251225.mbx

251225.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 Thursday, December 25, 2025, Vol. 28, No. 257 Headlines A U S T R A L I A CIRCUS CIRCUS: First Creditors' Meeting Set for Dec. 29 CORPORATE TRAVEL: Wins Reprieve From Lenders GIACONDA LIMITED: First Creditors' Meeting Set for Dec. 29 HEALTHSCOPE NEWCO: Receivers Sell Canberra Hospital to Ramsay LALA CITY: First Creditors' Meeting Set for Dec. 29 YWHDB PTY: First Creditors' Meeting Set for Dec. 29 H O N G K O N G NEW WORLD: Cheng Family Put London Rosewood Hotel Up for Sale [] HONG KONG: See 44% Hike in Business Insolvencies This Year I N D I A AMOGEN PHARMA: Ind-Ra Keeps D Loan Rating in NonCooperating ANUJ TEXTILES: Insolvency Resolution Process Case Summary APARNA PACKAGING: Ind-Ra Cuts Bank Loan Rating to BB+ BABA FLOORING: Ind-Ra Cuts Bank Loan Rating to D EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating Category FINDEAL INVESTMENTS: Insolvency Resolution Process Case Summary GD DYESTUFF: Ind-Ra Withdraws B+ Bank Loan Rating GSV OPHTHALMICS: Liquidation Process Case Summary GYANS MAESTROS: Voluntary Liquidation Process Case Summary INDIANA LED: Insolvency Resolution Process Case Summary JAL PRECISION: Ind-Ra Moves BB+ Loan Rating to NonCooperating JEYAM BUILDERS: Ind-Ra Cuts Bank Loan Rating to BB JKEW METALEC: Insolvency Resolution Process Case Summary KAPEESHWAR SUGARS: Ind-Ra Withdraws BB Bank Loan Rating LAXMI AROGYAM: CRISIL Keeps D Debt Ratings in Not Cooperating NATKAR INDIA: Voluntary Liquidation Process Case Summary REXSONA TILES: Liquidation Process Case Summary SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating UNILEC ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating UTTAM FOOD: Insolvency Resolution Process Case Summary VAG BUILDTECH: Liquidation Process Case Summary J A P A N SHARP CORP: S&P Puts 'B-' Issuer Credit Rating on Watch Positive N E W Z E A L A N D DREAM YEAH: Creditors' Proofs of Debt Due on Jan. 30 GECKO INTERIORS: Brenton Hunt Appointed as Liquidator HUNUA RD: Creditors' Proofs of Debt Due on Feb. 18 JM SERVICES: Creditors' Proofs of Debt Due on Jan. 31 S O U T H K O R E A HOMEPLUS CO: Pays Employee Salaries in Installments - - - - - ================= A U S T R A L I A ================= CIRCUS CIRCUS: First Creditors' Meeting Set for Dec. 29 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Cirus Circus Vic Pty Ltd (trading as Circus Bar) will be held on Dec. 29, 2025 at 11:00 a.m. via a Teams Videoconferencing Facility. Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on Dec. 17, 2025. CORPORATE TRAVEL: Wins Reprieve From Lenders -------------------------------------------- The Australian Financial Review reports that Corporate Travel Management has won a reprieve from its lenders and said it had AUD177 million in the bank, amid investor concerns that its shares may be worthless following revelations that it overcharged customers by more than AUD160 million. In the first good news since its shares were suspended in August, the scandal-hit travel agent said its lenders had extended AUD65 million in bank guarantees and a further AUD75 million in revolving credit, the Financial Review relays. The Financial Review relates that the travel services provider also it said it had negotiated an extension with its lenders until June 30 to report its results for the 2025 financial year. "Coupled with Corporate Travel's current cash position, [the debt facilities] provide Corporate Travel with financial stability while it progresses towards the finalisation of its financial year 2025 financial statements," the company said in a statement to the ASX. "As part of these amendments, Corporate Travel has agreed to a number of additional obligations, such as enhanced financial reporting commitments and certain other covenants," it added. According to the report, the ASX-listed company has been in the spotlight after revelations that it overcharged clients – including the UK government – by AUD161 million, and warned investors that it could be on the hook for more. Chief financial officer James Spence said in November the company was confident it could repay the money, although analysts and investors have expressed doubt, the Financial Review recalls. Corporate Travel said on Dec. 23 it had cash of AUD177.6 million as at end-November, and no drawn debt. The Financial Review notes that the travel services provider's shares have been in a trading halt since August after it uncovered material errors in its financial accounts that could go back years. The discrepancies were detected after the company changed auditor to Deloitte in October 2024 after more than 14 years with PwC. Corporate Travel has since hired KPMG in the UK to run a separate forensic investigation into its accounts, reviewing 47,000 documents and analysing data from 1.5 million sales and purchases, The company last week sacked Michael Healy, its Europe and UK chief executive, as part of the investigation into overcharging, saying that he had breached his contractual obligations, the report says. Healy had been temporarily stood down last month pending the probe's outcome. Corporate Travel was valued at AUD2.35 billion when its shares halted trading, but its presumed worth has tumbled since details of the scandal came to light, while shareholders are unable to sell their stakes. Corporate Travel Management Limited (ASX:CTD) -- https://au.travelctm.com/ -- a travel management solutions company, manages the procurement and delivery of travel services in Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travels, meetings and event travel management, resources travel, sports travel, leisure travel, loyalty travel, and