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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
Wednesday, December 24, 2025, Vol. 28, No. 256
Headlines
A U S T R A L I A
ALERTVALE PTY: Cor Cordis Completes Sale of Business
CALLOW SERVICES: First Creditors' Meeting Set for Dec. 31
CIVIL & CIVIC: First Creditors' Meeting Set for Dec. 29
GUILDFORD FAMILY: First Creditors' Meeting Set for Dec. 31
HOLY GRAIL: First Creditors' Meeting Set for Dec. 29
MA SERVICES: Collapses Into Administration, 1,700 Jobs at Risk
MINERAL COMMODITIES: McGrathNicol Appointed as Administrators
REX AIRLINES: Corrs Advises Air T on its Acquisition of Carrier
C H I N A
CHINA VANKE: Creditors Reject New Plan to Delay Note Payment
FINGERMOTION INC: Signs Term Sheet for Telecom Acquisition
I N D I A
ASHISH BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
AVEENA MILK: ICRA Keeps D Debt Ratings in Not Cooperating
BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating
BRUA HYDROWATT: CARE Lowers Rating on INR50cr LT Loan to B
BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
CHANDAN TRADING: ICRA Keeps B+ Debt Rating in Not Cooperating
EDISON ENERGY: CARE Keeps B- Debt Rating in Not Cooperating
JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
JAY AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
L. P. GREENS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating
MOTIL DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating
NEXTGEN TEXTILE: CRISIL Keeps B- Debt Rating in Not Cooperating
NUI PULP: CRISIL Keeps D Debt Ratings in Not Cooperating Category
OM SHIV: CRISIL Keeps B Debt Ratings in Not Cooperating Category
PASHUPATI TEXSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJA RAM: CRISIL Keeps B Debt Ratings in Not Cooperating Category
RANISATI STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
S.S.S. RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI KRISHNA: CRISIL Keeps B Debt Rating in Not Cooperating
SHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
SHEETAL AGROFOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
SLR CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
SOHAN INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
SOLAMALAI AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
U.C. JAIN: CRISIL Keeps D Debt Rating in Not Cooperating Category
V. S. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating
VRUNDAVAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
VVD AND SONS: CRISIL Keeps B Debt Ratings in Not Cooperating
N E W Z E A L A N D
COASTAL COTTAGES: Creditors' Proofs of Debt Due on Jan. 20
DAVIES EARTHWORKS: Creditors' Proofs of Debt Due on Jan. 21
EVOLVE DEVELOPMENTS: Creditors' Proofs of Debt Due on Jan. 23
NO BULL: Creditors' Proofs of Debt Due on Jan. 20
S I N G A P O R E
BLACKGOLD NATURAL: Creditors' Meeting Set for December 31
LCH ELECTRICAL: Court Enters Wind-Up Order
WAN YANG: Placed in Creditors' Voluntary Liquidation
YONG LL: Deloitte Singapore Appointed as Liquidators
S O U T H K O R E A
[] More Than 400 Firms Face Bankruptcy Due to Sluggish Economy
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A U S T R A L I A
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ALERTVALE PTY: Cor Cordis Completes Sale of Business
----------------------------------------------------
Cor Cordis confirms the successful completion of the sale of the
business and assets of Alertvale Pty Ltd (subject to Deed of
Company Arrangement), formerly trading as SMW Group, as part of the
Company's broader restructuring process.
SMW Group is a long-established provider of field services,
maintenance, and support to the mining and industrial sectors
across regional Queensland. The business has operated for more than
two decades, servicing major resource operators and delivering
specialist on-site and off-site capabilities.
On Sept. 18, 2025, Cor Cordis partners Darryl Kirk and Stephen
Earel were appointed Voluntary Administrators of Alertvale Pty Ltd.
Following creditor approval, the Company entered into a Deed of
Company Arrangement on Nov. 28, 2025, with Stephen Earel and Darryl
Kirk appointed as joint and several Deed Administrators.
As part of the Deed process, the sale of the Company's business and
assets has now been completed. The purchaser, Shutdowns,
Maintenance & Welding Pty Ltd (ACN 690 162 371), will carry on the
operations going forward. While the SMW Group contact details and
email domains are expected to remain in place, the underlying
trading entity has changed following completion of the sale.
The transaction secures ongoing operations and preserves
approximately 180 jobs across the business, an important outcome
for regional employment, local industry capability, and continuity
of service for key clients.
The Administrators noted that completing the sale provides
stability for employees, certainty for customers and the
opportunity to preserve the operational capability of a business
that supports critical industries across regional Queensland.
CALLOW SERVICES: First Creditors' Meeting Set for Dec. 31
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Callow
Services Group Pty Ltd will be held on Dec. 31, 2025 at 9:30 a.m.
at the offices of Vincents, Level 34, 32 Turbot Street, in
Brisbane, QLD and via virtual meeting technology.
