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260105.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 Monday, January 5, 2026, Vol. 29, No. 3 Headlines A U S T R A L I A ADVANCED METALS: Commences Wind-Up Proceedings CONQUEST 2023-3: Fitch Affirms 'Bsf' Rating on Class F Notes IPG MICHAEL: First Creditors' Meeting Set for Jan. 9 NEPA LAXMI: Commences Wind-Up Proceedings NOVAMIN PTY: Commences Wind-Up Proceedings PEPPER SPARKZ 9: Fitch Affirms 'BBsf' Rating on Class F Notes REFORME PRECIOUS: Commences Wind-Up Proceedings WEST WATER: Commences Wind-Up Proceedings C H I N A CBAK ENERGY: Gimli Group Holds 11.7% Equity Stake CHINA VANKE: Fitch Lowers LongTerm IDRs to 'RD' CHINA VANKE: Moody's Lowers CFR to 'Ca', Outlook Remains Negative CHINA VANKE: Proposes Debt Extension to Avoid January Default CLAIRE'S HOLDINGS: Chinese and Asian Suppliers in Limbo WANDA COMMERCIAL: Fitch Lowers LT Foreign Currency IDR to 'C' I N D I A CORPORATE FASHION: CARE Keeps D Debt Ratings in Not Cooperating DIVYARATNA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating ESKAY SILK: CARE Keeps D Debt Ratings in Not Cooperating Category GOOD DAY: CARE Keeps D Debt Ratings in Not Cooperating Category HARI AGRO: CARE Keeps B Debt Rating in Not Cooperating Category IL&FS FINANCIAL: CARE Reaffirms D Rating on INR2,425cr LT Loans INFRASTRUCTURE LEASING: CARE Reaffirms D Ratings on Certain Debts KING REFINERIES: CARE Keeps C Debt Rating in Not Cooperating MALKANI PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating MAXTAR BIO: CARE Keeps B- Debt Rating in Not Cooperating Category MOON SYNDICATE: CARE Keeps D Debt Rating in Not Cooperating NAND ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating Category P.K. ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating ROAD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating SANDHU FARMS: CARE Keeps D Debt Rating in Not Cooperating Category SEGUROINKEL CONSORTIUM: CARE Keeps D Ratings in Not Cooperating SIDDHI VINAYAK: CARE Keeps C Debt Rating in Not Cooperating SSPT LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating STERLING PORT: CARE Keeps D Debt Rating in Not Cooperating VINOD FABRICS: CARE Keeps B- Debt Rating in Not Cooperating VISHAL PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating M A L A Y S I A RENEUCO BERHAD: Sunview to Acquire Solar Plant for MYR70 Million N E W Z E A L A N D SILVER FERN PETFOODS: Placed in Voluntary Liquidation P A K I S T A N PAKISTAN: CPI Inflation Slows to 5.6% Year-on-Year in December P H I L I P P I N E S DEL MONTE PACIFIC: Sells 4.99% Stake in Sundrop Brands to Cut Debt S I N G A P O R E AUTAGCO LTD: The Green Bar Placed Under Liquidation AUTOCREW PTE: Court to Hear Wind-Up Petition on Jan. 9 FRAIS ENGINEERING: Court Enters Wind-Up Order LANTAL TEXTILES: Creditors' Proofs of Debt Due on Jan. 31 SURE WIN: Creditors' Proofs of Debt Due on Jan. 26 TINN3 PTE: Court Enters Wind-Up Order TOAST INN: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ADVANCED METALS: Commences Wind-Up Proceedings ---------------------------------------------- Members of Advanced Metals Pty Ltd on Dec. 23, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Robert Michael Kirman Robert Conry Brauer McGrathNicol Level 38, 2 The Esplanade Perth, WA 6000 CONQUEST 2023-3: Fitch Affirms 'Bsf' Rating on Class F Notes ------------------------------------------------------------ Fitch Ratings has affirmed six note classes from ConQuest 2023-3 Warehouse Trust. The Outlook is Stable. The warehouse transaction consists of notes backed by a pool of first-ranking Australian residential full-documentation conforming mortgage loans originated by MyState Bank Limited (BBB+/Stable). The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of ConQuest 2023-3. RATING ACTIONS Rating Prior ------ ----- ConQuest 2023-3 Warehouse Trust A LT AAAsf Affirmed AAAsf B LT AAsf Affirmed AAsf C LT Asf Affirmed Asf D LT BBBsf Affirmed BBBsf E LT BB-sf Affirmed BB-sf F LT Bsf Affirmed Bsf TRANSACTION SUMMARY The transaction is a warehouse that purchases receivables on a revolving basis. The asset pool is subject to eligibility criteria and portfolio parameters. The transaction has performance triggers to protect debtholders from deterioration in portfolio credit quality, which require rectification or may otherwise trigger an amortisation event, during which all collections would be applied to pay down the debt according to the principal waterfall. KEY RATING DRIVERS Stable Asset Performance: There were no 30+ or 90+ day arrears as of end-October 2025. This was better than Fitch's 3Q25 RMBS Performance Monitor of 1.13% and 0.60%, respectively. Transaction performance has been strong, with no losses since closing. Credit Enhancement Supports Ratings: