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251209.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 Tuesday, December 9, 2025, Vol. 28, No. 245 Headlines A U S T R A L I A DATA DISSECT: First Creditors' Meeting Set for Dec. 16 HEALTHSCOPE NEWCO: Receivers in Talks to Sell Four Hospitals HIGH-ST: Second Creditors' Meeting Set for Dec. 12 JASZAC INVESTMENTS: Second Creditors' Meeting Set for Dec. 12 ONF PTY: First Creditors' Meeting Set for Dec. 12 THOMSON FRUITGROWERS: First Creditors' Meeting Set for Dec. 16 C H I N A CHINA VANKE: Seeks Onshore Bond Extensions Amid Liquidity Crunch ZW DATA: All Four Key Proposals Approved at Annual Meeting [] CHINA: Must Face Property Debt as Export Cools, Nomura Says H O N G K O N G UNITED FOOD: WongPartnership Issues Payment Demand for Unpaid Fees I N D I A AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating BAALAJI MILK: CARE Keeps D Debt Rating in Not Cooperating Category BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating BALAJI ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating BENGAL ANTIBIOTICS: CARE Keeps D Debt Ratings in Not Cooperating CLRK EXTRACTIONS: CARE Keeps D Debt Ratings in Not Cooperating GALA GLOBAL: CRISIL Lowers Rating on INR4.35cr Demand Loan to D GO GREEN: CARE Keeps D Debt Rating in Not Cooperating Category GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category HARROW EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating INDIAN SUCROSE: CARE Keeps D Debt Rating in Not Cooperating JRA INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating MANSAROVAR HOLIDAYS: CARE Keeps D Debt Rating in Not Cooperating MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating Category NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating RAJSHREE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating S. S. RICE: CARE Keeps D Debt Ratings in Not Cooperating Category SAVITAR SERVICES: CRISIL Assigns B Rating to INR8cr New Loan SHOPIAN AGRO: CRISIL Lowers Rating on INR20cr Term Loan to D SONAMOTI AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating SURAJ CROPSCIENCES: CARE Keeps D Debt Rating in Not Cooperating TRIDEV PACKTECH: CARE Lowers Rating on INR31.41cr LT Loan to D YUVRAJ BUILDCON: CRISIL Keeps B+ Debt Rating in Not Cooperating J A P A N [] JAPAN: Corporate Bankruptcies Likely to Surpass 10,000 in 2025 L A O S LAOS: Moody's Ups Issuer Ratings to Caa2, Outlook Stable M Y A N M A R MYANMAR: Economy Shows Moderate Signs of Recovery, World Bank Says N E W Z E A L A N D AFFORDABLE GRANITE: Creditors' Proofs of Debt Due on Jan. 22 COZY LIFE: Creditors' Proofs of Debt Due on Jan. 23 EVERLAST ROOFING: Creditors' Proofs of Debt Due on Dec. 29 KARAKA ESTATE: Court to Hear Wind-Up Petition on Dec. 12 PTT LOGGING: Court to Hear Wind-Up Petition on Feb. 10 TASMAN STEEL: Reports Net Loss of NZD41MM for Year Ended June WELLINGTON RUGBY: Malcolm Gillies Steps in to Save Hurricanes S I N G A P O R E PEARL EXPRESS: Court to Hear Wind-Up Petition on Dec. 19 TINN3 PTE: Court to Hear Wind-Up Petition on Dec. 19 TOAST INN: Court to Hear Wind-Up Petition on Dec. 19 TT INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 12 - - - - - ================= A U S T R A L I A ================= DATA DISSECT: First Creditors' Meeting Set for Dec. 16 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Data Dissect Pty Ltd will be held on Dec. 16, 2025 at 9:30 a.m. via Microsoft Teams. Victoria Young and Andrew Heard were appointed as administrators of the company on Dec. 4, 2025. HEALTHSCOPE NEWCO: Receivers in Talks to Sell Four Hospitals ------------------------------------------------------------ Jenny Wiggins at the Australian Financial Review reports that Healthscope chief executive Tino La Spina said he still wants to restructure the struggling group into a not-for-profit entity despite its receivers striking agreements to sell four of its hospitals. According to the Financial Review, Healthscope's receivers, McGrathNicol, are now in exclusive talks over the sale of the National Capital Private Hospital in Canberra, Hobart Private Hospital in Tasmania, Holmesglen Hospital in Victoria and Queensland's Gold Coast Private Hospital. The hospitals are being sold to more than one buyer, with Calvary Healthcare among the acquirers, according to one person close to the company, who requested anonymity as they were not authorised to comment, the Financial Review relays. Calvary, which is one of several Catholic hospital groups that have made bids for Healthscope hospitals, declined to comment. "The expected sale of these sites doesn't mean that our 'For Purpose' proposal is off the table," Mr. La Spina said in a message to staff seen by The Australian Financial Review. "The receivers have reassured us that it very much remains in active consideration. While disappointing that a sale of four of our hospitals is being pursued, the bidders are credible." However, the mooted sale of the four hospitals, including Hobart Private, which is considered one of the best in the company's portfolio, will make it harder for Healthscope to pursue its own restructure. If its plan does not eventuate, Healthscope will do what it can to ensure the remaining hospitals in the group find a new owner, Mr. La Spina said. The Financial Review adds that Healthscope said its 'For Purpose' plan is the best option because it would restructure the organisation into a not-for-profit company. Mr. La Spina has pitched the plans to lenders and the federal government as an alternative to breaking up the company. The Financial Review says the chief executive has previously told staff that Healthscope's network of hospitals could be profitable once it sorted out its debt and renegotiated rents from landlords. Not-for-profit groups, or operators run by charities, do not have to pay payroll tax, which costs Healthscope about $100 million annually. The not-for-profit model also allows earnings to be reinvested back into hospitals. Separately, the Financial Review reports that the Adelaide Community Healthcare Alliance said on Monday that it planned to take back the management of three Adelaide hospitals from Healthscope following a Supreme Court ruling last week. The Financial Review relates that the ruling of an insolvency event and manager default allows the alliance to terminate its contract with Healthscope and resume managing Ashford Hospital, Flinders Private Hospital and The Memorial Hospital, the alliance said. Receivers have been considering bids for Healthscope's network of more than 30 hospitals, the Financial Review notes. Many of Australia's private hospital operators have been reviewing Healthscope's assets, including Ramsay Health Care, St Vincent's and private equity-owned Healthe Care as well as Catholic hospital groups One of Healthscope's Sydney hospitals, Northern Beaches, has already been sold to the state government for AUD190 million. Healthscope's biggest landlord, Toronto-listed Northwest Healthcare Properties Real Estate Investment Trust, owns 12 hospitals, while property funds controlled by David Di Pilla's HMC Capital own 11 hospitals. According to the Financial Review, Calvary is expected to buy the operating rights for the Northwest hospitals. If the transaction goes ahead, Northwest would remain the landlord while Calvary would run the hospitals. The sale process is expected to take several months and an update is expected before Christmas, the Financial Review relates. The Financial Review says the federal government has refused to bail Healthscope out, but it also wants to avoid hospital closures, which would put more pressure on the public system. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. HIGH-ST: Second Creditors' Meeting Set for Dec. 12 -------------------------------------------------- A second meeting of creditors in the proceedings of High-St Hire Pty Ltd has been set for Dec. 12, 2025, at 11:00 a.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 11, 2025 at 4:00 p.m. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Nov. 7, 2025. JASZAC INVESTMENTS: Second Creditors' Meeting Set for Dec. 12 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Jaszac Investments Pty Ltd has been set for Dec. 12, 2025, at 11:00 a.m. at the offices of Rodgers Reidy at Level 11, 385 Bourke Street in Melbourne and via online video conferencing. 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. 