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251226.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 Friday, December 26, 2025, Vol. 28, No. 258 Headlines A U S T R A L I A CONCAVE GLOBAL: First Creditors' Meeting Set for Jan. 2 FONT PR: Tasmanian Public Relations Firm Closes Business INFINITY OPERATIONS: First Creditors' Meeting Set for Dec. 31 ORSIMO INVESTMENTS: First Creditors' Meeting Set for Dec. 30 PANORAMA AUTO 2025-4: Fitch Rates Class F Notes 'Bsf' PRESTIGE AUTO: First Creditors' Meeting Set for Jan. 5 C H I N A CBAK ENERGY: Yunfei Li Gifts 10,413,371 Shares, Exits 5% Ownership CHINA VANKE: Fitch Lowers LongTerm IDRs to 'C', Off Watch Negative CHINA VANKE: S&P Cuts ICR to 'SD' on Completed Debt Restructuring WANDA COMMERCIAL: Fitch Affirms CC LongTerm Foreign Currency IDR I N D I A AJAY FOOD: Ind-Ra Withdraws BB+ Bank Loan Rating BHAGABATI STORE: CRISIL Keeps D Debt Ratings in Not Cooperating GREAT EASTERN: NCLT Dissolves Unit Following liquidation Process HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating JAYAMALAR SPINNING: CRISIL Keeps D Ratings in Not Cooperating KMC PLASTOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating KRISHNA BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating METROPOLITAN LIFESPACE: Ind-Ra Withdraws B- NonConvertible Rating MONSOON BOUNTY: Ind-Ra Moves BB- Loan Rating to NonCooperating P. KALIKURICHI: CRISIL Keeps D Debt Ratings in Not Cooperating P. PRAFUL: CRISIL Keeps D Debt Rating in Not Cooperating Category PINTU ENGINEERING: CRISIL Keeps C Debt Rating in Not Cooperating PIXIE DUST: CRISIL Keeps B- Debt Ratings in Not Cooperating PRAJIT FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating R R HOLIDAY: Ind-Ra Withdraws D Bank Loan Rating RABWIN INDUSTRIES: Ind-Ra Withdraws BB Bank Loan Rating RADIANT TEXTILES: Ind-Ra Moves BB Loan Rating to NonCooperating RAIPUR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating RAM MEHER: CRISIL Keeps D Debt Ratings in Not Cooperating RELIABLE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating REVA ENTERPRISE: CRISIL Keeps B- Debt Ratings in Not Cooperating ROLTA INDIA: NCLT Clears Ashdan Properties' Acquisition RUPAMATA AGRO: Ind-Ra Assigns BB+ Bank Loan Rating SASA MUSA: CRISIL Keeps D Debt Ratings in Not Cooperating SECURENS SYSTEM: Ind-Ra Moves BB Rating to NonCooperating SHK CHEMTECH: Ind-Ra Affirms BB+ Bank Loan Rating SHREEDHAR SPINNERS: Ind-Ra Withdraws BB+ Bank Loan Rating SIDDHESHWAR CONSTRACTION: CRISIL Keeps D Rating in Not Cooperating TUBE TURN: CRISIL Keeps Debt D Ratings in Not Cooperating UNIQUE MALLS: CRISIL Keeps D Debt Ratings in Not Cooperating VASAVI JEWELRY: Ind-Ra Hikes Bank Loan Rating to BB+ VIJAI ELECTRICALS: Ind-Ra Moves B+ Loan Rating to NonCooperating VISHAL SPINTEX: Ind-Ra Keeps BB Loan Rating in NonCooperating J A P A N MITSUI OSK: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative N E W Z E A L A N D ARTISAN DEVELOPMENTS: Creditors' Proofs of Debt Due on Jan. 21 CHANCE VOIGHT: Investors Warned to 'Fully Inform Themselves' CHINCHILLER BREWING: Goes Into Liquidation Owing Customs, Tax EASTBOURNE COMMUNITY: Creditors' Proofs of Debt Due on Feb. 16 SILVER FERN: Creditors' Proofs of Debt Due on Feb. 13 TWINKLE BEAM: Creditors' Proofs of Debt Due on Feb. 20 P A K I S T A N PAKISTAN INT'L: To be Run by New Owners From April, Says Official S I N G A P O R E CREDIT SUISSE SECURITIES: Creditors' Proofs of Debt Due on Jan. 23 FOCUS COMPUTER: Creditors' Meetings Set for Jan. 9 THEME A: Creditors' Meetings Set for Jan. 8 USPP WOODLANDS: Creditors' Meetings Set for Jan. 8 - - - - - ================= A U S T R A L I A ================= CONCAVE GLOBAL: First Creditors' Meeting Set for Jan. 2 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Concave Global Pty Ltd will be held on Jan. 2, 2026 at 10:00 a.m. via virtual technology. Robert Ditrich and Craig Crosbie of Teneo were appointed as administrators of the company on Dec. 18, 2025. FONT PR: Tasmanian Public Relations Firm Closes Business -------------------------------------------------------- ABC News reports that influential Tasmanian public relations company Font PR is winding up. According to the ABC, the firm has advised the Liberal Party in election campaigns, owns local media outlets, and has lobbied the government on behalf of clients, including the Master Builders Association, Salmon Tasmania, Airbnb and the Catholic Church. The ABC says founder and managing director Becher Townshend is retiring from public relations but his Font partners, Brad Stansfield and Danielle McKay, are continuing on, separately. INFINITY OPERATIONS: First Creditors' Meeting Set for Dec. 31 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Infinity Operations Company Pty Ltd, Infinity Finance Company Pty Ltd, Infinity Leasing Company Pty Ltd, and Infinity Capital Company Pty Ltd will be held on Dec. 31, 2025 at 11:00 a.m. via virtual meeting technology. Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of Teneo were appointed as administrators of the company on Dec. 18, 2025. ORSIMO INVESTMENTS: First Creditors' Meeting Set for Dec. 30 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Orsimo Investments Pty Ltd in its own right and ATF The Ritz Family Trust will be held on Dec. 30, 2025 at 10:00 a.m. via virtual facilities. David Coyne of BRI Ferrier was appointed as administrator of the company on Dec. 17, 2025. PANORAMA AUTO 2025-4: Fitch Rates Class F Notes 'Bsf' ----------------------------------------------------- Fitch Ratings has assigned final ratings to Panorama Auto Trust 2025-4's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes are issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2025-4. RATING ACTIONS Panorama Auto Trust 2025-4 Commission Note AU3FN0105060 LT AAAsf New Rating AAA(EXP)sf A AU3FN0104840 LT AAAsf New Rating AAA(EXP)sf B AU3FN0104857 LT AAsf New Rating AA(EXP)sf C AU3FN0104865 LT Asf New Rating A(EXP)sf D AU3FN0104873 LT BBBsf New Rating BBB(EXP)sf E AU3FN0104881 LT BBsf New Rating BB(EXP)sf F AU3FN0104899 LT Bsf New Rating B(EXP)sf G LT NRsf New RatingNR(EXP)sf Transaction Summary A refreshed pool was provided post expected ratings. The total collateral pool as of the November 30, 2025 cut-off date was AUD630 million. The pool consisted of 13,214 receivables with weighted-average (WA) seasoning of 3.1 months, WA remaining maturity of 51.7 months, an average contract balance of AUD47,677 and receivables with subvention terms accounting for 15.0% of the collateral pool balance. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch's base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.2% (7.50x) Consumer loans: 3.0% (5.75x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The weighted-average (WA) base-case default assumption is 2.7% and the 'AAAsf' default multiple is 5.8x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% for the year to September 2025 and unemployment was 4.3% in November 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% for both years. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Failure to make payments on the commission note in line with its amortisation schedule will not constitute an event of default. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider, liquidity facility provider or transaction account bank fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to F notes amortise. Approximately 15.0% of the asset pool comprises subvention receivables supported by a fully pre-funded subvention reserve. The reserve releases funds into the income waterfall to offset the lower contractual income on these subvention receivables, in line with the amortisation schedule of the subvention receivables. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrates adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch said, "We undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders." No Residual Value Risk: There is no residual value exposure in this transaction. However, 46.8% of the portfolio by receivable value has balloon amounts payable at maturity, which has been incorporated into the rating analysis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Note: Commission / A / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 10% WAFF increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% WAFF increase: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 50% WAFF increase: AAAsf / AA-sf / A-sf / BBB-sf / BBsf / less than Bsf / less than Bsf 10% WARR decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf 25% WARR decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 50% WARR decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / B+sf / less than Bsf 10% WAFF increase / 10% WARR decrease: AAAsf / AA+sf / A+sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% WAFF increase / 25% WARR decrease: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf / less than Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 10% WAFF decrease / 10% WARR increase: AA+sf / A+sf / BBB+sf / BBsf / B+sf Date of Relevant Committee November 24, 2025 PRESTIGE AUTO: First Creditors' Meeting Set for Jan. 5 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Prestige Auto Works Australia Pty Ltd will be held on Jan. 5, 2026 at 11:00 a.m. at the offices of Vincents, at 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. 