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251223.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, December 23, 2025, Vol. 28, No. 255 Headlines A U S T R A L I A ADTECH CONTRACTING: First Creditors' Meeting Set for Dec. 29 KYWANNA ESTATE: First Creditors' Meeting Set for Dec. 29 LION PROPERTY: AUD25M Moved to Director-Linked Entities SHARRP PTY: First Creditors' Meeting Set for Dec. 30 SUSTAINE ENERGY: First Creditors' Meeting Set for Dec. 24 VTS DENTAL: First Creditors' Meeting Set for Dec. 29 ZIB DIGITAL: Wipes Millions Debt, Taxpayer Left to Foot The Bill I N D I A A. B. PAL: CRISIL Withdraws D Rating on INR11cr Cash Loan DIRGH DIAMOND: Insolvency Resolution Process Case Summary GOENKA DIAMOND: Liquidation Process Case Summary GOLDER ASSOCIATES: Voluntary Liquidation Process Case Summary GUJARAT POSITRA: Insolvency Resolution Process Case Summary IMMACULATE AGRO: Insolvency Resolution Process Case Summary KULDEVI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating LIFESTYLE SAREES: CRISIL Keeps B+ Debt Ratings in Not Cooperating M. P. K. ISPAT: CRISIL D Debt Ratings in Not Cooperating Category MORESHWAR TRADING: CRISIL Keeps B Debt Ratings in Not Cooperating MTV EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating MUSADDILAL PROJECTS: CRISIL Keeps B Rating in Not Cooperating MUSADDILAL PROPERTIES: CRISIL Keeps B Rating in Not Cooperating NANNAN FARM: CRISIL Keeps B Debt Rating in Not Cooperating NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating NOBLE CASHEW: CRISIL Keeps D Debt Rating in Not Cooperating PALIWAL HOME: CRISIL Keeps B Debt Ratings in Not Cooperating PANNA PAPER: Voluntary Liquidation Process Case Summary PARAG SEEDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ROOFCO TRADING: Insolvency Resolution Process Case Summary SBJ ASSOCIATES: CRISIL Moves B Debt Ratings to Not Cooperating SIDDHI VINAYAK: CRISIL Moves B+ Debt Ratings to Not Cooperating SURATGARH BIKANER: Insolvency Resolution Process Case Summary SURYA FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating SWASTIK COAL: CRISIL Keeps D Debt Ratings in Not Cooperating T R HOSPITALITIES: CRISIL Keeps D Debt Rating in Not Cooperating ZTE TELECOM: TVS Supply Moves NCLAT Against NCLT Order M A L A Y S I A 1MDB: Malaysia Denies Ex-PM Najib's House Arrest Bid N E W Z E A L A N D ABACUS CAPITAL: Creditors' Proofs of Debt Due on Jan. 23 CHINCHILLER BREWING: Court to Hear Wind-Up Petition on Feb. 19 NAGRA NZ: Creditors' Proofs of Debt Due on Jan. 19 PRECAST CONSTRUCTION: Grant Reynolds Appointed as Liquidator SKG HOMES: Creditors' Proofs of Debt Due on Jan. 16 P H I L I P P I N E S PH RESORTS: Pagcor Revokes Cebu Casino License S I N G A P O R E 1AXIS LEASING: Court to Hear Wind-Up Petition on Jan. 16 FOCUS DIGITECH: Placed in Provisional Liquidation KEPPEL FELS: Creditors' Proofs of Debt Due on Jan. 15 KRE AUSTRALIA: Creditors' Proofs of Debt Due on Jan. 15 NICE BEAUTY: Court Enters Wind-Up Order S O U T H K O R E A COUPANG INC: Faces Business Suspension After Massive Data Breach [] KOREA: Petrochem Firms to Cut NCC Capacity Via Restructuring - - - - - ================= A U S T R A L I A ================= ADTECH CONTRACTING: First Creditors' Meeting Set for Dec. 29 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Adtech Contracting Pty Ltd will be held on Dec. 29, 2025 at 10:00 a.m. via Zoom. Nathan Lee Deppeler and Matthew James Jess of Worrells Solvency & Forensic Accountants were appointed as administrators of the company on Dec. 15, 2025. KYWANNA ESTATE: First Creditors' Meeting Set for Dec. 29 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Kywanna Estate Pty Ltd ATF Kywanna Estate Unit Trust will be held on Dec. 29, 2025 at 10:00 a.m. via Teams Videoconferencing. Bradd William Morelli and Peter John Moore of Jirsch Sutherland were appointed as administrators of the company on Dec. 15, 2025. LION PROPERTY: AUD25M Moved to Director-Linked Entities ------------------------------------------------------- Anthony Klan at API Magazine reports that more than AUD25 million was shifted outside Lion Property Group before its collapse - with the money moved to external "related party" entities tied to its directors - an explosive report has found. According to API Magazine, liquidators KPMG have identified AUD25.29 million of funds from the group, which collapsed owing around 600 investors AUD122.5 million, that have been removed before their appointment. "The related party transfers relate to payments made to entities outside of the Group with similar directors to Group entities," writes liquidator Sarah Emily Seeckts, API Magazine relays. In a report to creditors, KPMG has identified a wide range of serious alleged legal breaches by Lion's directors, Garry Pesochinsky and John Sader, who, as revealed by Australian Property Investor Magazine, was previously named John Brunton. API Magazine relates that the alleged illegality includes "misleading or deceptive conduct"; "unconscionable conduct"; "dishonest conduct"; and of improperly using a position to "gain advantages for themselves or another". API Magazine says the liquidators have also identified likely "uncommercial transactions' involving the two directors, as well as "voidable transactions". Voidable transactions are those that "may be deemed to be insolvent transactions with a related party" entered into "within four years of the commencement of a winding up". API Magazine relates that forensic investigations by KPMG have identified 14 "related party" entities (outside the Lion Property Group entities that were initially put in liquidation) where Lion funds were shifted before the collapse. One of the entities, "LPG Property Developments", received AUD6.89 million in net cash payments from Lion Property Group, the report states. Another external entity, FCFS, which is currently deregistered, received net cash payments of AUD5.02 million. Of the AUD25.29 million of shifted funds, AUD4.01 million was moved to an entity called "LPG Capital Advisory", and a further AUD3.04 million in net cash payments went to an entity called "Lion Private Equity", the report