11, 2025 at 4:00 p.m. Brent Leigh Morgan and Gary Stephen Fettes of Rodgers Reidy were appointed as administrator of the company on Nov. 7, 2025. ONF PTY: First Creditors' Meeting Set for Dec. 12 ------------------------------------------------- A first meeting of the creditors in the proceedings of ONF Pty Ltd will be held on Dec. 12, 2025 at 10:00 a.m. at via virtual meeting only. Danny Vrkic of DV Recovery Management was appointed as administrator of the company on Dec. 2, 2025. THOMSON FRUITGROWERS: First Creditors' Meeting Set for Dec. 16 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Thomson Fruitgrowers Pty Ltd will be held on Dec. 16, 2025 at 10:30 a.m. virtually via Microsoft Teams. Timothy Mableson and Gayle Dickerson of KPMG were appointed as administrators of the company on Dec. 4, 2025. ========= C H I N A ========= CHINA VANKE: Seeks Onshore Bond Extensions Amid Liquidity Crunch ---------------------------------------------------------------- Caixin Global reports that China Vanke Co. Ltd. is unlikely to repay three domestic bonds on time by the first quarter of 2026, signaling mounting financial strain on the embattled property developer. Caixin relates that the Shenzhen-based company said on Dec. 5 that it asked bondholders to approve an extension for a 3.7-billion-yuan ($510 million) medium-term note and would forgo exercising its redemption right on another onshore bond, moves that suggest Vanke is conserving cash amid tightening liquidity. The actions come as Vanke faces three domestic debt obligations by the end of the first quarter of 2026. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. ZW DATA: All Four Key Proposals Approved at Annual Meeting ---------------------------------------------------------- ZW Data Action Technologies Inc. held its Annual Meeting of stockholders on December 1, 2025. The voting results are as follows: A. Election of Directors. All of the following seven nominees were elected to the Company's Board of Directors to serve until the next annual meeting and their successors have been elected and qualified, in accordance with the voting results: 1. Handong Cheng * For: 1,965,976 * Withheld: 14,364 * Broker Non-Votes: 361,827 2. George Kai Chu * For: 1,965,982 * Withheld: 14,358 * Broker Non-Votes: 361,827 3. Zhiqing Chen * For: 1,965,982 * Withheld: 14,358 * Broker Non-Votes: 361,827 4. Chang Qiu * For: 1,965,974 * Withheld: 14,366 * Broker Non-Votes: 361,827 5. Chung Wang Yiu (Ron) * For: 1,965,982 * Withheld: 14,358 * Broker Non-Votes: 361,827 6. Fernando Chen I-Ting * For: 1,965,841 * Withheld: 14,499 * Broker Non-Votes: 361,827 7. Justin Tam * For: 1,965,962 * Withheld: 14,378 * Broker Non-Votes: 361,827 B. Ratification of the Company's Independent Accountants. The Company's stockholders ratified the appointment of ARK Pro CPA & Co. as the Company's independent accountants for fiscal 2025, in accordance with the voting results: * For: 2,302,670 * Against: 38,743 * Abstain: 754 * Broker Non-Votes: 0 C. Ratification of the Company's 2025 Omnibus Equity Incentive Plan. * For: 1,964,161 * Against: 15,614 * Abstain: 565 * Broker Non-Votes: 361,827 D. Approval of Executive Compensation. * For: 1,959,896 * Against: 19,719 * Abstain: 725 * Broker Non-Votes: 361,827 About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. As of Dec. 31, 2024, the Company had US$9.7 million in total assets, US$6 million in total liabilities, and a total equity of US$3.7 million. As of June 30, 2025, the Company had US$9.25 million in total assets, US$5.67 million in total liabilities, and a total equity of US$3.57 million. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has accumulated deficit of $63.5 million from recurring net losses and significant net operating cash outflow for the year ended December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. [] CHINA: Must Face Property Debt as Export Cools, Nomura Says -------------------------------------------------------------- Caixin Global reports that stabilizing the crisis-hit property sector is the most critical task for China's economy over the next one to two years as the export boom that cushioned the downturn is expected to fade, according to Nomura Holdings Inc.'s chief China economist. Caixin relates that Lu Ting, speaking on Dec. 8 at Nomura's 2026 outlook conference in Hong Kong, warned that the government must decisively "clear nonperforming debt among developers rather than simply rolling it over." He noted that the aggressive export growth of the past five years masked the severity of a domestic slump driven by a collapsing housing market, and policymakers must now face the reality of debt resolution to restore confidence, Caixin relays. ================= H O N G K O N G ================= UNITED FOOD: WongPartnership Issues Payment Demand for Unpaid Fees ------------------------------------------------------------------ The Business Times reports that United Food Holdings announced on Dec. 5 that it received two letters of demand dated Dec. 3 from WongPartnership, on behalf of the firm with respect of professional fees previously rendered to the company. They stated that the group failed to pay the invoices of SGD23,372.51 and SGD335,594.37, respectively, BT relates. Payment of these sums is required by Dec. 17, the bourse filing indicated. If United Food fails to make payment, WongPartnership stated it will take all "necessary steps" to recover the amounts, which include beginning legal proceedings against the company, according to BT. BT relates that the group said that it is currently seeking legal advice on the letters, and will make additional announcements in due course. The company, which has been suspended for over four years, appears to be dormant for some time, going by its latest earnings report. No figure was shown under group revenue for the second quarter ended Sept. 30. It also had no revenue in the same period a year prior, according to a bourse filing on Nov. 21. BT says external auditors of United Food previously issued a disclaimer of opinion in audit on its financial statements for FY2020 and FY2021. KPMG Forensic, a division of KPMG Services, was thereafter appointed to conduct the special audit in December 2021. In a report on Aug. 4 by The Business Times, several "unusual" cash transactions within the company had been discovered by auditors, along with "potential contraventions" of Singapore Exchange listing rules, after the years-long special audit. The investment holding company later announced that it will delist, due to its failure to address concerns raised in an Aug. 5 special report by the auditors, BT says. Trading of shares of United Food has been suspended since September 2021, with its last traded price at SGD0.043, notes BT. Headquartered in Hong Kong, United Food Holdings Limited (SGX:AZR) is an investment company, which engages in trading of food products. It operates through the following segments: Trading, Additives, Animal Feed and Traditional Medicine, and Others. ========= I N D I A ========= AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aaryaman Recreation Club Limited (ARCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of ARCL under the 'issuer non-cooperating' category as ARCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL) is a closely held company, incorporated in 2014 is promoted by Mr.Vimal Kalsariya, Mr.Ishwarlal Gehi , Mr. Kanaiyalal Gehi, Mr. Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya and Mr. Jayantilal Godhadara. ARCL is setting up a project to establish a Recreational club. The club will have various amenities such as follows Theatres, Eateries, Beauty salon/Spa/Wellness centre, Guest rooms, Conference hall, Party hall. The project will be executed in two phases wherein three buildings namely Ruby, Sapphire and Emerald will be constructed. In the first phase, ARCL is constructing Ruby building for which the estimated cost is INR16.76 crore and the same is expected to completed by September 2019. The Sapphire and Emerald will be constructed in the second phase which is envisaged to start from October 2019 and expected to be completed by March, 2021. Total cost of project is INR29.93 crore which will be funded through term loan of INR7.50 crore, equity capital of INR3.20 crore, unsecured loans of INR0.44 crore and the rest amount will be obtained through membership fees. BAALAJI MILK: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shree Baalaji Milk and Milk Products (SBMMP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.29 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 11, 2024, placed the rating(s) of SBMMP under the 'issuer non-cooperating' category as SBMMP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBMMP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SBMMP is a partnership firm of Mr. Satish Chavan and his wife Mrs. Ashwini Chavan and is part of the Chavan Group. The firm started with its commercial production from December 18, 2011. The group has its presence in milk business since 2002 and has been majorly engaged in trading of milk and milk products and government contract business till 2009. The group consists of four entities including PKPL, PMI, SBMMPL and DMPPL which are also engaged in the same line of business of processing of milk and manufacturing of milk products. BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Backbone Projects Limited (BPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of