Nick Combis of Vincents was appointed as administrator of the
company on Dec. 17, 2025.
CIVIL & CIVIC: First Creditors' Meeting Set for Dec. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Civil &
Civic Holdings Pty Ltd, Civil And Civic Management Pty Ltd, Civil &
Civic Corporation Pty Ltd, and Civil & Civic Group Pty Ltd will be
held on Dec. 29, 2025 at 9:30 a.m., 10:30 a.m., 11:00 a.m. and
11:30 a.m., respectively, via videoconferencing.
Bradd William Morelli and Peter John Moore of Jirsch Sutherland
were appointed as administrators of the company on Dec. 15, 2025.
GUILDFORD FAMILY: First Creditors' Meeting Set for Dec. 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Guildford
Family Hotel Pty Ltd will be held on Dec. 31, 2025 at 10:00 a.m.
via Microsoft Teams.
Nathan Lee Deppeler of Worrells was appointed as administrator of
the company on Dec. 17, 2025.
HOLY GRAIL: First Creditors' Meeting Set for Dec. 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Holy Grail
(Vic) Pty Ltd will be held on Dec. 29, 2025 at 11:00 a.m. via teams
videoconferencing facility.
Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed
as administrators of the company on Dec. 17, 2025.
MA SERVICES: Collapses Into Administration, 1,700 Jobs at Risk
--------------------------------------------------------------
The Australian Financial Review reports that a national security
company that held contracts with AFL clubs, retailers, government
agencies and universities has collapsed into administration after a
string of scandals, placing 1,700 jobs at risk two days before
Christmas.
Administrators were appointed after Melbourne-headquartered MA
Services Group fell into voluntary administration on Dec. 23.
The Financial Review relates that the collapse of the company,
which employs 3,500 staff including subcontractors, comes after The
Sydney Morning Herald and The Age newspapers reported that the
company, or its subcontractors, were linked to suspected tax
evasion, worker exploitation and a bikie gang, along with sexual
harassment accusations against the owner, Micky Ahuja.
Ahuja, who founded the company in 2011, denies wrongdoing, the
report says. MA Services was contacted for comment.
In a statement earlier this month, MA Services said it had
"co-operated fully with all relevant authorities".
"We welcome appropriate regulatory scrutiny and operate with the
highest commitment to governance, compliance, and ethical business
practices," it said.
According to the Financial Review, Alvarez & Marsal administrators
Jason Tracy and Glen Kanevsky stated there were "breaches" of key
licensing conditions, meaning the company is unable to lawfully
continue certain core functions.
"As a direct consequence, regrettably, a significant number of
redundancies will occur immediately," the administrators said.
"We are investigating the circumstances that led the company to
this point, including obtaining information from founder and
director, Micky Ahuja," they added. "We recognise the seriousness
of this situation for the 1,700 employees whose roles are directly
affected."
The Financial Review adds that the administrators said they were
engaging with the federal government's fair entitlement guarantee,
which enables employees to claim certain entitlements that their
employer cannot pay, to ensure affected staff receive support.
The administrators said they were exploring options "to preserve
service continuity and potential future employment, including
fielding interest from parties looking to acquire MA Services'
assets," the Financial Review relays.
MA Services Group operates in all Australian states and
territories, providing security, cleaning, and maintenance services
across retail, commercial property, government, healthcare and
other sectors.
MINERAL COMMODITIES: McGrathNicol Appointed as Administrators
-------------------------------------------------------------
McGrathNicol Restructuring announces that pursuant to section 436A
of the Corporations Act 2001, Rob Brauer and Rob Kirman were
appointed voluntary administrators of Mineral Commodities Limited
and certain of its subsidiaries on Dec. 18, 2025.
The Administrators have assumed control of the businesses and will
undertake an urgent assessment of each of the Companies and explore
options for their sale and/or recapitalisation.
The Administrators' appointment includes MRC Graphite (Norway) Pty
Ltd which is the Australian holding entity of the Skaland Graphite
mine in Norway. The operations of the Skaland Graphite mine are
unaffected by this appointment and the trading entities in Norway
remain in the control of their directors.
While in Administration, the shares of Mineral Commodities Limited
will remain suspended from trading.
The Administrators intend to provide shareholders with updates in
due course on the ASX platform.
A first statutory meeting of creditors must be held within eight
business days after the administration begins and is expected to
take place on Jan. 2, 2026. Meeting notices setting out the time
and location for the first meeting of creditors will be distributed
to the Companies' creditors over the coming days.
Mineral Commodities Ltd (ASX:MRC) is a resources company involved
in the mining and supply of industrial minerals, with operations
that include the Skaland Graphite mine in Norway.
REX AIRLINES: Corrs Advises Air T on its Acquisition of Carrier
---------------------------------------------------------------
Australia's leading independent law firm Corrs Chambers Westgarth
has advised NASDAQ-listed Air T, Inc. on its acquisition of
Regional Express Holdings Limited (Rex).