19, 2025. ========= C H I N A ========= CBAK ENERGY: Yunfei Li Gifts 10,413,371 Shares, Exits 5% Ownership ------------------------------------------------------------------ Yunfei Li, disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of December 3, 2025, he beneficially owns 722,500 shares of common stock (following a bona fide gift transfer of 10,413,371 shares to Gimli Group Limited on December 3, 2025, resulting in the Reporting Person ceasing to be a beneficial owner of more than 5% of the class; this constitutes the final amendment and an exit filing) of CBAK Energy Technology, Inc.'s common stock, par value $0.001, representing 0.8% of the 88,645,836 shares outstanding, as reported in the Company's Schedule 14A filed on November 14, 2025. Yunfei Li may be reached through: Yunfei Li BAK Industrial Park, Meigui Street, Huayuankou Economic Zone Dalian, China, 116450 86-411-39185985 A full-text copy of Yunfei Li's SEC report is available at: https://tinyurl.com/m7tva3ux About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $363.9 million in total assets, $245.4 million in total liabilities, and $118.5 million in total stockholders' equity. CHINA VANKE: Fitch Lowers LongTerm IDRs to 'C', Off Watch Negative ------------------------------------------------------------------ Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'C' from 'CCC-', and the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) to 'CC' from 'CCC-'. Fitch has also downgraded Vanke HK's senior unsecured rating and the rating on its outstanding senior notes to 'C' from 'CC', with a Recovery Rating of 'RR5'. Fitch has removed the Rating Watch Negative (RWN) on all the ratings. The downgrade follows China Vanke's entry into a grace period of five working days for the repayment of principal and interest on its CNY2 billion onshore bond that matured on December 15, 2025. Key Rating Drivers Heightened Default Risk; Grace Period: China Vanke's entry into a five-working-day grace period after it failed to repay the CNY2 billion onshore bond indicates heightened default risk. The company did not reach an agreement with bondholders on its proposals to extend the maturity of the bond during their meeting on 10 December. It expects to hold another bondholders' meeting during the grace period. Tight Liquidity, Large Debt Maturities: China Vanke's available cash fell to CNY60 billion by end-September, from CNY69 billion at end-June. We believe most of the cash comprises pre-sale deposits. China Vanke faces about CNY6 billion of capital-market debt maturing in December 2025 and a further CNY12 billion in 2026. We believe the company may be unable to repay these maturities without shareholder support. Its largest shareholder, Shenzhen Metro Group Co. Ltd (SZMC), provided about CNY29 billion in shareholder loans to China Vanke from January to November 2025, supporting repayment of capital-market debt during this period. Negative FCF Persists: We expect China Vanke's free cash flow (FCF) to remain negative in 2025 and 2026, even after including asset-sale proceeds. We expect FCF outflow of CNY9 billion-10 billion in 2025 and CNY5 billion in 2026, against CNY10 billion in 2024, including the potential proceeds from asset disposals. Rated on Standalone Basis: SZMC, wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission, has a 27.18% stake as China Vanke's largest shareholder. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake, does not control the board of China Vanke and does not consolidate China Vanke. Fitch rates Vanke HK, China Vanke's sole offshore financing platform, on its standalone credit profile of 'cc' as the parent is under financial distress. Peer Analysis China Vanke's ratings reflect its heightened default risk from being in a grace period for bond repayment. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Our Rating Case for the Issuer: - Sales to drop by 45% in 2025 and 30% in 2026 (1H25: -46%). - FCF outflow of CNY5 billion-10 billion in 2025-2027 after asset disposal proceeds (1H25: outflow of CNY9 billion). - Trade and bill payables to decline by CNY45 billion in 2025 and CNY35 billion in 2026 (1H25: decline of CNY24 billion). Recovery Analysis The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. We assume a 10% administrative claim. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. - 0% advance rate applied to net inventory. The onshore property projects are mostly co-owned with China Vanke. We therefore believe the recovery prospect is unclear, as China Vanke is in the process of a debt restructuring. - 50% advance rate applied to Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY15 billion. - 50% advance rate applied to property, plant and equipment, and investment properties, which are of insignificant value. - 0% advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated presales deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables - available cash) are included in the debt waterfall ahead of secured debt. However, we do not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0%. - Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR5' for the offshore senior unsecured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For China Vanke: - Fitch would downgrade the IDR to 'RD' (Restricted Default) if the company experiences an uncured expiry of the original grace period or a debt restructuring is completed, or if the group fails to meet any of its debt obligations. For Vanke HK: - Fitch would downgrade the IDR to 'C' if a default or default-like process has begun Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For China Vanke: - No positive rating action is anticipated, as China Vanke is in a grace period for bond repayment. For Vanke HK: - No positive rating action is anticipated, as a cross-default can be triggered if China Vanke is in default of a bond payment. Liquidity and Debt Structure China Vanke reported CNY60 billion of cash at end-September 2025, including regulated pre-sale funds, against short-term debt of about CNY151 billion. The company has about CNY6 billion of capital-market debt maturing in December 2025 and a further CNY12 billion in 2026. Issuer Profile China Vanke is one of China's 10 largest developers by contracted sales in 2024 and year-to-date 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. RATINGS ACTION Rating Prior ------ ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CC Downgrade CCC- senior unsecured LT C Downgrade RR5 CC China Vanke Co., Ltd. LT IDR C Downgrade CCC- LC LT IDR C Downgrade CCC- CHINA VANKE: S&P Cuts ICR to 'SD' on Completed Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. S&P said, "We will reassess China Vanke's credit profile as soon as practicable. China Vanke has a bond maturity wall of about RMB9.4 billion over the next six months, on top of its RMB2 billion onshore bond originally due on Dec. 15, 2025. Of this amount, RMB4.8 billion will be due in the remainder of December 2025 and January 2026. "Our 'SD' rating on China Vanke does not carry any outlook. The negative outlook on Vanke HK reflects our view that the company could embark on a distressed debt exchange or restructuring, or default on its debt obligations over the next six months. We believe China Vanke has limited ability to support Vanke HK. "We view the grace-period extension as distressed debt restructuring tantamount to a default. The new grace period for China Vanke's RMB2 billion onshore bond will now end on Jan. 28, 2026, extended from Dec. 22, 2025. In our view, China Vanke might not have had the resources to fully repay investors on Dec. 22 without the extension. This is given its weak liquidity. Investors are also receiving less than originally promised due to the extension, given they did not receive principal and interest on the bond on Dec. 22. "We will reassess China Vanke's credit profile as soon as practicable. Aside from the RMB2 billion onshore bond, China Vanke will face a bond maturity wall of about RMB9.4 billion over the next six months. Of this amount, RMB4.8 billion will be due in the remainder of December 2025 and January 2026." On Dec. 5, 2025, Bank of Communications Co. Ltd. said China Vanke could extend the maturity of its RMB3.7 billion onshore bond due Dec. 28, 2025. The bank is the duration management institution of that onshore bond. China Vanke S&P's 'SD' rating on China Vanke does not carry any outlook. Vanke HK S&P said, "The negative outlook on Vanke HK reflects our view that the company's financial commitments appear unsustainable. Absent much more favorable conditions, we believe the company may embark on a distressed debt exchange or restructuring, or default on its debt obligations over the next six months. "We may lower our rating on Vanke HK if we determine the company could embark on a distressed debt exchange or restructuring, or default on its debt obligations. "An upgrade is unlikely, given we believe China Vanke has limited ability to support Vanke HK." WANDA COMMERCIAL: Fitch Affirms CC LongTerm Foreign Currency IDR ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Ratings (IDRs) on Dalian Wanda Commercial Management Group Co., Ltd. (Wanda Commercial) and Wanda Commercial Properties (Hong Kong) Co. Limited (Wanda HK) at 'CC'. Fitch has also affirmed the ratings on the US dollar notes guaranteed by Wanda HK and issued by Wanda Commercial's subsidiaries at 'C' with a Recovery Rating of 'RR5'. The ratings reflect that Wanda Commercial's subsidiary, Wanda Properties Global Co. Limited, is currently soliciting consent from bondholders for proposed amendments to the terms of the USD400 million bond maturing on 13 February 2026 and to seek waivers of potential events of default. In Fitch's view, the proposed amendments meet the definition of a distressed debt exchange (DDE) under Fitch's Corporate Rating Criteria. Fitch rates Wanda HK and Wanda Commercial under Fitch's Parent and Subsidiary Linkage Rating Criteria. The companies' IDRs are the same, as Fitch assesses their Standalone Credit Profiles as being equal in a distressed scenario. Wanda HK is Wanda Commercial's fully owned sole offshore financing platform and overseas investment-holding company. Key Rating Drivers Consent Solicitation Constitutes DDE: Fitch believes the consent solicitation, if successful, will constitute a DDE under Fitch's criteria. Fitch considers the proposed extension of the maturity date to constitute a material reduction in terms and that the restructuring would allow the issuer to avoid an eventual probable default. If the consent solicitation is not successful, Wanda Commercial may not be able to pay the principal amount and accrued interest of the US dollar bonds on the original maturity date, and this may trigger cross-default provisions under the company's other existing indebtedness. Large Near-Term Maturities: Wanda Commercial has CNY24 billion of short-term financial obligations, including USD300 million of bonds due in January 2026 and USD400 million of bonds due in February 2026. The company reported CNY4 billion of cash at end-June 2025, but Fitch believes most of the reported cash may not be available for debt repayment. The company's capital market access has been negatively impacted by a prolonged property market downturn. Limited Access to WMPs: Wanda Commercial held around CNY43 billion of investments in wealth management products (WMPs) and CNY54 billion of tradable financial assets at end-June 2025. However, Fitch gives no cash credit to these investments, as Fitch believes there are limits on Wanda Commercial's access to the investments. Uncertain Assets Sales: Fitch believes Wanda Commercial will continue to sell some of its investment properties to repay some of its financial obligations. However, the sales are subject to execution risks and Fitch expects the disposals to weaken its business profile. Linkage Assessment: Fitch has determined that a parent-subsidiary relationship exists between Wanda Commercial and Wanda Group. Fitch assesses Wanda Commercial's IDR based on its Standalone Credit Profile (SCP), which is the same as Fitch's internal assessment of the group's consolidated profile. Any improvement in the subsidiary's SCP without corresponding improvement in the group's consolidated credit profile could constrain Wanda Commercial's rating, based on the 'Open' legal ringfencing and 'Open' access and control under the PSL criteria's "strong subsidiary, weak parent" approach. Peer Analysis Wanda Commercial and Wanda HK's IDRs are driven by the proposed consent solicitation, which is considered a DDE under Fitch's criteria. Fitch's Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue to decline 50% in 2025, 29% in 2026 and 7% in 2027 on asset disposals - Available cash balance maintained at below CNY5 billion in 2025-2027 - No dividend income from Newland to Wanda Commercial in 2025-2027 Recovery Analysis The recovery analysis assumes that Wanda HK would be liquidated in a bankruptcy. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in the sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors, and the following assumptions: - Advance rate of 0% is applied to excess cash after netting off payables and other payables. - Advance rate of 50% is applied to investment properties, which are mainly shopping malls. The investment properties generate rental yields of above 6%. - Advance rate of 0% to accounts receivable and other receivables from Wanda Group-related parties to reflect the parent's liquidity stress. - Advance rate of 0% on inventory, which are products under development and have insignificant value. The allocation of value in the liability waterfall results in a Recovery Rating corresponding to 'RR5' for the offshore senior debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch would downgrade the IDRs on Wanda Commercial and Wanda HK to 'C' once it receives confirmation that the consent solicitation has resulted in a majority vote in favour of the proposed amendments to the terms of the notes; and further downgrade to 'RD' (restricted default) once the exchange is completed before it assigns a rating to reflect its post-completion profile. -- Fitch would also downgrade the IDRs if Wanda Commercial and Wanda HK fail to meet their debt obligations Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Positive rating action is unlikely until after the successful execution of the DDE. Issuer Profile Wanda Commercial is China's largest shopping mall owner and one of the largest commercial property owners rated by Fitch. RATINGS ACTION Rating Prior ------ ----- Wanda Commercial Properties (Hong Kong) Co. Limited LT IDR CC Affirmed CC Dalian Wanda Commercial Management Group Co., Ltd. LT IDR CC Affirmed CC Wanda Properties Global Co. Limited senior unsecured LT C Affirmed RR5 C ========= I N D I A ========= AJAY FOOD: Ind-Ra Withdraws BB+ Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on Ajay Food Products (Katni) Private Limited's (AFPKPL) bank loan facilities: -- INR550 mil. Bank loan facilities* affirmed and withdrawn. *Affirmed at 'IND BB+'/Positive/'IND A4+' before being withdrawn Detailed Rationale of the Rating Action The Positive Outlook reflects AFPKPL's improved credit metrics in FY25 and a likely improvement in its liquidity profile in FY26 due to a decrease in the long-term debt and the absence of any major debt-led capex plans over the medium term. The affirmation reflects AFPKPL's continued medium scale of operations and modest EBITDA margins. Ind-Ra expects the scale of operations to remain at a similar level in FY26. However, the ratings are supported by the promoter's experience of nearly four decades in the food industry. Ind-Ra is no longer required to maintain the ratings, 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. Detailed Description of Key Rating Drivers Modest EBITDA Margins: AFPKPL's EBITDA margin declined marginally to 2.83% in FY25 (FY24: 3.01%) because of volatility in raw material costs. The return on capital employed was 8.9% in FY25 (FY24: 8.8%). The absolute EBITDA declined slightly to INR152.23 million in FY25 (FY24: INR153.96 million). Ind-Ra expects the EBITDA margin to remain at similar levels in FY26, considering the likely stability in business. Medium Scale of Operations: AFPKPL's revenue grew to INR5,380.04 million in FY25 (FY24: INR5,116.55 million), led by higher capacity utilization of 77.14% (76.47%), resulting from increased demand for food products such as pulses, gram flour and flour. During FY25, the food segment contributed 92% to the total revenue (92%), followed by the woven sack segment at 5% (5%) and the hotel division at 2% (2%). In 4MFY26, AFPKPLL achieved a revenue of INR1,759.98 million (food segment: INR1,612.13 million; woven sack unit: INR107.2 million; hotel segment: INR40.65 million), with an EBITDA of INR50.95 million. The management expects the company's revenue to grow to INR5,700 million in FY26. Ind-Ra expects the revenue to improve marginally in FY26, driven by sustained demand in the food segment and an improvement in the hotel segment's revenue. Improved Credit Metrics: AFPKPL's credit metrics remained moderate and improved during FY25, with an interest coverage ratio (operating EBITDA/gross interest expenses) of 2.92x (FY24: 2.70x) and a net leverage ratio (adjusted net debt/operating EBITDAR) of 3.13x (3.38x). Despite the decline in EBITDA levels, the credit metrics improved in FY25 due to a fall in the total debt to INR486.94 million (FY24: INR530.16 million). Ind-Ra expects the credit metrics to improve in FY26 as well, backed by scheduled debt repayments and absence of any debt-led capex. Long Operational Track Record; Experienced Management: AFPKPL has a long operational track record of nearly four decades in the food industry. Also, the company's promoters have experience of over three decades in the food and hotel industries. This has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: The company has repayment obligations of INR67.10 million and INR51.80 million in FY26 and FY27, respectively. The average maximum utilization of the fund-based working capital limits was 70% for the 12 months ended July 2025. Furthermore, AFPKPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash flow from operations declined to INR77.70 million in FY25 (FY24: INR102.26 million) and the free cash flow declined to INR29.76 million (INR71.65 million) due to unfavorable working capital changes of INR13.05 million (INR54.60 million). The net working capital cycle remained at 23 days in FY25 (FY24: 23 days). The cash and cash equivalents stood at INR10.02 million at FY25 (FY24: INR9.22 million). Any Other Information AFPKPL and its group company, Sheela Agro Private Limited (SAPL), have extended corporate guarantees in favor of each other for their sanctioned bank facilities with State Bank of India and SIDBI. Hence, Ind-Ra has also considered the consolidated financial performance of both companies. BHAGABATI STORE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagabati Store (BGS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BGS 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 BGS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BGS continues to be 'Crisil D Issuer not cooperating'. BGS was set up as a proprietorship firm of Mr Ramesh Chandra Sahoo in 1986. The firm is an authorized distributor-cum-stockist of HUL in Puri (Odisha), and obtained the distributorship of Dabur for the same region in 2014. GREAT EASTERN: NCLT Dissolves Unit Following liquidation Process ---------------------------------------------------------------- ScanX News reports that the National Company Law Tribunal (NCLT) has ordered the dissolution of Greatship Oilfield Services Limited following the company's voluntary liquidation proceedings. This development marks the formal conclusion of the winding-up process for the oilfield services entity. According to the report, the tribunal's order represents the final step in the voluntary liquidation process that was initiated by Greatship Oilfield Services Limited. Under the voluntary liquidation framework, companies can choose to wind up their operations when they determine it is in the best interest of stakeholders. The NCLT serves as the judicial authority for corporate matters under the Companies Act. The tribunal's dissolution order formally terminates the legal existence of Greatship Oilfield Services Limited, completing all necessary regulatory procedures. ScanX notes that the NCLT's dissolution order concludes all corporate formalities related to Greatship Oilfield Services Limited. This action effectively removes the company from the official registry, marking the end of its corporate existence following the completion of the voluntary liquidation process. Greatship Oilfield Services Limited was a subsidiary of Great Eastern Shipping Company, a prominent player in the shipping industry. HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Harmani Agro Export Limited (SIL; previously known as Samra Industries Limited) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HAEL 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 HAEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HAEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HAEL continues to be 'Crisil D Issuer not cooperating'. Promoted by Mr. Bimalpal Singh, Mr. Taranbir Singh and Mr. Satbir Sharma, HAEL was incorporated 2012 and processes basmati and non-basmati rice at its plant in Faridkot (Punjab). HAEL has total milling capacity of 5 metric tonne per hour. JAYAMALAR SPINNING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Jayamalar Spinning Mills Private Limited (SJSMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.0 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 1.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 1.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SJSMPL 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 SJSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJSMPL continues to be 'Crisil D Issuer not cooperating'. SJSMPL was incorporated in 2004 by Mr. Krishnaswamy and his wife Mrs. K. Rathinam. The company is engaged in manufacture of cotton yarn. KMC PLASTOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KMC Plastochem (KMC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KMC 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 KMC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMC continues to be 'Crisil D Issuer not cooperating'. KMC was incorporated in 2012 and started its operations from October 2015. It is promoted by Mr Naveen Kumar Gupta and manufactures PCBs and LED bulbs. During fiscal 2017 it started manufacturing injection mouldings, and commercial operations began from January 2017. Mr Naveen Kumar Gupta manages operations. KRISHNA BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Krishna Buildcon Private Limited (SKBPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 25 CRISIL D (Issuer Not Cooperating) Term Loan 29.