260102.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, January 2, 2026, Vol. 29, No. 2
Headlines
A U S T R A L I A
GABRIELLE'S DEMOLITION: First Creditors' Meeting Set for Jan. 9
GROCON CONSTRUCTORS: Commences Wind-Up Proceedings
JMG-5 PROJECTS: Second Creditors' Meeting Set for Jan. 13
PALCOVE PTY: First Creditors' Meeting Set for Jan. 12
TMP COMPANY: First Creditors' Meeting Set for Jan. 9
C H I N A
FUTURE FINTECH: Closes RMB10MM Subsidiary Disposition
FUTURE FINTECH: Five Key Proposals Approved at 2025 Annual Meeting
I N D I A
ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
AL-RKAYAN APPARELS: ICRA Keeps D Debt Ratings in Not Cooperating
ANKIT DIAMONDS: ICRA Keeps D Debt Ratings in Not Cooperating
ASCEND GREEN: ICRA Keeps D Debt Rating in Not Cooperating
AURORE LIFE: ICRA Hikes Rating on INR3.85cr LT Term Loans to B
AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
BAFNA MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
BALDOVINO: ICRA Keeps D Debt Ratings in Not Cooperating Category
BHAGATPUR TEA: ICRA Keeps B Debt Ratings in Not Cooperating
BOXCOWORLD PRIVATE: Insolvency Resolution Process Case Summary
CHALAPATHI EDUCATION: ICRA Keeps B+ Ratings in Not Cooperating
CMYK HEALTH: Insolvency Resolution Process Case Summary
DHARTI COTTON: Liquidation Process Case Summary
EKATERRA RESEARCH: Voluntary Liquidation Process Case Summary
EXIMPIPES PRIVATE: Insolvency Resolution Process Case Summary
KGTIGER BHARAT: Voluntary Liquidation Process Case Summary
MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating
MANGILAL AGARWAL: ICRA Keeps B+ Debt Rating in Not Cooperating
MATCHBOX CONTAINER: Voluntary Liquidation Process Case Summary
MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating
MITTAL CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
NEW WORLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
RONALD COLACO: ICRA Keeps B+ Debt Rating in Not Cooperating
SABARI TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
[] INDIA: Creditors Realised INR4 lakh crore Under IBC Thru Sept.
M A L A Y S I A
MM2 ASIA: Unit Receives Payment Demand for SGD18.9MM From Creditor
[] MALAYSIA: Unregistered Online Bookings Drive Hotels Losses
N E W Z E A L A N D
KEBAB IN TOWN: Creditors' Proofs of Debt Due on Feb. 13
OFF-GRID COLLECTIVE: Khov Jones Appointed as Receivers
YOYOSO MAIN: Grant Thornton Appointed as Receivers
S I N G A P O R E
DT CONSTRUCTION: Court Enters Wind-Up Order
FINAQE GROUP: Court Enters Wind-Up Order
LAYHER PTE: Creditors' Proofs of Debt Due on Jan. 27
PEARL EXPRESS: Court Enters Wind-Up Order
RUFIJI PTE: Creditors' Proofs of Debt Due on Jan. 26
- - - - -
=================
A U S T R A L I A
=================
GABRIELLE'S DEMOLITION: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Gabrielle's
Demolition & Excavation Pty Ltd (trading as 'Sons of Antioch'
'Sanitation Experts' 'Grab-a-bin' 'Sydney House Demolitions'
'Gabrael House Demolition' will be held on Jan. 9, 2026, at 11:00
a.m. via telephone conference.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Dec. 29, 2025.
GROCON CONSTRUCTORS: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Grocon Constructors (Vic) Pty Ltd and Grocon
Constructors (Qldc) Pty Ltd on Dec. 29, 2025, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Vincent Pirina
Aston Chace Group
Suite 2, Level 13
35 Clarence Street
Sydney, NSW 2000
JMG-5 PROJECTS: Second Creditors' Meeting Set for Jan. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of JMG - 5
Projects Pty Ltd has been set for Jan. 13, 2026, at 11:00 a.m. via
teleconference facilities.
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. 12, 2026 at 4:00 p.m.
Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed
as administrator of the company on Dec. 12, 2025.
PALCOVE PTY: First Creditors' Meeting Set for Jan. 12
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Palcove Pty.
Ltd. (Trading as Cheap as Chips) and Waimea Pty. Ltd (trading as
Cheap as Chips) will be held on Jan. 12, 2026, at 11:00 a.m. at the
offices of WLP Restructuring, at Suite 19.02, Level 19, 1
Castlereagh Street, in Sydney, NSW, and via virtual meeting
technology.
Nicholas Charlwood, Glenn Ian Livingstone and Benjamin Ho of WLP
Restructuring were appointed as administrators of the company on
Dec. 30, 2025.
TMP COMPANY: First Creditors' Meeting Set for Jan. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of TMP Company
Pty Ltd (trading as Aussie Boat Signs; Trademark Print; One Stop
Asia Sourcing Group) will be held on Jan. 9, 2026, at 10:00 a.m.
via Microsoft Teams.
Amanda Lott of ACRIS was appointed as administrator of the company
on Dec. 29, 2025.
=========
C H I N A
=========
FUTURE FINTECH: Closes RMB10MM Subsidiary Disposition
-----------------------------------------------------
Future FinTech Group Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company,
through its wholly owned subsidiary Future Commercial Group Ltd.,
completed the disposition of 100% of the equity interests of Future
Commercial Management (Hainan) Co., Ltd. to Xi'an Yinshi Trading
Co., Ltd.