Air T, an American aviation group, acquired 100% of the issued
share capital in Rex, Australia's leading regional airline, via a
deed of company arrangement, bringing to an end Rex's 16-month
external administration and ensuring the continued operation of its
regional business. The transaction involved negotiating a
comprehensive suite of ongoing debt arrangements with Rex and the
Commonwealth Government.
Led by partners Sandy Mak, Jeremy Horwood and Tom Schinckel, Corrs
advised on all aspects of the transaction with support from the
firm's restructuring, insolvency and special situations, corporate,
tax, technology, media and telecommunications, employment, labour
and safety and real estate practices. Alvarez & Marsal acted as
restructuring advisor to Air T.
Commenting on the matter, Tom Schinckel said: "We are thrilled to
advise Air T on this significant transaction which will help secure
Rex's future, maintain essential regional air services, and
position the business for long-term sustainability.
"This transaction highlights Corrs' expertise in complex
cross-border M&A and restructuring and reinforces its reputation as
a leading legal adviser in the aviation sector."
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.
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C H I N A
=========
CHINA VANKE: Creditors Reject New Plan to Delay Note Payment
------------------------------------------------------------
Yicai Global reports that China Vanke said creditors rejected its
revised plan for delaying repayment of a CNY2 billion (USD280
million) note that matured on Dec. 15. They instead approved the
proposal to lengthen the grace period.
Seventy-eight percent of creditors voted against Vanke's second
proposal to extend the repayment of 22 Vanke MTN004, Shanghai
Pudong Development Bank, the bond's community manager, announced on
Dec. 22 on the website of the Shanghai Clearing House, Yicai
relays. However, they approved the request to lengthen the grace
period to 30 business days, taking it to Jan. 28.
Vanke accepts the voting results of the bondholders' meeting and
will continue to communicate and negotiate with all parties to seek
solutions for this note and safeguard the long-term common
interests of all parties, the firm said in a statement on Dec. 22,
Yicai relates.
According to Yicai, Vanke unveiled three extension options for the
repayment of 22 Vanke MTN004 on Dec. 5: a 12-month delay, the
addition of irrevocable full joint liability guarantees from major
shareholder Shenzhen Metro Group, or other collateral measures
acceptable to investors provided by other state-owned enterprises
in the city. All three were rejected on Dec. 14.
Three days later, Vanke put forward a second plan that would have
extended repayment of the bond's principal by 12 months and accrued
interest at an annual rate of 3 percent, with CNY60 million (USD8.5
million) in overdue interest to be paid by Dec. 22. The firm also
pledged to provide additional credit support.
On Dec. 17, Vanke proposed five options to extend a second bond
maturing this month, 22 Vanke MTN005, which has a principal of
CNY3.7 billion (USD526.4 billion) and will mature on Dec. 28, Yicai
says.
Each option suggests extending the bond's maturity by 12 months.
Four of them require Vanke to provide credit-enhancement measures,
with different repayment methods for the principal and interest.
Vanke held the first bondholders meeting to extend 22 Vanke MTN005
on Dec. 22, with the deadline for voting set at 3:00 p.m. on Dec.
25.
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 on Dec.
8, 2025, Fitch Ratings has placed Chinese homebuilder China Vanke's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
of 'CCC-' and wholly owned subsidiary Vanke Real Estate (Hong Kong)
Company Ltd's (Vanke HK) Long-Term IDR of 'CCC-' on Rating Watch
Negative (RWN).
Fitch has also downgraded Vanke HK's senior unsecured rating and
the rating on the subsidiary's outstanding senior notes to 'CC'
from 'CCC-', with a lower Recovery Rating of 'RR5' from 'RR4', and
placed the ratings on RWN.
The TCR-AP reported on Dec. 2, 2025, S&P Global Ratings lowered its
long-term issuer credit ratings on China Vanke Co. Ltd. and its
subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to
'CCC-' from 'CCC'. S&P also lowered its long-term issue ratings on
Vanke HK's senior unsecured notes to 'CCC-' from 'CCC'. At the same
time, S&P placed these ratings on CreditWatch with negative
implications.
FINGERMOTION INC: Signs Term Sheet for Telecom Acquisition
----------------------------------------------------------
FingerMotion, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on December 15, 2025,
it entered into a non-binding term sheet with a voice and messaging
telecom service provider regarding the potential acquisition by
FingerMotion. The term sheet outlines preliminary terms and enables
both parties to proceed with mutual due diligence and negotiate a
definitive acquisition agreement.
No binding agreement has been executed at this time, and there can
be no assurance that the parties will enter into a definitive
agreement or that any transaction will be completed. Any potential
acquisition remains subject to the negotiation and execution of
final transaction documents, completion of due diligence, customary
closing conditions, and approval by the Company's Board of
Directors.