states. More than AUD6 million has also been moved to five entities, since deregistered, that were part of the unsuccessful property development group Mr. Pesochinsky and Mr. Sader ran before creating Lion Property Group in 2018. API Magazine adds that the KPMG report stated that a further AUD816, 071 in net cash payments had gone to Mr. Pesochinsky and Mr. Sader themselves. "At the time of my appointment the Group held 20 bank accounts with the National Australia Bank, which held a combined balance of AUD3,084," writes Ms. Seeckts. According to API Magazine, the explosive findings come as KPMG has reiterated it is "unfunded", and so hamstrung as to the extent of the investigations it can undertake. Corporate regulator the Australian Securities and Investments Commission (ASIC) and police remain tight-lipped about what action they are taking. As previously revealed by API Magazine, ASIC launched a formal investigation into Lion in October, but it is refusing to comment further. More than four months ago a confidential provisional liquidator's report from KPMG, which allegedly detailed more serious alleged wrongdoing by Mr. Pesochinsky and Mr. Sader, was handed to Victoria Police. Victoria Police has said the matter is "currently under assessment by the Financial Crime Squad but is refusing to comment further. When asked by API Magazine whether this meant the Lion matter was being investigated, or whether it meant it was being considered for possible investigation, Victoria Police did not respond. API Magazine says the allegations against Mr. Sader and Mr. Pesochinsky are extremely serious, and are substantially beyond those typically associated with corporate collapses of the size of Lion's. Neither Mr. Sader nor Mr. Pesochinsky has been charged with any offence. Neither man responded to requests for comment. SHARRP PTY: First Creditors' Meeting Set for Dec. 30 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Sharrp Pty Ltd (trading as The Coffee Club Shellharbour) will be held on Dec. 30, 2025 at 10:00 a.m. at the offices of Nicols + Brien, Level 1, 310 Crown Street, in Wollongong, NSW and via virtual meeting technology. Ryan Bradbury of Nicols + Brien was appointed as administrator of the company on Dec. 16, 2025. SUSTAINE ENERGY: First Creditors' Meeting Set for Dec. 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Sustaine Energy Pty Ltd will be held on Dec. 24, 2025 at 10:30 a.m. via Teams Teleconference Facilities. Jason Walter Bettles of Worrells was appointed as administrator of the company on Dec. 15, 2025. VTS DENTAL: First Creditors' Meeting Set for Dec. 29 ---------------------------------------------------- A first meeting of the creditors in the proceedings of VTS Dental Pty Ltd will be held on Dec. 29, 2025 at 10:00 a.m. via Microsoft Teams. Amanda Lott of Acris was appointed as administrator of the company on Dec. 15, 2025. ZIB DIGITAL: Wipes Millions Debt, Taxpayer Left to Foot The Bill ---------------------------------------------------------------- ABC News reports that a former AFL star has been able to wipe millions of dollars in company debt and reopen the collapsed business a few hundred metres down the road, despite owing AUD4.5 million to staff, suppliers and the tax office. The ABC relates that Chris Knights, a former Adelaide and Richmond footballer, is the chief executive of marketing agency Zib Digital, which engaged in a process known as "legal phoenixing", which allows a company to wind up and start again. Mr. Knights told staff in May he was closing the company's doors, leaving about a third of its workforce without a job or their owed entitlements, the ABC recalls. A former employee said staff were given a day's notice that "we were surplus . . . and the business was put into administration". Four days later, Zib Digital registered a new ABN without the insolvent entity's debts. It has reopened in an office close to its original inner-Melbourne headquarters. "Change is as good as a holiday and the new facility's going to be built for purpose," Mr. Knights said during a company-wide meeting in May that was shared with the ABC. The ABC says Zib's actions are within the law but have raised questions about what some in the industry call "legal phoenix" legislation, which allows restructured insolvent companies to rise again with the same assets - but without the debts of the previous entity, and usually with fewer staff. Scott Cowen, the assistant national secretary of the Australian Services Union, called the practice "legal trickery". "Once a worker finishes their job for the day, they expect to be paid," the ABC quotes Mr. Cowen as saying. "We really need to look at reforming the laws in this area, because workers are definitely at the bottom of the pile when it comes to priority creditors in these situations. The ABC relates that Mr. Knights, lauded in an AFL article after the collapse of the company, has remained at the helm of the new entity. "Don't be afraid to make mistakes, that is where growth and wisdom come from," he told the AFL this year. The ABC, citing the administrators' report, says the insolvent business has debts to staff, suppliers and the Australian Taxation Office (ATO). Of that, AUD3.8 million is owed to subsidiaries and external suppliers, while staff are owed almost AUD450,000 in entitlements, and the ATO is owed almost AUD350,000, the ABC discloses. Unpaid entitlements continue to plague Australian workers. This month, the ATO said AUD1.1 billion in unpaid super had been returned to nearly a million individuals' super funds in 2024-25, with AUD200 million raised by the ATO in penalties. Former employees who agreed to speak to the ABC anonymously said Zib told them to apply for the Fair Entitlements Guarantee (FEG), meaning taxpayer dollars would fund financial assistance as part of a safety net when companies go under. "It was very much like, 'How is this even possible?' when . . . about three weeks before this happened we were meant to be going to the Philippines to celebrate how wonderful our year was," a former staff member said. In a statement to the ABC, Mr. Knights said: "We've been navigating an extremely challenging economic period. "Our industry, in particular, has experienced a sharp decline in advertising spending since the end of COVID, which has forced many major media and digital organisations to make difficult redundancies. "Throughout the process, we appointed an external administrator and followed their guidance and all required procedures diligently and correctly." A staff member who was not made redundant said that, when the business went insolvent, he was given 24 hours to sign a contract with a new company, Zib Holdings. In an email seen by the ABC, his manager confirms "the only thing that changes is the name of your employer". "Same name, same logo, same communications [and] emails - nothing changed," the employee, who is no longer with the company, told ABC News. According to the Australian Securities and Investments Commission (ASIC), Zib Digital's ABN closed on May 19 and entered into administration. On May 23, a new ABN was registered under Zib Holdings, the ABC notes. ========= I N D I A ========= A. B. PAL: CRISIL Withdraws D Rating on INR11cr Cash Loan --------------------------------------------------------- Crisil Ratings has withdrawn ratings on the bank facilities of A. B. Pal Electricals Private Limited (ABPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 Crisil D (Issuer Not Cooperating/Withdrawn) Bills Discount/ 0.9 Crisil D (Issuer Not Cheque Purchase Cooperating/Withdrawn) Cash Credit 3 Crisil D (Issuer Not Cooperating/Withdrawn) Cash Credit 11 Crisil D (Issuer Not Cooperating/Withdrawn) Inland/Import 3 Crisil D (Issuer Not Letter of Credit Cooperating/Withdrawn) Crisil Ratings has been consistently following up with ABPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on ABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ABPL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. ABPL was formed in 1973 as a Partnership Firm. It was reconstituted as a pvt ltd company in 1995. The company is based in Delhi and is promoted by Mr. Thaker Pal Singh and his family members. The promoters have over 3 decades of experience in trading of electricals. The company is an authorized stockiest/distributor for electrical components such as cables, wires, switches etc for a number of electrical companies such as Havells India Limited, Gloster Cables Limited, Polycab Wires Pvt Ltd, RR Kabel Limited, Grandlay Electricals (India) Pvt Ltd, Skytone Electrical India Limited, Paragon Cables India Pvt Ltd and many more. DIRGH DIAMOND: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Dirgh Diamond Private Limited Hw-2092, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Maharashtra, India Insolvency Commencement Date: December 2, 2025 Estimated date of closure of insolvency resolution process: June 1, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Sachin Rajendra Singhvi 450-451, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400013 Email: sachin@mehtasinghvi.in Email: cirp.dirgh@gmail.com Last date for submission of claims: December 17, 2025 GOENKA DIAMOND: Liquidation Process Case Summary ------------------------------------------------ Debtor: Goenka Diamond and Jewels Limited Registered Office: 401, Panchratna, Moti Singhbhomiyon Ka Rasta, Johari Bazar, Jaipur Rajasthan India - 302003 Corporate Office: 1305, Panchratna Building, Mama Parmanand Marg, Opera Housse, Girgaon Division, Street No. 184, Mumbai 400004 Liquidation Commencement Date: December 2, 2025 Court: National Company Law Tribunal Jaipur Bench Liquidator: Vijendra Bangar 103-A, Shyam Anukampa, O-11, Ashok Marg, C-Scheme, Jaipur, Rajasthan - 302001 Email: bangarv@gmail.com Email: gd.cirp@gmail.com Last date for submission of claims: January 1, 2026 GOLDER ASSOCIATES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Golder Associates Consulting India Private Limited FC-24, 1st Floor Sector 16 A, Filmcity Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301 Liquidation Commencement Date: December 2, 2025 Court: National Company Law Tribunal Allahabad Bench Liquidator: CS Anil Kumar Dubey Meridian Splendora, Tower II, Flat No. 4F, 9A/1 Umakant Sen Lane, Kolkata-700030 Mobile: 98830-39240 Email: anil@mandaassociates.in Last date for submission of claims: January 1, 2026 GUJARAT POSITRA: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Gujarat Positra Steel Company Limited 13/198, J. Tata Road, Khetan Bhavan, Churchgate, Mumbai City, Mumbai, Maharashtra, India, 400020 Insolvency Commencement Date: December 4, 2025 Estimated date of closure of insolvency resolution process: June 2, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Mohit Bipinchandra Adatiya H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014. Email: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Process Email: cirp.gpscl@npvinsolvency.in Last date for submission of claims: December 20, 2025 IMMACULATE AGRO: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Immaculate Agro Spices Private Limited Kanjiravelil House Pazhamthottam (P O) Ernakulam, Kerala India 683565 Insolvency Commencement Date: December 2, 2025 Estimated date of closure of insolvency resolution process: May 31, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: Celine P Thomas 4B, TULIP, Skyline Riverdale Apartments Tripunithura P O, Ernakulam Dist., Kerala, India – 682301 Email: celinerejy@gmail.com Agasti & Associates, 1st Floor, CNRWA – 6, Cherupushpam Lane, Kadavanthra, Kochi – 682020 Email: celinerejy@gmail.com Last date for submission of claims: December 18, 2025 KULDEVI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kuldevi Cotton Industries (KCI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KCI for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCI continues to be 'Crisil B/Stable Issuer not cooperating'. KCI, setup in 2014 by Ghodasara & Dhabi family, is engaged in cotton ginning and pressing. Its manufacturing facility is located in Morbi,Gujarat and operations are currently managed by Mr. Maheshbhai Ghodasara. LIFESTYLE SAREES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lifestyle Sarees Private Limited (LSPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 22 CRISIL B+/Stable (ISSUER NOT COOPERATING) Cash Credit 2 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LSPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. LSPL was originally established as a proprietorship concern in 1988; the firm was reconstituted as a private limited company in 1999. The company is promoted by the Dhandharia family of Surat, Gujarat. LSPL outsources processing activities such as dyeing, printing, and designing of sarees, which it sells under brand names Antra, Aravalli, and Lifestyle. M. P. K. ISPAT: CRISIL D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M. P. K. Ispat India Private Limited (MPKM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Standby Line 1.5 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPKM for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPKM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPKM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPKM continues to be 'Crisil D/Crisil D Issuer not cooperating'. MPKS was set up as a private limited concern in 2005. It manufactures structural products, including thermo-mechanically treated (TMT) bars, channels, angles, and joints, at its manufacturing facility in Jaipur. The company markets the products under its own brand, MPK. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay. MPKM was set up as a private limited concern in 2009 and manufactures structural products including TMT bars, channels, angles, and joints at its manufacturing facility in Jaipur and markets the same under its MPK brand. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. MPKI was set up as a private limited concern in 2010 and started operations in 2012-13 (refers to financial year, April 1 to March 31) with 2013-14 being its first full year of operations. The company has been set up as a backward integration unit of the group to manufacture steel billets and ingots for captive consumption in MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. MORESHWAR TRADING: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Moreshwar Trading Company Private Limited (MTCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.75 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MTCPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MTCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2000, MTCPL is a dealer of Toyota in Goa. It is a part of the Sharayu Group. Mr Shrinivas Pawar and Ms Sharmila Pawar are the promoters. MTV EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MTV Exports (MTVE) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Export Packing 2 CRISIL B/Stable (ISSUER NOT Credit COOPERATING) Foreign Letter 1 CRISIL B/Stable (ISSUER NOT of Credit COOPERATING) Proposed Long Term 0.33 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 0.17 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MTVE for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTVE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTVE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MTVE continues to be 'Crisil B/Stable Issuer not cooperating'. MTVE was set up as a proprietorship by Mr Vikram Nimbalkar in 1999. It manufactures and exports readymade garments, primarily uniforms. The manufacturing facilities are in Vasai (Maharashtra) and Tirupur (Tamil Nadu). MUSADDILAL PROJECTS: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Musaddilal Projects Private Limited (MPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 57 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPL continues to be 'Crisil B/Stable Issuer not cooperating'. MPL was set up in 2006 by Mr. Pramod Kumar Gupta and his family members. It owns two warehouses with an area of 638181 square foot in Bengaluru and Chennai, which is leased to HUL and UT Worldwide India Pvt. Ltd. MUSADDILAL PROPERTIES: CRISIL Keeps B Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Musaddilal Properties Private Limited (MPPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 44 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPPL continues to be 'Crisil B/Stable Issuer not cooperating'. MPPL was set up in 2013. The company owns a warehouse with an area of 250,858 square feet in Pune, which is leased to ITC. NANNAN FARM: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nannan Farm House Private Limited (NFHPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 20 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NFHPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NFHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NFHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NFHPL continues to be 'Crisil B/Stable Issuer not cooperating'. NFHPL, established in February 2018, is setting up a dairy farm at Koliyakodu in Thiruvananthapuram, Kerala. Implementation is underway and the operations are expected to commence from April ' 2019. NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Navdurga Agro Industries (NAI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NAI for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NAI continues to be 'Crisil D Issuer not cooperating'. Set up in 2009, NAI is a proprietorship firm promoted by Unjha, Gujarat-based Ms Dakshaben Patel. The firm processes melon seed kernels and trades in cattle feed. NOBLE CASHEW: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Noble Cashew Industries (NCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 1 CRISIL D (Issuer Not Cooperating) Buyer Credit Limit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NCI for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NCI continues to be 'Crisil D Issuer not cooperating'. Set up in 1982 by Mr. Jacob.C. Luke and Mr. Biju Luke Jacob, NCI is engaged in processing of raw cashew nuts and sale of cashew kernels. The firm is based out of Kollam, Kerala PALIWAL HOME: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Paliwal Home Furnishings (PHF) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Export Packing 4.70 CRISIL B/Stable (ISSUER NOT Credit COOPERATING) Proposed Long Term 0.30 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 0.