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260101.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, January 1, 2026, Vol. 29, No. 1 Headlines A U S T R A L I A CINNAMON GATE: Second Creditors' Meeting Set for Jan. 7 MA SERVICES: First Creditors' Meeting Set for Jan. 7 MR CAP: First Creditors' Meeting Set for Jan. 5 VICTORIAN ALPS: Second Creditors' Meeting Set for Jan. 6 VIEW MEDIA: Group Can IPO in 2027, Antony Catalano Says ZONE RV: Customers Slam ASIC for Ignoring Whistleblower Complaints C H I N A CHINA VANKE: Sees Second Bond Rollover Rejected This Month TIANAN LIFE: Misses Bond Payment, Testing Implicit Guarantees I N D I A DURGA PARAMESHWARI: CRISIL Moves B Ratings from Not Cooperating INDIA SHELTER: Voluntary Liquidation Process Case Summary INDUSTRIES GULBARGA: CRISIL Reaffirms B+ Rating on INR11cr Loan KRISHNA SHOWBIZ: Insolvency Resolution Process Case Summary LAXMI OIL: Insolvency Resolution Process Case Summary METAFORM: CRISIL Keeps B Debt Ratings in Not Cooperating Category MUNISH FORGE: CRISIL Keeps D Debt Rating in Not Cooperating N. A. SHELAR: CRISIL Keeps C Debt Ratings in Not Cooperating PERIYANAYAKI AMMAN: CRISIL Keeps B Ratings in Not Cooperating SANCO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating SPARKLET ENGINEERS: Insolvency Resolution Process Case Summary SUMITRA SONS: CRISIL Keeps B Debt Ratings in Not Cooperating SWASTIK LUMBERS: CRISIL Moves B+ Debt Ratings to Not Cooperating VAIDYANATH SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating VARMORA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating VED PARKASH: CRISIL Keeps B Debt Ratings in Not Cooperating VENKATESH INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating VIJETHA SUPER: CRISIL Keeps D Debt Ratings in Not Cooperating VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating VIRAJ SPINNERS: CRISIL Keeps D Debt Ratings in Not Cooperating VISWAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ZEDSON AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating M A L A Y S I A 1MDB: Jailed Ex-PM Najib Files Appeal Against Conviction GREENPRO CAPITAL: Raises $150,000 in Private Placement MAJU HOLDINGS: Creditor Seeks Interim Judicial Management N E W Z E A L A N D 3 EATON: Creditors' Proofs of Debt Due on Feb. 2 BOEN CAPITAL: Calibre Partners Appointed as Receivers JUICY SEOUL: Creditors' Proofs of Debt Due on Jan. 23 SHAPE ENERGY: Calibre Partners Appointed as Receivers SWATI SHARMA: Creditors' Proofs of Debt Due on Feb. 2 S I N G A P O R E ALLIANCE SECURITIES: Commences Wind-Up Proceedings CKR PAINTS: Court Enters Wind-Up Order MORTIMER PTE: Creditors' Proofs of Debt Due on Jan. 23 UMIGAME RE: Creditors' Proofs of Debt Due on Jan. 26 - - - - - ================= A U S T R A L I A ================= CINNAMON GATE: Second Creditors' Meeting Set for Jan. 7 ------------------------------------------------------- A second meeting of creditors in the proceedings of Cinnamon Gate Pty Ltd has been set for Jan. 7, 2026, at 2:00 p.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 7, 2026 at 12:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Nov. 12, 2025. MA SERVICES: First Creditors' Meeting Set for Jan. 7 ---------------------------------------------------- A first meeting of the creditors in the proceedings of MA Services Property Group Pty Ltd and M.A Services Group Pty Ltd (Trading name: Datum Services, MA Concierge, MA Traffic, ORC Australia, MA Emergency Services, M.A.Security Guards, MA Maintenance and Building, MA Customer Service, MA Academy, MA Group Services, MA Risk Group, MA Risk Management, MA Cleaning Group, M.A. Complete Solutions, M.A. Security Group, M.A. Security Solutons) will be held on Jan. 7, 2026, at 10:00 a.m. via virtual meeting. Jason Tracy and Glen Kanevsky of Alvarez & Marsal Australia were appointed as administrators of the company on Dec. 23, 2025. MR CAP: First Creditors' Meeting Set for Jan. 5 ----------------------------------------------- A first meeting of the creditors in the proceedings of Mr Cap Catering Pty Ltd will be held on Jan. 5, 2026, at 10:00 a.m. via teleconference only. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Dec. 19, 2025. VICTORIAN ALPS: Second Creditors' Meeting Set for Jan. 6 -------------------------------------------------------- A second meeting of creditors in the proceedings of Victorian Alps Winery Pty. Ltd has been set for Jan. 6, 2026, at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 5, 2026 at 4:00 p.m. Richard Lawrence of Mackay Goodwin Pty Ltd was appointed as administrator of the company on Nov. 27, 2025. VIEW MEDIA: Group Can IPO in 2027, Antony Catalano Says ------------------------------------------------------- The Australian Financial Review reports that Antony Catalano and Alex Waislitz's plan to challenge property classifieds giants REA Group and Domain in Australia's AUD300 billion real estate transaction market continues to lose money, but rising revenues give Mr. Catalano confidence the venture will break even in 2026. According to the Financial Review, accounts lodged with the corporate regulator reveal View Media Group – the company behind property portal view.com.au, off-the-plan platform AD Group and artificial intelligence marketing company Propic – made more money from high-end creative services than its classifieds business. View posted AUD23.2 million in revenue in the year to June 30, 2025, up from AUD15.8 million the year before. Financial documents also reveal View's losses narrowed from AUD35.1 million to AUD22.8 million, the Financial Review discloses. View launched in 2022 and is backed by shareholders including Seven West Media (now a part of Southern Cross Media) and ANZ. Catalano, a former managing director at Domain, and billionaire investor Waislitz own more than one-third through their 20 Cashews investment entity, according to corporate filings. The Financial Review says the business initially began as a way to build a third real estate portal using Seven West and Mr. Catalano's regional publishing