The disposition was completed pursuant to a Share Transfer
Agreement dated November 18, 2025 among the Seller and the Buyer.
The assets disposed of consisted of all of the issued and
outstanding equity interests of the Subsidiary, a PRC entity
previously wholly owned and consolidated by the Company.
Upon completion of the Disposition, the Subsidiary ceased to be a
subsidiary of the Company.
The Buyer, Xi'an Yinshi Trading Co., Ltd., is an unaffiliated third
party. The Buyer and its affiliates had no material relationship
with the Company, the Seller, or any of their respective
affiliates, directors, officers, or associates prior to entering
into the Agreement, other than in respect of the Agreement.
Under the Agreement, the total purchase price for the Subsidiary is
RMB10,000,000, payable in two installments consisting of
RMB2,000,000 within ten days after execution of the Agreement and
RMB8,000,000 within twenty days following completion of closing
procedures and the Buyer's receipt of all documents required under
the Agreement.
In connection with the Disposition, the Buyer also agreed to assume
and repay outstanding intra-group liabilities of the Subsidiary
owed to other members of the Company's consolidated group totaling
RMB65,872,300, consisting of amounts owed to Fengtongxiang Supply
Chain (Chengdu) Co., Ltd. (RMB18,000,000), Future Big Data
(Chengdu) Co., Ltd. (RMB1,500,000), Future Commercial Management
Co., Ltd. (RMB3,672,300) and FUCE Future Supply Chain (Xi'an) Co.,
Ltd.(RMB 42,700,000).
All such creditor entities are subsidiaries directly controlled by
Future FinTech (Hong Kong) Limited, which is wholly owned by the
Company. Under the Agreement, the Seller is required to settle the
intra-group liabilities within three years after closing, and any
overdue amounts will accrue interest at 5% per annum.
No loans or financing arrangements were provided by the Company or
its affiliates to the Buyer in connection with the Disposition, and
no material relationship exists between the Buyer and the Company
other than the transaction described above. Accordingly, Item
2.01(e) is not applicable.
The Company has determined that the Disposition does not involve a
significant amount of assets for purposes of Item 2.01 of Form
8-K.
A full text copy of the Share Transfer Agreement is available at
https://tinyurl.com/2dw7rty2
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
As of September 30, 2025, the Company had $54,336,334 in total
assets, $9,794,437 in total liabilities, and $43,385,473 in total
stockholders' equity.
FUTURE FINTECH: Five Key Proposals Approved at 2025 Annual Meeting
------------------------------------------------------------------
Future FinTech Group Inc. held its 2025 Annual Meeting of
Shareholders in mid-December 2025.
At the meeting, the shareholders elected five directors, ratified
Fortune CPA, Inc. as the independent accounting firm for fiscal
2025, adopted the Company's 2025 Omnibus Equity Plan, and approved
executive compensation in a non-binding vote, showcasing the
company's commitment to governance and strategic operations for
future growth.
A. The five directors elected to the Company's Board of Directors
are Hu Li, Mingyong Hu, Mingjie Zhao, Ting (Alina) Ouyang and David
Xu. Each director is to serve until the next annual meeting of
stockholders or until their successors are duly elected and
qualified.
1. Hu Li
* For: 15,112,893
* Against: 7,803
* Abstain: 3,126
* Broker Non-Votes: 2,931,371
2. Mingyong Hu
* For: 15,113,242
* Against: 7,488
* Abstain: 3,091
* Broker Non-Votes: 2,931,372
3. Mingjie Zhao
* For: 15,112,782
* Against: 7,966
* Abstain: 3,075
* Broker Non-Votes: 2,931,370
4. Ting (Alina) Ouyang
* For: 15,088,519
* Against: 5,070
* Abstain: 2,620
* Broker Non-Votes: 2,958,985
5. David Xu
* For: 15,088,847
* Against: 4,624
* Abstain: 2,738
* Broker Non-Votes: 2,958,985
B. The appointment of Fortune CPA, Inc. has been ratified as the
Company's independent registered public accounting firm for the
fiscal year ending December 31, 2025.
* For: 15,986,342
* Against: 46,068
* Abstain: 68,236
* Broker Non-Votes: N/A
C. The Future FinTech Group Inc. 2025 Omnibus Equity Plan has been
approved and adopted.
* For: 15,105,758
* Against: 15,161
* Abstain: 2,904
* Broker Non-Votes: 2,931,370
D. The compensation of the named executive officers has been
approved in a non-binding, advisory vote.
* For: 15,110,949
* Against: 9,647
* Abstain: 3,226
* Broker Non-Votes: 2,931,371
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
As of September 30, 2025, the Company had $54,336,334 in total
assets, $9,794,437 in total liabilities, and $43,385,473 in total
stockholders' equity.
=========
I N D I A
=========
ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Abir Infrastructure Private
Limited (AIPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 96.95 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 50.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 186.05 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with AIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Abir Infrastructure Private Limited (AIPL), earlier known as Abir
Constructions Private Limited, was incorporated in 2005 as an
engineering and construction company to execute construction
projects on contractual basis. It was started by a group of
professionals and entrepreneurs who had experience in the
construction field. AIPL is primarily engaged in the construction
of civil and structural works for hydro power projects including
roads, bridges, head race tunnels, dams, underground power houses
and other infrastructure works. In addition, the company also
undertakes civil and infrastructural work for thermal power
projects.