wholesale travel services, as well as accommodation agency services. GIACONDA LIMITED: First Creditors' Meeting Set for Dec. 29 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Giaconda Limited will be held on Dec. 29, 2025 at 12:00 p.m. at Level 6, 75 Castlereagh Street, in Sydney, NSW, and Via Zoom and Telephone Conference Facilities. Stephen Wesley Hathway of Helm Advisory was appointed as administrator of the company on Dec. 15, 2025. HEALTHSCOPE NEWCO: Receivers Sell Canberra Hospital to Ramsay ------------------------------------------------------------- Lucas Baird at The Australian Financial Review reports that Ramsay Health Care has bought one of Canberra's largest privately operated hospitals from distressed owner Healthscope for AUD251 million as receivers start to break the group apart to repay its substantial debts. The transaction, flagged by The Australian Financial Review earlier this month, is one of four sales receivers McGrathNicol has been considering, along with hospitals in Tasmania, Victoria and on the Gold Coast. According to the Financial Review, co-located with the public Canberra Hospital, National Capital Private Hospital has almost 150 beds and eight theatres in what Ramsay chief executive Natalie Davis described as an "attractive catchment area" that complemented its strengths in cardiac care. The Financial Review relates that the deal is expected to be completed in 2026, pending approval from the competition regulator, and Ms. Davis said National Capital would immediately be in Ramsay's top 20 hospitals based on revenue and profitability. "Most importantly, its clinical quality, governance and safety performance has been strong over a long period of time, driven by an experienced leadership team and strong doctor partnerships," she said in a statement to shareholders. The Financial Review notes that the deal comes after McGrathNicol rejected a proposal from Canada's Northwest Healthcare Properties and its Calvary Health business to acquire 12 of Healthscope's hospitals. The group has more than 30 hospitals in total. While there were reports that the receivers were also considering offloading the Prince of Wales Private Hospital in Sydney, one of Healthscope's biggest, to Pacific Equity Partners, Healthscope chief executive Tino La Spina told staff he would be "shocked and appalled" if it was sold to private equity. "I said once when Bupa was speculated as being a bidder that it would be over my dead body. When it comes to PE, my view is the same," the report quotes Mr. La Spina as saying in an all-staff meeting earlier this month. Healthscope was owned by another buyout giant, Brookfield, until earlier this year when the North American firm handed the company over to its lenders as it strained under debts of more than AUD1.6 billion. In that same meeting with staff, Mr. La Spina asked, "Have they learned nothing?" when discussing selling assets to big private equity firms, according to people on the call who requested anonymity, the Financial Review relays. Mr. La Spina took on the CEO job only months before Brookfield walked away from Healthscope, and has been fighting to resurrect the business as a not-for-profit operator. In a message to staff earlier this month, Mr. La Spina said the expected sale of the four hospitals "doesn't mean that our 'For Purpose' proposal is off the table," adds the Financial Review. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. LALA CITY: First Creditors' Meeting Set for Dec. 29 --------------------------------------------------- A first meeting of the creditors in the proceedings of Lala City Pty Ltd (trading as La La Land) and Lala Chapel Pty Ltd (trading as La La Land Windsor) 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. YWHDB PTY: First Creditors' Meeting Set for Dec. 29 --------------------------------------------------- A first meeting of the creditors in the proceedings of YWHDB Pty Ltd (trading as Somewhere Bar) 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. ================= H O N G K O N G ================= NEW WORLD: Cheng Family Put London Rosewood Hotel Up for Sale ------------------------------------------------------------- Bloomberg News reports that the billionaire Cheng family have put a luxury London hotel up for sale as they grapple with liquidity challenges at debt laden Hong Kong property group New World Development Co. Bloomberg relates that the family, led by tycoon Henry Cheng, has appointed advisers to offer the Rosewood Hotel in London's Holborn district for sale, people with knowledge of the plan said, asking not to be identified as the plan is private. New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HKD15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. [] HONG KONG: See 44% Hike in Business Insolvencies This Year ------------------------------------------------------------- The Standard reports that Hong Kong is projected to have the largest increases in business insolvencies worldwide this year, with a surge of 44 percent, said Allianz Trade. The institution mentioned a 6 percent increase globally for the third quarter of 2025, with a persisting upside trend in most countries despite already high levels, The Standard relays citing to an outlook report released by Allianz Trade on Dec. 23. Following Hong Kong, Türkiye, Greece, Italy, and Switzerland are expected to see significant increases in insolvencies, with year-on-year rises of 40 percent, 40percent, 35 percent, and 28 percent, respectively. It mentioned that the expectation by the end of 2025, business insolvencies will either rise or be stable in two-thirds of countries, representing 70 percent of global