business, Australian Community Media, as a marketing platform. But the combined strength of REA, which owns realestate.com.au, and Domain, which was this year acquired by US conglomerate CoStar Group, has been difficult to dislodge. View has instead bought and built services for real estate agents, which Mr. Catalano said was "tracking to plan" ahead of what he expected would be an initial public offering in 2027, the Financial Review relays. "All divisions of VMG have recorded record revenue in the past 12 months. We expect to break even in 2026 with revenues exceeding AUD30 million-plus. That's an impressive performance in just over two years since we launched the business," the Financial Review quotes Mr. Catalano as saying. "Our media alliances with the merger of Seven West and Southern [Cross] will boost our audience reach. We are in the process of completing a pre-IPO capital raise with the intention of listing in 2027." The Financial Review adds that the accounts reveal 20 Cashews and others have given View new loans of AUD2.8 million as it finishes a capital raise. It bought creative business The Property Agency in August 2024, and "creative services" have surpassed subscriptions and advertising as View's biggest source of revenue, at AUD7.5 million. View Media Group operates real estate digital media and agent services business based in Cremorne, Australia. The company provides real estate digital media and agent services through a suite of proptech platforms offering consumer and business solutions. ZONE RV: Customers Slam ASIC for Ignoring Whistleblower Complaints ------------------------------------------------------------------ ABC News reports that furious customers have slammed the corporate watchdog for failing to investigate a whistleblower's allegations against a luxury caravan manufacturer months before it collapsed. Sunshine Coast-based Zone RV plunged into administration on December 1 owing AUD42 million to hundreds of creditors, including AUD18 million to about 180 customers who had partly or fully paid for caravans, the ABC notes. About 140 customers have been told they will not get their vans, with some families up to AUD190,000 out of pocket. There is now growing anger that a whistleblower complaint from a former senior Zone RV employee was ignored, according to the ABC. In September, former chief financial officer Kim Hodgkins reported allegations of misconduct and insolvent trading by the company during late 2023 to the Australian Securities and Investments Commission (ASIC), the ABC recalls. The ABC has seen a series of emails where Ms. Hodgkins warned senior management in November 2023 that the company was running out of cash and spending needed to be slashed, due to a AUD5 million shortfall in revenue targets. "As previously discussed, our current [cash] position is we have AUD527,000," Ms. Hodgkins wrote. Another email shows major electronics supplier Redarc put a temporary stop credit on Zone RV in October 2023 due to an unpaid account, the ABC relays. When Zone RV collapsed, they owed Redarc almost AUD2.5 million. ASIC told Ms. Hodgkins by email on October 30 this year that it would not formally investigate her claims. "[We] are selective about the matters we pursue to ensure we use our resources to target misconduct effectively," the regulator said. "We have considered all of the information you provided and conducted our own preliminary and confidential enquiries. "We have determined not to take any further action at this time." The ABC relates that Ms. Hodgkins urged the watchdog to reconsider, and when they did not reply, she emailed ASIC chief executive Scott Gregson. Senior executive Peter Witham, in charge of misconduct reports and whistleblowers, replied on November 17, confirming ASIC would "undertake a review of our assessment of your report". Two days later, on November 19, Zone RV's corporate advisor sounded out administrators Cor Cordis about a potential insolvency appointment, the ABC relates citing documents lodged with ASIC. Cor Cordis held several meetings with Zone RV's sole director, David Biggar, in the following days, before the company formally entered administration on December 1. It is unclear whether there is any link between ASIC's review of the whistleblower's report and the administrators' appointment, adds the ABC. About Zone RV Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd (trading as Zone RV) designs and manufactures premium off-road caravans. Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis have been appointed administrators of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1, 2025. The Administrators are conducting an urgent review of Zone RV's financial and operational position. Their primary objective is to preserve value for all stakeholders, including approximately 250 employees, customers, and suppliers, and to determine the strategic options available for the business moving forward. ========= C H I N A ========= CHINA VANKE: Sees Second Bond Rollover Rejected This Month ---------------------------------------------------------- Yicai Global reports that China Vanke has failed to win creditor approval to roll over a second medium-term note maturing this month, though bondholders did agree to extend the grace period, giving the embattled real estate developer more time to negotiate. Each of the builder's five proposals to extend repayment of the CNY3.7 billion (USD521 million) bond due on Dec. 28 failed to reach the 90 percent support level required for approval, according to a notice posted by Bank of Communications, the note's trustee, on the website of the Shanghai Clearing House on Dec. 26, Yicai relates. Support for the rollover options ranged from as little as 1.8 percent to as much as 74 percent. By contrast, the proposal to extend the grace period from five working days to 30 days garnered 92 percent support. Prior to voting on extending the bond, 22 Vanke MTN005, creditors had also rejected a rollover plan for 22 Vanke MTN004, a CNY2 billion (USD282 