"We believe this potential acquisition aligns with our strategic
focus on expanding our telecom service capabilities and
strengthening our suite of mobility, messaging, and data-driven
enterprise solutions. While discussions are ongoing, we remain
committed to evaluating opportunities that may enhance value for
our shareholders and customers," said Martin Shen, CEO of
FingerMotion.
About FingerMotion Inc.
FingerMotion Inc. provides mobile payment and recharge platform
solutions in China.
As of August 31, 2025, the Company had $51.9 million in total
assets, $36.82 million in total liabilities, and a total
stockholders' equity of $15.08 million.
San Francisco, California-based CT International LLP, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated May 29, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended February 28, 2025 citing
that the Company has suffered recurring losses from operations that
raise substantial doubt about its ability to continue as a going
concern.
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I N D I A
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ASHISH BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Ashish Builders and
Developers (ABD) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.35 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with ABD, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in May 2004 by Mr. Ashish Gupta, Ashish Builders &
Developers (ABD) is involved in the development and marketing of
real estate in Kashipur. With an experience of over 10 years, ABD
has completed several residential projects that include plots,
villas, independent floors, apartments and row housing concept
projects. Its two most recent projects were developed over an area
of ~50,000 sq mt and comprised ~400 flats (only ~15 flats remain
unsold in these 2 projects –Prakash City and Prakash Residency.
Currently, the company is developing 4 residential projects located
in Kashipur.
AVEENA MILK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of Aveena Milk Products (AMP)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA] D; ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA] D; ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AMP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Aveena Milk Products (AMP) is partnership firm registered on 6th of
January 2014 which deals in Milk and Milk products with all allied
and necessary activities in relation to production of Milk and its
consumption.
BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Bajrang Ginning & Pressing
Factory in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Bajrang Ginning & Pressing Factory, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in the year 2009, it is a partnership concern engaged
in the business of ginning and pressing of cotton. It is managed by
six partners. Partners have long standing experience in the field
of cotton industry. The factory is located at Jasdan having land
area of 2 acres. It avails power load of 124 HP. It is equipped
with 24 ginning machines and 1 pressing machine. It has a capacity
to produce 180 bales a day (considering 24 hours of operations).
Raw cotton is procured either from market yard or from farmers in
the nearby vicinity. It also has two group concerns engaged in
trading of raw cotton. The firm is also involved in trading of
cotton bales.
BRUA HYDROWATT: CARE Lowers Rating on INR50cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Brua Hydrowatt Private Limited (BHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 25, 2024, placed the rating(s) of BHPL under the
'issuer non-cooperating' category as BHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 10, 2025, September 20, 2025, September 30, 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 BHPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone with notching based on group
support
Outlook: Stable
BHPL, a wholly owned subsidiary of Contransys Private Limited
(CPL), has setup up a 9 MW 'run-of-the-river' hydroelectric project
in Kinnaur District, Himachal Pradesh. The plant was commissioned
in April 2016 at total cost of INR92 crore (i.e. INR10.2 crore/MW).
The project is commissioned through a term loan of INR49 crore and
balance from the promoters/unsecured loans. The project is
constructed over the Brua river which is a tributary of river
Satluj. Other major companies of the group include Deepak
Industries Limited, Deepak Spinners Limited, Contransys Private
Limited and Continental Profiles Limited.
BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Buildmet
Private Limited (BPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 4.72 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 24.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short Term- 8.78 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As a part of its process and in accordance with its rating
agreement with BPL, ICRA has been trying to seek information from
the entity so as to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In absence of requisite information and in line
with the aforesaid policy of ICRA, a rating view has been taken on
the entity based on the best available information.
BPL was established in 1974 as a private limited company by a group
of civil engineers. The company is a civil constructor and is also
a registered Class-I contractor for PWD, Karnataka. The company was
taken over by Ayoki Fabricon Private Limited, a Pune-based company
in May 2015. The company does civil construction work for
cement-manufacturing units, power production units,
sugarcane-manufacturing units, roads etc.
CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Carona Knit
Wear in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 0.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 0.96 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 15.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Carona Knit Wear, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Carona Knit Wear was incorporated in the year 2006 by Mr. K.
Swaminathan and the entity was primarily engaged in manufacture and
export of garments. The entity had integrated production facilities
ranging from knitting, compacting, printing, stitching and
embroidery. The product profile of the Firm included babies wear
and kids wear.
CHANDAN TRADING: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Chandan Trading Company
Private Limited (CTCPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA] B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CTCPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2011, CTCPL is primarily engaged in trading of
chana, maize and tamarind; and other agro-products including
amchur, tora, kosra, mahua, amla, etc. The company was promoted by
the Somani family of Jagdalpur, Chhattisgarh. The promoters of
CTCPL had been engaged in agro trading business since 1988 through
a proprietorship firm namely, Chandan Trading Company (CTC), which
currently stands discontinued with the commencement of operations
of CTCPL from April 2011.