gross domestic product, and with three out of four countries exceeding 2016-2019 levels. According to The Standard, the global rise in insolvencies is expected to continue for the fifth consecutive year in 2026, albeit at a slower pace of 3 percent. This trend is forecasted to be driven primarily by North America and Asia Pacific, both projected to see a 4 percent. In addition, the institution noted that the economic growth forecast for China this year has been revised upward by 0.2 percentage points to 5 percent, while the forecast for next year has been adjusted upward by 0.5 percentage points to 4.7 percent, data from Allianz showed. This growth is mainly driven by frontloading from the US in the first half of the year, strategic rerouting to circumvent tariffs, expanding market shares in the rest of the world, a weaker currency and competitive prices, The Standard adds. ========= I N D I A ========= AMOGEN PHARMA: Ind-Ra Keeps D Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Amogen Pharma Private Limited's (APPL) bank loan facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR750 mil. Bank loan facilities maintained in non-cooperating category and Withdrawn. *Maintained to 'IND D (ISSUER NOT COOPERATING)' before being withdrawn Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with APPL while reviewing the rating. Ind-Ra had consistently followed up with APPL over emails since August 2025, apart from phone calls. APPL had submitted the no default statement only until June 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SBIMSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. APPL has been non-cooperative with the agency since August 2025. About the Company Incorporated in July 2020 and headquartered in Hyderabad, APPL is setting up a manufacturing unit of bio pharma products at Karkapatla, Telangana, with an installed capacity of 228kg per annum. ANUJ TEXTILES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Anuj Textiles Private Limited 8/5, Roop Chand Roy Street, Kolkata, West Bengal, India, 700007 Insolvency Commencement Date: December 2, 2025 Estimated date of closure of insolvency resolution process: June 2, 2026 (180 Days) Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Anup Kumar Singh 4th Floor, Flat 4A, Bidyaraj Niket, 22/28A, Manoharpukur Road, Near Deshapriya Park, Kolkata, West, 700029 Email: anup_singh@stellarinsolvency.com Stellar Insolvency Professionals LLP Suite 1B, 1st Floor, Bidyaraj Niket, 22/28A, Manoharpukur Road, Near Deshapriya Park, Kolkata, West, 700029 Email: anujtextiles.sipl@gmail.com Last date for submission of claims: December 18, 2025 APARNA PACKAGING: Ind-Ra Cuts Bank Loan Rating to BB+ ----------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Aparna Packaging Co. Private Limited's (APCPL) bank loan facilities long-term rating to 'IND BB+' with a Stable Outlook from 'IND BBB-' and short-term rating to 'IND A4+' from 'IND A3' as follows: -- INR392 mil. Bank loan facilities downgraded with IND BB+/ Stable/IND A4+ rating. Analytical Approach Ind-Ra has changed its analytical approach from a parent notch-up to a standalone basis while arriving at the ratings, due to the weakening of APCPL's operational and strategic linkages with its group company, Saj Food Products Private Limited (SFPPL) as evidenced by the cessation of the off-take agreement. Detailed Rationale of the Rating Action The downgrade reflects the weakening of APCPL's operational and strategic ties with its group company and the consequent removal of group entity support. The ratings also factor in the company's stretched liquidity position and small scale of operations. However, the ratings remain supported by the company's experienced management team and comfortable credit metrics. Detailed Description of Key Rating Drivers Small Scale of Operations: The revenue grew to INR277.96 million in FY25 (FY24: INR233.67 million) on account of an increase in revenue from the group company led by higher demand for packing material. Ind-Ra expects the revenue to be at similar levels going forward. However, the absolute EBITDA declined to INR32.13 million in FY25 (FY24: INR31.78 million) owing to an increase in raw material prices. The company has been unable to pass on the incremental costs to its customers due to intense competition. The EBITDA margin declined to 11.56% in FY25 (FY24: 13.60%). Ind-Ra expects the EBITDA margin to slightly moderate in FY26 on account of fluctuations in the price of raw materials and finished goods, coupled with the competitiveness of the packaging industry. Customer Concentration Risk: The company historically generated 85%-90% of the total revenue by supplying packing materials to SFPPL, leading to a high customer concentration risk. With the cessation of the offtake agreement, the company is looking at diversifying its customer profile and improving its profitability margin. Weakening of Operational and Strategic Ties with the Group Company: APCPL's operational and strategic linkages with are weak, as evidenced by the cessation of the off-take agreement and the subsequent participation in the tendering process to supply packaging materials to SFPPL. This shift increases competitiveness but also creates uncertainty regarding the achievement of the desired revenue level. Although APCPL continues to sell to the group entity, which currently accounts for around 90% of the total revenue, it is exploring other buyers in the domestic market. However, APCPL will continue to receive support from the group entity in the form of customer advances to meet any shortfall in working capital requirements. Experienced Promoters and Long Operational Track Record: The promoters of the company, Arpan Paul, Saurav Panja, Utpal Chowdhury, Sharmistha Singh and Jaitya Bose, have experience of nearly two decades in the packaging industry. Additionally, the promoters have nearly three decades of experience in the food and beverage industry through the group company, SFPPL. This extensive experience of the management and APCPL's operational track record of more than 15 years have helped the company maintain healthy relationships with its key suppliers. Comfortable Credit Metrics despite Deterioration in FY25: The interest coverage (operating EBITDA/gross interest expense) plunged to 7.42x in FY25 (FY24: 794.50x) primarily attributable to an increase in interest obligations arising from external borrowings used to fund past capex. The net adjusted leverage (Adjusted Net Debt/Operating EBITDAR) also increased to a moderate level of 2.52x in FY25 (FY24: 1.01x), due to higher external borrowings. Ind-Ra expects the company's credit metrics to improve in FY26, supported by the planned repayment of existing debt and the absence of any intention to enhance external borrowings over the near to medium term. Liquidity Stretched: The company does not have any working capital facility and largely manages its working capital requirements by delaying payments to creditors and receiving funds from the group entity in the form of customer advances if required. The cash flow from operations declined to INR43.70 million in FY25 (FY24: INR96.70 million) due to unfavorable changes in working capital. The net working capital cycle turned negative to 24 days in FY25 (FY24: 2 days) due to an increase in the creditor period to 61 days (32 days). The cash and cash equivalents stood at INR2.18 million at FYE25 (FYE24: INR2.24 million).The company has long-term debt obligations of INR16 million in FY26 and FY27, respectively. Rating Sensitivities Negative: A continuous decline in the scale of operations or further deterioration in the profitability margin, leading to deterioration in the overall credit metrics, and any further pressure on the liquidity position, could lead to a negative rating action. Positive: An improvement in the scale of operations while improving the profitability margin, along with maintaining the overall credit metrics and/or strengthening of the linkages and operational tie-up with the parent, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in August 2005, APCPL is engaged in the manufacturing of double-faced corrugated boxes, pet jars, polyvinyl chloride blister trays, biaxially oriented poly propylene tapes, containers, polyethylene terephthalate reforms and wrapper for food packaging. The company is based in West Bengal and began commercial production from February 2016. The company is managed by Arpan Paul. BABA FLOORING: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Baba Flooring Private Limited's (BFPL) bank facilities to 'IND D' from 'IND BB'/Rating Watch with Negative Implications and 'IND A4+'/Rating Watch with Negative Implications while resolving the Rating Watch with Negative Implications. The detailed rating action is: -- INR520 mil. Bank loan facilities (Long-term/short term) Downgraded; Off Rating Watch with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects BFPL's delays in debt servicing by BFPL (on its bank facility), which has led to the account being classified under the special mention account category. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. The resolution of the Rating Watch with Negative Implications follows the delays in debt servicing by BFPL. Detailed Description of Key Rating Drivers Delay in Debt Servicing: The downgrade reflects BFPL's delays in debt servicing. This has further been confirmed by the banker. Liquidity Poor: BFPL's liquidity position is poor, as reflected by the inability to service debt obligation on a timely basis. Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. About the Company BFPL was incorporated in June 2022, and is based out of Nishangarh, Jaipur. BFPL manufactures stone polymer composite tiles. EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of East Coast Energy Private Limited (ECEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 668.00 [ICRA]D; ISSUER NOT Non-Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long-term- 4,927.00 [ICRA]D; 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 ECEPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ECEPL was developing a 1320 MW (2 X 660 MW) supercritical coal-based power project at Kakarapalli village in Srikakulam district of Andhra Pradesh. The project sponsors include Asian Genco Pte Limited (13.3%), Navayuga group through Cobalt Power Private Limited (33.22%), Athena Energy Ventures Private Limited & associates (32.42% holding), Abir Infrastucture Limited & associates (15.35% holding) and PTC India Financial Services Limited (5.71% holding). The implementation of the project has been delayed owing to clearance related issues earlier and later due to funding related issues. As a result, the project cost has been revised from the appraised estimate of INR6570 crores to INR9343.15 Cr in 2015. However, there has not been any construction progress on this project since September 2015. FINDEAL INVESTMENTS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Findeal Investments Private Limited Flat No. 1201, Bliss- B, Unicorn's Global Arena, Tivari Village, Naigaon (East), Thane, Maharashtra, India - 401208 Insolvency Commencement Date: December 4, 2025 Estimated date of closure of insolvency resolution process: June 2, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Dharmendra Dhelariya B-201, Ratnaakar Prestine, Near