Asset and cash flow modelling were not performed for this review, in line with Fitch's APAC Residential Mortgage Rating Criteria, as portfolio characteristics remain within the stressed pool assumptions applied at closing, with the exception of the period immediately following a term-out. Pool parameters for weighted-average current loan-to-value ratio (CLVR) and loans with a CLVR greater than or equal to 90% are currently in breach of their limits following the October 2025 term-out. However, Fitch expects these portfolio parameters to be remedied and revert to within the stressed pool assumptions by January 2026, avoiding an amortisation event. The stressed pool assumptions applied at closing include stresses to portfolio characteristics, based on pool parameters, historical data and Fitch's forward-looking perspective. These assumptions remain relevant and have been retained. The transaction is currently in its availability period, ending in March 2026. Class A, B, C, D, E and F notes have documented minimum credit enhancement percentages of 8.0%, 4.5%, 2.8%, 1.6%, 1.0% and 0.4%, respectively, during the availability period. The transaction also benefits from a liquidity facility sized at the lesser of 1.0% of the invested note balance (other than the class G notes) and the aggregate outstanding principal amount of performing loans, subject to a floor of AUD324,750 and a cap of AUD3,247,500. Eligibility criteria and pool parameters ensure portfolio characteristics are maintained during the availability period. The transaction requires that credit support levels and a minimum dollar subordination be maintained for each rated note after subsequent note issuances or redemptions. Low Operational and Servicing Risk: MyState is an authorised deposit-taking institution headquartered in Hobart, Tasmania. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards and that there were no material changes that may affect MyState's ongoing ability to undertake administration and collection activities. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.3% in November 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% in both years. ConQuest 2023-3 is geographically concentrated in Tasmania, reflecting MyState's operational focus in the region. The state government forecasts gross state product growth of 2.25% in 2024-2025 and 1.50% in each of the following two years. Unemployment is at near record lows of 4.0%, and the government expects it to reach 4.5% in 2026-2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Asset and cash flow modelling was not performed for this surveillance review. Please refer to Fitch's previous rating sensitivities, as discussed in Fitch Assigns Final Ratings to ConQuest 2023-3 Warehouse Trust; Outlook Stable, published 12 March 2024. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Asset and cash flow modelling was not performed for this surveillance review. IPG MICHAEL: First Creditors' Meeting Set for Jan. 9 ---------------------------------------------------- A first meeting of the creditors in the proceedings of IPG Michael Avenue Pty Ltd will be held on Jan. 9, 2026, at 11:00 a.m. via virtual meeting technology. Martin Francis Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of Teneo were appointed as administrators of the company on Dec. 29, 2025. NEPA LAXMI: Commences Wind-Up Proceedings ----------------------------------------- Members of Nepa Laxmi Pty Ltd on Jan. 2, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: John Maxwell Morgan BCR Advisory Quay Quarter Tower Level 2, 50 Bridge Street Sydney, NSW 2000 NOVAMIN PTY: Commences Wind-Up Proceedings ------------------------------------------ Members of Novamin Pty Ltd on Dec. 30, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mathieu Tribut Mackay Goodwin Level 2, 68 St Georges Terrace Perth, WA 6000 PEPPER SPARKZ 9: Fitch Affirms 'BBsf' Rating on Class F Notes ------------------------------------------------------------- Fitch Ratings has updated 16 and affirmed 11 classes of asset-backed floating-rate notes from four Pepper SPARKZ Trust transactions. The transactions are backed by pools of first-ranking Australian automotive and equipment loan and lease receivables originated by Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money Limited (Pepper). The notes were issued by BNY Trust Company of Australia Limited as trustee. The upgrades were driven by the build-up of credit enhancement (CE). The Positive Outlooks reflect the notes' sensitivity to decreased defaults and increased recoveries against Fitch's expected CE over the next 12 months. RATING ACTIONS Pepper SPARKZ Trust No.8 A1-a AU3FN0085213 LT AAAsf Affirmed AAAsf A1-x AU3FN0085221 LT AAAsf Affirmed AAAsf B AU3FN0085239 LT AAAsf