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with PHF for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PHF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PHF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PHF continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1999, PHF manufactures and exports various home furnishings and floor coverings such as table top tufted bath mats, area rugs, bed linen, and table linen. Operations are managed by Mr Uma Dutt Paliwal. The manufacturing facility of the firm is located at Panipat, Haryana. PANNA PAPER: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Panna Paper Mills Limited 7, Lyons Range, 1st Floor, Room No. 3, Kolkata, West Bengal, India, 700001 Liquidation Commencement Date: December 4, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Swapnil Jain Poddar Court 18, Rabindra Sarani, Suite No. 517, Gate No. 2, 5th Floor, Kolkata - 700001 Email: swapniljain88@gmail.com Mobile: 98300-31124 Last date for submission of claims: January 3, 2026 PARAG SEEDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Parag Seeds Private Limited (PSPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Warehouse Receipts 5 Crisil B+/Stable (Issuer Not Cooperating) Warehouse Receipts 5 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PSPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. PSPL, incorporated in 1996, is owned and managed by Mr Krishan Goyal and Mr Bhupender Goyal. The company processes paddy and wheat at its facility in Fatehabad, Haryana, with an installed capacity of 36,000 tonne per annum. ROOFCO TRADING: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Roofco Trading Company Private Limited 5/762, Building No. 3464, Ward No. 37, NH Road, Palarivattom Post, Ernakulam, Kerala - 682025 Insolvency Commencement Date: December 2, 2025 Estimated date of closure of insolvency resolution process: May 31, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: Mr. Kp. Dileep Veluthedath House Ponnurunni, Vytilla P.O. Kochi 682019, Kerala Mobile: 9947357200 Email: kpdileep57@gmail.com Email: roofcotradingrp@gmail.com Last date for submission of claims: December 16, 2025 SBJ ASSOCIATES: CRISIL Moves B Debt Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of SBJ Associates (SBJA) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B/Stable (Issuer Not Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with SBJA for obtaining information through letter and email dated November 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBJA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBJA is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SBJA to 'Crisil B/Stable Issuer not cooperating'. SBJA was set up in 2009 as a partnership firm, as a distributor of small home appliances for 'Impex' in Kerala. In 2017, the firm launched itself as "Blueberry's" brand and distributes small home appliances such as utensils, washing machines and television sets from manufacturing facilities to businesses. Mr A A Firoz, Ms Sajida, Ms Aysha Ajimin A M, Ms Fathima Anjum and Ms A M Asna Nafeesath own and manage the business. SIDDHI VINAYAK: CRISIL Moves B+ Debt Ratings to Not Cooperating --------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Siddhi Vinayak Impex (SVI) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B+/Stable (Issuer Not Cooperating; Rating Migrated) Proposed Long Term 4 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with SVI for obtaining information through letter and email dated November 18, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVI is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SVI to 'Crisil B+/Stable Issuer not cooperating'. SVI, a partnership firm set up in 2005, trades in coal, coke, fly ash, bauxite lump, bentonite powder and quartz lump; it is based in Gandhidham, Gujarat. Mr Vedprakash Upadhyay, Mr Ishan Upadhyay and Ms Kanchan Upadhyay own and manage the business. SURATGARH BIKANER: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Suratgarh Bikaner Toll Road Company Private Limited Registered Office: Divine Bliss 2/3, Judges Court Road 1st Floor, Kolkata, West Bengal, India - 700027 Corporate Office: Baani Corporate One 303, 3rd Floor, Plot No. 5, Commercial Central, Jasola, New Delhi 110025 Insolvency Commencement Date: December 1, 2025 Estimated date of closure of insolvency resolution process: May 30, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Prawincharan Prafulcharan Dwary 407, Akchhat Tower, Pakwan Cross Road, S.G. Highway, Bodakdev, Ahmadabad, Gujarat, 380015 Email: dwaryprawin@gmail.com 9-B Vardaan Tower, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmadabad, Gujarat 380014 Email: cirp.sbtrc@gmail.com Last date for submission of claims: December 19, 2025 SURYA FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Surya Foods continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Warehouse Receipts 7 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Surya Foods for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Surya Foods, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Surya Foods is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Surya Foods continues to be 'Crisil B/Stable Issuer not cooperating'. Surya Foods was established in 2014 by Mr Kidar Nath and his sons Mr Ashok Kumar and Mr Raj Kumar. The firm is based out of Patran, Patiala and has milling capacity of 600 quintals per day. SWASTIK COAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Swastik Coal Corporation Private Limited (SCCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 9.85 CRISIL D (Issuer Not Cooperating) Cash Credit 0.50 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 55 CRISIL D (Issuer Not Cooperating) Letter of Credit 19.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 70 CRISIL D (Issuer Not Cooperating) Letter of Credit 55 CRISIL D (Issuer Not Cooperating) Letter of Credit 32.