and has its registered office at Surat, Gujarat and administrative office at Jodhpur, Rajasthan. The promoters were earlier involved in yarn manufacturing business and later switched to the production of nylon chips. Till FY2013, the company was involved in the business of manufacturing nylon granules, which are basically used as the matrix material in composite materials for reinforcing fibres like glass or carbon fibre. The good heat resistance of such materials makes these feasible alternatives to metals. Such materials are also used in technical textile products. The company was one of the pioneers in India, producing nylon double chips using German technology. Since April 2013, the company started manufacturing polyester staple fibre as well. SSL is ISO 9001:2000 and ISO 14001 certified. It has also forayed into the manufacturing of nylon staple fibre (NSF), which finds applications in technical textile products as wel as automotive industries. The plant became operational in August 2015 but due to low demand and intense competition, the company used the enhanced capacity to manufacture PSF only 3 from FY2017. SSL has two factories in Jodhpur, Rajasthan. One factory premise is used for manufacturing PSF and the other one is used for nylon granule and fibre manufacturing. WORLDS WINDOW: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Worlds Window Wardha Infrastructure Private Limited Plot No 25, DSIIDC Shed, Scheme II, Ground Floor, Okhla Industrial Area, Phase-II, Okhla Industrial Estate, South Delhi, New Delhi, India, 110020 Insolvency Commencement Date: November 17, 2025 Estimated date of closure of insolvency resolution process: May 16, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Manish Agarwal 307, Prakash Deep Building, Tolstoy Marg, Connaught Place, New Delhi- 110001 Email: vrregisteredvaluer@gmail.com Email: cirp.wwwipl@gmail.com Last date for submission of claims: December 2, 2025 YATRA ONLINE: Subsidiary Resolves Insolvency Dispute with Ezeego ---------------------------------------------------------------- TipRanks.com reports that Yatra Online Limited announced a significant development regarding its wholly-owned subsidiary, TSI Yatra Private Limited, which was previously under Corporate Insolvency Resolution Process (CIRP). Following a settlement agreement with Ezeego Travels & Tours Ltd., TSI has resolved its financial dispute, leading to the withdrawal of insolvency proceedings. TipRanks.com relates that the National Company Law Appellate Tribunal (NCLAT) has directed the refund of a deposit made by TSI and the filing of a withdrawal application for the CIRP. This resolution is expected to positively impact Yatra's operational stability and market position. Yatra Online Ltd. provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. ========= J A P A N ========= TOSHIBA CORP: S&P Upgrades ICR to 'BB-', Outlook Positive --------------------------------------------------------- S&P Global Ratings raised to 'BB-' from 'B+' its long-term issuer credit ratings on Toshiba Corp. and affirmed its short-term issuer credit rating on the company at 'B'. The positive outlook reflects S&P's view that the company's overall profitability will steadily strengthen over the next year or so, and that key financial ratios will likely continue to recover. Toshiba's overall profitability will likely continue to improve due to cost reductions, enhanced risk management, and improved performance in key businesses, in S&P's view. S&P expects Toshiba's key financial metrics to remain on a recovery trajectory, supported by solid earnings prospects, after having markedly improved on accelerated debt reduction from sizable asset disposals. Toshiba's overall profitability will likely continue to improve due to cost reductions, enhanced risk management, and improved performance in key businesses, in S&P's view. S&P expects Toshiba's key financial metrics to remain on a recovery trajectory, supported by solid earnings prospects, after having markedly improved on accelerated debt reduction from sizable asset disposals. Toshiba's overall profitability will likely continue to improve over the next year or so, in S&P's view. Toshiba Corp. has steadily improved its profit structure following a leveraged buyout (LBO) by TBJH Inc., a special purpose company established by Japan Industrial Partners (JIP). Toshiba Corp. has made self-help efforts such as reducing fixed costs in line with business restructuring, reducing provisions together with enhanced risk management, passing on cost increases to customers, and reviewing its product portfolio. Core businesses are entering a growth trajectory. In the energy and infrastructure-related business, Toshiba is making steady progress on expanding revenue, in the view of S&P Global Ratings. This reflects growing demand for power transmission and distribution facilities due to increased demand