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKBPL 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 SKBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKBPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2004 and promoted by Agrawal and Goyal families, SKBPL is developing a commercial real estate project, Palm Mall, in Korba, Chhattisgarh. The mall is spread across 231,218 square feet and is expected to cost INR110 crore. The project is likely to be completed in fiscal 2018. METROPOLITAN LIFESPACE: Ind-Ra Withdraws B- NonConvertible Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn the ratings on Metropolitan Lifespace Real Estate Developers Private Limited's (MLREDPL) non-convertible debenture as follows: -- The 'IND B-/Stable' rating on the INR325.63 mil. Non- convertible debenture^ is withdrawn. ^Details in Annexure I Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating as the agency has received the confirmation of full redemption of the NCDs issued by MLREDPL from the bondholder and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. This follows the bondholder's approval of the notice for full redemption of the rated NCDs at a discount of INR74.702 million. The redemption is in line with the terms of the NCDs, given that the cash flows generated were insufficient to redeem them at par at the time of the final redemption. The bondholder has also waived their rights to claim any additional redemption amount beyond the agreed last payment of INR55.90 million made from the available cash flows. Ind-Ra further confirms, based on communication from the bondholder, that no dues remain payable under the NCDs. About the Company MLREDPL is a real estate company that was formed to invest in real estate projects in India. The company is owned by two entities, IPF II Singapore 5 Pte. Ltd (owns 99.99% stake in MLREDPL) and IPF II Singapore 3 Pte. Ltd (0.01% stake). MONSOON BOUNTY: Ind-Ra Moves BB- Loan Rating to NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of MONSOON BOUNTY FOODS MANUFACTURING PRIVATE 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 MONSOON BOUNTY FOODS MANUFACTURING PRIVATE 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 MONSOON BOUNTY FOODS MANUFACTURING PRIVATE 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 Incorporated in 2020, Tamil Nadu-based MBFMPL commenced its operations in FY21. The company processes and exports Vannamei shrimp and fish. It has two processing units at Gummidipoondi and Royapuram (leased facility). MBFMPL has an installed capacity of 6,000 metric tons along with a cold storage facility. P. KALIKURICHI: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P. Kalikurichi (PK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PK 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 PK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PK continues to be 'Crisil D/Crisil D Issuer not cooperating'. PK is engaged in diversified civil construction work, mainly buildings for PWD. PK is owned & managed by Mr. Perumal Kalikurichi and is based in Dindigul. P. PRAFUL: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of P. Praful and Company Agency (India) Private Limited (PPCA) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPCA 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 PPCA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPCA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPCA continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010, PPCA is promoted by the Ahmedabad (Gujarat)-based Bhalakia family. The company trades in specialty chemicals, which it supplies to industries such as textile, pharmaceutical, and food products. It has its warehouses in Hyderabad, Jodhpur, Mumbai, and Bengaluru. PINTU ENGINEERING: CRISIL Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pintu Engineering Construction Private Limited (PECPL) continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Bank 2 CRISIL A4 (Issuer Not Guarantee Cooperating) Proposed Cash 8 CRISIL C (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with PECPL 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 PECPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PECPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PECPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Incorporated in 1990, PECPL, promoted by Mr Sanjay Dalmia, constructs roads and bridges for the Public Works Department and Rural Works Department in Jharkhand and Orissa. PIXIE DUST: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pixie Dust (PD) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 15 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PD 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 PD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PD continues to be 'Crisil B-/Stable Issuer not cooperating'. Promoted by Ms Swapna Mathivanan, Mr Jeevan Nedunchezhiyan, and Dr M A S Subramanian in 2013, PD is setting up a luxury resort with 40 cottages, swimming pool, restaurant and bar. The firm has a restaurant, Celine's Kitchen, in Puducherry, which has been operational since 2014. PRAJIT FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Prajit Foundation Private Limited (PFPL; part of the GS group) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PFPL 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 PFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2002, GSPL conducts wellness courses at its centre in Chittor district, Andhra Pradesh. The company started leasing out commercial real estate space in fiscal 2013. PFPL, incorporated in 2001, conducts yoga, meditation, and wellness courses. It started operations in 2008. R R HOLIDAY: Ind-Ra Withdraws D Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained R R Holiday Homes Private Limited's (RRHHPL) bank loan facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR620 mil. Bank loan facilities maintained in non-cooperating category and withdrawn. *Maintained at 'IND D (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has 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 with RRHHPL while reviewing the rating. Ind-Ra had consistently followed up with RRHHPL over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of RRHHPL, 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. About the Company Incorporated in May 1995, RRHPL is engaged in hospitality, restaurant, flight catering, and travel and tour businesses. The company has a flagship hotel named Uday Samudra Leisure Beach Hotel with total occupancy of 227 rooms. The brand also has two more hotels under the name Uday Backwater Resort and Uday Suites, a convention center named Uday Palace Convention Centre. The company also provides flight catering services under the name of Uday Sky Kitchen. RABWIN INDUSTRIES: Ind-Ra Withdraws BB Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Rabwin Industries Private Limited's (RIPL) bank loan facilities' rating to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR1.20 bil. Bank loan facilities* maintained in non- cooperating category and withdrawn. *Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (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 rating has 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 RIPL while reviewing the rating. Ind-Ra had consistently followed up with RIPL over emails since March 28, 2025, apart from phone calls. The issuer has not submitted the monthly no default statement since January 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of RIPL, 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. The company has been non-cooperative with the agency since March 28, 2025. About the Company Incorporated in 2000, Coimbatore-based RIPL manufactures precision parts for the industries such as switch gear, pumps, valves, machine tool, automotive and general engineering. RADIANT TEXTILES: Ind-Ra Moves BB Loan Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Radiant Textiles Private Limited (Formerly Radiant Textiles 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: -- INR1.210 bil. 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 Radiant Textiles Private Limited (Formerly Radiant Textiles 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 Radiant Textiles Private Limited (Formerly Radiant Textiles 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 RTPL was incorporated in 2005 as a closely-held limited company at Samana, Patiala (Punjab). It started its commercial operations in January 2008. The company has a production capacity of 14,000 metric tons per annum, with 52,800 cotton ring spindles. It has a spinning unit for manufacturing cotton yarn, which is sold in the domestic as well as international markets. Ramesh Kumar, Mohan Lal, Gian Chand, Rajesh Goyal and Varun Kumar are the promoters. RAIPUR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raipur Polymers Private Limited (RPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.50 CRISIL D (Issuer Not Cooperating) Cash Credit 7.50 CRISIL D (Issuer Not Cooperating) Term Loan 2.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPPL 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 RPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2012 and promoted by Raipur-based Mr. Praveen Bhowray, Mr. Mohan Budhwani, and Mr. Ravishankar Choudhary, RPPL manufactures polypropylene and high-density polyethylene woven bags that are used for packaging in industries such as cement, fertiliser, and food packaging. RAM MEHER: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ram Meher Infradevelopers Private Limited (RMIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1.4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMIPL 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 RMIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMIPL continues to be 'Crisil D Issuer not cooperating'. RMIPL was incorporated in 2009, promoted by Mr Ram Vinod Singh, Mr Ravi Singhal, Mr Girish Chand Goyal, and Mr Nitish Goyal, based in Agra. The company undertakes residential real estate development in this city. RELIABLE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Reliable Infrastructure Private Limited (RIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.50 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 3.35 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RIPL 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 RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2008, RIPL is promoted by Mr Preetpal Singh Kohli and Mr Aslam Khan. The company is engaged in mining and crushing of stones. REVA ENTERPRISE: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Reva Enterprise (RE) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 8 CRISIL B-/Stable (Issuer Not Cooperating) Working Capital 2.25 CRISIL B-/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RE 