BPL under the 'issuer non-cooperating' category as BPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, 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 Backbone Projects Limited (BPL) was initially constituted as a partnership firm Backbone Construction Company in 1987 by Mr. Jayantibhai M Jakasania and subsequently converted into public limited company in 1995. The company is in the business of construction of canals, dams, roads and bridges. BPL mainly executes projects for government and semi-government authorities. BALAJI ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Balaji Engineering (BE) continues 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of BE under the 'issuer non-cooperating' category as BE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BE 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 Established in 2003, Balaji Engineering (BE) is an Aurangabad, Maharashtra based entity promoted by Mr. Santosh Lakhichand Runwal. The firm is primarily engaged as an auto ancillary unit for manufacturing of automobile components which include spare parts and accessories for 2 wheelers, 3 wheelers and 4 wheelers. BENGAL ANTIBIOTICS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bengal Antibiotics (BA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of BA under the 'issuer non-cooperating' category as BA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable M/s. Bengal Antibiotics (BA) was set up as a proprietorship entity in Dec. 1990 by Mr. Samir Samaddar of Hooghly District, West Bengal. The entity is mainly engaged in manufacturing of pharmaceutical formulation products which is sold to state health & family welfare departments and also to wholesalers within the state. The entity receives the formulations from the Directorate of Drugs Control, West Bengal and the drugs are manufactured post-approval from the department. The orders from the government departments are tender backed and comprise 70% of the overall sales and the remaining comes from open market. BA caters only to domestic market within the state with product portfolio primarily concentrated in anti-biotic, antiinflammatory and multivitamin segment. The manufacturing facility is located at Jirat in Hooghly district of West Bengal with an aggregate installed capacity of 3600 lakh tablets per annum and oral liquid 3,00,000 litres per annum and meets the stringent good manufacturing practices (GMP) and Good Laboratory Practice (GLP) norms. CLRK EXTRACTIONS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of C L R K Extractions & Exports Private Limited (CLRKEEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of CLRKEEPL under the 'issuer non-cooperating' category as CLRKEEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CLRKEEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable CLRKEEPL was promoted in 2011 by Chhattisgarh based Mr. Gopal Singhal. It is engaged in trading and export of raw and boiled rice. Besides the trading activity, the company also processes rice. The manufacturing facility of CLRKEEPL is located at Raipur Chhattisgarh. The manufacturing facilities commenced operation from December 2015 and FY17 was the first full year of operation. The company primarily exports to Africa and Middle East countries. Apart from export, the company also sells rice in domestic market, particularly in North East. GALA GLOBAL: CRISIL Lowers Rating on INR4.35cr Demand Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Gala Global Products Limited (GGPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit & 4.35 Crisil D (ISSUER NOT Working Capital COOPERATING; Downgraded from Demand Loan 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Cash 0.65 Crisil D (ISSUER NOT Credit Limit COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GGPL for obtaining information through letter and email dated May 2, 2025, and latest dated December 1, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'Issuer not cooperating' as the rating is arrived at without any management interaction and is based on best-available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. This rating with an 'Issuer not cooperating' suffix lacks a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GGPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that the rating action on GGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last-available information, Crisil Ratings has migrated its rating on the long-term bank facilities of GGPL to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable; Issuer not cooperating' owing to delay in debt servicing as reported in the audit report of fiscal 2025. Established as Gala Printcity Ltd in 2010, the company got renamed as GGPL on merger with Gala Products Private Limited in 2016. The Ahmedabad (Gujarat)-based company undertakes offset printing and all types of binding, photo polymer printing, offset plate making, letter press printing and allied lines in offset printing and printing of packing materials, advertisement materials and cartons. The company is listed on the Bombay Stock Exchange. GO GREEN: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of The Go Green Build Tech Private Limited (GBP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.56 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 TGGBTPL under the 'issuer non-cooperating' category as TGGBTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TGGBTPL 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 The Go Green Build Tech Private Limited (TGGBTPL) was incorporated in December 26, 2012. The company is promoted by Mr. Umesh Chand Jain, Mr. Rishabh Jain and Mr. Nikhil Jain. TGGBTPL is a part of the "Velveleen Group" which has interests in the manufacturing of velvet and fabric, real estate infrastructure development, manufacturing of concrete bricks and education. TGGBTPL is engaged in manufacturing of civil construction materials such as fly ash bricks at its manufacturing unit at Dadri, Uttar Pradesh. GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goan Real Estate and Construction private Limited (GRECL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 67.86 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of GRECL under the 'issuer non-cooperating' category as GRECL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GRECL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Goan Real Estate and Construction Pvt Ltd (GRECL), incorporated in 1989, has been promoted by the Dynamix Group. The Dynamix Group was founded in the early 1970's by Mr. K. M. Goenka with a foray in real estate development. GRECPL is developing an integrated township-type project named “Aldeia de Goa” located at Bambolim, Goa, spread over nearly 145 acres of land. The project is being developed in a phase wise manner. The project encompasses exclusive plots, villas, apartments, landscaped gardens, multiple clubhouses, a five-star hotel and a proposed mall with commercial and retail spaces. HARROW EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Harrow Educational Society (HES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.39 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 19, 2024, placed the rating(s) of HES under the 'issuer non-cooperating' category as HES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025 and October 25, 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 Uttar Pradesh based HES was established in 1981 with an objective to provide education services. The society is managed by Er. Navin Prasad Mathur (President), Mrs. Veena Mathur (Secretary) and Mr Vinesh Pal Singh (Treasurer). HES provides undergraduate and post-graduate courses in various fields of Engineering, Computers Science, Management and Pharma. The colleges is affiliated to Gautam Buddha Technical University and is approved by the All India Council for Technical Education (AICTE). The society also operates a school in the name of Harrow School providing primary and secondary education from Nursery to class XIIth. The school is affiliated to Central Board of Secondary Education (CBSE). INDIAN SUCROSE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indian Sucrose Limited (ISL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 150.00 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 8, 2024, placed the rating(s) of ISL under the 'issuer non-cooperating' category as ISL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ISL 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: Not applicable Indian Sucrose Limited (ISL) (ISIN: INE557C01017), incorporated on 12th December 1990, was originally promoted by Oswal Group as Oswal Sugars Limited with an initial installed capacity of 2500 TCD (Ton canes per day). The present management, Yadu Corporation, took control of the company in the year 2000. The Managing Director of the company, Mr. Kunal Yadav, has an MBA degree from LBS (UK) & an experience of over 15 years in the sugar & beverage industries. At present, ISL is engaged in the manufacturing of white crystal sugar & its by-products such as molasses & bagasse, with a cane crushing capacity of 9000 TCD. The company also co-generates power with current aggregate capacity of 19.5 MW, out of which surplus of approx. 