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251222.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, December 22, 2025, Vol. 28, No. 254 Headlines A U S T R A L I A ALLIED CREDIT 2023-2: Moody's Ups Rating on Class F Notes to Ba1 ANDERSON PROPERTY: McGrathNicol Appointed as Liquidators ANGLE ASSET 2023-2P: Moody's Hikes Rating on Class F Notes to Ba2 ARCHITECTURAL ENGINEERING: 1st Creditors' Meeting Set for Dec. 23 AUSTRALIAN TURF: Fends Off Administrator, For Now BEDFORD GROUP: Creditors Vote for The Disability Trust Control BILLBOARD MEDIA: Owes Creditors Over AUD7MM, ATO Largest Creditor D W SULLIVAN: First Creditors' Meeting Set for Dec. 24 IMPERO PACIFIC: First Creditors' Meeting Set for Dec. 24 KINSALE MMT: First Creditors' Meeting Set for Dec. 24 LAUNCESTON FABRICATION: First Creditors' Meeting Set for Dec. 24 RESIMAC BASTILLE 2023-2NC: Moody's Ups Rating on Cl. F Notes to Ba3 RESIMAC TRIOMPHE 2025-2: S&P Assigns B+(sf) Rating on Cl. F Notes REX AIRLINES: NRF Advises Australian Government on Restructuring RM CAPITAL: Federal Court Orders AUD925,000 in Penalties RYNCO PTY: ASIC Cancels Australian Financial Service Licence TAURUS 2025-2: Moody's Assigns B2 Rating to AUD2MM F Notes TURQUOISE IV TRUST: S&P Assigns Prelim. B+(sf) Rating on F Notes C H I N A CHINA VANKE: Unit Sells Just 7 Units in Le Mont Weekend Launch I N D I A AJANTA RAAJ: CARE Keeps B- Debt Rating in Not Cooperating Category ARG INFRA: CARE Keeps D Debt Rating in Not Cooperating Category BANWARI ENTERPRISES: Liquidation Process Case Summary BHAWANI PRASAD: CARE Keeps C Debt Rating in Not Cooperating BLUE AUTOWORLD: CARE Keeps C Debt Rating in Not Cooperating CARS PRIVATE: CARE Keeps B+ Debt Rating in Not Cooperating GENESYS BIOLOGICS: CARE Keeps D Debt Rating in Not Cooperating GWET COLD: CARE Keeps B- Debt Rating in Not Cooperating Category INNOVISION FOODS: Voluntary Liquidation Process Case Summary JANGAM INFRATECH: CARE Keeps C Debt Rating in Not Cooperating KANDAGIRI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating KK LEISURES: CARE Keeps B- Debt Rating in Not Cooperating Category KUBERA CONSTRUCTIONS: CARE Cuts Rating on INR18.67cr LT Loan to D LATA EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category MATRIX AGRO: CARE Keeps D Debt Rating in Not Cooperating Category OM SATYA: CARE Keeps B- Debt Rating in Not Cooperating Category PANTONE TEXTILE: CARE Keeps C Debt Ratings in Not Cooperating RAGHAVA PROJECT: CARE Keeps D Debt Rating in Not Cooperating RAKMO PRESS: CARE Keeps B- Debt Rating in Not Cooperating Category RAMDEV STAINLESS: CARE Keeps B- Debt Rating in Not Cooperating RAYEN STEELS: CARE Keeps B- Debt Rating in Not Cooperating ROHIT JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating SATURN RINGS: CARE Keeps D Debt Rating in Not Cooperating Category SIWAL INFRACON: CARE Keeps C Debt Rating in Not Cooperating SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating SRINIVASA FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating SUNGRACE SYNTEX: CARE Keeps C Debt Rating in Not Cooperating TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating UMESH INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating VIJSUN ENGINEERS: Liquidation Process Case Summary N E W Z E A L A N D CHANCE VOIGHT: Creditors' Proofs of Debt Due on Feb. 28 COOKE FLOORING: Creditors' Proofs of Debt Due on Jan. 30 HSB TRANSPORT: Creditors' Proofs of Debt Due on Jan. 21 PUBLISHER PRIME: Creditors' Proofs of Debt Due on Jan. 16 SOUNDHOMES NZ: First Creditors' Meeting Set for Dec. 23 S I N G A P O R E EVENTUS LINK: Court Enters Wind-Up Order GERSON & CO: Court Enters Wind-Up Order KEPPEL PEOPLE: Commences Wind-Up Proceedings KOMALA'S VEGE: Court Enters Wind-Up Order RAAZ ENTERPRISES: Court Enters Wind-Up Order V I E T N A M VIET DRAGON: Moody's Affirms 'B2' CFR, Outlook Stable - - - - - ================= A U S T R A L I A ================= ALLIED CREDIT 2023-2: Moody's Ups Rating on Class F Notes to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on nine classes of notes issued from two Allied Credit ABS Trust transactions. Issuer: Allied Credit ABS Trust 2023-2 Class B Notes, Upgraded to Aaa (sf); previously on May 20, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on May 20, 2024 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Feb 13, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Feb 13, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Feb 13, 2025 Upgraded to Ba2 (sf) Issuer: Allied Credit ABS Trust 2024-1 Class C Notes, Upgraded to Aa2 (sf); previously on Feb 13, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Feb 13, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Feb 13, 2025 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Feb 13, 2025 Upgraded to Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in notes subordination available for the affected notes, the good collateral performance to date, and revised collateral assumptions. No action was taken on the remaining rated classes in the respective transactions as credit enhancement for these classes remains commensurate with the current rating for the respective notes. Allied Credit ABS Trust 2023-2 Principal collections have been distributed on a pro-rata basis among all notes since the September 2024 payment date. As a result, the notes subordination available for Class D, Class E, and Class F Notes has remained unchanged at 10.7%, 5.4%, and 4.2% respectively, since the last rating action for these notes in February 2025. The notes subordination for Class B and Class C Notes has increased to 18.0% and 13.0% respectively, from 15.9% and 11.5% at the time of the last rating action for these notes in May 2024. Current total outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance (excluding Class A-X Notes) is 41.6%. Class A-X Notes are not collateralised and are repaid senior in the income waterfall. As of end-October 2025, 1.4% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred 1.4% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 3.4% of the current pool balance (equivalent to 2.8% of the original pool balance) from 4.1% of the outstanding pool balance (equivalent to 3.2% of the original pool balance) at the time of the last rating action in February 2025. Moody's have also decreased Moody's the Aaa portfolio credit enhancement assumption to 16% from 18%. Allied Credit ABS Trust 2024-1 Following the November 2025 payment date, the notes subordination available for the Class C, Class D, Class E, and Class F Notes has increased to 14,1%, 11.9%, 6.1%, and 4.9% respectively, from 13.7%, 11.5%, 5.9%, and 4.8% at the time of rating action in February 2025. Principal collections have been distributed on a pro-rata basis among all notes since the March 2025 payment date. Current total outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance (excluding Class A-X Notes) is 53.8%. Class A-X Notes are not collateralised and are repaid senior in the income waterfall. As of end-October 2025, 1.1% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred 0.8% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 3.7% of the current pool balance (equivalent to 2.8% of the original pool balance) from 4.1% of the outstanding pool balance (equivalent to 3.4% of the original pool balance) at the time of the last rating action in February 2025. Moody's have also decreased Moody's the Aaa portfolio credit enhancement assumption to 16.5% from 18%. The transactions are securitisation of loans backed primarily by motor vehicle assets originated by Allied Credit Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ANDERSON PROPERTY: McGrathNicol Appointed as Liquidators -------------------------------------------------------- Anthony Connelly, Shane O'Keefe and Katherine Sozou of McGrathNicol on Dec. 17, 2025, were appointed as liquidators of Anderson Property Holdings (ACT) Pty Ltd. ANGLE ASSET 2023-2P: Moody's Hikes Rating on Class F Notes to Ba2 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on nine classes of notes from three Angle Asset Finance transactions. The affected ratings are as follows: Issuer: Angle Asset Finance - Radian Trust 2023-2P Class E Notes, Upgraded to Baa3 (sf); previously on Sep 14, 2023 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Apr 17, 2025 Upgraded to Ba3 (sf) Issuer: Angle Asset Finance - Radian Trust 2023-3 Class C Notes, Upgraded to Aa3 (sf); previously on Oct 17, 2024 Upgraded to A1 (sf) Class D Notes, Upgraded to A3 (sf); previously on Oct 17, 2024 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Oct 17, 2024 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Apr 17, 2025 Upgraded to Ba3 (sf) Issuer: Angle Asset Finance - Radian Trust 2024-1 Class D Notes, Upgraded to A3 (sf); previously on Apr 17, 2025 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Apr 17, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Jun 28, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were a result of the increase in credit enhancement available for the affected notes. No actions were taken on the remaining rated classes in the respective transactions as credit enhancement for these classes remains commensurate with the current rating for the respective notes. Angle Asset Finance - Radian Trust 2023-2P Following the November 2025 payment date, the credit enhancement available for the Class F Notes has increased to 8.1% from 6.2% at the time of the last rating action in April 2025. Credit enhancement available for the Class E Notes has increased to 9.7% from 5% at closing. Principal collections have been distributed on a pro-rata basis among the rated notes since the September 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 41%. As of end-October 2025, 3% of the outstanding pool was 30-plus day delinquent, and 1.3% was 90-plus day delinquent. The portfolio has incurred losses of 3% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the recent observed performance and