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 RE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RE continues to be 'Crisil B-/Stable Issuer not cooperating'. RE manufactures optical whitening agents. Mr Pranesh M Maru and Mr Mahesh Chothani are the partners. The manufacturing facility is in Bharuch, Gujarat, with installed capacity of 2,400 tonne per annum. The firm was established in year 2015. ROLTA INDIA: NCLT Clears Ashdan Properties' Acquisition ------------------------------------------------------- The Economic Times reports that the Mumbai bench of the National Company Law Tribunal (NCLT) has approved the acquisition of military-focused software developer Rolta India by Ashdan Properties Pvt. Ltd. According to ET, the BSE-listed Rolta India had admitted liabilities of over INR14,074 crore, whereas the successful resolution applicant of the company has proposed a INR900 crore revival plan for the company. Secured lenders unanimously approved the plan, ET says. About Rolta India Rolta India is a technology company with operations in 40 locations across India, North America, Europe, the Middle East and Australia. It provides IT solutions to various federal, state and local governments; defense and security agencies; utilities; financial services, manufacturing, retail and healthcare companies; and others. As reported in the Troubled Company Reporter-Asia Pacific in January 2023, a bankruptcy court on Jan. 19 admitted Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. The Mumbai Bench of the National Company Law Tribunal (NCLT) appointed Mamta Binani as the interim resolution professional for the listed firm, according to The Economic Times. Union Bank had approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over INR1,413 crore to the lender. RUPAMATA AGRO: Ind-Ra Assigns BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Rupamata Agrotech Private Limited's (RAPL) bank loans facilities as follows: -- INR1.20 bil. Bank loan facilities assigned with IND BB+/Stable /IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect RAPL's small scale of operations and modest credit metrics in FY25. However, the ratings are supported by the company's comfortable EBITDA margin and the promoters' decade-long experience in the jaggery production industry. In FY26, Ind-Ra expects the revenue to improve year-on-year as RAPL's has increased its cane 2,000 tons per day capacity by 1,300 tons per day. Detailed Description of Key Rating Drivers Small Scale of Operations: The ratings reflect RAPL's small scale of operation as indicated by a revenue of INR578.56 million in FY25 (FY24: INR533.71 million) and an EBITDA of INR60.79 million (INR100.26 million), due to a decrease in the volume produced. The total installed capacity of crushing 700 tons cane day was utilized for 164 days out of total 180 available crushing days in FY24 (FY23: 165 days). Jaggery powder production decreased to 11,492MT in FY25 (FY24: 15,503MT), on account of the lower volumes of the cane crushed; Ind-Ra expects the revenue to improve further in FY26 due to a rise in the capacity. Sugarcane Price and Availability Fluctuation Risk: Sugarcane procurement remains a major component of the cost structure, accounting for around 95% of the overall revenue in FY25. Sugarcane price, availability and quality are also subject to climatic conditions, soil quality and adequate rain before the harvesting season. The lower-than-adequate rains received in FY24 slightly affected the offseason supply of cane capping the jaggery production at 11,492MT in FY25 (FY24: 15,503MT). Thus, the operating margin will remain exposed to raw material price movements. Modest Credit Metrics: RAPL's interest coverage (operating EBITDA/gross interest expenses) was 2.98x in FY25 (FY24: 1.57x) and net leverage (adjusted net debt/operating EBITDAR) was 5.12x (6.61x). In FY25, the interest coverage improved due to a lower interest expense pertaining to unsecured and related-party loans. The net leverage improved due to a decrease in the debt obligation. In FY26, Ind-Ra, expects the credit metrics to remain at similar levels due to an absence of debt-funded capex and increasing internal accruals. Comfortable EBITDA Margin: The ratings also factor in RAPL's comfortable EBITDA margin of 10.51% in FY25 (FY24: 18.79%) with a return on capital employed of 5.1% (9.6%). In FY25, the EBITDA margin declined due to an increase in the overall expenses. The EBITDA margins are susceptible to volatility in raw material prices. In FY26, Ind-Ra expects the EBITDA margin to improve but remain modest due to the similar nature of work. Experienced Promoter: The ratings are supported by the promoter's almost 15 years of experience in the jaggery manufacturing industry. This has facilitated the company to establish operational efficiency, along with strong relationships with its customers as well as suppliers. Liquidity Stretched: RAPL's average maximum utilization of the fund-based limits was 53.49% during the 12 months ended September 2025. The cash flow from operations stood at INR386.65 million in FY25 (FY24: negative INR92.53 million) due to increased working capital requirement for the harvesting season. Furthermore, the free cash flow stood at INR134.54 million in FY25 (FY24: negative INR186.70 million) due to capex. The average net working capital cycle shortened to 88 days in FY25 (FY24: 371 days), mainly on account of a shorter inventory hold up period. RAPL has debt repayment obligations of INR72.2 million in FY26 and FY27 each. The cash and cash equivalents stood at INR14.24 million at FYE25 (FYE24: INR11.13 million). RAPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decrease in the scale of operations or operating profitability, or deterioration in the overall credit or the liquidity profile, on a sustained basis, could lead to a negative rating action. Positive: A substantial increase in the scale of operations and operating profitability, along with an improvement in the overall credit profile, with the net leverage sustaining below 3.5x, as well as the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company RAPL was incorporated in 2010 and is based out of Osmanabad, Maharashtra. RAPL is a jaggery powder manufacturing unit with a total cane crushing capacity of 2,000 tons cane per day. SASA MUSA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sasa Musa Sugar Works Private Limited (SMSWPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 55 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMSWPL 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 SMSWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMSWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMSWPL continues to be 'Crisil D Issuer not cooperating'. SMSWPL was promoted by the late Mr. Sheikh Mohammad Ibrahim in 1933. The company produces sugar at its factory in Sasa Musa (Bihar). SECURENS SYSTEM: Ind-Ra Moves BB Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Securens Systems Private Limited's (SSPL) bank facilities rating to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR313.82 mil. Bank Loan Facilities migrated to non- cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on 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 received adequate information and has not been able to conduct management interactions with SSPL while reviewing the ratings. Ind-Ra had consistently followed up with SSPL over emails starting December 20, 2024, apart from phone calls. The issuer has submitted the no default statement until August 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SSPL, 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 Incorporated in 2011, SSPL is an e-surveillance company that provides security and safety services to banks, warehouses, factories and other retail clients. It is promoted by Sunil Udupa. SHK CHEMTECH: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on SHK Chemtech Industries LLP (SCIL) bank loan facilities as follows: -- INR629.7 mil. (reduced from INR640 mil.) Bank loan facilities affirmed with IND BB+/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects continued medium scale of operations, modest EBITDA margins and modest credit metrics in FY25. In FY26, Ind-Ra expects the scale of operations and EBITDA margins to improve. However, the agency expects the credit metrics to sustain at similar levels on account of increased overall debt levels. The rating, however, is supported by the partners' extensive experience and the company's reputed clientele. Detailed Description of Key Rating Drivers Medium Scale of Operations: SCIL's scale of operations remained medium with its revenue marginally reducing to INR2,615.4 million in FY25 (FY24: INR2,668 million), due to an unexpected fall in its average realizations of ethyl alcohol to INR67.25 from INR77.04. To sustain the revenue on a similar level, the company produced maize-based ethanol in higher quantities. However, its EBITDA increased to INR124.7 million in FY25 (FY24: INR87.28 million), due to sustained scale of operations. The total installed capacity for ethyl acetate remained at 75 tons per day and the capacity of ethanol increased to 160 kiloliters per day (KLPD) in FY25 (FY24: 60 KLPD), on the back of the commencement of a new 100 KLPD grain-based ethanol distillery in September 2025. The capacity utilization of ethyl acetate increased to 19,275 metric tons (MT) in FY25 (FY24: 17,523 MT), on account of an increase in demand and installed capacity. However, the ethanol capacity utilization declined to 17,673 MT in FY25 (FY24: 21,650 MT), due to fewer operational days during the installation work at the factory. In FY26, Ind-Ra expects the revenue to improve, supported by a likely increase in the scale of operations. Modest EBITDA Margins: SCIL's EBITDA margins improved but remained modest at 4.77% in FY25 (FY24: 3.27%), on account of a decline in the cost of goods sold to 87.78% (90.63%) amid fluctuations in the raw material prices. The return on capital employed reduced to 7.3% in FY25 (FY24: 10.6%). In FY26, Ind-Ra expects the EBITDA margin to improve marginally, supported by the commissioning of the new unit. Modest Credit Metrics: The rating reflects SCIL's modest credit metrics with its gross interest coverage (operating EBITDA/gross interest expenses) increasing to 3.05x in FY25 (FY24: 2.02x), mainly on account of capitalized interest against term loan along with the improvement in operating profit. The net leverage (total adjusted net debt/operating EBITDAR) increased to 9.92x in FY25 (FY24: 1.82x), due to an increase in its overall debt to INR1,257 million (INR399.24 million) in the form of term loan and unsecured loans. In FY26, Ind-Ra expects the credit metrics to sustain at similar level, supported by a marginal decline