6 MW is supplied to Punjab State Power Corporation Limited (PSPCL). JRA INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of JRA Infrastructure Limited (JIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of JIL under the 'issuer non-cooperating' category as JIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Deesa (Gujarat)-based, JIL was established in 1989 by Mr. Jugalkishor R. Agrawal. JIL is engaged in engineering, procurement and construction (EPC) of roads and bridges. The company has changed its name to JRA Infrastructure Limited (JIL) from June 21, 2019. The company also has a 'AA' class contractor certificate and Special Category I certificate from the Road & Building department (R&B), Government of Gujarat (GoG) which makes the company eligible for tendering for the works of roads and building department, irrigation department and public health engineering department in the Gujarat state. The entity generates significant portion of revenue through road work and bridge work such as new road construction, patch work, resurfacing, construction of bridges executed in the state of Gujarat. JIL secures all its government contracts through open bidding process of R&B department of Gujarat. MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Mandvi Vibhag Sahakari Khand Udhyog Mandli Limited (SMVSKUML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 53.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of SMVSKUML under the 'issuer non-cooperating' category as SMVSKUML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMVSKUML continues to be noncooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli Limited (SMVSKUML; erstwhile Shree Surat Jilla Uttar Purve Vibhag Khand Udyog Sahakari Mandli Limited) is a co-operative society registered under The Gujarat Co-operative Society Act 1961. Initially, the society was engaged in the trading of sugarcane, procuring sugarcane from farmer members and supplying to sugar mill in the vicinity. In FY15, SMVSKUML set-up a green field sugar manufacturing unit with an installed capacity of 2,500 tonne of sugarcane crushing per day (TCD) and a warehouse with a capacity of 24,000 metric tonne (MTs) for storage of finished goods at Vadod in Mandvi Taluka of Surat in Gujarat. The project was completed with delay of about 8 months as against its envisaged completion timeline of May 2014 and commercial operations commenced from February 2015. After demonetization, due to liquidity crunch, the cooperative society was not able to make payments in cash to its farmers for procurement of sugarcane and because of this during the sugarcane crushing season, it was not able to break even, which led to its temporarily shut down its plant, which became non-operational in FY16. MANSAROVAR HOLIDAYS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mansarovar Holidays (MH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.37 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of MH under the 'issuer non-cooperating' category as MH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025 and October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nainital based, Mansarovar Holidays (MH) was established in 2012 as a proprietorship firm and is managed by Mr. Punit Kumar Goel. MH is engaged in managing a hotel namely “Mansarovar” at Nainital. MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Momai Foods Private Limited (MFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.64 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of MFPL under the 'issuer non-cooperating' category as MFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rajkot-based (Gujarat), Momai Foods Private Limited (MFPL) is a private limited company established in 2013 by Mr. Bhaveshbhai Khatra, Mr. Mehulbhai Khatra and Mr. Chandubhai Khatra. The company is engaged in business of manufacturing of ice cream. The company sells its products in state of Gujarat, Rajasthan and Madhya Pradesh. The company has installed capacity of 1.2 crore liters of ice cream per annum. The company sells its product under the brand name 'MOMAI'. The company sells its ice cream through its network of 40 distributors and 6 retail outlets. The company has ISO 22000:2005 certification for food safety management system. NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Navbharat Explosive Company Limited (NECL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of NECL under the 'issuer non-cooperating' category as NECL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NECL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in the year 1983, Navbharat Explosives Company Limited (NECL) is a part of the Navbharat group of companies based in Raipur, Chattisgarh. Controlled by the Singh family, the group has interests in steel, mining, explosives and real estate sector. NECL is a manufacturer of industrial explosives and accessories, which encompass cartridge explosives, bulk explosives, detonating fuse and cast booster. The company has three manufacturing facilities. Apart from NECL, the Navbharat group carries out the explosives business through another legal entity i.e. Navbharat Fuse Company Limited. The Navbharat group also has interest in real estate activities which it carries out through its group companies. The main promoters of the group - the Singh family of Raipur –have over three decades of track record in the industrial explosives segment. RAJSHREE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Rajshree Impex Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.64 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 18, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 4, 2025, October 14, 2025, October 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur-based (Rajasthan) Rajshree Impex Private Limited (RIPL) was incorporated in September 2010. The company is engaged in the manufacturing and trading of cotton embroidered ladies kurtis. S. S. RICE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S. S. Rice Mill (SSRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of SSRM under the 'issuer non-cooperating' category as SSRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable S. S. Rice Mill was established in 2016, commenced its operation in December 2017, with an objective to enter into the rice milling and processing business. The manufacturing unit is located at Dongargarh, Rajnandgaon, Chhattisgarh. The current installed capacity of the unit is 28,800 tons per annum. The entity is procuring raw paddy from the local farmers. Mr. Prateek Jain (aged 40 years) having five years of experience and Mr. Vinod Lalwani (aged 43 years) having 10 years of experience in similar line of business, looks after the day to day operations of the firm along with other partners and a team of experienced professionals. SAVITAR SERVICES: CRISIL Assigns B Rating to INR8cr New Loan ------------------------------------------------------------ Crisil Ratings has assigned its 'Crisil B/Stable' rating to the long term bank facilities of Savitar Services Private Limited (SSPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (Assigned) Proposed Working Capital Facility 8 Crisil B/Stable (Assigned) The rating reflects modest scale of operation, low net cash accruals against repayment obligations and highly leveraged capital structure. These weaknesses are partially offset by its extensive industry experience of the promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SSPL. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: The promoters have extensive experience in the diversified support services industry. This has given them an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers. The company generates 65% of its revenue from trading and the balance of its revenue from other miscellaneous services, such as facility management and payroll outsourcing. With a total staff of 80–85 on the payroll and with its current listing with South Bihar Power Distribution Limited for the installation of solar rooftops, the overall business risk profile is expected to improve in the coming fiscals. Key Rating Drivers - Weaknesses * Modest scale of operation: SSPL's business profile is constrained by its scale of operations in the intensely competitive industry. However, the management is taking continuous measures to improve its scale of operations, as reflected in the continuous growth over the last three fiscals through 2025. The company has recorded an operating income of approximately INR10.5 crore until October 2025 and is expecting revenue of INR20–22 crore for the full fiscal 2026 (Rs 17 crore in fiscal 2025). With an increasing focus on revenue from trading in the Government e-Marketplace (GeM) and the solar segment, the overall scale of the company is expected to improve, and this shall remain a key monitorable. * Low net cash accruals against repayment obligations: Owing to nascent stage of business, the management is diversifying across multiple segments which has resulted in the net cash accruals (NCA) in the range of INR0.15-0.18 crore over the past three fiscals through fiscal 2025 against repayment obligations (RO) of INR0.4-0.45 crore. Thus, support from promoters was taken to honor the repayment obligation on timely manner. Going forward from fiscal 2026 onwards the NCAs are expected to improve with increasing topline and reduced debt burden leading to cushion in NCA/RO above 1 time which shall remain the key monitorable over the medium term. * Highly leveraged capital structure: SSPL has an average financial profile, marked by total outside liability to adjusted net worth of approximately 6.5 times for the last two years, ending on March 31, 2025. However, from fiscal 2026, owing to the improvement in scale of operations and continuous accretion to reserves, the net worth is expected to improve and remain at INR1.2–1.25 crore in fiscal 2026 (Rs 0.8 crore as of March 31, 2025), and with the repayment of term loans, the overall TOL/ANW is expected to improve and remain at 3.5-4.5 times in fiscal 2026 and onwards. Debt protection metrics remain moderate, with an expected interest coverage of 3–3.5 times and net cash accruals to adjusted debt of 0.2–0.3 times in fiscal 2026 and onwards. Going forward, the impact of any unplanned debt-funded capex on the capital structure shall remain a key monitorable. Liquidity Poor Bank utilization has remained moderate, at an average of 40% in the last 12 months, through October 2025. Cash accruals are expected to be over INR0.45–0.5 crore, which are sufficient against the term debt obligation of INR0.38–0.4 crore over the medium term. In addition, they will act as a cushion to the company's liquidity. The current ratio is expected to remain moderate, at 1.3–1.4 times, as of March 31, 2026. The promoters are likely to extend support in the form of equity and unsecured loans to meet the company's working capital requirements and repayment obligations. Outlook Stable Crisil Ratings believe SSPL will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating sensitivity factors Upward factors * Sustained improvement in scale of operation by 20% and sustenance of operating margin, leading to higher cash accruals. * Timely repayment of debt obligations leading to improvement in NCA/AD Downward factors * Decline in net cash accruals below INR0.2 crore on account of decline in revenue or operating profits. * Witnesses a substantial increase in its working capital requirements or large debt-funded capital expenditure weakens capital structure thus weakening its liquidity & financial profile. SSPL was incorporated in 2017, it is in Delhi. SSPL is engaged in providing facility management services, manpower solution services. It also trades various electrical equipment. SSPL is owned & managed by Vipin Kumar Sharma, Saikat Samanta, and Vivek Kumar Sinha. SHOPIAN AGRO: CRISIL Lowers Rating on INR20cr Term Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long-term bank facilities of Shopian Agro Fresh Cold Chain Private Limited (SAFCCPL) to 'Crisil D' from 'Crisil BB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil D (Downgraded from 'Crisil BB/Stable') Proposed Working 4 Crisil D (Downgraded from Capital Facility 'Crisil BB/Stable') Term Loan 20 Crisil D (Downgraded from 'Crisil BB/Stable') The downgrade reflects delays in debt servicing on account of stretch in receivables, leading to strained cash flow management. The company has not disclosed these delays in the no-default statement it has provided. The ratings reflect the extensive experience of SAFCCPL's promoters in the cold storage industry, and the company's advantageous location. These strengths are partially offset by the company's susceptibility to climatic conditions, working capital-intensive operations and highly leveraged capital structure along with delays noted in debt servicing Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SAFCCPL Key Rating Drivers - Weaknesses * Delays in Debt Servicing: SAFCCPL has delayed in serving of term loan interest and principle repayment of the term loans for the month of October 25 (Default is recognized at the first instance of the first rupee of default, regardless of the extent of default or the period of default, as per Crisil Ratings methodology for recognizing Default under Basics of Ratings) on account of stretch in collections from the receivables * Susceptibility to climatic conditions: SAFCCPL's revenue is directly dependent on the apple yield in a particular year. The apple yield, in turn, depends on climatic conditions such as change in temperature, ground frost and hailstorm, and could be affected by adversities in terms of insect-pest proliferation and diseases, loss of soil fertility, water availability, and natural calamities. * Working capital-intensive operations: The operations of the company are capital intensive as highlighted by estimated Gross current assets (GCA) at 616 days as on March 2025 due to sizable debtors days of around 170 days and inventory of 202 days as on March 2025. Without any change in the working capital policy the working capital operations are expected to remain intensive over the medium term * Moderate capital structure: The financial risk profile is marked by low networth estimated at INR8.9 crores as on March 2025. Capital structure is levered, marked by TOL/TNW metrices in the range of 2.3-2.7 times in the medium term, with gearing metrices estimated in the range of 2.8-3.3 times in the medium term. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: The promoters have experience of around a decade in diversified support services. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. * Advantageous location: Proximity of the cold storage in Srinagar to the apple producing belt will help achieve optimum capacity utilisation over the medium term. Liquidity Poor Bank limit utilisation was moderate at 88% for the last twelve months ended October 25. Cash accrual are estimated to remain between 2-3 crore in the medium term, as against loan repayments of INR1-1.5 crores in the medium term. The current ratio was healthy at 3.6 times for FY 25.The promoters are likely to extend support in the form of equity and unsecured loans to meet working capital requirement and debt obligation. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days * Improvement in the financial risk profile and liquidity Incorporated in 2018, SAFCCPL operates a cold storage facility in Srinagar, with capacity to store 5,000 tonne of fruits (mainly apples) and spices. It also trades in these products. The company is owned and managed by Mr Ghulam Guroo and Mr Mohammad Guroo. SONAMOTI AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sonamoti Agrotech Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.78 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in April 2010, Sonamoti Agrotech Private Limited (SAPL) was promoted by the Kasera family of Patna, Bihar for setting up a paddy milling and processing unit at Karmali Chak, Patna, Bihar. The company commenced commercial production from November, 2013 with rice processing capacity of 58,400 metric ton per annum (MTPA). SURAJ CROPSCIENCES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Suraj Cropsciences Limited (SCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.57 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of SCL under the 'issuer non-cooperating' category as SCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Kalol-based (Gujarat) Suraj Cropsciences Limited (SCL), an ISO 9001:2008 certified company, was incorporated as a private limited company during January 2010 which was later on reconstituted as a public limited company in February 2015. SCL is headed by Mr. Shivpratapsingh Kushwaha and it is engaged into the business of developing and processing of varieties of agroseeds including cereals, fibres, fodder, oil seeds, pulses and vegetables seeds. TRIDEV PACKTECH: CARE Lowers Rating on INR31.41cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Tridev Packtech Private Limited (TPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.41 CARE D; ISSUER NOT COOPERATING Facilities Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Long Term/ 3.59 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Downgraded from Bank Facilities CARE BB-; Stable/CARE A4 and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers For arriving at the ratings of TPPL, CARE Ratings Limited (CareEdge Ratings) has taken a combined