million) medium-term note that fell due on Dec. 15, Yicai notes. They likewise agreed to extend its grace period by one month. Vanke's financial commitments look increasingly unsustainable, Chen Linghua, an analyst at S&P Global Ratings, told Yicai in an email. Without better terms, the Shenzhen-based firm may pursue distressed-debt swaps or restructuring within six months or potentially default, Chen said. Yicai relates that the New York-based credit rating agency treats grace period extensions for domestic debt as distressed-debt restructurings equivalent to default, and has downgraded Vanke's long-term issuer rating to "SD," meaning selective default, from "CCC-." Some bondholders questioned whether extending the grace period to 30 trading days would actually leave room to reach a deal, a source close to the creditors told Yicai. Vanke signaled it would continue to seek dialogue. "This may mean that if no compromise is reached by the end of the new grace period, Vanke may seek another extension," the source said, noting that as long as creditors agree to extend the period, talks can continue. Yicai says the key to getting the green light for any new extension is for Vanke to provide additional credit enhancement, the person said, but the builder may have limited assets left to pledge as collateral or mortgage. Vanke representatives acknowledged at the creditors' meeting that a large share of its projects are joint ventures, which cannot be used to bolster the creditworthiness of the parent company's debt, the source said, Yicai relays. Vanke's financial statements underscore this point. Its non-controlling interests came to CNY125.3 billion (USD17.6 billion) in the three months ended Sept. 30, accounting for 41.6 percent of total shareholder equity, Yicai discloses. From 2022 to last year, that ranged from 37.7 percent to 40.1 percent. While consolidated statements can make a parent company's assets appear substantial on paper, legal title to many rests with separate project companies rather than the parent, a finance executive at a Shenzhen-listed firm told Yicai. As a result, Vanke's lenders can only pursue claims against the parent and cannot legally seize assets owned by project companies. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported in May 2025 that Fitch Ratings downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025 reported that S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. TIANAN LIFE: Misses Bond Payment, Testing Implicit Guarantees ------------------------------------------------------------- Caixin Global reports that Tianan Life Insurance Co. Ltd. has failed to repay a CNY2 billion ($278 million) capital supplementary bond (CSB) that matured this week, adding to signs that long-held assumptions about implicit guarantees for insurers' bonds are weakening. Caixin relates that the insurer, a former affiliate of the now-dismantled Tomorrow Holding Co. Ltd., said in a statement on Dec. 26 that it could not repay the principal or interest on the 10-year bond, which matured Dec. 29. Issued in December 2015, the bond carried a coupon of 6.25% for the first five years, rising to 7.25% for the final five. Tianan Life Insurance provides insurance services. The Company offers endowment insurance, life insurance, health insurance, medical insurance, property insurance, and other insurance services. Tianan Life Insurance provides its services throughout China. ========= I N D I A ========= DURGA PARAMESHWARI: CRISIL Moves B Ratings from Not Cooperating --------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its rating on the long-term bank facilities of Shree Durga Parameshwari Motors Pvt Ltd (SDPMPL) to 'Crisil B/Stable Issuer not cooperating'. However, the management has subsequently started sharing the information necessary for a comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating of SDPMPL to 'Crisil B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 Crisil B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 2.5 Crisil B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Long Term Loan 2.5 Crisil B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Long Term Loan 5 Crisil B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Long Term 1.5 Crisil B/Stable (Migrated from Bank Loan Facility 'Crisil B/Stable ISSUER NOT COOPERATING') The rating continues to reflect SDPMPL's below-average financial risk profile and extensive exposure to group companies. These weaknesses are partially offset by the extensive experience of the promoters in the automobile dealership industry. Analytical Approach Unsecured loan of INR0.48 crore as on March 31, 2025, extended by the promoters has been treated as debt as this loan may not be retained in the business over the medium term. Key Rating Drivers - Weaknesses * Below-average financial risk profile: Financial risk profile is likely to remain constrained by sizeable working capital debt and vehicle loans. Networth was low at INR4.79 crore as on March 31, 2025, while the gearing and the total outside liabilities to tangible networth (TOLTNW) ratio was high at 4.99 times and 5.8 times, respectively. Furthermore, the gearing and the TOLTNW ratio are expected to be 3.85 times and 4.58 times, respectively, as on March 31, 2026. Debt protection metrices are comfortable, with interest coverage and net cash accrual to adjusted debt (NCAAD) ratios estimated at 1.68 times and 0.07 time, respectively, as on March 31, 2026. * Extensive exposure to group companies: SDPMPL has invested ~INR7.5 crore in its group companies in the form of equity, loans and advances as on March 31, 2025, which is 156% of its current networth. Any further exposure in the group companies, impinging the company's own cash accrual may impact liquidity and will remain a rating sensitivity factor over the medium term. Key Rating Drivers - Strengths * Extensive experience of the promoters: The key promoter, Mr Belman Purushottam Raghavendra Rao, hails from a well-known hotelier family that promoted