EDISON ENERGY: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Edison
Energy India Private Limited (EEIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.02 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 18, 2024, placed the rating(s) of EEIPL under the
'issuer non-cooperating' category as EEIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 3, 2025, September 13, 2025, September 23, 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
Edison Energy India Private Limited (EEIPL) was incorporated in May
2015 and is engaged in generation of power through solar energy,
located in Tamil Nadu. EEIPL has two solar power plants of capacity
15.25 MW located in Illupur, Pudukottai & 2 MW located in Dindugal.
Both the plants started generating units since March 2016. The
company has tied up with Tamil Nadu Generation & Distribution
Corporation Limited (TANGEDCO) for both the plants under long term
PPA (25 years) for sale of power at the fixed tariff of INR7.01 per
unit. The day to day operations of the EEIPL are managed by Mr. C
Prasanna Kumar, the Managing
Director of the company.
JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Jagriti
Solvex Private Limited (SJSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SJSPL 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 SJSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SJSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice bran
oil extraction plant and refinery at Mahasamund (Chhattisgarh). The
company commenced operations from April 2017.
JAY AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jay Agro
Industries (JAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.51 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 18, 2024, placed the rating(s) of JAI under the
'issuer non-cooperating' category as JAI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JAI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 3, 2025, September 13, 2025, September 23, 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'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).
Analytical approach: Standalone
Outlook: Not applicable
Vadodara-based (Gujarat) JAI was promoted by Mr Nimmagadda Prasad
and Ms. Aruna Prasad for manufacturing of Pesticides in 2003. JAI's
manufacturing plant is located in Vadodara, Gujarat having for
production of Agrochemicals, Pesticides and Insecticides. JAI is an
ISO 9001: 2008 and UKAS Quality Management certified firm.
L. P. GREENS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L. P. Greens
(LPG) continue to be 'Crisil B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 6.15 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Rupee Term Loan 8.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with LPG 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 LPG, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LPG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LPG continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in November 2013, LPG is proprietorship concern
promoted by Mr. Kesho Lal Goel. The hotel has three banquet halls,
three conference halls, 62 rooms, in-house recreational rooms and
restaurants. The hotel was operationalized in June ' 2017.
MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahalaxmi
Investment and Trading Private Limited (MITPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MITPL 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 MITPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MITPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MITPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 1986, MITPL is promoted by Mr Umesh Jhalani and
family. The company is based out at Ratlam in Madhya Pradesh. The
company manufactures components used in electrical items such as
distribution transformers, switchgears, meter boxes, feeder
pillars, distribution boxes, and junction boxes used in the
distribution of power.
MOTIL DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Motil Devi
Organic Food Industries Private Limited (MDOFIPL) continue to be
'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 Crisil B/Stable (Issuer Not
Cooperating)
Term Loan 1.4 Crisil B/Stable (Issuer Not
Cooperating)
Term Loan 1.08 Crisil B/Stable (Issuer Not
Cooperating)
Term Loan 1.02 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MDOFIPL 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 MDOFIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
MDOFIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of MDOFIPL continues to be 'Crisil B/Stable Issuer not
cooperating'.
MDOFIPL, incorporated in 2013 at Raipur (Chhattisgarh),
manufactures ice-creams under the brand, Mental. Mr Deepak Wadhwani
and Mr Harish Wadhwani are the promoters.
NEXTGEN TEXTILE: CRISIL Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nextgen
Textile Park Private Limited (NTPPL) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NTPPL 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 NTPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NTPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NTPPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
NTPPL, incorporated in March 2007, is a special purpose vehicle
promoted by Mr. Aloke Bhatnagar, Mr. B S Bhatnagar, and Mr. Dinesh
Gangadharan (nominee director) to set up a textile park near Pali
(Rajasthan). The company was set up under SITP, supported by the
Ministry of Textiles, the Government of India, to set-up textile
park infrastructure to house units of small entrepreneurs. The
project is expected to be fully operational from April 2016.
NUI PULP: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nui Pulp and
Paper Industries Private Limited (NPPIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5 CRISIL D (Issuer Not
under Letter Cooperating)
of Credit
Packing Credit 4 CRISIL D (Issuer Not
in Foreign Currency Cooperating)
Proposed Short Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with Nui Pulp and
Paper Industries Private Limited (NPPIPL) 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 NPPIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
NPPIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of NPPIPL continues to be 'Crisil D Issuer not
cooperating'.
NPPIPL, incorporated in September 2009, manufactures and exports
polyethylene-coated cups, and stock paper rolls and cups. It
started commercial operations in May 2012. NPPIPL is based in
Chittoor (Andhra Pradesh) and is promoted by Mr Shameel E P.