analytical view of TKPPL together referred to as Tridev Group (TG), on account of their common promoter group, presence in similar line of business and financials as well as operational linkages. CareEdge Ratings has been seeking information from TG to monitor the ratings vide e-mail communications dated July 30, 2025, September 18, 2025, October 3, 2025, October 29, 2025, November 20, 2025 and November 24, 2025, and numerous phone calls. However, despite repeated requests, the group has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the ratings on the basis of the best available information which however, in CareEdge's opinion is not sufficient to arrive at a fair rating. Further, TG has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. CareEdge Ratings has revised the ratings assigned to the bank facilities of TG on account of on-going delays in the servicing of term loan obligation as per verbal interaction with lender. Analytical approach: Combined Combined approach of TPPL and TKPPL (together referred to as Tridev Group; TG) on account of these entities being engaged in the same line of business, i.e., paper packing industry with common promoter group and financial as well as operational linkages. Outlook: Not applicable Gujarat based Tridev Packtech Private Limited (TPPL), formerly known as Shiv Containers, a Partnership firm, was incorporated on June 18, 2018, and subsequently converted into private limited company on October 23, 2023, with an objective to expand the existing business operations in paper packing business. TPPL is engaged into manufacturing of Corrugated Boxes with installed capacity of 24 metric tonnes per day (MTPD). During FY25, the TPPL is slated to increase its installed capacity from 24 MTPD to 94 MTPD to cater the increased the demand for corrugated boxes. The project would commercially operationalise from October 1, 2024. YUVRAJ BUILDCON: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Yuvraj Buildcon Private Limited (YBPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 7 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YBPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YBPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2012, YBPL is engaged in residential real estate development. The company is promoted by Mr Jitendra Kumar Sahu and Mr Virendra Sahu and undertakes projects mainly in Bilaspur. ========= J A P A N ========= [] JAPAN: Corporate Bankruptcies Likely to Surpass 10,000 in 2025 ----------------------------------------------------------------- Japan Today reports that the number of corporate bankruptcies in Japan totaled 9,372 in the January-November period, making it likely that the figure for 2025 will surpass 10,000 for the second consecutive year, a survey by a credit research company said on Dec. 8. Bankruptcies with liabilities of 10 million yen or more in November fell 7.5 percent from the previous year to 778, Tokyo Shoko Research said, Japan Today relays. Small businesses were hit in particular by rising prices and labor shortages, the data showed. Total liabilities in November dropped 48.6 percent to 82.4 billion yen as bankruptcies involving liabilities of 500 million yen or more halved, Japan Today discloses. By industry, the services sector saw the highest number of bankruptcies in the month at 250, though it was a 17.8 percent decrease compared to the same period last year, according to Japan Today. Japan Today adds that bankruptcies of 700 businesses in the January-November period were attributed to inflationary pressures, a 7.4 percent increase, with the yen's weakness contributing to higher food and energy costs. ======= L A O S ======= LAOS: Moody's Ups Issuer Ratings to Caa2, Outlook Stable -------------------------------------------------------- Moody's Ratings has upgraded the Government of Laos' local and foreign currency issuer ratings to Caa2 from Caa3. The outlook remains stable. Moody's have also assigned a Caa2 foreign currency senior unsecured rating to the $300 million bond issuance by the Government of Laos, on November 12, 2025 and maturing in 2030. The upgrade of the issuer ratings to Caa2 reflects Laos' improving access to international markets, as evidenced by its recent US dollar bond issuance in November. The proceeds will be used to repay a $162 million bond maturing in December 2025 in the Thai bond market, materially reducing the risk of default on upcoming external commercial maturities. The commercial bond maturity profile peaks in 2025 and declines thereafter. Meanwhile, ongoing fiscal adjustments and stabilizing macroeconomic conditions—marked by easing inflation and exchange rate pressures—have reduced liquidity and external vulnerability risks from previously very weak levels. Foreign exchange reserves have roughly doubled as of end-July 2025 compared with a year earlier and are expected to rise gradually, supported by projected current account surpluses, FDI inflows, and renewed access to international bond markets. The Caa2 rating continues to reflect persistently high financing needs and still limited financing options, which, combined with the very weak governance, point to a high probability of default. The stable outlook reflects balanced risks to Laos' credit profile. On the upside, improvements in fiscal management, government liquidity, and the external position could materialize more rapidly than currently expected. On the downside, very weak governance, limited transparency on bilateral debt, and continued reliance on short-term domestic financing could once again weaken Laos' liquidity and external position. According to the terms and conditions of the bonds issued on November 2025, the bonds will constitute a direct, unconditional and unsubordinated obligations of the Government of the Laos ("the issuer"). The bonds will rank pari passu with all of the issuer's current and future debt obligations. The proceeds from the bonds are intended to repay existing government indebtedness, including both commercial and bilateral obligations and for general government purposes. The rating mirrors the Government of Laos' issuer rating of Caa2. Concurrent with the rating action, Laos' local currency ceiling has been raised to B3 from Caa1, while the foreign currency ceiling has been increased to Caa2 from Caa3. The two-notch gap between the local currency ceiling and the sovereign rating reflects Laos' weak institutions and large government footprint in enterprises, coupled with SOEs that are large and financially unsound. The foreign currency ceiling also remains two notches below the local currency ceiling, reflecting high level of dollarization in the economy, weak external position and weak policy effectiveness, and persistent constraints on capital flows and continued exchange rate controls. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=FcTzJg RATINGS RATIONALE RATIONALE FOR THE UPGRADE ECONOMIC STABLIZATION MODERATES LIQUIDITY AND EXTERNAL VULNERABILITY RISKS Headline inflation eased to 4.0% year-on-year in October, down from over 20% a year earlier, supported by monetary tightening, liquidity absorption, and FX measures that stabilized the kip. The pace of depreciation slowed to single digits in 2024 from double-digit rates of 20–60% in prior years, and since early 2025, the gap between the official and parallel market rates has narrowed. This stabilization alleviates the debt burden, as a significant portion of public and publicly guaranteed debt—around 85% of GDP in 2024—is denominated in foreign currencies. External debt service repayments, including principal and interest, are projected to average $1.3 billion annually over 2025–2029, peaking at $1.8 billion in 2025 before declining to $950 million in 2029. About 40% of these payments are owed to the government of China, following cumulative bilateral debt deferrals of $2.3 billion between 2020 and 2024. Moody's baseline assumes China will continue rolling over principal payments on bilateral loans while interest remains on budget, although clarity on the duration, scale, and potential restructuring of these deferrals remains limited. Commercial bond obligations account for about $1.3 billion (20% of total external debt repayments) over 2025–2029, largely issued in the Thai bond market and held by Thai institutional and corporate investors. These include both THB 20.46 billion (roughly $630 million) in baht-denominated bonds and $182 million in US dollar bonds. Thus far, all maturing bonds issued in the Thai market have been repaid. Access to international capital markets has materially reduced default risk on upcoming external commercial maturities. The recent $300 million bond issuance in November provides incremental market access after Laos lost access to the Thai bond market in 2023. Proceeds will be used to repay a $162 million bond maturing in December 2025 and settle part of bilateral obligations. Commercial bond