loan attributes, Moody's have increased Moody's mean default assumption to 6.4% of the outstanding pool balance (equivalent to 6.3% of the original pool balance) from 5.8% of the outstanding pool balance (equivalent to 5.5% of original pool balance) at the time of the last rating action. Moody's have also increased the Aaa portfolio credit enhancement (PCE) to 28% from 26% at the time of the last rating action. Angle Asset Finance - Radian Trust 2023-3 Following the November 2025 payment date, the credit enhancement available for the Class F Notes has increased to 8.2% from 6% at the time of the last rating action in April 2025. Credit enhancement available for the Class C, Class D, and Class E Notes has increased to 19.8%, 16.1%, and 10.2% respectively, from 16.1%, 12.5%, and 6.9% at the time of the rating action for these notes in October 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the December 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 45.3%. As of end-October 2025, 2.8% of the outstanding pool was 30-plus day delinquent, and 1.5% was 90-plus day delinquent. The portfolio has incurred losses of 2.9% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the recent observed performance and loan attributes, Moody's have maintained Moody's mean default assumption at 6.4% of the outstanding pool balance (equivalent to 6.3% of the original pool balance) from the time of the last rating action. Moody's have also maintained the Aaa PCE at 28%. Angle Asset Finance - Radian Trust 2024-1 Following the November 2025 payment date, the credit enhancement available for the Class D and Class E Notes has increased to 14.8% and 7.9% respectively, from 12.6% and 6.2% at the time of the last rating action in April 2025. Credit enhancement available for the Class F Notes has increased to 5.9% and 3.4% at closing. Principal collections have been distributed on a pro-rata basis among the rated notes since the July 2025 payment date. Current outstanding notes as a percentage of the total closing balance is 57.9%. As of end-October 2025, 2.1% of the outstanding pool was 30-plus day delinquent, and 0.9% was 90-plus day delinquent. The portfolio has incurred losses of 1.8% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have updated Moody's mean default assumption to 6% of the outstanding pool balance (equivalent to 5.8% of the original pool balance) from 6.7% of the outstanding pool balance (equivalent to 5.8% of the original balance) at the time of the last rating action. Moody's have maintained the Aaa PCE at 28%. Moody's analysis has also considered various scenarios involving different mean default rate and PCE to evaluate the resiliency of the note ratings. The transactions are securitisations of auto and equipment loans and operating leases by Angle Asset Finance, an Australian non-bank asset finance provider. The obligors in the pool are primarily small-to-medium enterprises domiciled in Australia. The underlying assets backing the receivables include, among others, vehicles, wheeled equipment, photocopiers, printers and telephony. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ARCHITECTURAL ENGINEERING: 1st Creditors' Meeting Set for Dec. 23 ----------------------------------------------------------------- A first meeting of the creditors in the proceedings of Architectural Engineering Pty Limited, trading as Ferro Finestra; By Vincenzo; Bronze Brass Windows & Doors Australia; Panorama BYV, will be held on Dec. 23, 2025 at 10:00 a.m. via virtual facilities. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Dec. 15, 2025. AUSTRALIAN TURF: Fends Off Administrator, For Now ------------------------------------------------- Zoe Samios at The Australian Financial Review reports that the Australian Turf Club has succeeded in stalling the appointment of an administrator to run its operations after a court ruled no strong evidence existed to suggest insolvency was imminent. According to the Financial Review, the ATC filed against Racing NSW in the Supreme Court on Dec. 19 after the industry regulator's chief executive, Peter V'landys, announced plans to sack the board and appoint EY as administrators. The Financial Review relates that Racing NSW argued the ATC directors, led by Tim Hale, had not done enough to improve the club's commercial performance or resolve serious financial issues. It first issued the club with a show-cause notice in September. Judge Francois Kunc said he would extend an injunction put in place by another judge earlier in the week until the court's final decision. It means the ATC's board of directors will remain in charge until that time, the Financial Review relays. The case will be heard over two days in February, the report notes. In his summary, Judge Kunc said he believed the club could continue to operate over the next nine weeks without an administrator, given it had AUD29 million in cash in the bank and no obligation to refinance a AUD30 million loan in the short term, according to the Financial Review. He said he did not believe Racing NSW would withdraw a loan guarantee, given the regulator ultimately wants the club to survive. "The board of the Australian Turf Club welcomes today's decision and will now continue to work diligently and collaboratively with all stakeholders to continue normal racing and club operations," the report quotes chairman Tim Hale as saying. The ATC owns four metropolitan racetracks in Sydney, including Rosehill Gardens and Royal Randwick racecourses. It was provided with a show-cause notice in September and has since been in meetings with Racing NSW about a way to resolve its outstanding financial matters. Racing NSW's rationale for appointing an administrator was focused on the risk of the club's insolvency. Oliver Jones, SC, acting for Racing NSW, said the regulator was concerned with what the club's state of financial affairs said about the board's competence. "What we don't want to do is wait until this club is actually insolvent. The damage is being incurred now . . . we want our administrator in so this business can be fixed," he said. According to the Financial Review, Judge Kunc said the injunction was only for a short period and that the efforts of the directors to improve the financial position of the club "should not be interrupted" by an administrator. Mr. V'landys said he respected the judge's decision to keep "the status quo for the moment". "It is important to note, however, that this decision is only for convenience and in no way has it determined the case," the report quotes Mr. V'landys as saying. "We are confident in our position, and we will continue to act in the best interests of the 50,000 participants to ensure their incomes are maximised." The Australian Turf Club will host about two race meetings a week between now and February. "There is no persuasive evidence that the club will not be able to hold those events . . . as opposed to if [the administrator] was in control," Judge Kunc added. The Financial Review adds that Judge Kunc also rejected an attempt by Racing NSW to make ATC directors personally liable for damages, and a request that the ATC hand over its financial documents before the next hearing. Australian Turf Club (ATC) owns and operates thoroughbred racing, events and hospitality venues across Sydney, Australia. BEDFORD GROUP: Creditors Vote for The Disability Trust Control -------------------------------------------------------------- ABC News reports that creditors have voted to support the sale of Bedford to NDIS provider The Disability Trust, which would guarantee the jobs of 1,100 workers. Bedford's financial troubles became public in July, with the state and federal governments stepping in with a financial lifeline to keep the business operating. Last month, the disability employment provider formally entered administration, with 540 unsecured creditors and outstanding debts of about AUD18 million. At the time, The Disability Trust was named the preferred buyer. Creditors have now voted on a deed of company arrangement (DOCA) proposal, which will enable that transfer. According to the ABC, administrator Rob Smith from McGrathNicol said the formal transaction was expected to be completed in January or February. "The vote of creditors to support the . . . DOCA proposal is a significant milestone in the ongoing restructure of Bedford," the ABC quotes Mr. Smith as saying. The Disability Trust will take over Bedford's core disability services and employment business, Supported Independent Living, and some other operations. The ABC relates that deputy CEO Mathew McIntyre said 800 supported workers and 300 other employees would retain their jobs. "This has been a challenging period for everyone connected to Bedford," Mr. McInytre said. The reasons for Bedford's downfall have been detailed in an administrator's report. It can be revealed preliminary investigations indicate the disability employment provider became insolvent no later than September last year, and likely earlier. The ABC says McGrathNicol found failed investment in social enterprises led to heavy losses and depleting working capital. The administrators found books and record keeping were inadequate, and reduced NDIS plan revenue led to further financial constraints. The administrators have sold or are in the process of selling other businesses linked to Bedford. Dave Kirner from the CFMEU's manufacturing division said that meant lingering uncertainty for some workers. But he said 100 workers terminated when the disability service provider entered administration looked like they would now receive their entitlements early next year. The state government is contributing AUD21 million to support the transition to The Disability Trust, the ABC says. About Bedford Group Bedford Group provides training, employment, and support to people living with disability. Matthew Caddy, Melissa Smith, Mark Knight and Robert Smith of McGrathNicol were appointed