Hotel Dwaraka, one of the oldest hotels in Hyderabad. Benefits from the promoters' expertise and their strong understanding of the local market dynamics should continue to aid the business. Liquidity Stretched Bank limit utilisation was high at 96% on average for the 12 months through September 2025. Annual cash accrual is expected to be over INR1.6 crore against yearly term debt obligation of INR1.15–1.12 over the medium term, and will cushion liquidity. The current ratio was moderate at 1.03 times as on March 31, 2025. Outlook Stable SDPMPL will continue to benefit from the healthy entrepreneurial experience of its promoters. Rating sensitivity factors Upward factors * Improvement in the financial risk profile, especially the capital structure, with gearing reducing to below 4.8 times * Recovery of loans or advances given to affiliates and improvement in liquidity Downward factors * Steep decline in revenue and profitability, leading to cash accrual below INR1 crore * Any large, debt-funded capital expenditure or further cash outflow in the form of advances to affiliates impacting liquidity SDPMPL was incorporated in 2012 by Mr Belman Purushottam Raghavendra Rao and his family members. The company is an authorised dealer for two-wheelers of Honda Motorcycle and Scooter India Private Limited in Hyderabad. INDIA SHELTER: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: India Shelter Capital Finance Limited 6th Floor, Plot No. 15 Institutional Area, Sector 44, Gurugram, Haryana-122002 Liquidation Commencement Date: December 16, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: CS (IP) Jigarkumar Gandhi 05,1st Floor, Harismruti, SVP Road, Opposite HDFC Bank, Chamunda Circle, Borivali West, Mumbai - 400092 Email: jigar.gandhi@jngandco.in Mobile: +91-9702002189 Last date for submission of claims: January 15, 2026 INDUSTRIES GULBARGA: CRISIL Reaffirms B+ Rating on INR11cr Loan --------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Shree Industries - Gulbarga (SI-G). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B+/Stable (Reaffirmed) The rating reflects the susceptibility to volatility in cotton prices and regulatory changes, modest scale of operations and weak financial risk profile these weaknesses are partially offset by the extensive experience of the partners in the cotton ginning industry and prudent working capital management of the firm. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of SI-G. Key Rating Drivers - Weaknesses * Susceptibility to volatility in cotton prices and regulatory changes: As cotton is an agricultural commodity, its availability depends on the monsoon. Further, cotton prices are highly volatile and any government intervention or fluctuation in global cotton output can lead to a sharp volatility in cotton prices. Any sudden change in regulations can distort the market prices and affect the profitability of players in the cotton value chain. The same can be reflected in volatile operating margins in the range of 1.3-4.55 over the past four fiscals through fiscal 2025. Thus, the profitability of players such as SI-G is susceptible to regulatory changes that have the potential to distort market prices. * Modest scale of operations: Revenues of the firm declined to INR58.7 crore in fiscal 2025 from INR82.6 crore in fiscal 2024. This was due to increase in the prices of the commodity, hence affecting the demand. The firm faces intense competition in the cotton ginning industry which would continue to constrain scalability, pricing power and profitability over the medium term. * Weak financial risk profile: The financial risk profile is marked by low networth of INR3.8 crore as on March 31, 2025. Gearing and total outside liabilities to adjusted networth (TOLANW) ratio were high at 2.9 times and 3.1 times, respectively, as on March 31, 2025, due to reliance on external debt for working capital management. The debt protection metrics have remained moderate, due to high leverage and low profitability. Interest coverage ratio stood at 2.1 times in fiscal 2025. The debt protection metrics is likely to remain at similar level over the medium term. Key Rating Drivers - Strengths * Extensive experience of the partners: The partners have more than 18 years of experience in the cotton ginning industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers has supported the business in the past and the same is expected to support the business in the medium term. * Efficient working capital management: The company's efficient working capital management is reflected in its gross current assets (GCAs) of ~90 days as on March 31, 2025. It is required to extend moderate credit period in line with the industry standards with receivables of 5-10 days. Furthermore, to meet its business requirement, the company holds moderate inventory of 55 days as on March 31, 2025. The payments to creditors are generally on cash basis as seen in the creditor days of up to 5 days. In the absence of any major change in operating policies, the working capital cycle will remain prudently managed. Liquidity Streched Bank limit utilisation is low at around 21% for the past twelve months ended August 2025. Net cash accruals of INR25-30 lakhs with no repayment obligations expected in medium term. Current ratio stood at 1.2 times and cash and bank balance at INR1 lakh as on March 31, 2025. Outlook Stable Crisil Ratings believe SI-G will continue to benefit from the extensive experience of the partners and their established relationship with clients. Rating sensitivity factors Upward factors * Substantial and sustainable increase in revenue and profitability, resulting in net cash accrual above INR1 crore. * Improvement in the financial risk profile Downward factors * Steep decline in revenue and/or operating profitability dropping below 1.5%, leading to lower-than-expected cash accrual. * Larger-than-expected, debt-funded capital expenditure or a sizeable stretch in the working capital cycle affecting the liquidity profile of the firm. SI-G, a