AL-RKAYAN APPARELS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Al-Rkayan Apparels & Exports
Private Limited (ARAEPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating' category
Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Term Loan 'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with ARAEPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
ARAEPL was incorporated in 2004 by Mr. Prabhakar Shetty, Mr.Shahid
Rafi and Mr. Abdul Rahman S Al-Rkayan. The company is primarily
involved in manufacturing of denims for major denim players and has
manufacturing facility in Goregaon, Mumbai which is spread over
30,000 square feet and employs over 650 people. Towards the end of
2008-09, ARAEPL launched its own denim brand Leonidas, aimed at the
price-sensitive and fashion-conscious youth segment (16 to 40 years
age group); Leslie (for capris and three-fourths) and LD Active
(bottom wear for women).
ANKIT DIAMONDS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Short-Term ratings of Ankit Diamonds in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- (25.50) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ankit Diamonds, ICRA has been trying to seek information from
the entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Ankit Diamonds was established as a partnership firm in 1983 by Mr.
Kirit Shah and his four brothers. They split up their business in
2002. The firm is currently run by Mr. Kirit Shah and his son Mr.
Rikin Shah. The firm manufactures and trades incut and polished
diamonds (CPD). The firm has its registered office in Mumbai,
marketing office at Hong Kong and manufacturing facility in Surat.
ASCEND GREEN: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Ascend Green Homes in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 9.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ascend Green Homes, ICRA has been trying to seek information
from the entity so as to monitor its performance, but Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Promoted by Late Pramod Shah in 1970, Steelfab Engineering
Corporation was engaged into the business of designing,
engineering, detailing, manufacturing, erecting, & cladding of pre
-engineered buildings. In1994, the promoters shifted the operations
to Steelfab Buildings Systems. At present, the firm is managed by
Mr. Jignesh P.Shah, Mr. Chirag P. Shah and Mrs. Jyoti P. Shah as
per the revision in terms of partnership in April 1995.
AURORE LIFE: ICRA Hikes Rating on INR3.85cr LT Term Loans to B
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Aurore
Life Sciences Pvt. Ltd. (Aurore Life), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.85 Downgraded to [ICRA]D from
Term loans [ICRA]BB- (Stable) and
simultaneously upgraded to
[ICRA]B (Stable)
Short-term– 199.50 Downgraded to [ICRA]D from
Fund-based– [ICRA]A4 and simultaneously
Working capital upgraded to [ICRA]A4
Facilities
Short-term– 40.00 Downgraded to [ICRA]D from
Non-fund based [ICRA]A4 and simultaneously
facilities– upgraded to [ICRA]A4
Letter of credit/
Bank guarantee
ICRA has taken a consolidated view of Aurore Life Sciences Pvt.
Ltd. (Aurore Life) and Aurore Pharmaceuticals Private Limited
(Aurore Pharma), together known as the Aurore Group/Aurore, for
arriving at the ratings, given the operational and financial
synergies among the entities.
The downgrade in the ratings to [ICRA]D considers the delays in
debt servicing by Aurore Life as indicated in the company's audit
report for FY2025, which was submitted to ICRA on December 22,
2025. ICRA had received the No Default Statement (NDS) from Aurore
Life regularly, which did not suggest irregularity in debt
servicing during this period. The simultaneous upgrade of the
ratings to [ICRA]B (Stable)/ [ICRA] A4 considers the timely debt
servicing witnessed over the last three months, aided by fund
infusion from Matrix Pharmacorp Private Limited (Matrix) in the
form of compulsorily convertible debentures (CCDs).
The ratings take into account the Group's weak financial profile,
characterised by cash losses, high leverage, weak debt metrics,
negative net worth and stretched liquidity position. Its
performance in FY2025 was impacted by the two fire accidents, which
took place at the company's plants in Jeedimetla and Kazhipally,
Hyderabad. The Group's revenue growth was limited to 2% in FY2025
on account of the disruption in operations due to the fire
accidents. The Group's OPM remained moderate at 9.6% in FY2025,
improving to 17.8% in H1 FY2026 on the back of better operating
leverage, along with an evolving product mix. However, this
improvement was not adequate to restore the impact of the continued
weak cash flows.
The ratings consider Aurore Life's established track record in the
pharmaceutical industry, its healthy relationships with the
customers and suppliers, in addition to the continued financial
support received from its promoters (both existing and incoming).
The Group has debt repayments of INR45.6 crore in FY2026, which are
expected to be funded through CCDs from Matrix. While Matrix
provided INR70-crore CCDs in H1 FY2026, a further INR50 crore is
expected to be infused in H2 FY2026. Timely raising of these funds
is critical for the company's liquidity position and debt
servicing. The Group has experienced significant volatility in
earnings over the past few years. Timely receipt of new product
approvals and the ability to scale up sales for both the existing
and new products remain critical for improving the Group's
earnings. The ratings also consider the entity's high working
capital intensity, which, coupled with cash losses, resulted in a
sustained increase in consolidated debt to INR619 crore as on March
31, 2025 from INR238.7 crore as on March 31, 2020 and INR525.7
crore as on March 31, 2024. Additionally, the ratings consider the
Group's exposure to various industry-wide regulatory and market
risks inherent in the pharmaceutical industry.
The Stable outlook on the long-term rating reflects ICRA's opinion
that the Aurore Group will be able to demonstrate steady growth in
its revenues and earnings on the back of the company's established
track record in the industry.