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Overdraft Facility 10 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCCPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in indigenous and imported coal. The group also provides logistic services through Shree Ganpatlal. Established in 1984 by members of the Bindal family for trading in indigenous coal, the group is now focused on imported coal; it both directly imports coal from international suppliers and relies on merchant importers in India. T R HOSPITALITIES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of T R Hospitalities (TRHL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TRHL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TRHL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TRHL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TRHL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013, TRHL is owned and managed by Mr Chetan Sharma. The firm is setting up a 32-room hotel with a restaurants. Operations are scheduled to commence from June, 2021. ZTE TELECOM: TVS Supply Moves NCLAT Against NCLT Order ------------------------------------------------------ The Economic Times reports that TVS Supply Chain Solutions has moved appellate tribunal NCLAT, challenging an NCLT order which had rejected its plea to initiate insolvency against the Indian unit of telecom gear manufacturer ZTE. ET relates that the NCLAT registrar has accepted the request of TVS Supply Chain for more time to cure defects in the plea, which was accepted by it on Dec. 18. It also directed that the plea be listed before a bench for hearing. In October this year, a Chandigarh-based bench of the National Company Law Tribunal (NCLT), had dismissed the insolvency plea filed by TVS Supply Chain Solutions after observing a pre-existing dispute between the parties, ET recalls. The NCLT in its order had said that the debt claimed by TVS Supply Chain Solutions was disputed and under reconciliation dating back to 2017. TVS Supply Chain Solutions, earlier known as TVS Logistics Services, had moved the insolvency tribunal claiming a default of INR4.27 crore from ZTE Telecom India by filing a plea under Section 9 of the Insolvency & Bankruptcy Code. The dispute is for the period June 2012 to February 2019. ZTE, a telecom equipment supplier for companies like Reliance, Tata, Aircel, and BSNL, had entered into two Master Service Agreements (MSAs) with TVS Supply Chain, according to ET. As per MSAs, TVS Supply Chain Solutions raised invoices at a regular interval, which were payable within 30 days of raising the invoice. However, TVS Supply Chain alleged that ZTE has generally made either part payments against the invoices raised or delayed the payment on the pretext that the invoices are not satisfactory, and certain amounts have remained due and payable at all times since 2012, ET relays. Till September 2015, an amount of INR7.04 crore was outstanding for payment by ZTE for various projects. However, ZTE had sent an audit query over the bills, and was contending discrepancies in earlier invoices. Later, some emails were exchanged between the parties, ET states. =============== M A L A Y S I A =============== 1MDB: Malaysia Denies Ex-PM Najib's House Arrest Bid ---------------------------------------------------- Reuters reports that a Malaysian court on Dec. 22 denied a bid by jailed former Prime Minister Najib Razak to serve the remainder of his sentence at home, in the first of two key rulings the ex-premier faces this week over his role in the multibillion-dollar 1MDB scandal. Reuters relates that Najib, who has been imprisoned since 2022, had his 12-year jail sentence halved last year by a pardons board chaired by the country's former king. But he insists the monarch also issued an "addendum order" that converts his sentence to house arrest, and he has been seeking to compel the government to confirm the document's existence and enforce its contents. Government officials, including members of the pardons board, for months denied knowledge of its existence, though the former king's office and a federal lawyer this year confirmed the royal document had been issued, Reuters says. The king plays a largely ceremonial role in Malaysia but can pardon convicted people as one of the discretionary powers granted to him by the federal constitution. According to Reuters, the Kuala Lumpur High Court on Dec. 22 said the existence of the document was not in dispute, but the order was not legally enforceable as it was not made with the consultation of the country's pardons board, as required under the constitution. While Malaysia's rulers are allowed to issue pardons according to their discretion, their powers are not without limits, Judge Alice Loke said. "The addendum order was not deliberated nor decided at the pardons board meeting . . . Consequently, it is not a valid order," Loke said. Najib will appeal the ruling, his lawyer Muhammad Shafee Abdullah said immediately after the decision was made. The decision on Dec. 22 comes four days before the court reaches a verdict in Najib's biggest trial related to the scandal at 1MDB, the state fund he co-founded in 2009, Reuters notes. U.S. investigators said at least $4.5 billion was misappropriated from 1MDB by the fund's high-level officials and their associates. More than $1 billion allegedly flowed into bank accounts owned by Najib, who co-founded the fund in 2009. He was found guilty of graft and money laundering in 2020 after receiving funds from a 1MDB unit. Two years later, he became the first Malaysian prime minister to go to prison after losing all his appeals. Voted out in 2018, Najib last year for mishandling the scandal during his time in office, but he has consistently denied wrongdoing, saying he was misled about the source of the funds by fugitive financier Jho Low and other 1MDB officials. On December 26, the court will decide whether to convict Najib of four additional charges of corruption and 21 counts of money laundering involving the illegal transfer of about MYR2.2 billion ($538.69 million) from 1MDB. If found guilty, he could face a maximum of 20 years' imprisonment on each charge, as well as a fine of up to five times the value of the alleged misappropriations, adds Reuters. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== ABACUS CAPITAL: Creditors' Proofs of Debt Due on Jan. 23 -------------------------------------------------------- Creditors of Abacus Capital NZ Limited are required to file their proofs of debt by Jan. 23, 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: Wendy Somerville Richard Nacey c/o PwC PwC Waikato PO Box 191 Hamilton 3240 CHINCHILLER BREWING: Court to Hear Wind-Up Petition on Feb. 19 -------------------------------------------------------------- A petition to wind up the operations of Chinchiller Brewing Limited will be heard before the High Court at Christchurch on Feb. 19, 2026, at 10:00 a.m. Chief Executive of the New Zealand Customs Service filed the petition against the company on Nov. 27, 2025. The Petitioner's solicitor is: Sarah Leslie Level 18, 125 The Terrace Wellington 6011 NAGRA NZ: Creditors' Proofs of Debt Due on Jan. 19 -------------------------------------------------- Creditors of Nagra NZ Limited are required to file their proofs of debt by Jan. 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2025. The company's liquidators are: Stephen White Janet Sprosen c/o PwC PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 PRECAST CONSTRUCTION: Grant Reynolds Appointed as Liquidator ------------------------------------------------------------ Grant Bruce Reynolds of Grant Reynolds on Dec. 16, 2025, was appointed as liquidator of Precast Construction Group Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 SKG HOMES: Creditors' Proofs of Debt Due on Jan. 16 --------------------------------------------------- Creditors of SKG Homes Limited are required to file their proofs of debt by Jan. 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 16, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ===================== P H I L I P P I N E S ===================== PH RESORTS: Pagcor Revokes Cebu Casino License ---------------------------------------------- Inquirer.net reports that the Philippine Amusement and Gaming Corp. (Pagcor) revoked the Cebu casino license of Dennis Uy-led PH Resorts Group Holdings Inc. (PHR), which has failed to get the project off the ground. In a stock filing on Dec. 18, the company said Pagcor had revoked the permit of its subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp. (LLI-LLC) to operate an integrated resort and casino project in Mactan, Inquirer.net relates. With this, its potential team up with construction giant EEI Corp. to jointly develop the project was "no longer feasible", although talks had "not ripened to the execution of definitive agreements." PHR downplayed this development, saying the decision of Pagcor is not seen to impact its financial performance since the project has yet to begin commercial operations. "The company will continue to explore other business opportunities," it said. Construction works for the project began in 2017, but PH Resorts hit some snags, especially in paying its obligations, Inquirer.net recalls. In mid-2024, Okada Manila operator Tiger Resort Leisure and Entertainment Inc. (TRLEI) terminated its deal with the Uy-backed firm, which would have allowed TRLEI to acquire a majority ownership stake in PH Travel subsidiaries. Just last May 2025, China Banking Corp. said it would sell a 12.4-hectare beachfront property in Cebu province, where the long-delayed casino was supposed to rise, Inquirer.net relates. Inquirer.net says the lender and LLI earlier had an agreement to restructure its multibillion-peso debt with the Sy family-led bank. Under the leaseback deal, Mr. Uy's company sold the property to Chinabank under the condition that it could eventually buy it back by March 2025. However, the deal lapsed, with China Bank saying that PH Resorts could no longer buy back the asset. About PH Resorts PH Resorts Group Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manages and maintains tourism-related businesses which includes resort and casino projects. PH Resorts Group holdings serves customers in the Philippines. As reported in the Troubled Company Reporter-Asia Pacific on May 2, 2024, PH Resorts (PHR) Group Holdings reported losses of PHP4.213 billion in 2023, up 270 percent from PHP1.14 billion the previous year. PHR reported a net loss of PHP1.802 billion for the year ended Dec. 31, 2024. ================= S I N G A P O R E ================= 1AXIS LEASING: Court to Hear Wind-Up Petition on Jan. 16 -------------------------------------------------------- A petition to wind up the operations of 1axis Leasing & Rental Pte. Ltd. will be heard before the High Court of Singapore on Jan. 16, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 9, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FOCUS DIGITECH: Placed in Provisional Liquidation ------------------------------------------------- Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on Dec. 11, 2025, was appointed as provisional liquidator of Focus Digitech Pte. Ltd. The provisional liquidator may be reached at: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 KEPPEL FELS: Creditors' Proofs of Debt Due on Jan. 15 ----------------------------------------------------- Creditors of Keppel Fels Power Pte Ltd are required to file their proofs of debt by Jan. 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 10, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KRE AUSTRALIA: Creditors' Proofs of Debt Due on Jan. 15 ------------------------------------------------------- Creditors of KRE Australia Pte. Ltd. and KRE Anchorage Pte. Ltd. are required to file their proofs of debt by Jan. 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 10, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NICE BEAUTY: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 5, 2025, to wind up the operations of Nice Beauty & Hair Salon 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 ===================== S O U T H K O R E A ===================== COUPANG INC: Faces Business Suspension After Massive Data Breach ---------------------------------------------------------------- Nam Hyun-woo at The Korea Times reports that the government is signaling that it may suspend Coupang's operations following a massive customer data breach affecting 33.7 million users of the U.S.