Affirmed AAAsf C AU3FN0085247 LT AAAsf Upgrade AAsf D AU3FN0085254 LT AAsf Upgrade Asf E AU3FN0085262 LT A-sf Upgrade BBB-sf F AU3FN0085270 LT BBB-sf Upgrade BB-sf Pepper SPARKZ Trust No.6 A1-a AU3FN0077558 LT AAAsf Affirmed AAAsf B AU3FN0077533 LT AAAsf Affirmed AAAsf C AU3FN0077525 LT AAAsf Affirmed AAAsf D AU3FN0077517 LT AAAsf Upgrade AA+sf E AU3FN0077509 LT AAAsf Upgrade A+sf F AU3FN0077491 LT AA+sf Upgrade A-sf Pepper SPARKZ Trust No.7 A1-a AU3FN0080073 LT AAAsf Affirmed AAAsf A1-x AU3FN0080081 LT AAAsf Affirmed AAAsf B AU3FN0080099 LT AAAsf Affirmed AAAsf C AU3FN0080107 LT AAAsf Upgrade AAsf D AU3FN0080115 LT AA+sf Upgrade Asf E AU3FN0080123 LT A+sf Upgrade BBBsf F AU3FN0080131 LT BBB+sf Upgrade BB+sf Pepper SPARKZ Trust No.9 A1-a AU3FN0096178 LT AAAsf Affirmed AAAsf A1-x AU3FN0096186 LT AAAsf Affirmed AAAsf B AU3FN0096194 LT AAAsf Upgrade AAsf C AU3FN0096202 LT AAsf Upgrade Asf D AU3FN0096210 LT Asf Upgrade BBBsf E AU3FN0096228 LT BBB-sf Upgrade BBsf F AU3FN0096236 LT BBsf Upgrade B+sf KEY RATING DRIVERS Stable Asset Performance: Obligor default risk is a key assumption in Fitch's quantitative analysis. The performance of the underlying assets have been in line with Fitch's base-case expectations set at the transactions' closing. The 30+ day arrears as of end-October 2025 were 2.2%, 2.0%, 1.8% and 0.9%, respectively, for Pepper SPARKZ No.6, No.7, No.8 and No.9, against Fitch's 3Q25 performance monitor of 1.5%. The 60+ day arrears were 1.2%, 0.9%, 0.8% and 0.5%, respectively, for Pepper SPARKZ No.6, No.7, No.8 and No.9, against Fitch's 3Q25 performance monitor of 0.6%. Fitch used the following weighted-average (WA) base-case remaining default rates (and 'AAAsf' multiples) in Fitch's analysis: Pepper SPARKZ No.6: 3.67% (5.00x) Pepper SPARKZ No.7: 3.78% (5.00x) Pepper SPARKZ No.8: 3.91% (5.00x) Pepper SPARKZ No.9: 6.07% (4.30x) The recovery base case for electric vehicles (EV) is 24.0%, with a 'AAAsf' recovery haircut of 60.0% across all risk grades, and that for non-EVs is 35.0%, with a 'AAAsf' recovery haircut of 50.0%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.1% in the year to September 2025 and unemployment was 4.3% in November 2025. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% for 2026 and 2027. Limited Liquidity Risk: Updated cash flow analysis was performed, and incorporates Fitch's default and recovery expectations. For Pepper SPARKZ No.7, No.8 and No.9, they are currently paying sequentially, but have the ability to switch to pro rata paydown when the pro rata criteria are satisfied. The CE provided to each collateralised rated note through note subordination, along with the liquidity reserve and retention amount, supports the rating of the notes. For Pepper SPARKZ No.6, this is currently paying pro rata due to the build-up of CE. Low Operational and Servicing Risk: All receivables were originated by Pepper Asset Finance, which has demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto lenders. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities SPARKZ No.6 Notes: A1-a / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / AAAsf / AAAsf / AA+sf 10% defaults increase: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / AAsf 25% defaults increase: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / AA-sf 50% defaults increase: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / Asf 10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAAsf / AA+sf 25% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / AAsf 50% recoveries decrease: : AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / AAsf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / AAsf 25% defaults increase/25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / AAsf / A+sf 50% defaults increase/50% recoveries decrease: AAAsf / AAAsf / AA+sf / AA-sf / Asf / A-sf SPARKZ No.7 Notes: A1-a / A1-x / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf 10% defaults increase: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf 25% defaults increase: AAAsf / AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBB-sf 50% defaults increase: AAAsf / AAAsf / AAAf / AA+sf / Asf / BBBsf / BB+sf 10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBB+sf 25% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBBsf 50% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / A-sf / BBBsf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf 25% defaults increase/25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf 50% defaults increase/50% recoveries decrease: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf SPARKZ No.8 Notes: A1-a / A1-x / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / A-sf / BBB-sf 10% defaults increase: AAAsf / AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BB+sf 