for electricity and strong orders for defense systems. In the hard disk drive business, S&P expects Toshiba's earnings to increase due to increased sales of products for data centers. While the semiconductor and retail systems businesses will be impacted by the soft demand environment to some extent, solid earnings growth in core businesses will likely offset some of the weakness. As a result, S&P expects the EBITDA margin to improve to 11.5%-12% over the next year from 10.2% in fiscal 2024 (ended March 31, 2025). S&P expects Toshiba's key financial indicators to remain on a gradual recovery trajectory, after having improved significantly. Toshiba is obligated to repay the large amount of debt that TBJH raised for the LBO. However, in addition to improving performance in its core business, Toshiba sold noncore businesses, shares, and land holdings. As a result, the debt-to-EBITDA ratio recovered significantly to 5.8x at the end of March 2025 from 10.0x at the end of March 2024, shortly after the LBO. In September and October 2025, Toshiba sold a large number of shares in Kioxia Holdings Corp., resulting in a significant increase in free cash flow. S&P said, "We expect the company to apply the proceeds to repay LBO-related debt, which should improve its debt-to-EBITDA ratio to just under 4x by the end of March 2026. In addition, we believe that the ratio is likely to continue to recover toward the mid-3x range in fiscal 2026, against the backdrop of improved profitability." S&P said, "We also expect that liquidity will continue to remain improved. We estimate that scheduled payments of principal and interest on LBO-related debt will be tens of billions of yen per year. But we expect increasing earnings and cash flow from its core businesses should allow the company to maintain ample financial headroom to meet its funding needs over the next 12 months. We also expect that the buffer for the financial covenants attached to the debt will increase to a certain extent over the coming year. "The positive outlook is based on our view that Toshiba's overall earnings and cash flow are likely to improve steadily under its ongoing business restructuring efforts over the next year or so, particularly in the energy and infrastructure business, and that key financial ratios are also likely to continue to recover further." S&P might consider revising down the outlook to stable over the next year or so if it sees a higher likelihood of any of the following scenarios: -- The debt-to-EBITDA ratio will continue to exceed 4x due to factors such as earnings and cash flows falling significantly below our expectations against the backdrop of a rapid deterioration in the business environment. -- Liquidity will deteriorate mainly due to a significant and rapid deterioration in business performance. S&P might consider upgrading Toshiba over the next year if it sees a higher likelihood of both of the following scenarios: -- The debt-to-EBITDA ratio will remain well below 4x due to earnings growth in the core business; and -- The company will maintain its current level of liquidity. UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B-', Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered to 'B-' from 'B' its long-term issuer credit rating on Universal Entertainment Corp. The outlook is stable, based on S&P's view that the likelihood of a significant deterioration in liquidity is low for the time being, and that the cash flows and performance of core businesses will stabilize. UE's companywide EBITDA is highly likely to remain below S&P's previous forecast. Universal Entertainment Corp. (UE) significantly revised downward its earnings forecast for 2025 on Nov. 13, 2025. In our estimation, UE's companywide EBITDA will fall to about JPY18 billion in 2025 from JPY21.2 billion in 2024, when year-on-year performance had already deteriorated significantly. S&P forecasts EBITDA is likely to remain around JPY24 billion-JPY25 billion for about one year from 2026. This is because operating profit of its casino resort business in the Philippines has fallen into the red again due to intensifying competition, although its Japanese gaming machines business has recovered to a certain extent. Recovery of EBITDA in the casino resort business will highly likely be delayed, in S&P's opinion. Gross gaming revenue has seen year-on-year decline in double digits for consecutive years at Tiger Resort, Leisure and Entertainment Inc., UE's operating subsidiary in the Philippines. This is due to sluggish performance of its major VIP customer services from a decrease in the number of overseas tourists from China and other regions to the Philippines. UE also faces stiff competition in the Philippines casino market. S&P said, "We expect the company to aim to restore and stabilize performance by trying to attract customers. We expect visitor numbers will recover, but