OM SHIV: CRISIL Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Om Shiv Foods
(OSF) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Term Loan 12 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with OSF 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 OSF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OSF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
OSF continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 2017 as a partnership firm by Ms. Saroj Sharma, Ms.
Pushpa Saravagi, Mr. Ajay Mittal, Mr. Vijay Kumar Mittal, and Mr.
Sonam Sharma, OSF is setting up a rice milling unit in Gwalior,
Madhya Pradesh.
PASHUPATI TEXSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pashupati
Texspin Export LLP (PTEL) continue to be 'Crisil D/Crisil D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 Crisil D (Issuer Not
Cooperating)
Cash Credit 11.15 Crisil D (Issuer Not
Cooperating)
Long Term Loan 32.23 Crisil D (Issuer Not
Cooperating)
Proposed Long Term 0.72 Crisil D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PTEL 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 PTEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PTEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTEL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
PTEL, established in 2017, is promoted by Mr Dakshesh Patel and his
family members. The firm has a unit in Kadi, Gujarat, to
manufacture cotton fabric with installed capacity of 65 lakh tonne
per annum.
RAJA RAM: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Shree Raja
Ram Prints Private Limited (SRPPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 3.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 3.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SRPPL 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 SRPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRPPL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 2004, SRPPL, promoted by Mr Suresh Chand Gupta
initially traded in all types of fabrics. In June 2015, it set up a
plant for dyeing and printing cotton and other wider width fabrics
in Pali (Rajasthan). The plant has an installed capacity of around
120,000 meter per day.
RANISATI STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Ranisati
Steel Traders (SRSST) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SRSST 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 SRSST, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRSST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRSST continues to be 'Crisil B/Stable Issuer not cooperating'.
SRSST, based in Raipur, Chhattisgarh, trades in iron and steel
products, especially galvanised plain and corrugated sheets and
coils. Set up in May 2014 by Mr Satyaprakash and Mr Pawan
Jhunjhunwala, the firm deals in products of principals such as
Uttam Galva Steels Ltd, Bhushan Power & Steel Ltd, Bhushan Steel
Ltd, and Uttam Value Steels Ltd. Operations are in Raipur and
Nagpur.
S.S.S. RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.S.S. Rice
Mill Private Limited (SSSRMPL) continue to be 'Crisil D/Crisil D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.15 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 2 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 16 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 0.25 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Proposed Short Term 1 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 1.6 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Crisil Ratings has been consistently following up with SSSRMPL 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 SSSRMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SSSRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSSRMPL continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
Incorporated in 2007 and promoted by Kolkata-based Mr Nimai Purkait
Chand and Ms Arati Purkait, SSSRMPL mills and processes non-basmati
parboiled rice at its facility outside Kolkata that has capacity of
75,000 tonne per annum.
SAI KRISHNA: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Sai
Krishna Raw & Boiled Rice Mill (SSK) 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 SSK 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 SSK, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSK continues to be 'Crisil B/Stable Issuer not cooperating'.
SSK was set up in 1998, promoted by Mr. Venku reddy and MS. S
Sujatha, the company is engaged in milling of paddy into rice and
is based out of Nellore, Andhra Pradesh.
SHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shankar
Agro Food (SAF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 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 December 17, 2024, placed the rating(s) of SAF under the
'issuer non-cooperating' category as SAF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 2, 2025, November 12, 2025, November 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: Not Applicable
Shankar Agro Food (SAF) was established in April 2009 as a
partnership concern by Mr. Kewal Krishan, Mr. Bal Krishan, Mr.
Jagdish Rai and Mr. Raghav Garg. Earlier the business operations
were being managed through a proprietorship firm under the name of
“M/s Shankar Agro Food” since 2005 and the business was
subsequently taken over by SAF. The firm is engaged in processing
of paddy and also does the same on job work basis for 'Shakti Bog
Foods Limited'. The manufacturing unit of the firm is located at
Moga, Punjab.
SHEETAL AGROFOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sheetal
Agrofood Park Private Limited (SAPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SAPPL 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 SAPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAPPL continues to be 'Crisil D Issuer not cooperating'.
SAPPL was incorporated in 2010 by Mr Mehboob Alam and Mr Masroor
Alam. The company has a cold storage with capacity of 5326 tpa at
Lalganj in Rae Bareli, Uttar Pradesh. It also trades in
agricultural commodities such as potatoes, onions, and garlic.
SLR CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SLR
Construction Private Limited (SLR) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.0 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SLR 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 SLR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SLR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLR continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SLR was set up in 2005, by the promoter, Mr Shiv Kumar Bansal and
his family, based in Ghaziabad. The company is a class A civil
contractor for CNG stations and buildings. Operations are managed
by Mr Shiv Kumar Bansal.