Key rating drivers and their description
Credit strengths
* Financial support from the promoter Group supporting Aurore
Group's funding requirements: The Aurore Group has been a part of
the Tenshi Group, which has been providing need-based funding
support to the entity. In FY2025, the Group received sizeable funds
of ~INR105 crore from the promoters to meet its funding
requirements. The Group received an additional INR70 crore in H1
FY2026 from Matrix. ICRA expects Matrix to continue providing
need-based funding support to Aurore Group, and this is a key
monitorable.
Credit challenges
* Weak financial profile characterised by cash losses, high
leverage, weak debt metrics, negative net worth and stretched
liquidity position: The Group's debt metrics remain weak. The total
debt of the Aurore Group increased to INR619.1 crore as on March
31, 2025 from INR525.7 crore as on March 31, 2024. The company
raised non-convertible debentures (NCDs) worth INR250 crore from
Modulus Alternatives Investment Managers in FY2025. The Group's
leverage remains high, with TD/OPBITDA of 13.4 times as on March
31, 2025. ICRA understands that the company's debt levels remain
elevated in the current fiscal. Timely reduction in debt levels
remains one of the key rating monitorables for the company.
* Volatility in earnings over the last several years: The Group has
faced significant volatility in earnings over the past few years.
In FY2021, it witnessed significant revenue growth and marginal
growth was realised in FY2022, supported the by sale of Covid-19
related products, following which revenues declined substantially
in FY2023. In FY2024, the company recorded a substantial revenue
growth of ~47%, aided by increased sales of non-Covid products like
Erdosteine, Pinaverium, Valacyclovir, among others. However, in
FY2025, the Group reported modest revenue growth of 2% on account
of the company's revenues being impacted by the fire accidents at
its production facilities. Accordingly, the Group, after reporting
a strong OPM of 29.9% in FY2021, reported operating losses in
FY2022 and FY2023. The Group's improved operating performance (on
the back of rise in non-Covid revenue) in FY2024 led to an
enhancement in OPM of 11.7%. This OPM subsequently reduced to 9.6%
in FY2025.
* High working capital intensity of operations on account of
elevated debtors and inventory: As on March 31, 2025, the Group's
inventory days decreased to 187 days compared to 198 days as on
March 31, 2024. The same improved to 174 days as on September 30,
2025, however, it remains high. Besides, the debtor days increased
to 163 as on March 31, 2025, from 160 as on March 31, 2024.
Overall, the working capital intensity remained high at 51.9% in
FY2025 due to elevated inventory and debtor days and sizeable
reduction in creditor days from 437 as on March 31, 2024 to 315
days as on March 31, 2025. While the same reduced to 47.2% in H1
FY2026, working capital intensity continued to remain elevated.
Trajectory of the same remains a key monitorable going forward.
* Exposure to various market and regulatory risks associated with
the Group's products: Akin to other industry players, the Aurore
Group is exposed to regulatory scrutiny and uncertainties in the
approval pathway for products. Further, volatility in raw material
prices, pricing pressure and intense competition in the industry
will be important factors driving the Group's revenues as well as
margin trajectory.
Liquidity position: Stretched
The Group's liquidity position is stretched on the back of negative
fund flow from operations (after considering the interest cost) and
large debt repayments. It had marginal free cash and bank balance
of around INR1.1 crore and a limited buffer in its working capital
facilities of INR0.8 crore as on September 30, 2025. The average
utilisation of the working capital facility was high at ~94% of the
total limits sanctioned for the period from September 2024 to
September 2025. The Group has total debt repayment obligations of
INR45.6 crore in FY2026 (including short-term debt). The same is
proposed to be funded through additional fund infusion from Matrix
and internal accruals. Going forward, the Group has repayment
obligations of INR82.6 crore in FY2027 and INR61.8 crore in FY2028.
It has a minimal capex outflow of INR8 crore per annum for
maintenance operations. Overall, the Group receives funding support
from its promoter group, as and when required. Timely infusion of
funds from the promoter Group will remain key monitorable going
forward.
Rating sensitivities
Positive factors – The rating could be upgraded in case of a
significant improvement in the liquidity position and capital
structure of the Group, supported by material deleveraging, driven
by sustained improvement in earnings and/or sizeable equity
infusion.
Negative factors – Pressure on the ratings could arise if the
company is unable to sustain the improved performance and/or
non-liquidation of existing inventory results in a deterioration of
the Group's credit profile. Additionally, any delayed infusion of
funds to meet the Group's funding requirements (including debt
repayments) will also impact the ratings.
Aurore Life commenced its operations in September 2016 with an
independent research and development (R&D) centre in Hyderabad,
targeting domestic and semi-regulated markets like the Middle East,
Bangladesh and Egypt. The company acquired Eshwar Pharmaceuticals
Ltd.'s (Eshwar) manufacturing plant in FY2019 in Kazipally,
Hyderabad and created a completely new manufacturing plant where it
produces intermediaries and active pharmaceutical ingredients (API)
for semi-regulated markets. The present capacity of the facility is
400 KL. The manufacturing facility has received approval from the
World Health Organisation, Geneva and has also been inspected by
European Directorate for the Quality of Medicines and HealthCare
(EDQM) authorities recently. The company has made filings for about
10 products with the European authorities.