profitability will likely deteriorate due to increased marketing expenses. We expect the casino resort business' EBITDA will be around JPY12 billion in 2025, and around JPY15 billion-JPY16 billion for about one year after that. This is below the approximately JPY19 billion recorded in 2024, when year-on-year performance had already deteriorated." S&P said, "The Japanese gaming machines business is likely to stabilize, in our view. We expect the gaming machines industry, in which UE operates, sales will remain hard to predict, as the rate of compliance with model tests for new machines has been sluggish. UE sales deteriorated significantly in 2024 as its new models failed to pass compliance testing. S&P Global Ratings expects the company to strengthen measures to stabilize unit sales and profitability by developing new models, in parallel with reselling past hit titles. Based on the assumption of a certain degree of success, the business' EBITDA will likely be around JPY12 billion in 2025, and stabilize at around JPY15 billion thereafter. This would still be about 60% of the 2023 level of JPY25 billion, but exceed the JPY8.5 billion for 2024. "We believe a slow companywide recovery is keeping UE's debt burden high. We forecast the company's debt to EBITDA (including lease obligations and without deducting cash and deposits) will deteriorate to around 10x from 8.9x at the end of December 2025. We expect the ratio to be around 7x, significantly exceeding previous projections, for the next year or so thereafter, even factoring in a recovery in EBITDA from 2026 onward. "For now, we believe it is unlikely that UE's liquidity will deteriorate significantly. We base our view on the company maintaining a certain level of cash and deposits on hand, and continuing to accumulate these gradually. UE has US$800 million in long-term bonds and loans. The debt due over the next 12 months being likely to remain around JPY1 billion-JPY2 billion will support the company's liquidity, in our opinion. "UE's cash and deposits on hand increased to JPY27.4 billion at the end of September 2025 from JPY21.2 billion at the end of March 2025, mainly due to compensation payments and asset sales. We believe the company will continue trying to minimize cash-out costs by constraining shareholder returns and capital expenditures, and reducing costs amid its ongoing heavy interest burden of approximately JPY15 billion annually." S&P is considering the following two points: -- Free operating cash flow (FOCF) remaining in the black; -- Litigation risk subsiding and imposing less of a financial burden. S&P said, "We also believe the company is unlikely to breach financial covenants including lower interest coverage limits for the time being. However, delay in the recovery of the businesses may limit the company's ability to avoid breaching covenants. "The stable outlook reflects our view that UE is focusing on measures to stabilize the performance of its main gaming machine and casino resort businesses, and the possibility of a further deterioration in cash flow is low, despite the company continuing to bear a heavy debt burden due to the sluggish performance of both businesses. "The outlook also reflects our view that the company has only a small amount of debt due over the next 12 months and that the risk of a significant deterioration in liquidity is currently low. "We will consider a downgrade if we believe the likelihood of any of the scenarios below increases in the next six to 12 months or so." EBITDA and cash flow do not recover as expected, and debt repayment capacity deteriorates significantly. Specifically, if consolidated cash and deposits on hand will fall below JPY25 billion. There is a greater likelihood that liquidity will deteriorate or that existing debt will run afoul of financial covenants. S&P will consider an upgrade if it believes there is an increasing likelihood of both the scenarios below. However, there is little possibility of an upgrade for now, given that it will take time for profits of the gaming machine and casino resort businesses to recover. Its debt-to-EBITDA ratio looking likely to remain below 5x as the profitability of the main gaming machines and casino resort businesses recover significantly. Consolidated cash and deposits on hand continuing to increase due to maintained positive FOCF and a cautious and prudent policy regarding the use of cash and deposits on hand. Sufficient liquidity being maintained. =============== M A L A Y S I A =============== CAPITAL A: Expects to Exit PN17 Status by Year End -------------------------------------------------- Bernama reports that Capital A Bhd expects to complete the consolidation of its aviation business to AirAsia X Bhd and exit its Practice Note (PN17) status by the end of this month. According to Bernama, Capital A chief executive officer Tan Sri Tony Fernandes said the group had