partnership firm set up in 2014, is engaged in cotton ginning and pressing. Its facility is spread over 8 acres of land in Gulbarga (Kalaburagi; Karnataka). Mr Gourishankar B Bacha manages the operations. KRISHNA SHOWBIZ: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Krishna Showbiz Services Private Limited Shop No. 187, 1ST floor, Citi Mall New Link Road, Andheri West, Mumbai City, Mumbai Maharashtra, India, 400053 Insolvency Commencement Date: December 11, 2025 Estimated date of closure of insolvency resolution process: June 9, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Manyank Rameshchandra Jain A 1001, Samarpan, Western Express Highway, Borivali (East), Mumbai 400066 Email: jainmayankr@gmail.com Mobile: +91 9892733890 Email: cirp.krishnasspl@gmail.com Last date for submission of claims: December 25, 2025 LAXMI OIL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Laxmi Oil and Vanaspati Private Limited 704, Kan Chamber 7th Floor, 14/113, Civil Lines, Kanpur, Uttar Pradesh, India, 208002 Insolvency Commencement Date: December 12, 2025 Estimated date of closure of insolvency resolution process: June 10, 2026 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Mr. Rohit Sehgal A -604, Sujjan Vihar, Sector - 43, Gurgaon 12202 Email: amrs101@gmail.com H. No. 581, Top Floor, Sector-27, Gurgaon, 122008 Email: laxmi.oil@truproinsolvency.com Last date for submission of claims: December 30, 2025 METAFORM: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Metaform continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.2 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 Crisil B/Stable (Issuer Not Cooperating) Term Loan 2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Metaform 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 Metaform, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Metaform is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Metaform continues to be 'Crisil B/Stable Issuer not cooperating'. Metaform is a sole proprietorship set up by Ms Jayapalashri Anil in 2018. It is setting up a plant in Bengaluru to cut, machine, and forge alloy steel for Ommi Forge Pvt Ltd, which manufactures forged steel alloy and jointless forgings, and which the proprietor is associated with. Commercial operations are likely to start by January 2019. MUNISH FORGE: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Munish Forge Private Limited (MFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Letter of Credit 5.8 CRISIL D (Issuer Not Cooperating) Letter of Credit 8.4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MFPL 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 MFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MFPL was incorporated in 1996 in Ludhiana, Punjab, promoted by Mr Davinder Bhasin and his family members. The company manufactures flanges, auto parts, forgings, and scaffoldings. N. A. SHELAR: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of N. A. Shelar and Company (NASC) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 4 CRISIL C (Issuer Not Cooperating) Proposed Long Term 1 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NASC 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 NASC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NASC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NASC continues to be 'Crisil C Issuer not cooperating'. About the Company Established in the year 1983, as a proprietorship concern of Mr. Narayan Shelar, NASC is a civil contractor primarily engaged in construction of buildings (residential and commercial) in the Mumbai region of Maharashtra. PERIYANAYAKI AMMAN: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Periyanayaki Amman Spinning Mills (SPAS) 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 4.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPAS 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 SPAS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPAS continues to be 'Crisil B/Stable Issuer not cooperating'. SPAS was set up in 2001 as a partnership firm by Mr K S Kathirvelu and his wife Ms Leena, who manage operations. The firm, based in Tiruppur, Tamil Nadu, manufactures cotton yarn. SANCO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sanco Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 0.6 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Cash Credit 8.9 CRISIL D (Issuer Not Cooperating) Letter of Credit 13.4 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SIL 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 SIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SIL is a closely-held public limited company, set up in 1986. The Delhi-based company manufactures PVC wires and cables, and pipes and pipe fittings. Operations are managed by Mr Sanjay Gupta. SPARKLET ENGINEERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sparklet Engineers Private Limited A-87/B & B-54, Anand Nagar, Ambernath Industrial Area, MIDC, Ambernath(E), Thane, MH 421506 Insolvency Commencement Date: December 8, 2025 Estimated date of closure of insolvency resolution process: June 6, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Madan Bajarang Lal Vaishnawa 41/704 Kalpataru, Srishti Sector 3 Mira Road East Thane, MH 401107 Email: madan.vaishnawa@icai.org Mobile No: 9004686180 Email: cirpsparklet@gmail.com Last date for submission of claims: December 22, 2025 SUMITRA SONS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sumitra Sons (SS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 2.5 CRISIL B/Stable (Issuer Not Facility Cooperating) Inventory Funding 5.5 CRISIL B/Stable (Issuer Not Facility Cooperating) Proposed Long Term 2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SS 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 SS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SS continues to be 'Crisil B/Stable Issuer not cooperating'. SS was set up as a partnership firm in 2009 by the Singh family. The firm is an authorised exclusive dealer of Hero Motocorp in Shahjahanpur with two