Avi Bunglows, Opposite Star Bazar, Jodhpur, Satellite Prernatirth Derasar Road, Ahmadabad, Gujarat 380015. Email: dhelariya@gmail.com B-605, Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat -380054 Email: cirpfindeal@gmail.com Last date for submission of claims: December 18, 2025 GD DYESTUFF: Ind-Ra Withdraws B+ Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained GD Dyestuff Industries Limited's (GDDIPL) bank loan facility's ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR276.80 mil. Bank loan facilities* maintained in non- cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information *Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction GDDIPL while reviewing the ratings. The issuer has not submitted no default statements for the last 12 months ended October 2025. Limitations regarding Information Availability Ind-Ra has reviewed the of the credit ratings of GDDIPL based on best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect the company's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The company has been non-cooperative with the agency since October 29, 2024. About the Company Established in 1987, GDDIL manufactures acetic anhydride at its Dahej unit in Gujarat with an annual capacity of 7,200 metric tons. GSV OPHTHALMICS: Liquidation Process Case Summary ------------------------------------------------- Debtor: GSV Ophthalmcs Pvt Ltd 16 A, TVM Industrial Estate Karaswada Biaridez Northgoa Mapusa Goa India, 403526 Liquidation Commencement Date: November 21, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Manoj Gangadharan Nair B 201 Silverknock CHSL, Kalina Church Road, Kalina, Santacruz Mumbai - 400098 Email: liquidation.gsv@gmail.com Last date for submission of claims: December 20, 2025 GYANS MAESTROS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Gyans Maestros Private Limited G-11B-23, Ground Floor, Greater Kailash-I New Delhi-110048 Liquidation Commencement Date: December 2, 2025 Court: National Company Law Tribunal Delhi Bench Liquidator: Hans Raj Chugh E-24, Basement, Lajpat Nagar-III New Delhi-110024 Email: hansrajchugh@ashm.in Mobile: 9811207924 Last date for submission of claims: January 1, 2026 INDIANA LED: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Indiana Led Lighting LLP Flat No. D-102, S.no. 210/2, 211/2, Park Street, Park Titanium, Wakad, Pune, Maharashtra, India - 411057 Insolvency Commencement Date: December 3, 2025 Estimated date of closure of insolvency resolution process: June 1, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Mayank Rameshchandra Jain A 1001, Samarpan, Western Express Highway, Borivali (East), Mumbai 400066 Email: jainmayankr@gmail.com Mobile: +91 9892733890 Unit 1601, Unicorn-Chandak, Veera Desai Road, Dattaji Salvi Marg, Andheri West, Mumbai-400053 Email: cirp.indianaled@gmail.com Last date for submission of claims: December 17, 2025 JAL PRECISION: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of JAL PRECISION PRODUCTS LIMITED (Formerly Jagadamba Auto-Components Limited) to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR500 mil. Bank loan facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of JAL PRECISION PRODUCTS LIMITED (Formerly Jagadamba Auto-Components Limited) on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect JAL PRECISION PRODUCTS LIMITED (Formerly Jagadamba Auto-Components Limited)'s credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company JPPL (formerly Jagadamba Auto-Components Limited) is based in Pune and is a manufacturer of transmission & machined components. It serves industries such as automotive vehicles, off-road application, diesel engine manufacturers, construction equipment's, marine application and hydraulic application. JEYAM BUILDERS: Ind-Ra Cuts Bank Loan Rating to BB -------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Jeyam Builders' (JM) l bank loan facilities' long-term rating to 'IND BB' with a Stable Outlook from 'IND BB-' while affirming the short-term rating at 'IND A4+', as follows: -- INR570 mil. Bank loan facilities Long-term rating upgraded; short-term rating affirmed with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The upgrade reflects JM's achievement of financial closure in FY25. However, the ratings are constrained by the medium offtake risk, and time and cost overrun risk associated with project completion, and industry risks. Ind-Ra expects the unit booking velocity to increase in the medium term, as the project approaches completion. The ratings, however, are supported by the promoters' two decades of experience in the construction industry, along with an established operational track record and the project's well-connected locality. Detailed Description of Key Rating Drivers Medium Offtake Risk: The rating is constrained by the offtake risk associated with JM's two ongoing projects. With regards to the Jeyam Empire project, the company has achieved financial closure as 78% of the project is completed (saleable area: 1,68,560 sf; total area sold: 43,588 sf) and the remaining can be completed through term loan and advances from customers . In the Jeyam Palace project, 88% of the project (saleable area: 27,375sf; total area sold: 22,607sf) has been completed in 1.9 years with collections of 83%. Also, the firm faces significant competition, given the aggressively improving demand scenario. The company requires total sale from both projects of INR452.4 million for servicing its debt. Ind-Ra expects the collection of receivables to increase in the medium term as the project approaches completion. Time and Cost Overrun Risk: The total cost of the two ongoing projects of INR933.87 million is to be