as voluntary administrators of The Bedford Group on Nov. 17, 2025. The entities within the group are: - Bedford Group Ltd; - Bedford Social Enterprises Holding Company Pty Ltd; - Bedford Social Enterprises Ltd; - Bedford Services and Advisory Ltd; - Cultivate Food and Beverage Pty Ltd; - Green Inclusive Enterprises Pty Ltd; and - Dovetail Advanced Manufacturing Pty Ltd BILLBOARD MEDIA: Owes Creditors Over AUD7MM, ATO Largest Creditor ----------------------------------------------------------------- Sprinter reports that the first creditors meeting for Billboard Media was held on Dec. 18 and it has been revealed that the company owes creditors over AUD7 million. The largest creditor is the Australian Tax Office with the administrator estimating between AUD4 million and AUD5 million to be owed. Hall Chadwick partner John Vouris has been appointed as the administrator for the Billboard Media business and provided Sprinter with an exclusive insight into the events from the creditor's meeting. "Today's first creditors' meetings went well with six creditors in attendance," Sprinter quotes Mr. Vouris as saying. Sprinter understands there was only one creditor in attendance at the meeting in Sydney with an additional five creditors joining by zoom. Mr. Vouris confirmed the Australian Tax Office was not in attendance. "We are trading the business and the directors are proposing with their advisers a Deed of Company Arrangement and then it is a question of whether it is accepted. We know creditors will not be paid at 100 cents and it is my job to maximise the return to creditors," Sprinter quotes Mr. Vouris as saying. Mr. Vouris confirmed he is continuing to operate the business with 46 employees currently employed. "All employees are staying onboard and are owed about AUD1.3 million in their entitlements. Sprinter relates that Mr. Vouris has confirmed the value of assets have not been determined and he will be advertising for the sale of machinery and equipment within the business. "I will be advertising these assets as a going concern," he said. Mr. Vouris confirmed there are a number of inter-company loans including a loan between Billboard Media and another business located in the same premises – Arlo+Coop. Sprinter understands the loan to Arlo+Coop is AUD1.3 milion. "Arlo+Coop is operated by the director's son and they shared premises – there is nothing hiding that," Sprinter quotes Mr. Vouris as saying. The remaining list of creditors are owed small amounts of money with a total of approximately AUD500,000. The second meeting of creditors will be held on Jan. 22, 2026, the ABC discloses. Earlier last week, competitors of Billboard Media reported being inundated with phone calls from former clients following the company's voluntary administration. One printer interviewed by Sprinter confirmed that their "phone has been running hot with new business leads" since the news of Billboard Media entering administration last week, as previously reported by Sprinter. Founded 40 years ago, Billboard Media is a large-format printing company specialising in indoor and outdoor media, including billboards, banners, posters, cardboard, construction wraps and more. Richard Albarran and John Vouris from Hall Chadwick were appointed as joint administrators on Dec. 8, 2025. D W SULLIVAN: First Creditors' Meeting Set for Dec. 24 ------------------------------------------------------ A first meeting of the creditors in the proceedings of D W Sullivan Windows Pty Ltd will be held on Dec. 24, 2025 at 11:00 a.m. via a conference telephone call. Mathew Dieter Windsor Blum and Luke Francis Andrews of BDO Australia were appointed as administrators of the company on Dec. 16, 2025. IMPERO PACIFIC: First Creditors' Meeting Set for Dec. 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Impero Pacific Group Pty Limited will be held on Dec. 24, 2025 at 10:30 a.m. at the offices of DVT Mcleods at Suite 2, Level 2, 60 Phillip Street, in Parramatta, NSW, and virtually. Henry Kwok and Antony Resnick of DVT Mcleods were appointed as administrators of the company on Dec. 15, 2025. KINSALE MMT: First Creditors' Meeting Set for Dec. 24 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Kinsale MMT Pty Limited will be held on Dec. 24, 2025 at 11:00 a.m. via virtual facilities. Geoffrey Trent Hancock and Trent Andrew Devine of Jirsch Sutherland were appointed as administrators of the company on Dec. 15, 2025. LAUNCESTON FABRICATION: First Creditors' Meeting Set for Dec. 24 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Launceston Fabrication Pty Ltd Atf The Hill Trading Trust will be held on Dec. 24, 2025 at 10:00 a.m. via electronic means. Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as administrator of the company on Dec. 14, 2025. RESIMAC BASTILLE 2023-2NC: Moody's Ups Rating on Cl. F Notes to Ba3 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on six classes of notes issued by two Resimac Bastille Trust Series RMBS. Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-2NC Class D Notes, Upgraded to Aa2 (sf); previously on Apr 30, 2025 Upgraded to A1 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Aug 7, 2024 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Sep 29, 2023 Definitive Rating Assigned B1 (sf) Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-1NC Class B Notes, Upgraded to Aa1 (sf); previously on Mar 31, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Mar 31, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Mar 31, 2025 Definitive Rating Assigned Baa2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancements available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deals as credit enhancement remains commensurate with the current rating for the respective notes. RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-2NC Following the November 2025 payment date, credit enhancement available for the Class D Notes has increased to 7.6% from 6.2% at the time of the last rating action for these notes in April 2025. Credit enhancement available for the Class E Notes has increased to 4% from 2.3% at the time of the last rating action for these notes in August 2024. Credit enhancement available for the Class F Notes has increased to 3% from 0.9% at closing. Principal collections were distributed on a pro-rata basis on the October and November 2025 payment dates. Current total outstanding note balance as a percentage of the closing balance is 38.6%. As of end-October 2025, 6.8% of the outstanding pool was 30-plus day delinquent and 3.7% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 2.1% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) from 2.3% of the outstanding pool balance (equivalent to 1.1% of the original pool balance) at the time of the last rating action in April 2025. Moody's have maintained Moody's MILAN CE assumption at 7.6%. RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-1NC Following the November 2025 payment date, credit enhancement available for the Class B, Class C and Class D Notes has increased to 6.5%, 5.0%, and 3.3% respectively, from 5.0%, 3.8%, and 2.5% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current outstanding pool balance as a percentage of the closing pool balance is 76.8%. As of end-October 2025, 1.2% of the outstanding pool was 30-plus day delinquent and 0.5% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 1.1% of the original pool balance (equivalent to 1.4% of the outstanding pool balance) and Moody's MILAN CE assumption at 8.0% since closing. The transactions are Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. RESIMAC TRIOMPHE 2025-2: S&P Assigns B+(sf) Rating on Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-2. RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-2 is a securitization of prime residential mortgage loans originated by RESIMAC Ltd. (RESIMAC). The ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each rated class of notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover provide credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account RESIMAC's underwriting standards and approval process, which are consistent with industrywide practices; the strong servicing quality of RESIMAC; and the support provided by the LMI policies on 18.5% of the portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P said, "Our ratings also take into account the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and swap provider, and Westpac Banking Corp. as bank account provider. "The transaction documents for the liquidity facility include downgrade language consistent with our counterparty criteria. We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-2 Class A1, A$155.00 million: AAA (sf) Class A2, A$745.00 million: AAA (sf) Class AB, A$50.00 million: AAA (sf) Class B, A$27.50 million: AA (sf) Class C, A$11.50 million: A (sf) Class D, A$4.50 million: BBB (sf) Class E, A$3.50 million: BB (sf) Class F, A$1.00 million: B+ (sf) Class G, A$2.00 million: Not rated REX AIRLINES: NRF Advises Australian Government on Restructuring ---------------------------------------------------------------- Global law firm Norton Rose Fulbright has advised the Australian Government on the successful restructuring and refinancing of Australia's largest regional airline, Rex Airlines. Immediately upon entering voluntary administration in July 2024, the Australian Government identified Rex as an important airline for regional and remote communities and its continuation to be in the best interests of regional Australia, the travelling public, its workers and the aviation sector. The firm advised the Australian Government on all aspects of the administration and measures to appropriately support the Rex business during its administration and to facilitate a potential financial restructuring. This advice included interrelated rescue finance transactions designed to enable the administrators to continue to trade Rex's regional