showrooms and two service stations. The partners of the firm are Mr. Balvir Singh, Mr. Jagjeet Singh, Mr. Simarjeet Singh, and Ms. Jasmin Kaur. SWASTIK LUMBERS: CRISIL Moves B+ Debt Ratings to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Swastik Lumbers Private Limited (SLPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Foreign Letter 10 CRISIL B+/Stable (ISSUER NOT of Credit COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SLPL for obtaining information through letter and email dated December 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 SLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SLPL to 'Crisil B+/Stable Issuer not cooperating'. SLPL was incorporated in 2007, by the promoters, Mr Ravinder Jain and Mr Suresh Kumar. The company is an importer, trader and processor of timber. It has a sawmill at Gandhidham, Gujarat, for processing imported logs VAIDYANATH SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vaidyanath Sahakari Sakhar Karkhana Limited (VSSKL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.73 CRISIL D (Issuer Not Cooperating) Cash Credit 81.96 CRISIL D (Issuer Not Cooperating) Short Term Loan 28.37 CRISIL D (Issuer Not Cooperating) Term Loan 7.63 CRISIL D (Issuer Not Cooperating) Term Loan 25.97 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSSKL 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 Pai-Aim Solder (India) Private Limited 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 VSSKL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSSKL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSSKL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VSSKL, set up as a co-operative society in 1996, manufactures sugar. Its unit is in Parali, Maharashtra, and has sugar cane crushing capacity of 4500 tonne per day. It also has a 60-kilolitre-per-day distillery and a 21-megawatt co-generation power unit. VARMORA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Varmora Foods Private Limited (VFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Cash Credit 1.40 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.50 CRISIL D (Issuer Not Cooperating) Term Loan 3.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VFPL 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 VFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VFPL continues to be 'Crisil D Issuer not cooperating'. VFPL, incorporated in August 2013, has a processing unit to manufacture spray dried fruit powder, spray dried vegetable powder and caramel colour. Its operations commenced from April 2014. VED PARKASH: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Ved Parkash and Sons (VPS, part of the Evergreen group) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Proposed Term Loan 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VPS 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 VPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VPS continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group The Evergreen group, based in Jalandhar, Punjab, prints and publishes educational text books for the CBSE, ICSE, and state education boards. EPIL was set up as a partnership firm in 1980, and was reconstituted as a public limited company in 2001. NP was set up as a partnership firm in 1995. VPS was set up as a proprietorship firm in 1942. NPP was incorporated as Kuldeep Hardware Pvt Ltd in 1995, and renamed after it was acquired by Mr Sunil Chopra in 2011. VENKATESH INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Venkatesh Industries (VKTIND) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 1.66 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.54 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with VKTIND 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 VKTIND, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VKTIND is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VKTIND continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2014 as a proprietorship firm by Mr Nitin Agarwal, VKTIND gins and presses raw cotton and sells cotton lint and seeds. The unit in Sendhwa, Madhya Pradesh, began operations in November 2014. VIJETHA SUPER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijetha Super Market (VSM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 3.5 CRISIL D (Issuer Not Overdraft Cooperating) Facility Overdraft 2.5 CRISIL D (Issuer Not Facility Cooperating) Proposed Long Term 3.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSM 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 VSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSM continues to be 'Crisil D Issuer not cooperating'. Set up in December, 2003 as a partnership firm, VSM owns and operates a three star hotel in Srikakulam, in addition to a bar and restaurant. The firm also operates a super market in the same property. VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vimal Chhaganlal Jewellers Private Limited (VCJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VCJPL 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 VCJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCJPL continues to be 'Crisil D Issuer not cooperating'. VCJPL, promoted by Mr. Vimal Seth and his family in 2010-11 (refers to financial year, April 1 to March 31), trades in gold ornaments. VIRAJ SPINNERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Viraj Spinners Limited (VSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.01 CRISIL D (Issuer Not Cooperating) Long Term Loan 31.99 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSL 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 VSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSL continues to be 'Crisil D Issuer not cooperating'. VSL was incorporated in 2010 and is promoted by Mr Sadashiv Patil. The commercial operations of its manufacturing facility in Vita (Maharashtra) commenced in January 2015. It has an installed capacity of 18,720 spindles. VISWAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Viswam Educational