SOHAN INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sohan
Industries Private Limited (SDPL: Previously known as Sohan Dyechem
Private Limited) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 2.81 Crisil B/Stable (Issuer Not
Cooperating)
Term Loan 1.19 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SDPL 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 SDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SDPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SDPL, which was set up in 1996, is owned and managed by Mr. Bharat
Tawde and his family. The company manufactures pigments, which are
marketed under the brand, Orion. The manufacturing facility is
located in Dombivali (Maharashtra).
SOLAMALAI AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Solamalai
Automobiles Private Limited (SAPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 7.75 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Proposed Long Term 1.40 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 10.85 CRISIL B/Stable (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with SAPL 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 SAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SAPL was incorporated in 2003, promoted by Mr K Mani, Mr
Karthikeyan, and Mr K Vikrant. The company was a dealer for Maruti
Suzuki passenger cars in Tamil Nadu till 2015.
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SSG
Infratech Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 62.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 17, 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
November 2, 2025, November 12, 2025, November 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: Not Applicable
SIPL was incorporated in 2004 by Mr. Harjit Singh Sahni. The
company is engaged in providing design and infrastructure services
in civil and electrical contracts on turnkey basis, which primarily
involves installation and commissioning of electrical substations,
water treatment plants, sewerage treatment plants, construction of
underground reservoirs and rainy wells primarily in state of Uttar
Pradesh and Northern India.
U.C. JAIN: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of U.C. Jain
Foundation Trust (UCJFT) continues to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with UCJFT 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 UCJFT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on UCJFT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
UCJFT continues to be 'Crisil D Issuer not cooperating'.
Registered in 2012, UCJFT operates a school in Haridwar,
Uttarakhand, called The Wisdom Global School. An English medium
school that runs from Class Nursery to Class XII, it is affiliated
under the Central Board of Secondary Education. Operations started
in 2014. Mr UC Jain, Mr Rishabh Jain, and Mr Nikhil Jain are the
trustee.
V. S. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. S. Cotton
Industries (VSC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.0 CRISIL D (Issuer Not
Cooperating)
Proposed Rupee 0.36 CRISIL D (Issuer Not
Term Loan Cooperating)
Term Loan 2.64 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with VSC 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 VSC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VSC continues to be 'Crisil D Issuer not cooperating'.
RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses
cotton. The firm commenced operations in November 2013. Its
manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.
VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing facilities
are at Murtizapur in Akola, Maharashtra.
The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.
VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vizag
RE-Bars Private Limited (VRPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 95.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 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 17, 2024, placed the rating(s) of VRPL under the
'issuer non-cooperating' category as VRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VRPL 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: Not applicable
Incorporated on November 28, 1995, Vizag Rebars Pvt Ltd (VRPL) is
primarily engaged in the trading of steel and steel products at
Vijayawada, Andhra Pradesh. The company is promoted by Mr. T
Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao.
During November 2012, the company has forayed into manufacturing
activity by taking a re-rolling mill (with an installed capacity of
45,000 TPA) from Steel Exchange India Limited.
VRUNDAVAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vrundavan
Ginning Industries (VGI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.08 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 VGI under the
'issuer non-cooperating' category as VGI had failed to provide
information for monitoring of the rating and as agreed to in its
Rating Agreement. VGI 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
Jamnagar-based (Gujarat), Vrundavan Ginning Industries (VGI) is a
partnership firm established in 2014, as a gin by Mr. Gopalbhai
Dhamsaniya, Ms. Jyotsnaben Dhamsaniya, Mr. Anilbhai Ramoliya, Mr.
Ashwinbhai Kanani, Mr. Niteshbhai Dhamsaniya and Mr. Subhasbhai
Dalsaniya. Recently on October 25, 2017 Mr. Anilbhai Ramoliya, Mr.
Ashwinbhai Kanani, Mr. Niteshbhai Dhamsaniya and Mr. Subhasbhai
Dalsaniya retired from partnership and a new partner Mr.Mukeshbhai
Dhamsaniya joined the firm. The firm has 24 charkhas for its
ginning activities as on March 31, 2017.
VVD AND SONS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VVD and Sons
Private Limited (VVD) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 11 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Working
Capital Facility 5 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with VVD or
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 VVD, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VVD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VVD continues to be 'Crisil B/Stable Issuer not cooperating'.
Set up in 1942 as a partnership firm, VVD and Sons, by the late Mr
V V Dhanushkodi, VVD was later reconstituted as a private limited
company in 1999. It manufactures and markets coconut oil under the
brand, 'VVD'. It has a strong brand presence in Tamil Nadu and also
sells its products in other southern states. The company is
currently managed by managing director, Mr D N Nirranjan Kani.