As on September 30, 2025, HAPS, a Tenshi Group company, held a
44.26% equity stake in Aurore Life, with the balance being held by
its erstwhile promoter, Mr. Rajender Rao, and Mr. Arun Kumar.
Aurore Pharma was established in 2017 as Sphery Life Sciences
Private Limited. It provides contract manufacturing services to
formulation manufacturers. As on date, ALS holds a 100% stake in
APPL.
AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Axis Garment Designer (AGD)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with AGD, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established as a partnership firm in 2012, AGD is primarily engaged
in manufacturing of texturised yarn and fabric. It also
manufactures readymade garments (RMG), primarily ladies wear and
children wear, although on a small scale (10%). Mr. Avinash
Gaikwad, Ms. Rashmi Gupta and Mr. Rajendra Manjrekar, the promoters
of AFG have been part of the textiles industry since the last 12
years. Earlier, the promoters were engaged in manufacturing of
garments on job work basis, through a separate.
BAFNA MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Bafna Motors (Mumbai)
Private Limited (BMMPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 59.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 150.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with BMMPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
BMMPL is an authorized dealer of Tata Motors Limited (TML; rated
[ICRA]AA- (Negative)/[ICRA]A1+), dealing in commercial vehicles as
well as in their spare parts and servicing. The company serves the
three regions of Mumbai, Thane, and Raigad district in Maharashtra.
The company was established on November 5, 2001. Its registered
office is at World Trade Centre, Cuffe Parade, Mumbai. The Bafna
Group was promoted by Mr. M. C. Bafna, with its first dealership in
Nanded (Maharashtra).
BALDOVINO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Short-Term ratings of Baldovino in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- (6.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Baldovino, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Baldovino was established as a proprietorship firm in 2010 by Mr.
Rikin Shah. The firm deals in manufacture and trading of cut and
polished diamonds (CPDs). It has its registered office in Mumbai.
It operates in the manufacturing facility of its group concern
(Ankit Diamonds) located in Surat. Apart from manufacture and
trading of CPD, the firm is also involved in trading ofwatches
imported from Hong Kong.
BHAGATPUR TEA: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Bhagatpur Tea Co. Ltd (BTCL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.44 [ICRA] B(Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 0.06 [ICRA] B(Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BTCL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
BTCL was acquired by the present management in October 2000 from
the erstwhile promoters and is engaged in the production and
processing of tea from its garden located in Jalpaiguri, West
Bengal.
BOXCOWORLD PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Boxcoworld Private Limited
Registered Address:
6th Floor, Tower A,
Lotus Business Park Plot 8,
Sector 127, Noida,
Gautam Buddha Nagar, Noida,
Uttar Pradesh, India - 201301
Insolvency Commencement Date: December 11, 2025
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: June 9, 2026
Insolvency professional: Naveen Kumar Jain
Interim Resolution
Professional: Naveen Kumar Jain
2236, Sector 46,
Gurugram Haryana - 122001
Email: insolvencyprofessional@rediffmail.com
-- and --
A2/223, U.G.F, Janakpuri
New Delhi - 110058
Email: cirp.boxcoworld@gmail.com
Helpdesk - 8920052765
Last date for
submission of claims: December 26, 2025
CHALAPATHI EDUCATION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Chalapathi Educational
Society (CES) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.19 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 10.21 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CES, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Chalapathi Educational Society (CES) was established in 1995 as a
non-profit society by its chief promoter Mr. Y.V. Anjaneyulu. The
society operates five institutions including Engineering
institutes, Pharmacy College, Degree college and Junior college.
The establishments of CES, namely, Chalapathi Institute of
Engineering Technology (CIET), Chalapathi Institute of Technology
(CIT), Chalapathi Institute of Pharmaceutical Sciences (CIPS),
Chalapathi Degree College (CDC) and Chalapathi Junior College (CJC)
are based in Guntur, Andhra Pradesh. The colleges are located in
Guntur, Andhra Pradesh (AP) and are well connected by bus or train
with Vijayawada (40 min), Hyderabad (5.00 hrs.) and Chennai (7
hrs).