funded by promoter contribution of INR279.61 million, customer advances of INR254.26 million and a term loan of INR400 million (43%). As of October 2025, JM had received INR185 million in the form of promoter contribution, INR170.31 million of customer advances and INR322 million of term loan; the total cost incurred was INR745.31 million. The risk is partially mitigated as the remaining construction of INR188.56 million will be completed with a possible drawdown of term loan of INR80 million, promoter contribution of INR15 million and receivables of INR93.56 million. Achievement of Financial Closure: JM has achieved financial closure for both of its ongoing projects - Jeyam Empire and Jeyam Palace. As on 31 October 2025, the cost to be incurred in Jeyam Empire was INR173.56 million. The receivables on the project amounted to INR136.8 million, and the term loan pending for disbursement was INR80 million, leading to an excess availability of funds over the cost of around INR43.24 million. The project Jeyam Palace is to be fully funded through promoter's contribution; of the total project cost, the promoters have funded INR114.61 million. Experienced Promoters: Ind-Ra draws comfort from the promoters' two decades of experience in real estate development. The promoter has, so far, successfully completed and sold 22 projects with a total area of 441,909sf, including two commercial projects of 104,390sf. Well-connected Locality: The ongoing projects are located at KK Nagar, Trichy which is nearly 2km from Tiruchirappalli International Airport via Wireless Road, and around 5 km from the Tiruchirappalli Junction railway station. Also, the projects are in proximity to shopping complexes, educational hubs, and hospitals. Liquidity Stretched: The rating is constrained by a likely cash flow-mismatch risk if the advances from customers are lower than Ind-Ra's expectations or in the event of cancellation of booked units. Furthermore, the firm does not have any exposure to capital markets and relies on bank loans and promoter funds to meet its funding requirements. Furthermore, JM is required to bring in additional INR188.56 million in the form of term loan, promoter contribution and advances from customer to fund the projects. It had a cash balance of INR8.3 million at FYE25. The firm does not have any scheduled debt repayments in the near term but has scheduled repayments of INR400 million in FY28. The minimum debt service coverage ratio, as per the management, will be 1.14x during FY26-FY28. Rating Sensitivities Negative: A lower-than-Ind-Ra-expected sales volumes or lower realization from bookings or time or cost overruns or a low visibility of future cash flows, leading to stressed cash flows, could lead to a negative rating action. Positive: An improvement in the sales and the timely receipt of advances from customers, leading to a stronger-than-expected cash flows, achievement of breakeven and the visibility on means of finance for the new project could lead to a positive rating action. About the Company JB, established as a partnership firm in 2007, undertakes the construction of residential and commercial real estate projects in Trichy, Tamil Nadu. S. Anand, Jayarani Anand, and Sanjay Anand are the partners. The firm has completed around 25 projects (23 residential projects (including three villa projects) and two commercial projects) in the past two decades, measuring about 0.44 million sf. The firm is developing two residential projects - Jeyam Empire and Jeyam Palace in Trichy. JKEW METALEC: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: JKEW Forgings Limited (now known as JKEW Metalec Limited) Aggarwal Building, The Mall, Kanpur, UP 208002 Insolvency Commencement Date: December 1, 2025 Estimated date of closure of insolvency resolution process: June 3, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Deepak Singh C-1302 AVJ Heights, Sector ZETA-1 Greater Noida, Near Sakipur, Village, Gautam Buddha Nagar, Uttar Pradesh, 201306 Email: deepaksingh1965@gmail.com Email: jkewforgings.cirp@gmail.com Last date for submission of claims: December 19, 2025 KAPEESHWAR SUGARS: Ind-Ra Withdraws BB Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Kapeeshwar Sugars & Chemicals Limited's (KSCL) bank facilities rating the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR1.50 bil. Bank loan facilities* migrated to non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on the best available information *Migrated to IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) before being withdrawn Detailed Rationale of the Rating Action The rating has been migrated to the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency through emails and phone calls. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not been able to conduct management interaction with KSCL while reviewing the ratings. The issuer submitted the no-default statement until October 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of KSCL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using the rating. About the Company KSCL was incorporated on February 20, 2020. It has a sugar plant with crushing capacity of 3,750TCD and a distillery with molasses-based ethanol capacity of 45KLPD. The plant is located at Hingoli district, Maharashtra. LAXMI AROGYAM: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Laxmi Arogyam Private Limited (LAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.0 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with LAPL 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 LAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LAPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010, LAPL