-listed e-commerce giant, amid criticism of the company's tepid response to the incident. During a televised interview on Dec. 19, Fair Trade Commission (FTC) Chairperson Ju Biung-ghi said "the possibility is open" regarding the suspension of Coupang's operations in Korea. "The authorities will first determine whether consumers are at risk of suffering or have actually suffered financial losses," the Korea Times quotes Ju as saying. "If Coupang is found to have failed to implement adequate measures to remedy the damage, a suspension of its operations can be imposed." His remarks came after the FTC, the Ministry of Science and ICT, the National Intelligence Service, police and other government units launched a joint task force to investigate the Coupang data breach on Dec. 18, according to the Korea Times. The task force will work alongside existing investigators to examine the cause of the breach, measures to protect users and possible regulatory actions against the company including the suspension. "The breach was a fundamental issue that threatens the daily lives of the public," Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon said while launching the task force. The Korea Times sas the government's hardline stance came in response to the company's widely criticized handling of the incident. During a National Assembly hearing on Dec. 17, Coupang Corp. interim CEO Harold Rogers said, "The data that was leaked in this incident is not considered highly sensitive, and so there's no requirement for us to file with the SEC (U.S. Securities and Exchange Commission) for the incident." Kim Bom-suk, also known as Bom Kim, chairman of Coupang Inc., has remained silent despite repeated calls from Korean lawmakers to appear and answer questions regarding the incident, the Korea Times says. According to the Korea Times, the government could suspend Coupang's operations through a number of legal actions. The Act on the Consumer Protection in Electronic Commerce allows the FTC to temporarily suspend a business operator if a personal data leak is confirmed, if consumers have suffered or are at risk of suffering financial losses due to misuse of their information and if the operator is found to have failed to take necessary measures to remedy the losses. However, industry officials said such a move would be difficult, as there have been no findings confirming that Coupang engaged in illegal conduct, the report relates. In addition, past cases in which the Fair Trade Commission suspended business operations largely involved small online platforms where consumer harm was found to be intentional. Instead, the act stipulates that authorities should impose fines, rather than suspend operations, when a business suspension could cause greater harm to consumers and the market. Given the large number of merchants operating on Coupang's platform, industry officials noted that financial penalties are more likely. On the other hand, the Ministry of Land, Infrastructure and Transport could suspend Coupang's operations by revoking or suspending its license as a parcel delivery operator, the Korea Times notes. However, this would also require clear evidence that Coupang's in-house delivery unit, Coupang Logistics Service, committed serious legal violations and that those violations posed risks to human life or public safety, the report adds. Coupang, Inc. is a South-Korean-founded Delaware-incorporated technology and online retail company. [] KOREA: Petrochem Firms to Cut NCC Capacity Via Restructuring --------------------------------------------------------------- Yonhap News Agency reports that local petrochemical companies plan to voluntarily reduce the combined capacity of their naphtha cracking centers (NCC) by up to 3.7 million tons under far-reaching restructuring measures partly aimed at tackling an industrywide crisis stemming from a global oversupply, the industry minister said Dec. 22. According to Yonhap, Industry Minister Kim Jung-kwan made the remark in a meeting with the chief executive officers of local petrochemical companies, also noting that all 16 major petrochemical firms here have submitted their initial business restructuring plans. Under their restructuring plans, the companies plan to reduce their NCC capacity by 2.7 million to 3.7 million tons, which would account for 18-25 percent of the country's total NCC capacity, Kim said. Yonhap relates that Kim vowed to "swiftly" devise a support package for the petrochemical sector's self-rescue plan, including tax incentives, research and development support, and the streamlining of regulations. It will also include support for a transition to high-value and eco-friendly products. In August, the government unveiled its three principles for helping the ailing petrochemical industry, giving local companies until the end of the year to devise "voluntary" business restructuring plans, recalls Yonhap. Yonhap says the principles are the "simultaneous" restructuring of three major petrochemical industrial complexes, located in Seosan, Ulsan and Yeosu, respectively; "sufficient" self-rescue efforts and preparations of a feasible business restructuring plan by companies; and the establishment of a "comprehensive" government support package. Lotte Chemical Corp. and HD Hyundai Chemical were the first companies to finalize a restructuring plan, under which Lotte Chemical will spin off its NCC operations at the Daesan petrochemical complex in Seosan, about 100 kilometers south of Seoul, to create a new entity with HD Hyundai Chemical. Yonhap adds that Kim urged the local companies to swiftly finalize their restructuring plans so the government can swiftly review their plans and devise a support package for the sector. "If this year was about preparing strategies for the successful restructuring (of the petrochemical industry), next year will be about execution, which will determine whether the plan will succeed or fail." ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***