CMYK HEALTH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: CMYK Health Boutique Private Limited
Registered Address:
Office No. 715a, No. 769, Spencer Plaza,
Anna Salai, Chennai, Tamil Nadu-600002
Insolvency Commencement Date: November 26, 2025
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: May 25, 2026
Insolvency professional: Kathiresan Nachimuthu
Interim Resolution
Professional: Kathiresan Nachimuthu
Plot 44, Shalimar Garden 2nd Street,
Injambakkam, Chennai, Tamil Nadu - 600115
Email: kathir.fca@outlook.com
Email: cmykhb@gmail.com
Last date for
submission of claims: December 24, 2025
DHARTI COTTON: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Dharti Cotton Private Limited
S. No. 190/2, Atkot-Bhavnagar Highway,
Vil Jangvad, Jasdan,
Gujarat, India, 360040
Liquidation Commencement Date: November 10, 2025
Court: National Company Law Tribunal, Ahmedabad Court - 2
Liquidator: Anil Kumar Satyanarayan Agarwal
301-302, Vraj Bhumi Complex,
Nr. Prarthana Flats, B/h Shilp Buildings,
Off. C.G. Road, Navrangpura,
Ahmedabad – 380009 (Gujarat)
Email: caanilagarwal1995@gmail.com
Email: cirp.dharti@gmail.com
Last date for
submission of claims: January 4, 2026
EKATERRA RESEARCH: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Ekaterra Research and Development India Private Limited
501, 5th Floor, Tower C, Centennial, No. 16B,
7th Cross Road, Brookefield, Whitefield, Bangalore,
Bangalore South, Karnataka, India, 560066
Liquidation Commencement Date: December 12, 2025
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Chitra Srinivas
ASTA AVM, Flat B4E,
P.V. Rajamannar Salai,
K.K.Nagar, Chennai - 600078
Email: schitra18@gmail.com
Mob No.: 9884355245
Last date for
submission of claims: January 11, 2026
EXIMPIPES PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Eximpipes Private Limited
Registered Address:
Building No.346, Ward No 37
NH Road, Palarivattom P.O,
Ernakulam, Kerala,
India - 682017
Insolvency Commencement Date: December 12, 2025
Court: National Company Law Tribunal, Kochi Bench
Estimated date of closure of
insolvency resolution process: June 10, 2026
Insolvency professional: K P Dileep
Interim Resolution
Professional: K P Dileep
Veluthedath House, Ponnurunni,
Vytilla P.O. Kochi 682019,
Kerala
Mobile: 9947357200
Email: kpdileep57@gmail.com
-- and --
Flat No. 8A, Paradiso Apartments,
Paradise Road, Vytilla P.O. Kochi-682019
Mobile: 9947357200
Email: eximpipesrp@gmail.com
Last date for
submission of claims: December 26, 2025
KGTIGER BHARAT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Kgtiger Bharat Private Limited
1st Floor Vaswani Augusta Lane,
Whistling Greens, Challaghata,
Embassy Golf Link Road, Domlur,
Bangalore, Bangalore North,
Karnataka, India, 560071
Liquidation Commencement Date: November 26, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Pramod Srihair
#3rd Floor, Raj Towers, 23rd Cross,
Banashankari 2nd Stage,
Bengaluru - 560070
Contact No.: +91 9620075048
Email: pramod@capad.in
Last date for
submission of claims: December 25, 2025
MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Maithan Ispat Limited (MIL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
NCD/Debt- 357.66 [ICRA]D; ISSUER NOT COOPERATING;
Preference Rating continues to remain under
Shares 'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with MIL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Maithan Ispat Limited (MIL) was set up in August 2003 by the
promoters of Maithan Group. Subsequently, on March 31, 2015, MESCO
Group took over MIL, and a consortium of bankers restructured the
debt facilities of MIL under the CDR scheme. At present, the
company is a subsidiary of Mideast Integrated Steels Ltd. (MISL,
the flagship company of MESCO Group), and is involved in
manufacturing of sponge iron and billets. The company has a
2*350-TPD sponge iron facility, a 210,000MTPA billet production
unit and a 30-MW power production unit situated in Jajpur, Odisha.
MANGILAL AGARWAL: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Mangilal Agarwal in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable); ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mangilal Agarwal, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Mangilal Agarwal was established in 1956 and is one of the oldest
jewellery manufacturer and bullion trader in Jodhpur (Rajasthan).
The firm currently operates out of its two showrooms in Jodhpur and
also has a workshop nearby for jewellery making. The firm is
professionally managed by all its partners.
MATCHBOX CONTAINER: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Matchbox Container Logistics Private Limited
2nd Floor, Winway World Offices, Plot No. B7,
Scheme No 54. PU-4 Commercial,
Vijay Nagar, Indore,
Madhya Pradesh, India, 452010
Liquidation Commencement Date: December 11, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Pranav J. Damania
407, Sanjar Enclave,
Opposite Milap Cinema, S.V Road,
Kandivali West, Mumbai - 400067
Email: pranav@winadvisors.co.in
Tel No: +91 98204 69825
Last date for
submission of claims: January 10, 2026
MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Meenamani Real Venture Llp
(MRV) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MRV, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Meenamani Real Venture LLP (MRV) was established in March 2010 as a
partnership firm and was subsequently converted into Limited
Liability Partnership firm in FY2017. The firm is a part of Goel
Ganga Group which has been real estate development for more than 2
decades. The firm has already developed "Ganga Estoria Phase I"
with total saleable are of 88,000 sq ft. The construction of
phase-I was completed in August 2014 and all the units have been
sold out. The firm is developing a residential real estate project
'Ganga Estoria Phase-II' at Undri in Pune consisting one building
(14 floors) with 110 2BHK flats with a total saleable area of
1,18,800 sq ft.
MITTAL CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Mittal Construction Unit
(MCU) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 9.00 [ICRA]B+(Stable); ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MCU, ICRA has been trying to seek information from the entity
so as to monitor its performance, but Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Mittal Construction Unit (MCU) started operations as a partnership
between Mr. S K Mittal and Mr. R K Mittal in 1996. With its head
office in Muzzafarnagar, Uttar Pradesh the firm started as a
contractor for civil construction projects in state government
sponsored projects. Over the years, the firm gained capability to
bid for work tendered by central government related works mainly by
National Building Construction Corporation (NBCC). NBCC tenders
contracts for civil and industrial construction for central
government entities. Being present in Uttar Pradesh and having a
track record of executed work in
public sector, the firm forayed into private sector wherein it
executed factory buildings and offices for sugar mills and other
industries. Over the years, the firm developed relationships with
many private players in the sugar industry and executed works for
many sugar mills.