business, conduct a business improvement program during the administration, and conduct a sale process of Rex's regional business. Those transactions included the Australian Government's AUD110 million finance facilities, a standstill agreement with Rex's then principal secured creditor (to facilitate an orderly sale of assets non-core to Rex's regional business), and the Australian Government's acquisition of AUD50 million of Rex's debt owed to that secured creditor. Norton Rose Fulbright also advised the Australian Government on the administrators' sale process which resulted in the Rex companies' successful restructuring involving: acquisition of the shares in Rex Holdings by NASDAQ-listed AirT Inc, a restructuring of the Australian Government's rescue finance facilities; a restructuring of Rex's unsecured liabilities via a Deed of Company Arrangement and exit finance facilities provided by the Australian Government and Air T. These arrangements include commitments aimed at enabling Rex to preserve essential regional aviation connectivity, facilitating the return of more aircraft to service and increasing the frequency of profitable flights across the Rex network. Norton Rose Fulbright restructuring partners Noel McCoy and Scott Atkins commented: "We are pleased to have brought together a multidisciplinary team to assist the Australian Government in its successful restructure of Rex Airlines. Rex has played an important role in meeting the travel needs of regional and remote Australians, and we are delighted to have supported the Australian Government's efforts to ensure that these valued aviation services can continue." The transaction involved a multidisciplinary team across Norton Rose Fulbright. The team was led by partner Noel McCoy and partner and global head of restructuring Scott Atkins and included partner Vittorio Casamento and special counsel Adele Gray (banking & finance); partner Jasmine Sprange (corporate), partner Richard Morrison and special counsel Veronica Seeto (Commonwealth government). Other lawyers supporting on the transaction included special counsel Sebastian Jensen; senior associates Sera Erikozu, Igor Kungurov and Natalia Starostenko; and associates Alex Brigden, Ella Crowley-Burrows and William Batt. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. RM CAPITAL: Federal Court Orders AUD925,000 in Penalties -------------------------------------------------------- The Federal Court has ordered Australian financial services licensee RM Capital Pty Ltd to pay a AUD575,000 penalty and its authorised representative The SMSF Club Pty Ltd to pay a AUD350,000 penalty over conflicted remuneration breaches. The penalties follow a Federal Court finding in February 2024 that RM Capital had failed to take reasonable steps between August 2013 and August 2016 to ensure that SMSF Club did not accept conflicted remuneration. The Court also made findings that on multiple occasions between November 2014 and July 2016 SMSF Club accepted conflicted remuneration. It found that SMSF Club received a total of AUD135,863.65 in referral fees from real estate agent Positive RealEstate Pty Ltd (for assisting SMSF Club clients to set up a self-managed superannuation fund (SMSF) and purchase property from Positive RealEstate. The referral fees were paid as part of a referral agreement between SMSF Club and Positive Real Estate. On each occasion it accepted a referral fee, SMSF Club breached the provision of the Corporations Act which prohibits an authorised representative from accepting conflicted remuneration. As the licensee that authorised SMSF Club to provide financial services, RM Capital contravened s963F of the Corporations Act by failing to take reasonable steps to ensure SMSF Club did not accept the payments. ASIC Deputy Chair Sarah Court said, 'The Court's judgment reflects RM Capital's systemic failure to uphold important consumer protection safeguards over a sustained, three-year period. 'RM Capital should have provided proper oversight of SMSF Club as an authorised representative in relation to its compliance with the conflicted remuneration provisions. 'Conflicted remuneration has the potential to cause consumers to be given financial product advice that is weighted to the provider's interests and may not suit consumers' needs,' the Deputy Chair said. Justice Jackson said, 'I am conscious that RM Capital is a small organisation with limited resources. But in its capacity as an AFSL holder, these responsibilities were not mere inconvenient distractions from its business activities; they were core responsibilities. 'That RM Capital took this passive approach even in the face of an ASIC investigation, an adverse liability judgment, and an approaching penalty hearing, suggests that from the point of view of specific deterrence, at least, a high penalty may be necessary to motivate it to change its approach.' His Honour ordered that within six months: * RM Capital is to provide ASIC with a written report of an independent expert stating whether it has in place appropriate systems, policies and procedures to ensure that its representatives comply with s963G(1) of the Corporations Act, * SMSF Club is to provide ASIC with a written report of an independent expert stating whether it has in place appropriate systems, policies and procedures to ensure that it complies with s963G(1) of the Corporations Act. ASIC commenced civil proceedings in the Federal Court against RM Capital and SMSF Club in relation to accepting conflicted remuneration on June 7, 2019. ASIC and SMSF Club subsequently filed joint submissions and a statement of agreed facts which included admissions by SMSF Club of contraventions of s963G of the Corporations Act. On Feb. 29, 2024, the Court found that RM Capital failed to take reasonable steps to ensure that its authorised representative, SMSF Club, did not accept conflicted remuneration. RYNCO PTY: ASIC Cancels Australian Financial Service Licence ------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Rynco Pty Ltd for ongoing non-compliance. ASIC found that Rynco: * has not maintained the competence to provide financial services as it does not have an active responsible manager and its directors are not fulfilling their oversight role, * did not have adequate resources to provide financial services and to carry out supervisory arrangements due to its failure to pay the Industry Funding Levy and Financial services Compensation Scheme of Last Resort (CSLR) annual levy, and in failing to have an active responsible manager, * had not complied with the key person condition on its licence to inform ASIC within five business days of a change in the key person who would perform duties on behalf of the AFSL with respect to its financial services business, and the replacement, and * had not complied with financial services laws by failing to prepare and lodge annual accounts. Rynco may apply to the Administrative Review Tribunal for a review of ASIC's decision. Sydney-based Rynco Pty Ltd has held AFS licence 479840 since Oct. 12, 2015. TAURUS 2025-2: Moody's Assigns B2 Rating to AUD2MM F Notes ---------------------------------------------------------- Moody's Ratings has assigned definitive ratings to notes issued by BNY Trust Company of Australia Limited in its capacity as trustee of Taurus 2025-2 Trust. Issuer: BNY Trust Company of Australia Limited in its capacity as the trustee of the Taurus 2025-2 Trust AUD280.00 million Class A1 Notes, Assigned Aaa (sf) AUD6.50 million Class A1-X Notes, Assigned Aaa (sf) AUD60.00 million Class A2 Notes, Assigned Aaa (sf) AUD33.20 million Class B Notes, Assigned Aa2 (sf) AUD6.40 million Class C Notes, Assigned A2 (sf) AUD8.40 million Class D Notes, Assigned Baa2 (sf) AUD8.40 million Class E Notes, Assigned Ba2 (sf) AUD2.00 million Class F Notes, Assigned B2 (sf) The AUD1.6 million Class G Notes is not rated by Moody's. Taurus 2025-2 Trust transaction is a static cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. Taurus Finance Holdings Pty Limited (Taurus) originated and services the receivables. Taurus is a finance company that originates retail auto loans and provides floorplan finance to automotive dealers. Taurus was founded in 2016 and started originating retail auto loans in October 2019. From July 03, 2025, Taurus became a wholly owned subsidiary of Navalo Financial Services Group Pty Ltd (Navalo), which in turn is wholly owned by Metrics Credit Holdings Pty Ltd (Metrics). Taurus is equity-backed by entities managed by Metrics Credit Partners, along with key management personnel. As of September 30, 2025, Taurus had a loan portfolio of AUD941.5 million of retail auto loans. RATINGS RATIONALE The ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.50% of the invested amount of all rated notes subject to a floor of AUD600,000, the legal structure, and the experience of Taurus as servicer. According to Moody's analysis, the transaction benefits from the prime nature of the obligors and the strong historical performance of Taurus's loan portfolio with delinquencies and losses since October 2019 lower than for comparable auto loan originators. However, the limited nature of historical performance data, presents a challenge as the future performance of auto loans could be subject to greater variability than the current data indicates. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 13.0%. Moody's mean expected default rate for this transaction is 2.3% and the assumed recovery rate is 30.0%. Expected defaults, recoveries and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate auto ABS. Moody's assumed mean default rate is stressed compared to observed levels of default, with only 394 loans written off between October 2019 and September 2025. To address the limited performance history, Moody's have benchmarked Taurus's portfolio performance, portfolio characteristics, underwriting and credit policies to comparable originators. Moody's have also overlaid additional stresses into Moody's loss assumptions to account for the limited origination and operational history. The PCE of 13.0% is broadly in line with other Australian auto ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. Key transactional features are as follows: -- Principal collections will be at first distributed pari passu and rateably to the Class A1 Notes and Class A2 Notes; then sequentially to Classes B to Class G Notes. Once the step down conditions are satisfied, all notes, excluding the Class G Notes, may participate in proportional principal collections distribution. The step-down conditions include, among others, subordination to the Class A2 Notes at least 22.5%, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 4.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate stated amount of the notes (excluding the Class A1-X Notes) is less than 20.0% of the aggregate invested amount of the notes (excluding Class A1-X Notes) at closing, or on or after the payment date in December 2028. -- A swap provided by National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch between the fixed rate assets and the floating rate liabilities. The notional balance of the swap will follow a schedule based on the repayment profile of the assets, assuming a certain prepayment rate. -- BNY Trust Company of Australia Limited (BNY), a wholly owned subsidiary of The Bank of New York Mellon (Aa1/P-1) acts as the standby servicer. BNY has delegated the standby servicer function to Verofi Pty Limited (Verofi), a specialist third-party standby servicer under a memorandum of understanding with Verofi. However, BNY retains legal responsibility for the standby servicer's contractual obligations. If Taurus is terminated or retires as servicer, BNY will take over the legal responsibility of the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- The pool consists of 91.3% consumer loans and 8.7% of commercial loans. -- Interest rates in the portfolio range from 3.5% to 16.9%, with a weighted average interest rate of 10.1%. -- The weighted average seasoning of the portfolio is 11.2 months, while the weighted average remaining term of the portfolio is 54.2 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. TURQUOISE IV TRUST: S&P Assigns Prelim. B+(sf) Rating on F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to five classes of nonconforming and prime residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee of Turquoise IV Trust. Turquoise IV Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility and the principal draw function. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and to Royal Bank of Canada as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Turquoise IV Trust Class A, A$920.00 million: Not rated Class B, A$10.00 million: AA (sf) Class C, A$37.50 million: A (sf) Class D, A$15.00 million: BBB (sf) Class E, A$8.00 million: BB (sf) Class F, A$3.50 million: B+ (sf) Class G1, A$4.00 million: Not rated Class G2, A$2.00 million: Not rated ========= C H I N A ========= CHINA VANKE: Unit Sells Just 7 Units in Le Mont Weekend Launch -------------------------------------------------------------- South China Morning Post reports that Vanke Hong Kong, a unit of distressed mainland developer China Vanke, sold only seven flats from the latest batch of its Le Mont project in Tai Po on Saturday, a muted result that brokers said was expected given the development has been on the market for months. The Post relates that the developer released 165 flats in the latest batch, with sizes ranging from 270 to 662 sq ft. The offering included 28 one-bedroom, 28 two-bedroom, eight three-bedroom units and eight special units, as part of a six-tower residential complex comprising 1,650 homes and scheduled for completion by July 2026, the Post relays. 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 in May 2025 that Fitch Ratings downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch 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 reported that 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. ========= I N D I A ========= AJANTA RAAJ: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ajanta Raaj Proteins Limited (ARPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 20.00 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 26, 2024, placed the rating(s) of ARPL under the 'issuer non-cooperating' category as ARPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2025, October 22, 2025, November 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ARPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ajanta Raaj Proteins Limited (ARPL) is a closely held public limited company incorporated in 1996. The company was initially established as a partnership firm which was reconstituted as a public limited company in the year 1996. ARPL is engaged in the business of processing of milk and manufacturing of milk products like skimmed milk powder (SMP), whole milk powder (WMP), dairy whitener (DW), butter, ghee etc. at its plant in Agra, Uttar Pradesh. ARG INFRA: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ARG Infra Developers Private Limited (AIDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 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 27, 2024, placed the rating(s) of AIDPL under the 'issuer non-cooperating' category as AIDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 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 ARG Infra Developers Private Limited (AIDPL) was incorporated in 2008 with an objective to execute residential projects and is a part of Jaipur based 'ARG' group. BANWARI ENTERPRISES: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Banwari Enterprises Private Limited 4th Floor, Office-401, Union Trade Centre, Udhna Darwaja, Nodh 2107-2111, B/S Apple Hospital, Ring Road, Surat-395002, Gujarat, India Liquidation Commencement Date: November 26, 2025 Court: National Company Law Tribunal Chennai Bench Liquidator: Mr. Jigar Tarunkumar Bhatt 1010, Shilp-Zaveri, Shyamal Cross Roads, Satellite, Ahmedabad-380015, Gujarat Email: jigarb.jigarb@gmail.com Email: liquidation.banwari@gmail.com Last date for submission of claims: December 26, 2025 BHAWANI PRASAD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhawani Prasad Sharma Contractor (BPSC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.85 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of BPSC under the 'issuer non-cooperating' category as BPSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 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 Gwalior (Madhya Pradesh) based BPSC was initially formed as a proprietorship concern by Mr. Bhawani Prasad Sharma in April 1, 1974. Further, in 2013, proprietorship firm converted into partnership concern and run by Mr. Suresh Mudgal, Mr. Kapil Mudgal, Mr. Dharmendra Sharma, Mrs. Ramkali Mudgal, Mrs. Rekha (Jaya) Mishra, Mrs. Jagesh Mudgal and Mrs. Anita Mudgal. However, as on April 1, 2014, there was change in the partnership deed, after that Mr. Kishan Mudgal and Mr. Jitendra Mudgal has been appointed as partners in place of Mrs. Jagesh Mudgal and Mr. Anita Mudgal with remaining partners of the firm. BPSC is a registered and approved contractor with Public Works Department (PWD), Madhya Pradesh and Municipal Corporation, Gwalior. The firm takes all type of orders related to civil construction like Road construction, Building and bridge construction contracts etc. from government departments as well as also takes orders on sub contract basis from other players. BLUE AUTOWORLD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Blue Autoworld Private Limited (BAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Issuer rating 0.00 CARE C; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 21, 2024, placed the rating(s) of BAPL under the 'issuer non-cooperating' category as BAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable BAPL was incorporated in March 2010, promoted by Malda based Mr. Panchanan Misra for trading and servicing of spare parts of two wheelers. In 2011, BAPL was appointed as an exclusive 3S (Sale/ Service/ Spares) authorized dealer of TVS Motor Company Limited. The company has 1 showroom, 7 branches and 8 sub-dealers appointed under it. The showrooms are housed with the two-wheeler vehicles of TVS Motor Company for sale. CARS PRIVATE: CARE Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Cars Private Limited (SCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.85 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 22, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 7, 2025, September 17, 2025, September 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Shree Cars Private Limited (SCPL) was incorporated on December 2013 by Mr. Sharad Kumar Kedia and his two sons Mr. Saurabh Kedia and Mr. Abhishek Kedia based in Kolkata and is part of Kedia group of companies. The flagship company of the group is Shree Automotive Private Limited (SAPL) which is an authorized dealer of Ashok Leyland Limited for Commercial Vehicle (CVs), of Mahindra and Mahindra Limited (M&M Ltd) for LCVs and Passengers Vehicle (PVs) and Case New Holland Construction Equipment India Pvt Ltd (CNH) across various territories and districts of West Bengal. SCPL is an authorized dealer of cars manufactured by Honda Cars (India) Limited, for various districts of West Bengal. The company started its operations from September 2014 and is currently running 3 showrooms at Rajarhat, Saltlake and Barasat and 2 workshops at Rajarhat and Barasat area. GENESYS BIOLOGICS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Genesys Biologics Private Limited (GBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.00 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 16, 2024, placed the rating(s) of GBPL under the 'issuer non-cooperating' category as GBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 