25% defaults increase: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf 50% defaults increase: AAAsf / AAAsf / AA+sf / AAsf / Asf / BBB-sf / BB-sf 10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / A-sf / BBB-sf 25% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / A-sf / BB+sf 50% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf 25% defaults increase/25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf 50% defaults increase/50% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / Bsf SPARKZ No.9 Notes: A1-a / A1-x / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBB-sf / BBsf 10% defaults increase: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BB+sf / BBsf 25% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf / Bsf 50% defaults increase: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / B+sf / Less than Bsf 10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAsf / A-sf / BB+sf / BBsf 25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BB+sf / BBsf 50% recoveries decrease: AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf / B+sf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AA+sf / AA-sf / A-sf / BB+sf / BB-sf 25% defaults increase/25% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Less than Bsf 50% defaults increase/50% recoveries decrease: AA+sf / AAAsf / A+sf / BBB+sf / BB+sf / Less than Bsf / Less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The notes rated 'AAAsf' are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities SPARKZ No.6 Notes: F Rating: AA+sf 10% defaults decrease/10% recoveries increase: AA+sf SPARKZ No.7 Notes: D / E / F Rating: AA+sf / A+sf / BBB+sf 10% defaults decrease/10% recoveries increase: AAAsf / AA-sf / A-sf SPARKZ No.8 Notes: D / E / F Rating: AAsf / A-sf / BBB-sf 10% defaults decrease/10% recoveries increase: AA+sf / A+sf / BBBsf SPARKZ No.9 Notes: C / D / E / F Rating: AAsf / Asf / BBB-sf / BBsf 10% defaults decrease/10% recoveries increase: AA+sf / A+sf / BBBsf / BB+sf REFORME PRECIOUS: Commences Wind-Up Proceedings ----------------------------------------------- Members of Reforme Precious Metals Pty Ltd on Dec. 30, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Daniel Woodhouse Hayden White C/O - FTI Consulting PO Box Z5486 Perth, WA 6831 WEST WATER: Commences Wind-Up Proceedings ----------------------------------------- Members of West Water Development Pty Ltd on Dec. 30, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Daniel Woodhouse Hayden White C/O - FTI Consulting PO Box Z5486 Perth, WA 6831 ========= C H I N A ========= CBAK ENERGY: Gimli Group Holds 11.7% Equity Stake ------------------------------------------------- Gimli Group Limited, Balentine Holdings Limited, and Xiuzhu Li, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of December 3, 2025, they beneficially own 10,413,371 shares of common stock (directly owned by Gimli Group Limited; indirectly owned by Balentine Holdings Limited as sole shareholder of Gimli Group Limited, and by Xiuzhu Li as sole shareholder of Balentine Holdings Limited; acquired as a bona fide gift from Yunfei Li pursuant to a Stock Transfer Agreement dated December 3, 2025) of CBAK Energy Technology, Inc.'s common stock, par value $0.001, representing 11.7% of the 88,645,836 shares outstanding as reported in the Company's Schedule 14A filed on November 14, 2025. Gimli Group Limited may be reached through: Xiuzhu Li, Director Sea Meadow House, P.O. Box 116 Road Town, Tortola British Virgin Islands Tel: 1 206-532-0769 A full-text copy of Gimli Group Limited's SEC report is available at: https://tinyurl.com/2syp78ph About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $363.9 million in total assets, $245.4 million in total liabilities, and $118.5 million in total stockholders' equity. CHINA VANKE: Fitch Lowers LongTerm IDRs to 'RD' ----------------------------------------------- Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. The downgrade follows the uncured expiry of the original grace period for the repayment of principal and interest on China Vanke's CNY2 billion onshore bond that matured on December 15, 2025. KEY RATING DRIVERS Missed Principal and Interest Payment: China Vanke has not repaid the principal and interest on its CNY2 billion onshore bond that matured on 15 December following the expiry of the original grace period. The bondholders have agreed to extend the grace period for repayment of the principal and interest on the bond to 30 working days from the original five working days. However, an uncured payment default after any applicable original grace period on a loan or other material financial obligation, without entry into bankruptcy filings or cessation of operations, is commensurate with an 