filed with the court for a capital reduction for Capital A and the pricing of AirAsia Aviation shares. "We are right to the end," Mr. Fernandes told reporters after announcing an update in the group's cabin crew uniform policy, which will allow female crew to wear hijab while on duty if they wish to do so. In late October, Capital A said all conditions for its aviation restructuring had been met or waived, allowing all AirAsia-branded airlines to be consolidated under AirAsia X, a key move for Capital A to exit its PN17 status. Bernama relates that the group said the share sale and purchase agreements for the proposed disposals had become unconditional as of Oct. 29. According to Bernama, the cut-off date for completion had been extended at least six times - from the original Jan. 25, 2025 deadline to March 25, then to May 31, July 31, Aug. 31, Sept. 30 and most recently to Oct. 31 - to allow additional time for the requisite consent. On the new cabin crew uniform policy, Fernandes said the roll-out, planned for the first quarter of 2026 during the Ramadan month, is a step in ensuring its cabin crew feel comfortable and confident representing AirAsia wherever they fly. "We are going to give our female cabin crew the option, if they want, to wear a hijab. I think we will be the first airline in Asean to do that. It is an option," he added. AirAsia's iconic red cabin crew uniform will remain unchanged, with the professionally tailored hijab and pants option extending the same design currently worn by crew operating on Jeddah routes. This ensures comfort, safety and brand consistency across the network. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== 26 OWENS: Creditors' Proofs of Debt Due on Jan. 6 ------------------------------------------------- Creditors of 26 Owens Development Limited Partnership are required to file their proofs of debt by Jan. 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 1, 2025. The company's liquidator is: Larissa Helen Logan Suite 14456 17B Farnham Street Parnell Auckland 1052 CIVIL AND LAND: Creditors' Proofs of Debt Due on Feb. 2 ------------------------------------------------------- Creditors of Civil and Land Construction Limited are required to file their proofs of debt by Feb. 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 27, 2025. The company's liquidators are: Wendy Somerville Malcolm Hollis c/o PwC PwC Christchurch PO Box 13244 City East Christchurch 8141 HAYDEN AND CASSIE: Court to Hear Wind-Up Petition on Dec. 11 ------------------------------------------------------------ A petition to wind up the operations of Hayden and Cassie Limited will be heard before the High Court at Auckland on Dec. 11, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 3, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PB PROPERTIES: Court to Hear Wind-Up Petition on Dec. 12 -------------------------------------------------------- A petition to wind up the operations of PB Properties Limited will be heard before the High Court at Auckland on Dec. 12, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 26 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TE HAA: Creditors' Proofs of Debt Due on Jan. 20 ------------------------------------------------ Creditors of Te Haa Legal Limited are required to file their proofs of debt by Jan. 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 29, 2025. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1, 17–19 Seaview Road Paraparaumu Beach THE PERC: Owner Set to Shut Down Two More Café Shops ----------------------------------------------------- Radio New Zealand reports that cafes in Dunedin struggle to get enough business over the holiday period, one owner said as she prepares to shut two of her businesses temporarily. According to RNZ, Sarah Hussey was the owner of three cafes throughout Dunedin called The Perc, and told Morning Report, she would be shutting two down as it was not worth it financially to stay open. RNZ relates that Ms. Hussey said her cafe in the city centre was able to stay open right through the holidays as cruise ships often came through bringing plenty of tourists. "We've got a real seasonal slowdown over the Christmas period," Ms. Hussey said, "unless you're in the central city it's just not worth the staffing numbers to keep it open, so we'll shut down on Christmas Eve." Ms. Hussey said one of the locations was down by Otago University and the other was surrounded by government organisations, meaning both would be quiet over the Summer holidays, RNZ relays. "It's just not worth keeping them open for those three weeks. Just not worth having those staff standing around twiddling their thumbs." For Ms. Hussey, the shutdown period worked, but she noted many businesses could only do it for so long before their bank accounts dried up. "We make it work but it's definitely a lot quieter here in the Summer." ================= S