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 Incorporated 2014, GBPL is a privately held biotechnology company with dedicated focus on Research and Development (R&D) of Insulin Biosimilars derived from indigenously developed process and customised manufacturing platform. This is capable of yielding all Insulin variants such as Glargine (Long Acting), Aspart (Rapid Acting), Lispro (Short Acting) at its pilot facility in Hyderabad. GBPL has well-equipped R&D and pilot scale facility at Genome Valley, Biotech Park, Shameerpet Hyderabad with the built-up area of five acres and secured additional five acres of land for manufacturing facility for commercial production. The company successfully completed toxicology studies (Pre-Clinical Studies) for four products and progressing towards clinical trial approvals in India. One of the products – Glargine, successfully completed Clinical Trails Phase – I in India and Phase – III Clinical trials, which was expected to be completed by December 2022 is delayed due to appointment of new Contract research organisation (CRO) and approvals from authorities. Genesys is expected to complete trials by February 2024 and commercial operations can be started from June 2024. GWET COLD: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gwet Cold Chain Private Limited (GCCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.98 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 26, 2024, placed the rating(s) of GCCPL under the 'issuer non-cooperating' category as GCCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2025, October 22, 2025 and November 1, 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 Delhi based, Gwet Cold Chain Private Limited (GCCPL) was incorporated in September 2015 promoted by Mr. Brijesh Tomar, Mr. Roop Kumar Gola, Mr. Satish Sharawat, Mr. Pravin Gupta and Mr. Umashankar Gola. GCCPL is setting up a cold storage unit at Nayabans, Haryana with the objective to providing space on rental basis in the cold storage for storage of fruits like apple and citrus fruits which is grown in the state of Himachal Pradesh and Jammu & Kashmir. INNOVISION FOODS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Innovision Foods Private Limited #13, Tawakkal Chancery, Banaswadi Road, Cooke Town, Bengaluru Karnataka, India - 560 005 Liquidation Commencement Date: December 1, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Dilipkumar Natvarlal Jagad 803/804, Ashok Heights, Opposite Saraswati Apartment Nikalas Wadi Road, Near Bhuta School, Old Nagardas X Road, Gundavali, Andheri East, Mumbai - 400069 Email: dilipjagad@hotmail.com Mobile No: +91-9821142587 Last date for submission of claims: December 31, 2025 JANGAM INFRATECH: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jangam Infratech Private Limited (JIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of JIPL under the 'issuer non-cooperating' category as JIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 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 Jangam Infratech Private Limited (JIPL) (formerly known as Sri Sapthagiri Infratech Private Limited) was incorporated on February 23, 2010 and has been promoted by Mr. Vijay Kumar Makthala along with Ms. Shobha Rani Aravandi. During FY17, SSIPL changed its business name as JIPL and the same was registered with ROC, Hyderabad on March 31, 2017. JIPL is engaged in the business of mining, infrastructure development and execution of Engineering, Construction facilities in various projects like housing, Hospitals, Buildings, Urban infrastructure etc. for Central/State Governments, other local bodies and private sector. JIPL holds 14% of shares in GJS infratech Private Limited and does sub-contracting for them. KANDAGIRI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kandagiri Spinning Mills Limited (KSM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Fixed Deposit 14.01 CARE D; ISSUER NOT COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 3, 2025, placed the ratings of KSM under the 'Issuer non-cooperating' category as KSM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KSM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an emails dated November 19, 2025, November 29, 2025 and December 4, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating takes into account the past delays in servicing of the debt obligations and weak financial performance of the company. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on January 3, 2025 the following were the rating weakness (updated for the information available from stock exchange). Key weaknesses * Weak financial performance: The operating income continues to be weak at INR2.03 crore in FY25 as against INR2.97 crore in FY24. The company reported net loss of INR0.80 crore in FY25 as against net loss of INR1.77 crore in FY24. Kandagiri Spinning Mills Ltd (KSML) is part of Salem (Tamil Nadu) based “Sambandam Group” and was engaged in textile spinning with an aggregate capacity of 27,296 spindles till March 31, 2019 spread among two units which could produce around 25 Tons of Yarn per day. However, during FY20, the company has sold the spinning plant and machinery and ceased the yarn production activity and has let out the immovable property for lease. KK LEISURES: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of K K Leisures and Tourism International Private Limited (KKLTIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 11.00 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of KKLTIPL under the 'issuer non-cooperating' category as KKLTIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKLTIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 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 KKLTIPL, incorporated on September 17, 2017 is engaged in the hoteling business and has star hotels with brand name BROAD BEAN. The company owns and operates hotels across Kerala which includes Resort & Ayurvedic Spa with 5-star facilities, Munnar, Idukki district, Four Star hotel at Vytilla Kochi in Ernakulam District (erstwhile Nyle Plaza), Three-star hotel at Chakkrakkal in Kannur district and Three Star hotel at Kakkayangad in Kannur district. The day-to-day operation of the company is managed by Mr. K.K. Mohandas and Mr. K.K. Radhakrishnan. KUBERA CONSTRUCTIONS: CARE Cuts Rating on INR18.67cr LT Loan to D ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sri Kubera Constructions Private Limited (SKCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.67 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 6.09 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 3, 2024, placed the rating(s) of SKCPL under the 'issuer non-cooperating' category as SKCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 19, 2025, October 29, 2025, November 8, 2025, December 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SKCPL have been revised on account of non-availability of requisite information. The revision further considers the ongoing delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not Applicable SKCPL was established as a partnership firm in 1990, the company was later incorporated in 2008 as Pareek Construction Private Limited and subsequently the name was later changed in 2014 to Sri Kubera Constructions Private Limited (SKCPL). The company is based in Sangli (Maharashtra) led by Mr. Motilal Pareek, Ms. Lata Motilal Pareek and Mr. Tilak Gokul Pareek. The company is mainly engaged in construction of buildings for both private and government enterprises. The company is a registered as Class 1-A contractor with Maharashtra Public Works Department (PWD). LATA EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Lata Export Apparels Private Limited (LEAPL) continue 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 Short Term Bank 6.75 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 LEAPL under the 'issuer non-cooperating' category as LEAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LEAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025 and October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1996 by the Karthikeyan family, Lata Exports Apparels Private Limited (LEAPL) is engaged into manufacturing of ready-made garments and uniforms for men, women and children. LEAPL has its manufacturing facility at Bhiwandi. MATRIX AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Matrix Agro Private Limited (MAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.87 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 MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL 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 Matrix Agro Private Limited (MAPL) has been promoted by Mrs Shobana Kamineni and Mr K. Sri Harsha to set up a biomass-based power plant of 6-MW capacity in Polakpalli village, Gulbarga district, Karnataka. The power generated from the power plant is being sold to the Apollo group of hospitals (Apollo Hospitals, Apollo Speciality, and Apollo BGS), Distant Learning Internet India Limited, Vydehi Institute of Medical Sciences & Research Centre, and Srinivasa trust through Karnataka Power Transmission Corporation's (KPTCL) and respective Bangalore Electricity supply company Limited (BESCOM). The company has achieved COD on December 9, 2015 (against earlier envisaged December 2014). OM SATYA: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Om Satya Overseas (OSO) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.04 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 26, 2024, placed the rating(s) of OSO under the 'issuer non-cooperating' category as OSO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2025, October 22, 2025 and November 1, 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 Om Satya Overseas was established as a partnership firm in 2013. However, the operations started in August 2015. It is currently being managed by Mr. Ajay Kumar Gupta and Mr. Ravi Kumar Gupta. The firm is engaged in processing of