trades in chemicals and aluminum scrap. The company is promoted by Mr. Arvind Tumbare and Mr. Kishore Tumbare. It started commercial operations in 2014-15 (refers to financial year, April 1 to March 31). NATKAR INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Natkar India Private Limited B-7/41, First Floor, Safdarjung Enclave, New Delhi, Nauroji Nagar, New Delhi, Delhi, India, 110029 Liquidation Commencement Date: November 24, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Vivek Gupta Tower 7 Flat 1805, Urbana, 783 Anandapur Main Road Kolkata 700107, Anandapur Main Road, Ruby Hospital, Kolkata, West Bengal, 700107 Email: liquidatornipl@gmail.com Email: ipvivek213@gmail.com Contact No: +91 9831808041 Last date for submission of claims: December 24, 2025 REXSONA TILES: Liquidation Process Case Summary ----------------------------------------------- Debtor: Rexsona Tiles Private Limited City Mall, Office No. 2020, 2nd Floor, Near Bhaktinagar Circle, Morbi-Rajkot Road, Morbi MDG, Morbi, Gujarat, India - 363641 Liquidation Commencement Date: December 8, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: CA Vinod Tarachand Agrawal 204, Wall Street -1, Opposite Orient Club Near Gujarat College Ellisbridge, Ahmedabad - 380006 Email: ca.vinod@gmail.com Email: cirp.rexsonatiles@gmail.com Last date for submission of claims: January 7, 2026 SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Skyworld Exim (SE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 3, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 19, 2025, October 29, 2025 and November 8, 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 Skyworld Exim (SE) was formed in the year 2007 by Mr Rajnish Gupta. The firm is managed by Mr. Gupta and his father, Mr. Jai Bhagwan Gupta. SE is engaged in the import & domestic trading of fabrics, paper, paper material, foils & multilayer packaging films. UNILEC ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Unilec Engineers Limited (UEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12.13 CRISIL D (Issuer Not Cooperating) Cash Credit 6.32 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UEL 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 UEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1993, UEL manufactures electrical control panels, low-voltage switchgears, and bus ducts for power generation, transmission, and distribution companies. The company has manufacturing and technical service divisions in Gurgaon and Bawal (both in Haryana). UTTAM FOOD: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: M/s Shree Uttam Food Products (India) Private Limited Registered Address: Flat No.1 Bansi Plaza 581 MG Road, Indore, Madhya Pradesh – 462001 Processing Unit: Village Bamniya, Tehsil Petlawad, District Jhabhua at Madhya Pradesh 457770 Insolvency Commencement Date: December 5, 2025 Estimated date of closure of insolvency resolution process: June 3, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Kuldeep Tank 206, Modi Tower, Opposite Palika Plaza, MTH Compound, Indore, Madhya Pradesh, 452007 Email: cakuldeeptank@gmail.com Email: cirp.sufppl@gmail.com Last date for submission of claims: December 19, 2025 VAG BUILDTECH: Liquidation Process Case Summary ----------------------------------------------- Debtor: Vag Buildtech Limited Saba Palace, 3rd Floor, Flat No. 301 Khar West, Mumbai City, Mumbai, Maharashtra, India, 400054 Liquidation Commencement Date: December 5, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr Ashish Vyas B-1A Viceroy Court CHS, Thakur Village, Kandivali (East), Mumbai Suburban, Maharastra - 400 101 Email: ashishvyas2006@gmail.com A-Wing 402, Suashish IT Park, Borivali (East) Mumbai Maharashtra - 400066 Email: cirp.vagbl@gail.com Last date for submission of claims: January 4, 2026 ========= J A P A N ========= SHARP CORP: S&P Puts 'B-' Issuer Credit Rating on Watch Positive ---------------------------------------------------------------- S&P Global Ratings placed its 'B-' long-term issuer credit rating on Sharp and its overseas subsidiary on CreditWatch with positive implications; the short-term rating 'B' remains unchanged. S&P said, "We aim to resolve the CreditWatch placement if the refinancing takes place and after carefully examining Sharp's cash flow generation and liquidity outlook; we could raise the rating by one notch to 'B' at the time of resolution. "We think there's a growing possibility that Sharp can refinance approximately JPY400 billion in bank loans maturing in April 2026. Sharp's restructuring efforts since 2024 are progressing. This has reduced the risk of further deterioration in Sharp's earnings and financial base, advancing refinancing discussions with banks, in our view. "We believe that successfully refinancing the loans, which account for over 80% of Sharp Corp.'s debt, will alleviate some pressure on its liquidity. This strain has been weighing on the rating. Furthermore, S&P Global Ratings would view a large refinancing as a demonstration of the syndicate of banks' support for Sharp. "Typically, we consider debt restructuring by issuers rated 'B-' or lower to be distressed restructurings. However, in this case, there's a high probability we would not consider it as such. This is because we would not expect to view it as a modification of existing loans in a way that leaves the lender receiving less value than they did under the original contract. "We forecast Sharp's earnings will remain on a gradual recovery track over the next couple of years. We expect losses in its small and medium-size LCD business to narrow due to streamlining and increased sales of high-margin products, such as for automotive applications. "We