maturities peak in 2025 and then decline to around $200 million annually over 2026–2029. The government plans additional Eurobond issuances of around $500 million over the next four years to meet external financing needs. However, financing requirements remain elevated and funding sources limited, meaning continued reliance on short-term borrowing from domestic banks will persist, exerting pressure on the banking sector. The external position is improving from a low base, and Moody's expects the authorities to maintain a mild current account surplus, supported by a rebound in electricity exports as well as tourism and transport receipts. Foreign exchange reserves reached $2.7 billion at end-July 2025 (about three months of import coverage), up 60% from year-end 2023. Moody's expects reserves to exceed $3 billion in 2026, helping to reduce external vulnerability. While the External Vulnerability Indicator (EVI) will peak at around 218% in 2025 due to large financing needs, Moody's projects it will decline to 145% in 2026 and 110% in 2027 as reserves rise gradually and the external financing maturity profile eases from 2026 onward. ONGOING FISCAL ADJUSTMENTS TO SUPPORT A MORE RAPID DECLINE IN DEBT BURDEN Moody's expects the authorities to maintain a mild fiscal surplus over the next three to four years, following a surplus of 2.3% of GDP in 2024, largely driven by continued tax policy adjustments, revenue gains, and spending constraints. Revenue-to-GDP is projected to reach close to 20% by 2027, in line with the 2026–2030 Medium-Term Fiscal Framework (MTFF), supported by a broader VAT base, reinstatement of the VAT rate from 7% to 10% (effective May 2024), introduction of a digital services tax, and improvements in tax administration. Meanwhile, public expenditure will remain contained amid tighter budget management and recent government restructuring aimed at streamlining operations and reducing bureaucratic redundancies to improve efficiency over time. Public debt has declined from its peak, falling to 94% of GDP in 2024 from 112% in 2022, driven by improving macroeconomic conditions, nominal growth, and ongoing fiscal adjustments. This will support a faster-than-expected decline in the debt burden to below 80% of GDP by 2028, from 94% in 2024, albeit still at a high level. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects balanced risks to Laos' credit profile. On the upside, improvements in fiscal management, government liquidity, and the external position could materialize more rapidly than Moody's currently expect. On the downside, very weak governance, limited transparency on its bilateral debt position, and continued reliance on short-term domestic financing, amid limited funding sources, could once again weaken Laos' liquidity and external position. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Laos' CIS-5 ESG Credit Impact Score indicates a pronounced impact of ESG considerations on the current rating, which is lower than it would have been if ESG risks were not present. The score highlights Laos' very high exposure to environmental and social risks, as well as its overall weak governance profile. Laos's exposure to environmental risks (E-4 issuer profile score) is primarily driven by high exposure to physical climate risks and water risks. Natural disasters, including storms, floods, landslides and droughts, often damage crops, lower agricultural output and trim economic growth. Access to clean drinking water is inadequate. Increased frequency of droughts due to climate change has reduced reliability of Laos's hydropower production. Exposure to social risk (S-4 issuer profile score) is related to poor access to the healthcare and other basic services, low and unevenly distributed income, and unequal access to good quality education. Laos continues to exhibit elevated social risks, as reflected in persistently high maternal mortality and child malnutrition rates. Education outcomes remain among the weakest in Southeast Asia, with limited access to early childhood education, particularly for children in remote areas and from low-income households, highlighting structural challenges in human capital development. The influence of governance on Laos's credit profile (G-5 issuer profile score) is driven by weak policy effectiveness. Weak transparency and accountability in government policymaking and poor control of corruption hamper the sovereign's capacity to respond to negative environmental or social pressures. GDP per capita (PPP basis, US$): 9,762 (2024) (also known as Per Capita Income) Real GDP growth (% change): 4.3% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 16.9% (2024) Gen. Gov. Financial Balance/GDP: 2.3% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: 2.7% (2024) (also known as External Balance) External debt/GDP: 138.4% Economic resiliency: b3 Default history: No default events (on bonds or loans) have been recorded since 1983. On November 27, 2025, a rating committee was called to discuss the rating of the Laos, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have materially increased. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE The rating could be upgraded if the government's liquidity and external debt servicing improve more significantly and durably than Moody's currently expect. This would include sustained enhancements in public finance management and a faster-than-anticipated buildup of foreign exchange reserves, both of which would reduce the government's financing needs. Additionally, greater certainty regarding debt relief arrangements for bilateral loans would also lower Moody's assessments of financing needs and exert upward pressure on the rating. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could face downward pressure if there is a material reversal of the recent improvements in government liquidity and external vulnerability risks. This includes a significant decline in foreign exchange reserves or an increase in liquidity stress, such as sharply higher domestic funding rates or a cessation of debt rollovers from China. These factors would indicate a higher likelihood of the government defaulting on its debt payments. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. Laos' "b2" economic strength is set below the initial score of "ba3" to reflect ongoing weaknesses in living standards and wealth distribution, that are masked by trends in real GDP growth and income levels. Laos' "caa1" institutions and governance strength is set below the initial score of "b3" to reflects its prolonged history of arrears and is partly driven by the country's weak governance and institutions. This leads to a final scorecard-indicated outcome of Caa2-C, compared to an initial scorecard-indicated outcome of Caa1-Caa3. The assigned rating is within the final scorecard-indicated outcome. ============= M Y A N M A R ============= MYANMAR: Economy Shows Moderate Signs of Recovery, World Bank Says ------------------------------------------------------------------ Myanmar's path to economic recovery sees moderate signs of improvement despite significant headwinds, as the country grapples with the ongoing impacts of the March 2025 earthquake, persistent conflict, and enduring structural challenges, according to the latest World Bank Myanmar Economic Monitor released on Dec. 8. The report finds that firms operated at higher capacity in October 2025 compared to April and the kyat has appreciated steadily throughout 2025 following a sharp depreciation last year. While inflation has eased, overall prices remain high, continuing to strain household budgets. Freight transport volumes increased over the six months to September 2025, reflecting a partial easing of earthquake-related supply disruptions. "These early signs of recovery are encouraging," said Melinda Good, World Bank Division Director for Thailand and Myanmar. "However, Myanmar's economy continues to face formidable obstacles, including constrained reconstruction financing, ongoing conflict and insecurity, and unreliable electricity supply." The report projects that real GDP will contract by 2.0 percent in the fiscal year ending March 2026—an upward revision from the previous estimate of -2.5 percent. Looking ahead, a moderate rebound of 3 percent is forecast for FY2026/27, driven primarily by post-earthquake reconstruction and continued targeted assistance for those most affected. Inflation is expected to remain above 20 percent in the near term, maintaining pressure on living costs. Fiscal challenges will persist, with the deficit projected to reach 5 percent of GDP in FY2026/27, due to increased reconstruction spending. Public debt is anticipated to remain above 60 percent of GDP, reflecting higher domestic borrowing. The report also underscores the resilience of Myanmar's agrifood sector, which remains a key driver of private sector activity and job creation despite frequent shocks—including