paddy at its manufacturing facility located in Karnal, Haryana. PANTONE TEXTILE: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pantone Textile Mills Private Limited (PTMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.25 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 21, 2024, placed the rating(s) of PTMPL under the 'issuer non-cooperating' category as PTMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PTMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 07, 2025, October 17, 2025 and October 27, 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 Faridabad (Haryana) based, Pantone Textiles Mills Private Limited (PTMPL) was incorporated in January, 2017 as a private limited company and is currently being managed by Mr. Pushpender Kumar, Mr. Jai Prakash Singh, Mr. Sanjay Sharma and Mr. Vinay Kataria. PTMPL is setting up a unit for processing and dyeing of fabric and garments. RAGHAVA PROJECT: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Raghava Project Constructions Private Limited (RPCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 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 7, 2024, placed the rating(s) of RPCPL under the 'issuer non-cooperating' category as RPCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Andhra Pradesh based, Raghava Project Constructions Private Limited (RPCPL) was incorporated and started commercial operations in the year 2012. The company was promoted by Mr. B. Raghava Rao and Ms. B. Sudha Rani who are directors of the company. Mr. B. Raghava Rao, the Managing Director of the company, also established Raghava & Co., a partnership concern in 2004 along with Ms.B. Sudha Rani which was engaged in construction business. The company has its registered office located at Vijayawada, Andhra Pradesh. RPCPL is engaged in road works construction. The company majorly gets the contracts from government organizations through tenders. The company has its projects in the states of Andhra Pradesh and Orissa. RAKMO PRESS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rakmo Press Private Limited (RPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 26, 2024, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2025, October 22, 2025 and November 1, 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 Delhi based Rakmo Press Private Limited (RPPL) was incorporated in the year 1987 and currently it is being managed by Mr. Rakesh Bhargava, Mr. Mukesh Bhargava, Ms. Geeta Bhargava and Ms. Nisha Bhargava. The company is engaged in printing of catalogues, books, calendar, journals, annual reports, dairies, broachers etc. The company has its printing facility at Greater Noida, Uttar Pradesh. RAMDEV STAINLESS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramdev Stainless Strips Private Limited (RSSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.39 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of RSSPL under the 'issuer non-cooperating' category as RSSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 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 Jodhpur (Rajasthan) based RSSPL, incorporated in May, 2010, is promoted by Mr Mohan Lal Agarwal along with his family members. RSSPL was formed with a purpose to manufacture Stainless Steel (SS) sheets & circles and utensils from SS flats. RAYEN STEELS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rayen Steels Private Limited (RSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of RSPL under the 'issuer non-cooperating' category as RSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2005, Rayen Steels Private Limited (RSPL) was promoted by Mr. A Manohar, Mr. G Ramu and others. The company is engaged in manufacturing of sponge iron in the city of Bellary, Karnataka. The company has a total installed capacity of around 60,000 tons per annum. The company procures majority of raw material i.e. iron ore from the iron ore mine situated in Bellary district of Karnataka. The sponge iron manufactured by the company is sold to the steel plants in the adjoining areas through brokers. ROHIT JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rohit Jewellers Private Limited (RJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 27.00 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 21, 2024, placed the rating(s) of RJPL under the 'issuer non-cooperating' category as RJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 6, 2025, September 16, 2025, September 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Rohit Jewellers Private Limited (RJPL) was incorporated in December 1994. The company has been engaged in manufacturing and wholesale of hand-crafted gold jewellery, antique gold jewellery and stone studded gold jewellery. SATURN RINGS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Saturn Rings & Forgings Private Limited (SRFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of SRFPL under the 'issuer non-cooperating' category as SRFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRFPL 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 Incorporated in 2012, Saturn Rings & Forgings Private Limited (SRFPL) is engaged in manufacturing of bearing rings and other forged component products and operates out of plant situated at Shirwal, Pune. SIWAL INFRACON: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Siwal Infracon Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.28 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 4.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 2, 2024, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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) Siwal Infracon Private Limited (SIPL) was initially formed in 2004 as a partnership concern in the name of M/s Siwal Builders & Developers by its key promoter, Mr. Rajesh Siwal. Subsequently, there was amendment in partnership deed which was later reconstituted as a private limited company in 2012 with assuming its present name. Initially, SIPL was primarily engaged in execution of civil construction contract works pertaining to real estate projects for private sector companies; however, form FY14 on-wards SIPL had also ventured into executing project related to commercial and institution with major contracts secured from private sector clientele located in Rajasthan. SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Skypoint Multitrade Private Limited (SMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.05 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2011 by Mr. Masiar Rahaman and Mr. Mijanur Rahaman, Skypoint Multitrade Private Limited (SMPL, erstwhile Skypoint Mercantile Private Limited) is engaged in trading of various agro-commodities like basmati rice, boiled rice, parboiled rice, raw rice, chana dal, moong dal, soya beans, raw cashew-nuts, yellow corn, etc. SRINIVASA FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Srinivasa Fashions Private Limited (SFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 65.00 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 15, 2024, placed the rating(s) of SFPL under the 'issuer non-cooperating' category as SFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SFPL 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 Srinivasa Fashions Private Limited (SFPL) is a closely-held family business incorporated in the year 2005 by Mr. C.V Ravindran, a first-generation entrepreneur along with his wife Mrs Vijaylakshmi Ravindran. The company is engaged in the manufacture and export of readymade garments (RMG) (mainly men's wear) to Europe and USA. One of the lenders of the company has confirmed that the entity has not availed moratorium on COVID-19 for its sanctioned facilities. STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sterling Cast and Forge (SCF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.35 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 27, 2024, placed the rating(s) of SCF under the 'issuer non-cooperating' category as SCF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCF continues to be non-cooperative despite repeated requests for submission of information through emails dated October 13, 2025, October 23, 2025 and November 2, 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 Sterling Cast and Forge (SCF) was established in April, 2010 as a partnership firm with Mr. Subash Chander and Mrs. Anjana Shoor as its partners sharing profits and losses equally. The firm is engaged in manufacturing of hand tools such as spanners, hammers, pliers, wrenches etc at its manufacturing facility located in Jalandhar, Punjab. SUNGRACE SYNTEX: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sungrace Syntex Private Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.59 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 November 27, 2024, placed the rating(s) of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 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 SSPL was incorporated in 2003 in Bhilwara (Rajasthan) by Mr Amit Surana along with his family members. SSPL is engaged in the business of manufacturing of synthetic grey fabrics. Furthermore, the company does weaving activity on job work basis for others. Furthermore, the company is also engaged in the business of trading of grey and finished synthetics fabrics. The plant of SSPL is located at Bhilwara, Rajasthan which is a textile cluster. TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tranformex Ferrous Private Limited (TFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.64 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 TFPL under the 'issuer non-cooperating' category as TFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TFPL 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 Vadodara (Gujarat) based TFPL incorporated in 2013 is engaged into the business of recycling of Steel Scrap, TFPL imports Light metal scraps (LMS) from Istambul, Dubai. LMS comprised of rubber and