foresee stable profits in Sharp's brand businesses including home appliances and office equipment, supported by certain market share in appliances and copiers. However, we expect a decrease in earnings in the PC business, which received a boost in replacement demand until the first half of fiscal 2025 (full year ending March 31, 2026). As a result, we project Sharp's consolidated operating profit for fiscal 2025 to be approximately JPY36 billion (after our adjustments), with a continued gradual recovery thereafter. "We expect Sharp's financial base to gradually recover over the next one to two years. We project Sharp's asset and business sales since 2024 will reduce its debt-to-EBITDA ratio to 7x-8x by the end of March 2026. The ratio was over 20x at the end fiscal 2023. We believe the ratio will continue to improve as profit recovers. "We also estimate that Sharp's free cash flow will remain around JPY10 billion-JPY20 billion per year as the company makes some capital expenditures and invests in growth and asset and business sales taper off. Consequently, Sharp will likely continue to have a significant amount of bank loans outstanding even after refinancing. Also, there is a risk that Sharp may need to re-enter refinancing negotiations with banks, depending on repayment terms after any refinancing, due to the significant amount of loans outstanding, in our view. "When we determine whether the refinancing has been finalized, we aim to resolve the CreditWatch. We will do so after scrutinizing the discussions and detailed terms of any refinancing agreement between the company and banks, progress of execution, and Sharp's prospects for cash flow generation and liquidity. If the refinancing goes through and there is no change in the support stance of parent company Hon Hai Precision Industry Co. Ltd. (A-/Positive/--), and Sharp's bank syndicate, and we judge that Sharp can secure operating and net profits on a consolidated basis for the next one to two years, there is a high probability that we will raise the rating on Sharp by one notch." ===================== N E W Z E A L A N D ===================== DREAM YEAH: Creditors' Proofs of Debt Due on Jan. 30 ---------------------------------------------------- Creditors of Dream Yeah Limited are required to file their proofs of debt by Jan. 30, 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 GECKO INTERIORS: Brenton Hunt Appointed as Liquidator ----------------------------------------------------- Brenton Hunt of Insolvency Matters on Dec. 10, 2025, was appointed as liquidator of Gecko Interiors Limited. The liquidator may be reached at: Brenton Hunt PO Box 13400 City East Christchurch 8141 HUNUA RD: Creditors' Proofs of Debt Due on Feb. 18 -------------------------------------------------- Creditors of Hunua Rd Manufacturing Limited (formerly Kiwi Beverages Sugar Free Limited) are required to file their proofs of debt by Feb. 18, 2026, to be included in the company's dividend distribution. The High Court of New Zealand entered an order on Dec. 16, 2026, to wind up the operations of the company. The company's liquidators are: Derek Ah Sam Lynda Smart Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 JM SERVICES: Creditors' Proofs of Debt Due on Jan. 31 ----------------------------------------------------- Creditors of JM Services Limited and Transport Solutions And Repairs Limited are required to file their proofs of debt by Jan. 31, 2026, to be included in the company's dividend distribution. JM Services Limited commenced wind-up proceedings on Dec. 10, 2025. Transport Solutions and Repairs commenced wind-up proceedings on Dec. 16, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Pays Employee Salaries in Installments --------------------------------------------------- The Chosun Daily reports that Homeplus Co has decided to pay this month's employee salaries in installments. As financial difficulties have worsened, it has become challenging to distribute employees' salaries in full. On Dec. 16, Homeplus announced in a notice titled *A Letter to Our Employees*, written in the name of the entire management team, that "Due to the situation where December salaries can only be paid in installments, to minimize inconvenience for employees, part of the salary will be paid in advance on the payday, the 19th, and the remainder will be paid on the 24th," The Chosun Daily relays. The Chosun Daily relates that Homeplus management explained, "Even as the financial situation has deteriorated to the point where we are unable to properly pay various taxes and public fees, we have done our best to pay salaries normally. However, with no progress in trade conditions and recovery of supply volumes, and the sale process further delayed, the company's current financial situation has reached its limit." They added, "Even though we are fully aware of how important salaries are to our employees, we have no choice but to apologize for having to deliver this difficult news. We ask for your understanding that, at this point, paying in installments is the only way to prevent a business shutdown due to inability to pay and to continue the rehabilitation process." Homeplus, which is undergoing corporate rehabilitation, conducted an open competitive bidding process last month, but no companies participated, the report notes. Homeplus stated its intention to find a potential buyer by Dec. 29, the deadline for submitting a rehabilitation plan. However, if no buyer emerges by then, the possibility of proceeding with liquidation procedures is being raised. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* 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 ***