Society (VES) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.81 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.04 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 4.00 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with VES 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 VES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VES continues to be 'Crisil D Issuer not cooperating'. VES, a society was established in 1991, and the overall operations of the trust are being managed by its secretary Mr. Prabhakar Reddy. It runs 5 educational institutions under the Viswam brand. Its schools and colleges are located in and around Chittoor (Andhra Pradesh). ZEDSON AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Zedson Agro Private Limited (ZAPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.25 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 4.3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.95 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ZAPL 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 ZAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZAPL continues to be 'Crisil B+/Stable Issuer not cooperating'. ZAPL was incorporated in October 2014 and processes wheat seeds at the facility at Surendranagar, Gujarat. The operations are managed by Mr Devendrabhai who has over ten years of experience through another group concern, Aghara Agriculture, which is a partnership firm, involved in similar activities. The company has started its operations from February 2015 and has recently set up grinding mill to make flour from wheat. =============== M A L A Y S I A =============== 1MDB: Jailed Ex-PM Najib Files Appeal Against Conviction -------------------------------------------------------- Reuters reports that jailed former Malaysian prime minister Najib Razak has filed an appeal against his conviction last week on corruption charges related to the multibillion-dollar 1MDB scandal, which saw him sentenced to an additional 15 years in prison, his lawyer said on Dec. 30. Najib, 72, has been in jail since 2022 on graft offences linked to allegations that about $4.5 billion was stolen from 1Malaysia Development Berhad (1MDB), a state fund he co-founded while serving as premier in 2009. U.S. and Malaysian investigators have said more than $1 billion of the misappropriated funds made their way into accounts linked to Najib, who has consistently denied wrongdoing. On December 26, Najib was found guilty of four charges of abuse of power and 21 counts of money laundering for illegally receiving about MYR2.3 billion ($567.90 million) originating from 1MDB, in the biggest trial he has faced, according to Reuters. He was sentenced to 15 years in prison and slapped with a record fine of nearly $3 billion. The court ordered Najib to begin serving the additional sentence after his current six-year jail term ends in 2028, though the term may be reduced by one-third for good behavior, Reuters relates. Reuters says Najib's lawyer Muhammad Farhan Shafee confirmed in a brief text message that an appeal had been filed on Monday night [Dec. 29] against both the verdict and the sentence. Najib has also filed an appeal against a separate court ruling this month denying his bid to serve the remainder of his current prison term under house arrest, media reports said. Both court decisions have stoked tensions within Prime Minister Anwar Ibrahim's ruling alliance, with some members of Najib's party, the United Malays National Organisation (UMNO), expressing disappointment with the verdicts, Reuters states. UMNO campaigned against Anwar in a 2022 election but joined his coalition to form a government after the poll resulted in a hung parliament. Anwar last week urged calm, calling on parties to accept the court's decisions with "full patience and wisdom". About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. GREENPRO CAPITAL: Raises $150,000 in Private Placement ------------------------------------------------------ Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Subscription Agreement with an investor identified in the Subscription Agreement providing for the private placement of 100,000 shares of the Company's common stock, par value $0.0001, at a per share purchase price of $1.50 or aggregate gross proceeds of $150,000. The Offering closed on December 18, 2025. The issuance of shares of Common Stock pursuant to the Subscription Agreements was made in reliance upon the exemptions from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D and/or Regulation S promulgated under the Securities Act. The Company believes the exemptions provided by Section 4(a)(2) and Regulation D, and/or Regulation S of the Securities Act were available because the offering did not involve a public offering and each of the Purchasers in the Offering represented that it is an "accredited investor" within the meaning of Rule 501(a) of Regulation D and/or is not a "U.S. person" as defined in Regulation S. No underwriters were involved in the offer and sale of the Common Stock in the Offering. The Company plans to use the proceeds of the Offering for operating capital. A full text copy of the Subscription Agreement is available at https://tinyurl.com/569kjhb9 About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. As of September 30, 2025, the Company had $6,124,159 in total assets, $1,793,849 in total liabilities, and $4,330,310 in total stockholders' equity. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MAJU HOLDINGS: Creditor Seeks Interim Judicial Management --------------------------------------------------------- theedgemalaysia.com reports that a creditor has filed an application for Maju Holdings Sdn Bhd to be placed under interim judicial management in light of offers to take over the highway concessionaire. According to the report, Pembinaan Melima Sdn Bhd filed the notice on Dec. 22 to apply for the appointment of SS Surendran and Victor Saw Seng Kee from PricewaterhouseCoopers to preserve the status quo and protect Maju Holdings' assets that include the prized MEX I Expressway. The company also sought a review of financial records, management and administration, and to verify the debts owed by Maju Holdings. theedgemalaysia.com relates that the application filed by Messrs Adam Haikal on behalf of Pembinaan Melima comes as AFA Infrastructure and Development Sdn Bhd and Hitech Nexus (M) Sdn Bhd officially expressed interests to take over the MEX I and MEX II highways from Maju Holdings Sdn Bhd. Another creditor, Bridgex Sdn Bhd, is supporting Pembinaan Melima's application to put Maju Holdings under interim judicial management. Pembinaan Melima also wants the interim judicial managers to study the expressions of interest by two companies to acquire MEX 1 and MEX II, as well as evaluate the feasibility of Maju Holdings' restructuring scheme and appoint professionals to perform commercial and legal due diligence, theedgemalaysia.com relays. Maju Holdings owes Pembinaan Melima MYR31.370 million, according to a supporting affidavit filed by its director Toong Ah Tea. The matter came up before High Court Judicial Commissioner Suhendran Sockanathan @ Saheran Abdullah on Dec. 30, the report notes. Adam, the counsel for Pembinaan Melima, wants to proceed with the hearing of the appointment of an interim judicial manager. However, Maju Holdings counsels Nakeeran Kumar and Datuk Jasbeer Singh replied that they needed time to reply to Pembinaan Melima's affidavit and check with the company owner Tan Sri Abu Sahid Mohamad. "As it is the end of the year and people are on holiday, we may need some time to verify the facts and the proposal made by the two companies. Furthermore, Abu Sahid is not well. We need time to reply to the application," Nakeeran told the court. theedgemalaysia.com adds that Bridgex, another company which Maju Holdings owes close to MYR68 million, is supporting Pembinaan Melima's application for Maju Holdings to be placed under interim judicial management, according to its counsel Ivanpal Singh Grewal. Suhendran scheduled Jan. 26, 2026 for the hearing on the appointment of an interim judicial manager, the report notes. According to The Exchange Asia, project concessionaire MEX II Sdn Bhd has been under receivership since May 2022 after defaulting on payments for its sukuk facility. MEX II Sdn Bhd is owned by Maju Holdings Sdn Bhd, which also controls Maju Expressway Sdn Bhd, operator of the existing 26km Maju Expressway linking Kuala Lumpur to Putrajaya and Cyberjaya. Maju Holdings has come under increased scrutiny recently after its owner Tan Sri Abu Sahid Mohamed and former director Datuk Yap Wee Leong were separately charged with criminal breach of trust and money laundering offences related to the MEX II project, The Exchange Asia reports. ===================== N E W Z E A L A N D ===================== 3 EATON: Creditors' Proofs of Debt Due on Feb. 2 ------------------------------------------------ Creditors of 3 Eaton Road Holdings Limited and Eco Lawns & Landscape Limited are required to file their proofs of debt by Feb. 2, 2026, to be included in the company's dividend distribution. 3 Eaton Road commenced wind-up proceedings on Dec. 17, 2025. Eco Lawns & Landscape commenced wind-up proceedings on Dec. 19, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 BOEN CAPITAL: Calibre Partners Appointed as Receivers ----------------------------------------------------- Daniel Stoneman and Brendon James Gibson of Calibre Partners on Dec. 16, 2025, were appointed as receivers and managers of Boen Capital Co. Limited. The receivers and managers may be reached at: Daniel Stoneman Brendon James Gibson Calibre Partners Level 21 88 Shortland Street Auckland JUICY SEOUL: Creditors' Proofs of Debt Due on Jan. 23 ----------------------------------------------------- Creditors of Juicy Seoul 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. 22, 2025. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland SHAPE ENERGY: Calibre Partners Appointed as Receivers ----------------------------------------------------- Daniel Stoneman and Brendon James Gibson of Calibre Partners on Dec. 18, 2025, were appointed as receivers and managers of Shape Energy Limited. The receivers and managers may be reached at: Daniel Stoneman Brendon James Gibson Calibre Partners Level 21 88 Shortland Street Auckland SWATI SHARMA: Creditors' Proofs of Debt Due on Feb. 2 ----------------------------------------------------- Creditors of Swati Sharma Trustee Limited are required to file their proofs of debt by Feb. 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 16, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 ================= S I N G A P O R E ================= ALLIANCE SECURITIES: Commences Wind-Up Proceedings -------------------------------------------------- Members of Alliance Securities (Pte.) Ltd. and Alliance Securities Nominees Pte. Ltd. on Dec. 19, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Ms. Valerie Lim Lee Huang. CKR PAINTS: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Dec. 12, 2025, to wind up the operations of CKR Paints & Coating Specialist Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MORTIMER PTE: Creditors' Proofs of Debt Due on Jan. 23 ------------------------------------------------------ Creditors of Mortimer Pte. Ltd. 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. 18, 2025. The company's liquidator is: Mr. Philippe Christian Michel Soulie 60 Paya Lebar Road #08-29, Paya Lebar Square Singapore 409051 UMIGAME RE: Creditors' Proofs of Debt Due on Jan. 26 ---------------------------------------------------- Creditors of Umigame Re Pte. Ltd. are required to file their proofs of debt by Jan. 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 16, 2025. The company's liquidators are: Quar Lian Huat Lu Let Fun c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ********* 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 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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