in its debt levels. SCIL completed its capex of INR1,350.9 million in September 2025. The capex has been scheduled to be funded through a term loan of INR970 million, equity of INR312 million, internal accruals of INR53.9 million and the rest INR15 million through unsecured loans. As of November 2025, SCIL has incurred INR1,329.1 million for the capex, which was funded by a term loan of INR970 million, equity of INR312 million and INR47.10 million through internal accruals and unsecured loans. Extensive Experience of Partners: The partners of the company have more than two-and-a-half-decades of experience in the chemicals and sugar-based ethanol industry, leading to their strong understanding of market dynamics and established relationships with suppliers and customers. A quick ramp-up in sales is also supported by the experienced management team. Reputed Clientele: The main clients of the company consist of well-established brands such as Bharat Petroleum Corporation Ltd , Hindustan Petroleum Corporation Limited (debt rated at 'IND AAA'/Stable), Indian Oil Corporation Ltd ('IND BBB-/Stable'), Nayara Energy Limited and ACI Enterprise Private Limited, with which it has more than five years of relationships. Liquidity Stretched: SCIL's average maximum utilization of the fund-based limits was 66.59% and the non-fund-based limits was 90% during the 12 months ended October 2025. The cash flow from operations turned negative INR203.74 million in FY25 (FY24: INR295.76 million), due to an unfavorable change in the working capital requirement. Furthermore, the free cash flow turned negative INR1,185.81 million in FY25 (FY24: INR284.7 million) due to the capex of INR982.07 million. The net working capital cycle increased to 13 days in FY25 (FY24: 4 days), mainly on account of a fall in the inventory days to 33 days (70 days) and a reduction in the creditor days to 57 days (92 days). The company provides 30-45 days of credit period to its customers and receives 50-60 days credit period from its suppliers. The inventory holding period varies from 30-40 days (with raw material holding of 40 days, work-in-progress of 15-20 days and finished good stocking of 15-20 days). SCIL has debt repayment obligations of INR52.5 million and INR135 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR20.36 million at FYE25 (FYE24: INR240 million). Furthermore, SCIL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, or deterioration in the overall credit metrics with the net leverage remaining above 4.5x, on a sustained basis, or any unplanned debt-funded capex or weakening of the liquidity position, could lead to a negative rating action. Positive: An improvement in the scale of operations, along with an improvement in overall credit metrics while maintaining the liquidity position with the net financial leverage falling below 3.5x, all on a sustained basis, could lead to a positive rating action. About the Company Established in 2018, SCIL manufactures ethanol and ethyl acetate in Latur, Maharashtra. It has production capacities of 60 KLPD of sugar-based ethanol and 100 KLPD of grain-based ethanol and 100 TPD (ethyl acetate). The plant commenced operations from November 2020. Operations are managed by Prathmesh Kocheta, Ananda Kocheta and other partners. SHREEDHAR SPINNERS: Ind-Ra Withdraws BB+ Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Shreedhar Spinners Private Limited's (SSPL) bank loan facilities at 'IND BB+' and has simultaneously withdrawn it. The instrument-wise rating action is: -- INR715 mil. Bank loan facilities* affirmed and withdrawn. *Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn Detailed Rationale of the Rating Action The rating reflects a likely deterioration in SSPL's credit metrics due to the planned debt-funded capex in FY26, along with continued stretched liquidity, a medium scale of operations and a modest EBITDA margin. However, the rating remains supported by the promoters' nearly three decades of experience in the textile industry. 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. Detailed Description of Key Rating Drivers Expected Deterioration in Credit Metrics in FY26: In FY26, Ind-Ra expects the credit metrics to deteriorate owing to the planned debt-funded capex. SSPL has a planned capex of INR581.8 million, to be funded through INR380 million of term loan, an unsecured loan of INR119.3 million, equity of INR32.5 million and the rest through internal accruals. Until 1HFY26, SSPL incurred capex of INR161.7 million funded through INR119.3 million of unsecured loans, INR32.5 million of equity and the rest through internal accruals. In FY25, the gross interest coverage (operating EBITDA/gross interest expenses) improved to 2.25x (FY24: 2.12x) and the net leverage (total adjusted net debt/operating EBITDAR) to 3.36x (3.46x) due to a decrease in the overall debt to INR443 million (INR470.86 million) owing to repayment of the term loan, despite with a stable EBITDA of INR131 million (INR135 million). Medium Scale of Operations: In FY25, SSPL generated revenue of INR1,273 million (FY24: INR1,212 million) with an EBITDA of INR131 million (INR135.74 million). The revenue remained at similar levels as the company is operating at near-full capacity, leaving a thin margin for scaling up with the current production facility. In 1QFY26, SSPL generated revenue of INR320 million (1QFY25: INR302 million). In the medium term, Ind-Ra expects the revenue to improve due to the planned capacity increase to 30,048 spindles from 18,420 spindles, which will enable the company to execute a higher number of orders. Modest EBITDA Margin: In FY25, the EBITDA margin was 10.33% (FY24: 11.2%) with a return on capital employed of 11.4% (13%). The decline in margin was due to higher power and fuel expenses. Ind-Ra expects EBITDA margins to remain at similar levels in FY26 owing to the similar nature of business. Experienced Promoters: SSPL's promoters have nearly three decades of experience in the textile industry, leading to established relationships with its customers as well as suppliers. Liquidity Stretched: SSPL's average maximum utilization of the fund-based limits was 98.49% and non-fund-based limits was 97.71% during the 12 months ended August 2025 and is likely to have remained at similar levels during September-November 2025. SSPL has debt repayment obligations of INR46 million and INR48 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR1.11 million at FYE25 (FYE24: INR1.21 million). Furthermore, SSPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash flow from operations increased to INR41.36 million in FY25 (FY24: INR5.09 million) due to a lower increase in working capital requirements. However, the free cash flow declined further to negative INR34.45 million in FY25 (FY24: negative INR15 million) as the company incurred a higher capex of INR75.81 million (INR20.53 million). The net working capital cycle remained comfortable and improved marginally to 29 days in FY25 (FY24: 31 days) mainly on account of an increase in the payable period to 38 days (31 days). The company provides 4-7 days of credit period to its customers and receives around 30 days of credit period from its suppliers. The inventory holding period is around 60 days. SSPL has scheduled debt repayments of INR46 million and INR71.8 million in FY26 and FY27, respectively. About the Company Incorporated in December 2020, Amravati-based SSPL owns and operates a cotton spinning plant with an installed capacity of 18,240 spindles. The company has a registered office in Mumbai. SCPL, the parent company, holds a 96.67% stake in SSPL. Other group companies are namely Siddhartha Super Spinning Mills and Ramkrupa Properties. SIDDHESHWAR CONSTRACTION: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Siddheshwar Constraction Company (SCC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCC 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 SCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCC continues to be 'Crisil D Issuer not cooperating'. SCC was established in 2008 as a partnership firm and is owned and managed by Mr Bipindendra Yadav and Mr Mukesh Sharma. The firm is located in Jhansi, Madhya Pradesh. SCC is engaged in civil construction works through sub contract, sand mining, and transport businesses. TUBE TURN: CRISIL Keeps Debt D Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tube Turn India Private Limited (TTIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TTIPL 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 TTIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TTIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1996, TTIPL manufactures pipe fittings, seamless and welded construction items such as elbows, T-fittings, flanges and caps, butt-weld and socket-weld fittings, branched outlet fittings, and screwed forged fittings that are used in oil and gas, power, steel, textiles, and consumer industries. The company is promoted by Mr Ashit Kadakia and his family. UNIQUE MALLS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Unique Malls Private Limited (UMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 18.0 CRISIL D (Issuer Not Cooperating) Proposed Long Term 169.