regular flooding and the recent earthquake. The agrifood industry contributes 27 percent of gross value-added and represents 22 percent of employment within the manufacturing sector. "Strengthening agrifood value chains is important for resilience and jobs," says Kemoh Mansaray, World Bank Senior Economist. "International experience suggests that improving the enabling environment and investing in agricultural infrastructure can help." Targeted interventions in agrifood sector include strengthening producer–processor linkages, upgrading storage and logistics infrastructure, and facilitating access to modern processing technologies. Myanmar, formerly known as Burma, is the largest country by area in Mainland Southeast Asia and has a population of about 55 million. ===================== N E W Z E A L A N D ===================== AFFORDABLE GRANITE: Creditors' Proofs of Debt Due on Jan. 22 ------------------------------------------------------------ Creditors of Affordable Granite Benchtops Wellington Limited are required to file their proofs of debt by Jan. 22, 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: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 COZY LIFE: Creditors' Proofs of Debt Due on Jan. 23 --------------------------------------------------- Creditors of Cozy Life Kitchen Limited, RS Trading Limited, Mazlum Limited, Houston Architects NZ Limited, Golden Shine NZ Limited and Houston Architects Limited are required to file their proofs of debt by Jan. 23, 2026, to be included in the company's dividend distribution. Cozy Life Kitchen Limited commenced wind-up proceedings on Nov. 21, 2025. RS Trading Limited commenced wind-up proceedings on Nov. 27, 2025. Mazlum Limited commenced wind-up proceedings on Nov. 28, 2025. Houston Architects NZ Limited commenced wind-up proceedings on Nov. 30, 2025. Golden Shine NZ Limited commenced wind-up proceedings on Dec. 1, 2025. Houston Architects Limited commenced wind-up proceedings on Dec. 2, 2025. The company's liquidators are: Garry Whimp Benjamin Francis Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 EVERLAST ROOFING: Creditors' Proofs of Debt Due on Dec. 29 ---------------------------------------------------------- Creditors of Everlast Roofing Limited are required to file their proofs of debt by Dec. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 27, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 KARAKA ESTATE: Court to Hear Wind-Up Petition on Dec. 12 -------------------------------------------------------- A petition to wind up the operations of Karaka Estate Limited will be heard before the High Court at Auckland on Dec. 12, 2025, at 10:45 a.m. Henriette Michele Nakhle filed the petition against the company on June 10, 2025. The Petitioner's solicitor is: Nolen Walters Limited Level 6 70 Shortland Street Auckland 1010 PTT LOGGING: Court to Hear Wind-Up Petition on Feb. 10 ------------------------------------------------------ A petition to wind up the operations of PTT Logging Limited will be heard before the High Court at Christchurch/Ōtautahi on Feb. 10, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 10, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton TASMAN STEEL: Reports Net Loss of NZD41MM for Year Ended June ------------------------------------------------------------- The Post reports that New Zealand's only steel producer, Tasman Steel, owner of the Glenbrook NZ Steel mill, has reported a sizeable annual loss as a result of rising costs and falling sales. The company posted a gross loss of NZD99 million for the year to the end of June as sales slipped 5% to NZD914 million and its expenses rose 4% to NZD934 million, The Post discloses. Along with many other manufacturers, Tasman Steel is believed to have been impacted by high gas and electricity costs during the 2024 winter energy crunch, but has not so far confirmed the reason for the decline. Its net loss was lower, at NZD41 million, thanks mainly to a one-off NZD40 million gain from asset sales, The Post relays. According to The Post, the steel mill is currently in the process of transforming its business. It currently produces most of its steel from smelting iron ore, but is switching to an equal mix of iron ore and scrap metal in a move that will slash its carbon emissions but reduce the supply of scrap metal to smelters overseas. In 2023, it secured government grants of up to NZD140 million to make the change, which involves investing in a new electric furnace. Tasman Steel indicated in its accounts published by the Companies Office that work was going according to plan, The Post adds. Tasman Steel Holdings Limited, the parent company of New Zealand Steel (NZ Steel), runs the large steel mill at Glenbrook, producing steel from iron ore and increasingly scrap, serving domestic and export markets. WELLINGTON RUGBY: Malcolm Gillies Steps in to Save Hurricanes ------------------------------------------------------------- The Post reports that property developer Malcolm Gillies has come to the rescue of the Hurricanes and the Wellington Rugby Football Union (WRFU) after the Super Rugby club recorded a shock NZD2 million loss in the last financial year. According to The Post, Mr. Gillies and Porirua-based Summit Capital have joined forces to buy the WRFU's 50% shareholding in the Hurricanes, providing the WRFU with much-needed funds after years of heavy losses. Mr. Gillies has been working on a deal for months but he told The Post that he needed to "take a very deep breath" after discovering during the negotiations that the Hurricanes' loss for 2025 had blown out to about five times what he had been expecting. "Our initial investigations were that the Hurricanes were potentially going to make a loss of NZD400,000," Mr. Gillies told The Post in an interview. "As it transpired - we got involved probably three months before the end of the financial year - it was NZD2 million plus. "Would we have still got involved if we had known the true story? We don't know. "But going through that process further convinced us that there was a lot that we could offer the club. "So, once we'd taken a very big deep breath and really looked at both sides of the equation - i.e. income and expenditure and potential - we felt we could still turn this around." The Post notes that the Hurricanes have been bleeding money in recent years, losing about NZD2 million across 2023 and 2024, but the NZD2 million loss in 2025 alone was also the tipping point for New Zealand Rugby intervention. The Post relates that NZ Rugby will become a minority investor in both the Hurricanes and the WRFU, taking board seats across both organisations, but chair David Kirk said the financial support would be "temporary". "As we have done previously with other provincial unions and Super Rugby clubs, NZ Rugby is providing temporary financial support in the form of loan facilities on acceptable terms and a capital injection we expect to recover, to help both organisations get on a firm financial footing again," The Post quotes Mr. Kirk as saying in a statement. "This is backed up with governance arrangements to support both organisations in their financial recovery." Mr. Gillies will become chair of the Hurricanes as he attempts to turn the club's fortunes around, and said that a search for a new chief executive to replace the departing Avan Lee would not begin until the club had been stabilised. In the interim, outgoing Hurricanes general manager of rugby Tony Philp has agreed to stay on until a full-time chief executive is found, The Post states. The Wellington Rugby Football Union (WRFU) is the official governing body of rugby union in the city of Wellington, in New Zealand. ================= S I N G A P O R E ================= PEARL EXPRESS: Court to Hear Wind-Up Petition on Dec. 19 -------------------------------------------------------- A petition to wind up the operations of Pearl Express Services Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Nov. 21, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 TINN3 PTE: Court to Hear Wind-Up Petition on Dec. 19 ---------------------------------------------------- A petition to wind up the operations of Tinn3 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 TOAST INN: Court to Hear Wind-Up Petition on Dec. 19 ---------------------------------------------------- A petition to wind up the operations of Toast Inn 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 TT INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 12 ----------------------------------------------------------- A petition to wind up the operations of TT International Limited will be heard before the High Court of Singapore on Dec. 12, 2025, at 10:00 a.m. Oversea-Chinese Banking Corporation Limited filed the petition against the company on Nov. 18, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ********* 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 ***