=====================
N E W Z E A L A N D
=====================
COASTAL COTTAGES: Creditors' Proofs of Debt Due on Jan. 20
----------------------------------------------------------
Creditors of Coastal Cottages Limited are required to file their
proofs of debt by Jan. 20, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 3, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
DAVIES EARTHWORKS: Creditors' Proofs of Debt Due on Jan. 21
-----------------------------------------------------------
Creditors of Davies Earthworks 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. 18, 2025.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
EVOLVE DEVELOPMENTS: Creditors' Proofs of Debt Due on Jan. 23
-------------------------------------------------------------
Creditors of Evolve Developments 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. 17, 2025.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited
Level 2, 5–7 Kingdon Street
Newmarket
Auckland 1023
NO BULL: Creditors' Proofs of Debt Due on Jan. 20
-------------------------------------------------
Creditors of No Bull Rural Contracting Limited are required to file
their proofs of debt by Jan. 20, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 11, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=================
S I N G A P O R E
=================
BLACKGOLD NATURAL: Creditors' Meeting Set for December 31
---------------------------------------------------------
A Judicial Manager's meeting of creditor in the proceedings of
Blackgold Natural Resources Limited will be held on Dec. 31, 2025
at 10:00 a.m. at RNN Conference Centre, GB Building, 143 Cecil
Street, Level 11, #11-03, in Singapore.
The Judicial Manager may be reached at:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
LCH ELECTRICAL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Dec. 5, 2025, to
wind up the operations of LCH Electrical Pte. Ltd.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
WAN YANG: Placed in Creditors' Voluntary Liquidation
----------------------------------------------------
Ng Kian Kiat and Goh Wee Teck of RSM SG Corporate Advisory on Dec.
9, 2025, were appointed as liquidators of Wan Yang Holdings Pte.
Ltd, Wan Yang Foot Reflexology Centre Pte. Ltd., and Wan Yang
Health Product And Foot Reflexology Centre Pte. Ltd.
The liquidators may be reached at:
Ng Kian Kiat
Goh Wee Teck
RSM SG Corporate Advisory
c/o 8 Wilkie Rd
#03-08 Wilkie Edge
Singapore 228095
YONG LL: Deloitte Singapore Appointed as Liquidators
----------------------------------------------------
Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore on Dec. 9,
2025, were appointed as liquidators of Yong Ll Global Trading Pte
Ltd.
The liquidators may be reached at:
Tan Wei Cheong
Lim Loo Khoon
Deloitte
6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
=====================
S O U T H K O R E A
=====================
[] More Than 400 Firms Face Bankruptcy Due to Sluggish Economy
--------------------------------------------------------------
mk.co.kr reports that more than 400 companies are on the verge of
bankruptcy due to the sluggish economy amid prolonged high interest
rates. It has increased significantly compared to the previous
year, regardless of large companies and SMEs.
According to mk.co.kr, the Financial Supervisory Service said on
Dec. 17 that 221 companies showing signs of insolvency were
selected this year as a result of the creditor bank's regular
credit risk assessment in 2025. Insolvent-marked companies are
places where normal management activities are difficult due to
worsening profitability and liquidity, and the banking sector has
been selected as either C or D grades among A to D grades by
examining credit risks such as cash flows from operating activities
and interest compensation ratios (operating profit divided by
financial costs).
In addition to regular evaluations, a total of 437 companies were
selected as bad sign companies this year, including occasional
evaluations conducted every quarter if necessary, mk.co.kr relates.
The number increased by 46 from the previous year (391 companies).
By company size, there were 21 large companies with more than 50
billion won in credit offerings in the financial sector and 416
small and medium-sized companies with less than 50 billion won.
Compared to last year, the number of large companies increased by 6
and the number of small and medium-sized companies increased by
40.
An FSS official explained, "This is the reason why the financial
structure has deteriorated, especially for some marginal companies,
amid the prolonged high interest rate trend," mk.co.kr relays.
According to the Financial Supervisory Service, the delinquency
rate of loans by Korean companies rose to 0.61 percent this year
(as of the end of September) from 0.52 percent last year.
By industry, the real estate industry had the largest number of
companies showing signs of insolvency with 38 companies (based on
regular evaluation), followed by automobiles (16), wholesale and
brokerage (15), machinery and equipment (12), rubber and plastic
(11), and electronic components (10), mk.co.kr discloses. Compared
to the previous year, the real estate industry and electronic
components increased, while rubber, plastics, machinery, equipment,
and automobiles decreased.
mk.co.kr says the Financial Supervisory Service predicted that the
amount of credit provided by banks to insolvent companies is about
KRW2.2 trillion, which will not have a significant impact on the
soundness of domestic banks. The additional accumulation of bad
debt provisions in the banking sector following the selection of
insolvent sign companies is estimated to be about KRW186.9 billion.
As a result, the change in the BIS ratio fell by 0.01 percentage
point, which is also insignificant.
The FSS plans to induce prompt follow-up of these indebted
companies. It plans to support management normalization through a
creditor-centered workout (C grade) or legal restructuring (D
grade) through rehabilitation procedures, mk.co.kr adds.
*********
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
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