steel. TFPL removes the rubber and process the remaining steel it in order to convert it into Mild Steel Scrap. TFPL is operating from its sole manufacturing plant located in GIDC Estate, Ramanamdi (Baroda) with an installed capacity of 12000metric tonnes per annum (MTPA) for MS Steel Scrap. UMESH INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Umesh Industries Private Limited (UIPL) 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 November 7, 2024, placed the rating(s) of UIPL under the 'issuer non-cooperating' category as UIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Harij-based (Gujarat), UIPL was incorporated in November 2004 as Umesh Cotton Ginning and Pressing Pvt. Ltd. (UCGPPL) and subsequently the name of the company was changed to UIPL in August 2010. UIPL is promoted by Mr. Babulal Ishwarlal Thakkar and is engaged in manufacturing as well as trading of cotton bales and cotton seeds since its inception. UIPL deals in 'Shankar 6' type of cotton which is being sourced through local farmers and also from agriculture marketing yards from Gujarat. UIPL operates through its sole ginning and pressing unit located in Harij. VIJSUN ENGINEERS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Vijsun Engineers Private Limited Survey no 370/2K, Kokamthan, Nagar Manmad Highway, Tah Kopargaon, Ahilya Nagar - 423601 MS BHARAT Liquidation Commencement Date: November 18, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Charudutt Pandhrinath Marathe Gomed, 915, Khare Town, Dharampeth, Nagpur - 440 010. Email: CharuduttM@yahoo.co.in. Email: Liq.VijSun@gmail.com Last date for submission of claims: January 2, 2026 ===================== N E W Z E A L A N D ===================== CHANCE VOIGHT: Creditors' Proofs of Debt Due on Feb. 28 ------------------------------------------------------- Creditors of these six entities are required to file their proofs of debt by Feb. 28, 2026, to be included in the company's dividend distribution: - Chance Voight Investment Corporation Limited; - Chance Voight Investment Partners Limited; - CVI Partners Mortgage Income Fund Limited; - CVI Securities Limited; - CVI Partners Mortgage Fund Limited; and - CVI Financial Limited The companies commenced wind-up proceedings on Dec. 10, 2025. The companies' liquidators are: Malcolm Hollis Lara Maree Bennett John Howard Ross Fisk C/o PwC PwC Christchurch PO Box 13244 City East Christchurch 8141 COOKE FLOORING: Creditors' Proofs of Debt Due on Jan. 30 -------------------------------------------------------- Creditors of Cooke Flooring Limited, Jay Holding Limited, The Maze Company Limited and B & B Grower Limited are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. Cooke Flooring and Jay Holding commenced wind-up proceedings on Dec. 9, 2025. The Maze Company commenced wind-up proceedings on Dec. 11, 2025. B & B Grower commenced wind-up proceedings on Dec. 15, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 HSB TRANSPORT: Creditors' Proofs of Debt Due on Jan. 21 ------------------------------------------------------- Creditors of HSB Transport Limited are required to file their proofs of debt by Jan. 21, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 15, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 PUBLISHER PRIME: Creditors' Proofs of Debt Due on Jan. 16 --------------------------------------------------------- Creditors of these five entities are required to file their proofs of debt by Jan. 16, 2026, to be included in the company's dividend distribution: - Publisher Prime NZ Limited; - Publisher Prime Nominee Limited; - Publisher Prime IP Limited; - Publisher Prime Limited; and - Aeon Construction Limited Publisher Prime NZ, Publisher Prime Nominee, Publisher Prime IP and Publisher Prime Limited commenced wind-up proceedings on Dec. 1, 2025. Aeon Construction commenced wind-up proceedings on Dec. 9, 2025. The companies' liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 SOUNDHOMES NZ: First Creditors' Meeting Set for Dec. 23 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Soundhomes NZ Limited will be held on Dec. 23, 2025 at 1:30 p.m. via AVL. Benjamin Brian Francis and Garry Cecil Whimp of Blacklock Rose Limited were appointed as administrators of the company on Dec. 11, 2025. ================= S I N G A P O R E ================= EVENTUS LINK: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Dec. 5, 2025, to wind up the operations of Eventus Link Pte. Ltd. trading as Eventus. Razer (Asia-Pacific) Pte. Ltd filed the petition against the company. The company's liquidators are: Mr. Paresh Tribhovan Jotangia Ms. Ho May Kee c/o Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 GERSON & CO: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 5, 2025, to wind up the operations of Gerson & CO. Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KEPPEL PEOPLE: Commences Wind-Up Proceedings -------------------------------------------- Members of Keppel People Services Pte. Ltd. and Keppel Enterprise Services Pte. Ltd. on Dec. 9, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani Seah Roh Lin c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KOMALA'S VEGE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Dec. 5, 2025, to wind up the operations of Komala's Vege Mart Pte. Ltd. Standard Chartered Bank (Singapore) Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 RAAZ ENTERPRISES: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Dec. 5, 2025, to wind up the operations of Raaz Enterprises Pte Ltd. Standard Chartered Bank (Singapore) Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ============= V I E T N A M ============= VIET DRAGON: Moody's Affirms 'B2' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed the B2 long-term Corporate Family Rating of Viet Dragon Securities Corporation (VDSC). The rating outlook is stable. RATINGS RATIONALE The affirmation of VDSC's B2 rating is driven by Moody's expectations that the company's low leverage and adequate profitability will mitigate risks from its high reliance on short term funding and concentrated investment securities and margin lending portfolio. At the same time, the company's credit profile remains weighed down by its modest franchise which constrains its ability to face increasing competition. VDSC's risk appetite is high, driven by its concentrated investment portfolio in the Vietnamese stock market which continues to demonstrate high levels of volatility. Its margin loans and advances which represented 52% of total assets as of September 30, 2025 remain susceptible to volatility. VDSC's funding is primarily from short-term bond issuances with tenors of less than a year. This results in refinancing risks given its small franchise and limited access to funding from financial institutions. Moody's expects funding risks to remain elevated over the next 12-18 months as regulatory measures take effect which narrows the company's access to bond funding from retail investors. Long term funding, as measured by total shareholders' equity and long-term bonds and borrowings, decreased to 41% of total assets as of September 30, 2025 from 44% in 2024. While VDSC's liquidity is susceptible to strain as a large proportion of its inflows are subject to market performance, the company's undrawn credit lines and cash and cash equivalents of around 8% of its total assets as of September 30, 2025 will mitigate some liquidity risks. VDSC's profitability improved marginally with its annualized return on average assets increasing to 5.1% in the first nine months of 2025 from 4.9% in 2024. A large proportion of VDSC's profitability is derived from its investment portfolio, which increased to 37% of total revenue from 35% over the same period. The company's high reliance on investment gains has increased its earnings volatility, driven by significant gains and losses from its investment portfolio over the past few quarters. While Moody's expects VDSC's profitability to remain higher than global peers, the quality of its earnings will continue to be weighed down by high volatility and the company's modest brokerage and margin lending franchise. Leverage as measured by tangible assets and off-balance-sheet exposures as a percentage of tangible common equity increased to 2.6x as of September 30, 2025 from 2.4x in 2024. Moody's expects the company's leverage to remain low compared to global peers, driven by the regulatory limits implemented by the State Securities Commission of Vietnam. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would upgrade VDSC's rating if the company (1) reduces the concentration of its investment and margin lending portfolio; (2) diversifies its funding both in terms of tenure and sources of funding; and (3) strengthens its franchise and market share while maintaining sound risk management practices. The rating upgrade will also be subject to the company maintaining low leverage and stable liquidity and funding. Moody's would downgrade VDSC's rating if the company's (1) financial performance deteriorates because of large impairments or risk management failure; (2) faces regulatory sanctions that impairs its franchise and operations; or (3) experiences a weakening of its liquidity or funding. The principal methodology used in this rating was Securities Industry Market Makers published in June 2024. VDSC's 'Assigned Standalone Assessment' score of B2 is set five notches below the 'Financial Profile' initial score of Baa3 to reflect the lower operating environment score of Vietnamese securities companies, as well as the company's higher funding risk relative to domestic peers and credit risks associated with its concentrated investment and margin loan portfolio. Viet Dragon Securities Corporation (VDSC), headquartered in Ho Chi Minh City, reported total assets of VND7.7 trillion as of September 30, 2025. ********* 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. 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