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with UMPL for obtaining information through letter and email dated November 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UMPL continues to be 'Crisil D Issuer not cooperating'. UMPL was incorporated in August 2005 by the Future group to focus on mall management activities, management and development of space for out-of-home media, and to support the group's retail businesses. The company is held entirely by the Future group through FMNL and nine other entities. FMNL, through its 37.65% shareholding, has de-facto control of UMPL. VASAVI JEWELRY: Ind-Ra Hikes Bank Loan Rating to BB+ ---------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Vasavi Jewelry Mart's (VJM) bank loan facilities' long-term rating to 'IND BB+' with a Stable Outlook from 'IND BB-' and affirmed the short-term rating at 'IND A4+' as follows: -- INR320 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 an improvement in VJM's scale of operations, EBITDA margins and credit metrics in FY25, on account of an increase in gold prices. However, Ind-Ra expects the EBITDA margins and credit metrics to moderate in the medium term on account of the normalization of gold prices since October 2025. The ratings also remain constrained by VJM's stretched liquidity. However, the ratings continue to be supported by the promoters' three decades of experience in the gems and jewels business. Increase in Scale of Operations in FY25: According to FY25 provisional financials, VJM's revenue grew to INR2,152.85 million (FY24: INR1,594 million) and EBITDA to INR136.44 million (INR41.46 million) on account of increased price of gold and nine months of commission earned through the Zudio franchise. Till 7MFY26, VJM booked revenue of INR1,573.64 million. In FY26, Ind Ra expects the revenue to increase on account of higher price of gold and a full-year commission earned through the franchise business. Rise in EBITDA Margins in FY25, Although Likely to Moderate in Medium Term: The EBITDA margins expanded to 6.34% in FY25 (FY24: 2.60%), mainly due to inventory gains backed by the increase in gold prices. The margins were healthy with a return on capital employed of 19.9% in FY25 (FY24: 7%). However, Ind-Ra expects the EBITDA margin to moderate in medium term on account of the normalization of gold prices since October 2025 but remain better than FY22-FY24 levels. Improvement in Credit Metrics in FY25, Although Likely to Deteriorate in Medium Term: The interest coverage (operating EBITDA/gross interest expenses) improved to 3.75x in FY25 (FY24: 1.68x) and the net leverage (total adjusted net debt/operating EBITDAR) to 3.55x (9.22x), due to the improvement in EBITDA despite increased borrowings and associated interest cost. However, Ind-Ra expects the credit metrics to moderate in the medium term on account of a likely decline in the EBITDA. Experienced Promoters: The firm's promoters have over three decades of experience in the gems and jewelry industry, leading to established relationships with its customers and suppliers. Liquidity Stretched: The cash flow from operations deteriorated further to negative INR46.89 million in FY25 (FY24: negative INR14.16 million) due to unfavorable changes in working capital. Consequently, the free cash flow declined to negative INR84.10 million in FY25 (FY24: negative INR20.79 million) on account of capex of INR37.21 million (FY24: INR6.63 million). VJM's average maximum monthly utilization of the non-fund-based limit was 90.31% and fund-based limits was 2.86% during the 12 months ended October 2025. The net working capital cycle elongated to 142 days in FY25 (FY24: 119 days), mainly on account of stretch in the inventory holding period to 149 days (127 days). The firm does not provide credit as it takes 100% advance payments from its customers and receives around 15 days of credit period from its suppliers. VJM's has debt repayment obligations of INR12 million and INR11.6 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR26.28 million at FYE25 (FYE24: INR11.48 million). Furthermore, VJM's does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Significant deterioration in the scale of operations leading to deterioration in the credit metrics with the interest coverage reducing below 2.0x and/or deterioration in the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A significant improvement in the scale of operations and an improvement in the credit metrics along with an improvement in the liquidity position on a sustained basis, will be positive for the ratings. About the Company VJM was established as a partnership firm in 2019. The firm is primarily engaged in the trading of gems and jewelry. It operates three retail outlets, two located in Dindigul and one in a nearby town in Tamil Nadu. VIJAI ELECTRICALS: Ind-Ra Moves B+ Loan Rating to NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Vijai Electricals Limited (VEL) bank loan facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR69 mil. (reduced from INR4,522.52 bil.) Bank loan facilities Outlook revised to Negative; migrated to non- cooperating category with IND B+/Negative/(ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The migration of the ratings to the non-cooperating category and the Outlook revision to Negative are 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. Non-Cooperation by the Issuer Ind-Ra has not been able to conduct management interactions with VEL while reviewing the ratings. Ind-Ra had consistently followed up with VEL over emails since September 2025, apart from phone calls. The issuer has submitted 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 VEL, 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. About the Company VEL, incorporated in 1980, manufactures electricity distribution transformers and erects T&D lines. In 2005, it entered the business of execution of rural electrification projects. It has a transformer production site in Haridwar and a conductor manufacturing facility in Roorkee. VISHAL SPINTEX: Ind-Ra Keeps BB Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Vishal Spintex's (VS) bank loan ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR1,090.3 bil. Bank loan facilities maintained in non- cooperating category and withdrawn. The rating has been maintained to 'IND BB/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn. Detailed Rationale of the Rating Action The rating has 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 withdrawal request from the issuer and no-objection certificate from 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 interactions with VS while reviewing the ratings. Ind-Ra had consistently followed up with VS over emails since August 2025, apart from phone calls. The issuer has submitted the no default statement until March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of VP, 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. About the Company Incorporated in April 2014, Ahmedabad-based VS is a partnership firm promoted by Balvantrai Agarwal and his family with equal profit-sharing ratio. The firm manufactures open, and ring spun cotton yarn of various counts with an installed capacity of 40,000 spindles at its three manufacturing units located in Gujarat. VS is a part of Kumar Group. The group has a direct presence in weaving, dyeing and manufacturing of yarn in the textile value chain. ========= J A P A N ========= MITSUI OSK: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings has affirmed Mitsui O.S.K. Lines, Ltd.'s (MOL) corporate family rating at Ba1 and changed the outlook to negative from stable. "The change in outlook to negative reflects MOL's elevated leverage following substantial upfront growth investments ahead of Moody's previous expectations," says Roman Schorr, a Moody's Ratings Vice President and Senior Analyst. "The negative outlook also reflects the limited earnings and cash flow contribution from investments in the near term, which will constrain MOL's ability to improve its credit metrics meaningfully over the next 12-18 months," adds Schorr. RATINGS RATIONALE MOL has been increasing its debt to historically high levels to fund its current growth strategy. This strategy included the acquisition of LBC Tank Terminals for a consideration of approximately USD1.7 billion as well as investments in real estate and liquefied natural gas (LNG) carriers. As a result, Moody's expects adjusted debt to rise to around JPY2.4 trillion at the end of fiscal 2025 (ending March 2026), around JPY285 billion or 14% higher than fiscal 2024's, while its EBITDA will decline by about 40%. The surge in investment was well ahead of Moody's expectations and the company's original capital allocation plan that projected a more moderate pace. Moody's expects MOL's adjusted debt/EBITDA to increase to 6.9x at the end of fiscal 2025, much higher than in the past three years, which were consistently below 4x. Combined with weaker profit and cash generation amid declining container shipping rates, Moody's expects that it will now take longer for the company to reduce debt than before, and that leverage, in terms of adjusted debt/EBITDA, will remain at around 6x over the next 12-18 months. This level of leverage positions the company weakly at its current CFR. The rating incorporates Moody's expectations that MOL will reduce the pace of investments from fiscal 2026 and focus on organic growth of its relatively stable businesses such as liquefied natural gas (LNG) carriers running under long-term contracts and real estate. However, margins in more stable segments such as its chemical logistics and real estate businesses tend to be relatively low. Moody's therefore expect these segments will not yet add sufficient EBITDA to reduce leverage meaningfully over the next 12-18 months. The market environment for the containership industry will remain volatile as overcapacity in the market prevails. Disruptions from the conflict between Hamas and Israel and the rise in trade protectionism have prevented a more rapid contraction in freight rates since 2024. However, such elevated rates, which reflect shippers' fears of supply chain disruptions rather than fundamental reasons, will likely eventually decrease. With the global containership fleet poised to grow, overcapacity will constrain profitability in MOL's containership joint venture (JV), Ocean Network Express Pte. Ltd. (ONE). MOL's Ba1 CFR reflects the company's high debt balance, the shipping industry's volatile rates and the company's high investment needs, especially in its growth areas. These risks are counterbalanced by MOL's well-established presence among Japanese shipping companies; its large, diversified shipping portfolio; and the financing flexibility afforded by its mostly unencumbered balance sheet. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The negative outlook reflects the sharp increase in MOL's leverage after substantial upfront investments including the largely debt-funded acquisition of LBC. The negative outlook also incorporates the limited earnings and cash flow contribution from a number of investments in stable, but relatively low-margin businesses that will constrain deleveraging prospects. An upgrade is unlikely given the negative outlook. The outlook will return to stable if MOL reduces volatility in earnings and cash flow and significantly lowers its debt. Improvements in liquidity, including a lower reliance on the roll-over of short-term debt, and more predictable cash flow, including dividends from ONE, will also be credit positive. Credit metrics indicative of a stable outlook includes debt/EBITDA falling below 5.5x and retained cash flow (RCF)/net debt improving above the low teens in percentage terms through the business cycle. MOL's rating will be downgraded if the company's earnings and cash flow volatility rises. A more aggressive financial policy, including a material increase in shareholder returns, large debt-funded acquisitions or investments that do not result in a commensurate increase in stable cash flow will be credit negative. Downward rating pressure could also emerge if liquidity weakens. Credit metrics indicative of a downgrade include debt/EBITDA failing to fall below 5.5x or its RCF/net debt failing to increase above the low teens in percentage terms. The principal methodology used in this rating was Shipping (Japanese) published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Mitsui O.S.K. Lines, Ltd. is headquartered in Tokyo and is one of the world's largest shipping companies in terms of fleet size. ===================== N E W Z E A L A N D ===================== ARTISAN DEVELOPMENTS: Creditors' Proofs of Debt Due on Jan. 21 -------------------------------------------------------------- Creditors of Artisan Developments 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 CHANCE VOIGHT: Investors Warned to 'Fully Inform Themselves' ------------------------------------------------------------ Radio New Zealand reports that investors are being warned to "fully inform themselves" before giving businessman Bernard Whimp or anyone associated with investment firm Chance Voight any more money. It was reported earlier this month the Financial Markets Authority was looking into Chance Voight Investment Corporation, as well as subsidiaries, persons and entities associated with the Chance Voight Group, RNZ says. The High Court in Christchurch appointed PWC as interim liquidators at the request of the FMA. The companies were associated with Mr. Whimp, who had rejected any suggestion they were insolvent. According to RNZ, the FMA said it understood Mr. Whimp had contacted investors about the interim liquidation and sought payments, which he described as donations to fund legal expenses. "The FMA recommends that investors fully inform themselves before providing any funds to Mr. Whimp. Those with any queries about their investments - including any communications received from Mr Whimp - should speak with the interim liquidators and seek independent advice from a lawyer or a financial adviser," RNZ quotes head of enforcement Margot Gatland as saying. RNZ relates that Ms. Gatland said the liquidation was because the FMA considered there was reason to believe they might be insolvent, the affairs of the group might have been conducted in a manner that breaches provisions of the Companies Act 1993, and that Chance Voight group companies and Whimp as their director might have breached the Financial Markets Conduct Act 2013 and other financial markets legislation. She said before it sought the court orders, the FMA had corresponded with Whimp and issues Chance Voight four compulsory information request notices under s 25 of the Financial Markets Authority Act 2011. Among other things, the notices sought accounting and financial records. But the FMA was not happy with the responses and formed the view the group could be insolvent and breaching legislation. The court would hear the FMA's liquidation application at a date to be confirmed, RNZ notes. RNZ adds that the court also granted the FMA's application for interim asset preservation orders against Whimp and another subsidiary, Hanmer Equities. These were sought to protect assets pending the outcome of the FMA's investigation into Chance Voight and mean they cannot take or send out of New Zealand any money. Mr. Whimp rose to prominence in the 2010s for making off-market offers to buy shares from investors at below their market value. The then-Securities Commission took Mr. Whimp to court over what it termed the misleading "low ball" offers, RNZ states. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 16, 2025, the Financial Markets Authority (FMA) said it is investigating Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group. Following the FMA seeking appointment of interim liquidators over six Chance Voight entities, the Court has appointed Malcolm Hollis, John Fisk and Lara Bennett of PwC New Zealand as interim liquidators over the 6 entities with effect from Dec. 10, 2025. CHINCHILLER BREWING: Goes Into Liquidation Owing Customs, Tax ------------------------------------------------------------- The Press reports that a Canterbury craft beer brewery has gone into liquidation, reportedly owing an estimated NZD170,000. The Press relates that ChinChiller Brewing, which was based in Kaiapoi, was placed into voluntary liquidation on December 19, after Customs initiated proceedings. The brewery's stable of products included tiramisu and chilli stouts, and a 'Devils Punch Bowl' hazy IPA. According to the liquidator's initial report ChinChiller had "been struggling with working capital for some time". It continued: "According to the director, in the last twelve months revenue levels have steadily dropped to a level that the business was no longer sustainable," The Press relays. EASTBOURNE COMMUNITY: Creditors' Proofs of Debt Due on Feb. 16 -------------------------------------------------------------- Creditors of Eastbourne Community Fitness Limited and Harvest Holdings Limited are required to file their proofs of debt by Feb. 16, 2026, to be included in the company's dividend distribution. Eastbourne Community Fitness wind-up proceedings on Dec. 16, 2025. Harvest Holdings wind-up proceedings on Dec. 18, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Limited Level 1, 50 Customhouse Quay Wellington 6011 SILVER FERN: Creditors' Proofs of Debt Due on Feb. 13 ----------------------------------------------------- Creditors of Silver Fern Petfoods Limited are required to file their proofs of debt by Feb. 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 18, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 TWINKLE BEAM: Creditors' Proofs of Debt Due on Feb. 20 ------------------------------------------------------ Creditors of Twinkle Beam Limited are required to file their proofs of debt by Feb. 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 16, 2025. The company's liquidator is: Heath Gair Palliser Insolvency PO Box 57124 Mana, Porirua 5247 =============== P A K I S T A N =============== PAKISTAN INT'L: To be Run by New Owners From April, Says Official ----------------------------------------------------------------- Reuters reports that Pakistan International Airlines (PIA) is expected to be run by a new owner from April next year and receive fresh capital under a deal to privatise the flag carrier, the country's privatisation chief said on Dec. 24. Reuters relates that a consortium headed by the Arif Habib Corporation emerged as the top bidder in a live-televised auction for a 75% stake in PIA on Dec. 23, marking a breakthrough for the government's long-delayed privatisation of the carrier. According to Reuters, the Arif Habib consortium offered PKR135 billion ($482.14 million), surpassing a government reserve price of PKR100 billion, in a sharp turnaround from last year's failed sale attempt. Muhammad Ali, the privatisation adviser to the prime minister, told Reuters in an online interview that the state expects a new owner to be running the airline by April, subject to approvals. The process now moves to final approvals by the Privatisation Commission board and the cabinet, expected within days, with contract signing likely within two weeks and financial close after a 90-day period to meet regulatory and legal conditions. Ali said the government would receive about PKR10 billion in cash upfront and retain a 25% stake valued at around PKR45 billion, Reuter relays. The deal was structured to inject fresh capital into the airline rather than simply transfer ownership, he said. "We did not want a situation where the government sells the airline, takes its money and the company still collapses," Ali said. Reuters says the winning consortium also comprises fertiliser maker Fatima, private school network City Schools and real estate firm Lake City Holdings Limited. Reuters adds that Ali said Fauji Fertilizer Company, a military-run conglomerate, did not bid but could still join the winning consortium as a partner, noting the buyer can add up to two partners – including a consortium partner or a foreign airline – if they meet the qualifying criteria. Allowing partners adds financial strength and could bring global aviation expertise, he said. About PIA Pakistan International Airlines Corp Ltd (PIA) provides commercial air transportation services. It includes passenger, cargo postal carriage, engineering, and other services. Pakistan International Airlines (PIA) is the flag carrier of Pakistan and wholly owned by the government of Pakistan. As reported in the Troubled Company Reporter-Asia Pacific on April 4, 2024, Pakistan is putting on the block a stake ranging from 51% to 100% of loss-making national carrier Pakistan International Airlines, the privatisation panel said on April 2, as part of reforms urged by the International Monetary Fund (IMF). Reuters said the disposal of the flag carrier is a step past elected governments have steered away from as likely to be highly unpopular, but progress on the privatisation will help cash-strapped Pakistan pursue further funding talks with the IMF. In October 2023, a body under Pakistan's cabinet used emergency powers to hire financial advisers to plan the privatization of Pakistan International Airlines. Pakistan International Airlines has reported a loss of over PKR75 billion for the year 2023. The total liabilities of the airline have ballooned to PKR825 billion while total assets are valued at PKR161 billion, according to Pakistan Today. ================= S I N G A P O R E ================= CREDIT SUISSE SECURITIES: Creditors' Proofs of Debt Due on Jan. 23 ------------------------------------------------------------------ Creditors of Credit Suisse Securities (Singapore) Pte. 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: Matthew Stuart Becker Lim Loo Khoon 6 Shenton Way, OUE Downtown 2, #33-00 Singapore 068809 FOCUS COMPUTER: Creditors' Meetings Set for Jan. 9 -------------------------------------------------- Focus Computer (S) Pte Ltd will hold a meeting for its creditors on Jan. 9, 2026, at 2:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Ms. Ellyn Tan Huixian of Forvis Mazars Consulting was appointed as provisional liquidator of the Company on Dec. 17, 2025. THEME A: Creditors' Meetings Set for Jan. 8 ------------------------------------------- Theme A Investment Holdings Pte. Ltd. will hold a meeting for its creditors on Jan. 8, 2026, at 9:30 a.m., via video-conference and/or tele-conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Tan Wei Cheong and Lim Loo Khoon of Deloitte were appointed as provisional liquidators of the Company on Dec. 16, 2025. USPP WOODLANDS: Creditors' Meetings Set for Jan. 8 -------------------------------------------------- USPP Woodlands Pte. Ltd. will hold a meeting for its creditors on Jan. 8, 2026, at 3:00 p.m., via video-conference and/or tele-conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Tan Wei Cheong and Lim Loo Khoon of Deloitte were appointed as provisional liquidators of the Company on Dec. 16, 2025. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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 ***