NEW WORLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of New World Landmark LLP (NWL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 150.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with NWL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
NWL is a limited liability partnership firm belonging to the Mittal
Brothers Group. The firm is currently developing a project named
High Mont, with a saleable area of 7,49,967 sq. ft. in Hinjewadi,
Pune in Maharashtra. The project is being developed in two phases
and caters to middle income group segment. The first phase is
nearing handover, whereas the second phase is expected to be
completed by December 2023. NWL holds 80% share in NUI, which is
promoted by Mr. Sunil Mittal and Mr. Dilip Mittal. The firm is
currently developing a project named One Place, in Baner, Pune in
Maharashtra. The project entails the construction of a single
commercial building, with a saleable area of 1,63,660 sq. ft. The
project is expected to be completed by December 2023.
PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of PV Knit
Fashions (PVKF) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 7.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 0.09 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short Term 0.15 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 3.58 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with PVKF, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
PV Knit Fashions (PVKF), incorporated in the year 1989 by Mr
Ramasamy, is engaged in manufacturing and export of garments,
primarily to European markets. The firm manufactures knitted
garments like T-shirts, polo shirts, sweatshirts, nightwear,
pyjamas, shorts, skirts, trousers etc. It has in-house facilities
for knitting, printing, embroidering, cutting, stitching, and
packaging, and outsources dyeing and bleaching to sister concerns.
PVKF has 10 knitting machines with a capacity to produce 1,600 kg
of fabric per day and 250 sewing units to manufacture up-to 10,000
pieces of garments (basic style).
RONALD COLACO: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Ronald Colaco in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Ronald Colaco, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Ronald Colaco is a proprietorship firm set up in 1996, which has
been functioning under Mr. Ronald Colaco, one of Bangalore's
leading Non-Resident Indian entrepreneurs. The firm has two
separate entities under it namely, the Clarks Exotica Resorts &
Spa, and Continental Builders & Developers. Started in 2008, the
Clarks Exotica Resorts & Spa is a fivestar hotel in Devanahalli,
Bangalore, which is spread across 75 acres. It consists of 151
rooms, two convention centers, one restaurant, and a host of other
facilities. Ronald Colaco – Land, the parent entity, is engaged
in sale and purchase of landholdings; while Continental Builders &
Developers is involved in the development of these landholdings
into plots. The firm has completed and sold two residential layouts
- 'Hollywood Town' and 'Swiss Town' at Devanahalli in Bangalore.
SABARI TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sabari
Textiles Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 3.83 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 12.47 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.70 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sabari Textiles Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sabari Textiles Private Limited, incorporated in November 2006, has
its manufacturing facilities located in Coimbatore (Tamil Nadu).
The Company is engaged in manufacturing of blended yarn in its unit
located in the Coimbatore district.
[] INDIA: Creditors Realised INR4 lakh crore Under IBC Thru Sept.
-----------------------------------------------------------------
The Economic Times reports that creditors have realised INR4 lakh
crore under the resolution plans initiated under the Insolvency and
Bankruptcy Code till September 30, 2025, according to a Reserve
Bank report on Dec. 31.
Since the provisions relating to the corporate insolvency
resolution process came into force in December 2016, a total of
8,659 CIRPs have been initiated till Sept. 30, 2025, of which
6,761, or 78.1 per cent, have been closed, ET relates.
The primary objective of the Insolvency and Bankruptcy Code is
rescuing corporate debtors (CDs) in distress.
According to ET, the code has rescued 187 CDs during April to
September 2025, while the total number of such debtors since
inception is 3,865.
"Cumulatively till September 30, 2025, creditors have realised
INR3.99 lakh crore under the resolution plans, which is around
170.1 per cent of liquidation value and 93.79 per cent of fair
value (based on 1,177 cases where fair value has been estimated),"
said the RBI's financial stability report.
In terms of percentage of admitted claims, the creditors have
realised more than 32.4 per cent, ET relays.
Till September 2025, the report said the total number of CIRPs
ending in liquidation was 2,896, of which final reports have been
submitted for 1,529 CDs, ET discloses.
These corporate debtors together had outstanding claims of INR4.44
lakh crore, but the assets were valued at only INR0.17 lakh crore.
The liquidation of these companies resulted in realisation of 90.7
per cent of the liquidation value," it said.
===============
M A L A Y S I A
===============
MM2 ASIA: Unit Receives Payment Demand for SGD18.9MM From Creditor
------------------------------------------------------------------
The Business Times reports that a subsidiary of embattled
entertainment group mm2 Asia on Dec. 29 said it has received a
payment demand for SGD18.9 million, even as the parent company had
secured protection from creditors earlier in the month.
BT relates that the unit, mmLive, received the latest statutory
demand on Dec. 23 from solicitors representing an individual Yi
Xianhuang. The firm promotes and organises concerts and other
entertainment acts, and also rents out musical instruments and
equipment.
On Dec. 10, mm2 Asia was given a lifeline after the High Court
allowed it to be shielded from creditors and legal proceedings for
four months while it works out a restructuring plan. However, the
protection does not extend to its subsidiaries, such as mmLive.
The entertainment group declined to comment in response to queries
from The Business Times about the latest payment demand.
According to BT, Mr. Yi's notice followed a SGD74.6 million payment
demand from lender UOB on Nov. 10, just three days before mm2 Asia
reported a net loss of SGD39.7 million for the half-year ended Sept
30. The former Cathay Cineplexes operator's revenue plunged 53.2
per cent to SGD40 million for the first half of the 2026 financial
year, from SGD85.4 million in the year-ago period.