I N G A P O R E ================= ASIA BEVERAGE: Court to Hear Wind-Up Petition on Dec. 12 -------------------------------------------------------- A petition to wind up the operations of Asia Beverage Co. Pte. Ltd. will be heard before the High Court of Singapore on Dec. 12, 2025, at 10:00 a.m. Jar Fund Management VCC filed the petition against the company on Nov. 18, 2025. The Petitioner's solicitors are: Bih Li & Lee LLP 20 McCallum Street #18-01 Tokio Marine Centre Singapore 069046 DT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 19 ---------------------------------------------------------- A petition to wind up the operations of DT Construction Group Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 25, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FINAQE GROUP: Court to Hear Wind-Up Petition on Dec. 19 ------------------------------------------------------- A petition to wind up the operations of Finaqe Group Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 24, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 K.T. CENTURY: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Nov. 21, 2025, to wind up the operations of K.T. Century Engineering Construction and Development Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TWELVE CUPCAKES: Commences Wind-Up Proceedings ---------------------------------------------- Members of Twelve Cupcakes Pte. Ltd. on Nov. 24, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 =========== T A I W A N =========== SEMILEDS CORP: Posts $1.1MM Loss in FY25, Has Going Concern Doubt ----------------------------------------------------------------- SemiLEDs Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $1.1 million for the fiscal year ended August 31, 2025, compared to a net loss of $2 million for the year prior. For the year ended August 31, 2025, the Company had $43 million in revenues, compared to $5.2 million for the year ended August 31, 2024. Irvine, California-based YCM CPA INC., the Company's auditor since 2025, issued a "going concern" qualification in its report dated November 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. The Company has suffered losses from operations of $1.6 million and $2.9 million, and net cash provided by operating activities of $2.2 million and net cash used in operating activities of $365 thousand, for the years ended August 31, 2025 and 2024, respectively. These facts and conditions have raised substantial doubt about the Company's ability to continue as a going concern, even though gross profit on product sales was $2.4 million for the year ended August 31, 2025 compared to $1.1 million for the year ended August 31, 2024. As of August 31, 2025, the Company had an accumulated deficit of $190 million and cash and cash equivalents of $2.6 million. Management believes that it has developed a liquidity plan, that, if executed successfully, should provide sufficient liquidity to meet the Company's obligations as they become due for a reasonable period of time, and allow the development of its core business. The plan includes: * Gaining positive cash-inflow from operating activities through continuous cost reductions and the sales of new higher margin products. Steady growth of module products and the continued commercial sales of its UV LED product are expected to improve the Company's future gross margin, operating results and cash flows. The Company is targeting niche markets and focusing on product enhancement and developing its LED products into many other applications or devices. * Growing buy-sell purchase orders of equipment to improve the Company's future gross margin, operating results and cash flows. * Continuing to monitor prices, work with current and potential vendors to decrease costs and, consistent with its existing contractual commitments, possibly decrease its activity level and capital expenditures further. This plan reflects its strategy of controlling capital costs and maintaining financial flexibility. * Raising additional cash through potential equity offerings, sales of assets and/or issuance of debt as considered necessary and looking at other potential business opportunities. While the Company's management believes that the measures in the liquidity plan will be adequate to satisfy its liquidity requirements for the next 12 months after the date that the financial statements are issued, there is no assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a material adverse effect on its business, results of operations and financial position, and may adversely affect its ability to continue as a going concern. About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. As of August 31, 2025, the Company had $15.6 million in total assets, $12.8 million in total liabilities, and $2.8 million in total stockholders' equity. ********* 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 ***