The iconic cinema chain shuttered earlier in 2025 under millions of
dollars in debt, and the entertainment group itself is now facing
an existential threat as banks and landlords have been issuing
letters of demand, BT notes.
To stave off an immediate winding-up by banks and creditors – the
group has over SGD200 million in borrowings due within a year –
mm2 Asia suspended trading of its shares after its board assessed
that the group could not prove its ability to continue as a going
concern, according to BT. The stock last traded at 0.3 cent on Nov.
10.
About mm2 Asia
Based in Singapore, mm2 Asia Ltd. (SGX:1B0) --
https://www.mm2asia.com/ -- primarily engages in the media and
entertainment industry, focusing on the production, distribution,
and exhibition of films and television content. The company
operates through its subsidiaries, including Cathay Cineplexes,
which manages cinema operations.
On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma
(Singapore) were appointed as Joint and Several Provisional
Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of
the Insolvency, Restructuring and Dissolution Act 2018.
[] MALAYSIA: Unregistered Online Bookings Drive Hotels Losses
-------------------------------------------------------------
The Malaysian Reserve reports that Malaysia is estimated to be
losing about MYR58 million annually in revenue from the hotel
industry due to the growing use of unregistered online
accommodation booking platforms, a trend that has significantly
affected the survival of local budget hotels.
Nearly 3,000 budget hotel operators are said to be incurring heavy
losses as customers increasingly opt for cheaper rooms offered
through online platforms, many of which operate without proper
registration or licensing, The Malaysian Reserve discloses citing
Utusan Malaysia.
Data released by service providers show that about 53,000 premises
are listed on such platforms, with roughly 39,000 active units
generating close to MYR134 million in monthly income.
The Malaysian Reserve says the issue has persisted for more than a
decade despite repeated complaints lodged with relevant ministries
and local authorities, forcing some budget hotel owners to sell
their businesses in order to continue operations.
According to The Malaysian Reserve, Budget & Business Hotel
Association of Malaysia (MyBHA) president Dr Sri Ganesh Michiel
said the situation has created an uneven playing field, with
licensed hotels bearing regulatory and tax burdens while
unregistered operators continue to profit.
"This massive loss has resulted in unfair competition and is
killing law-abiding budget hotels," he told Utusan Malaysia.
Sri Ganesh said licensed hotels are required to pay an 8% sales and
services tax (SST), MYR1,500 annually for business licence renewal,
and additional costs for fire safety compliance, insurance and
commercial electricity tariffs.
"In Sabah and Sarawak, licence renewal fees can reach tens of
thousands of ringgit annually.
"In contrast, unregistered platforms appear to operate without any
obligation. They freely advertise short-term rental units without
undergoing registration or regulatory compliance," The Malaysian
Reserve quotes Sri Ganesh as saying
He added that many short-term rental operators use residential
electricity and internet tariffs, which are significantly cheaper,
and are not required to comply with safety requirements such as
fire escape plans, extinguishers or proper guest registration
systems.
As these accommodations are not registered with authorities, rental
rates can be up to 50% lower than licensed hotels, further
disadvantages compliant operators.
"Is it fair that licensed hotels comply with regulations and pay
taxes, while short-term rental providers operating from residential
units are not penalised despite openly conducting illegal
commercial activities?" Sri Ganesh said.
He also raised concerns over safety and personal data protection,
warning that unregulated accommodations could facilitate criminal
activities due to the lack of proper guest monitoring, adds Sri
Ganesh.
"We are concerned about crime and immoral activities occurring
without oversight, as some operators manage check-ins through
lockboxes and mobile applications without any legitimate
verification," he said.
=====================
N E W Z E A L A N D
=====================
KEBAB IN TOWN: Creditors' Proofs of Debt Due on Feb. 13
-------------------------------------------------------
Creditors of Kebab in Town 2022 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
OFF-GRID COLLECTIVE: Khov Jones Appointed as Receivers
------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Dec. 17, 2025, were
appointed as Receivers and Managers of Off-Grid Collective
Limited.
The Receivers and Managers may be reached at:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
YOYOSO MAIN: Grant Thornton Appointed as Receivers
--------------------------------------------------
Stephen Speers Keen and Stephanie Beth Jeffreys of Grant Thornton
New Zealand on Dec. 22, 2025, were appointed as Receivers and
Managers of Yoyoso Main Store Limited.
The Receivers and Managers may be reached at:
Stephen Speers Keen
Stephanie Beth Jeffreys
Grant Thornton New Zealand Limited
PO Box 1961
Auckland
=================
S I N G A P O R E
=================
DT CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Dec. 19, 2025, to
wind up the operations of DT Construction Group Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
FINAQE GROUP: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 19, 2025, to
wind up the operations of Finaqe Group Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LAYHER PTE: Creditors' Proofs of Debt Due on Jan. 27
----------------------------------------------------
Creditors of Layher Pte. Ltd. are required to file their proofs of
debt by Jan. 27, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 19, 2025.
The company's liquidator is:
Ms Susan Lim Wie
Esteem Management Services
133 Cecil Street
#17-01A, Keck Seng Tower
Singapore 069535
PEARL EXPRESS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Dec. 19, 2025, to
wind up the operations of Pearl Express Services Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RUFIJI PTE: Creditors' Proofs of Debt Due on Jan. 26
----------------------------------------------------
Creditors of Rufiji Pte Ltd and Sky Top Investments 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. 19, 2025.
The company's liquidators are:
Marie Lee
Khor Boon Hong
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
*********
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. 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 ***