'RD' IDR, per Fitch's rating definitions. China Vanke will continue to negotiate with its bondholders on a potential debt restructuring. Fitch would reassess the ratings upon completion of the restructuring process. Large Debt Maturities: Vanke will have about CNY7 billion of capital market debt maturing in December 2025 and January 2026, and another CNY11 billion in April to July 2026. China Vanke's available cash fell to CNY60 billion by end-September 2025, from CNY69 billion at end-June 2025, and Fitch believes most of the cash is presale deposits. Fitch believes China Vanke may not be able to repay the maturing debt without shareholder support. Its largest shareholder, Shenzhen Metro Group Co. Ltd (SZMC) provided about CNY29 billion in shareholder loans to China Vanke from January to November to support its repayment of capital market debt. Rated on Standalone Basis: SZMC, wholly owned by the Shenzhen municipality's State-owned Assets Supervision and Administration Commission, is China Vanke's largest shareholder with a 27.18% stake. Fitch rates China Vanke on a standalone basis as SZMC has a minority stake in China Vanke, does not control its board and does not consolidate China Vanke. Fitch rates Vanke HK, China Vanke's sole offshore financing platform, based on its standalone credit profile of 'cc' as the parent is under financial distress. PEER ANALYSIS China Vanke's ratings reflect its uncured principal and interest payment on its onshore bond after the expiry of the original grace period. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Sales to drop by 45% in 2025 and 30% in 2026 (1H25: 46% drop). -- FCF outflow after asset disposal proceeds of CNY5 billion-10 billion in 2025-2027 (outflow of CNY9 billion in 1H25). -- Trade and bills payables to drop by CNY45 billion in 2025, and by CNY35 billion in 2026 (CNY24 billion drop in 1H25). RECOVERY ANALYSIS The recovery analysis assumes that Vanke HK would be liquidated in a bankruptcy. The liquidation value approach usually results in a higher value than the going-concern approach, given the nature of homebuilding. Fitch assumes a 10% administrative claim. The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors - Zero advance rate applied to net inventory. The onshore property projects are mostly co-owned with China Vanke. Fitch therefore believe the recovery prospect is unclear, as China Vanke is in the process of a debt restructuring - Fifty per cent advance rate applied to Vanke HK's equity stake in GLP Holdings, L.P. at a book value of CNY15 billion - Fifty per cent advance rate applied to property, plant and equipment, and investment properties, which are of insignificant value - Zero advance rate applied to excess cash. China's homebuilding regulatory environment means that available cash, including regulated presales deposits, is typically prioritised for project completion, including payment of trade payables. Net payables (trade payables less available cash) are included in the debt waterfall ahead of secured debt. However, Fitch does not assume that available cash in excess of outstanding trade payables is available for other debt-servicing purposes and therefore apply an advance rate of 0% - Vanke HK's bank loans are offshore unsecured bank loans that rank pari passu with its offshore bonds - The allocation of value in the liability waterfall results in a Recovery Rating of 'RR5' for the offshore senior unsecured debt RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For China Vanke: - The IDR would be downgraded to 'D' upon initiation of any formal bankruptcy procedure. For Vanke HK: - Fitch would downgrade the IDR to 'C' if a default or default- like process has begun. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For China Vanke: - Fitch will reassess the IDR upon completion of the current restructuring process, provided the issuer is not in default on any other material financial obligations. For Vanke HK: - No positive rating action is anticipated, as a cross-default can be triggered if China Vanke is in default of a bond payment. LIQUIDITY AND DEBT STRUCTURE China Vanke reported CNY60 billion of cash at end-September 2025, including regulated pre-sale funds, against short-term debt of about CNY151 billion. With the extension of the grace period for its CNY2 billion onshore bond, the company will have about CNY7 billion of capital market debt maturing in December 2025 and January 2026, and another CNY11 billion in April to July 2026. ISSUER PROFILE China Vanke is one of China's 10 largest developers by contracted sales in 2024 and year-to-date 2025, with a nationwide footprint. Its main businesses are real-estate development and property services. Vanke HK is China Vanke's main offshore fundraising entity. RATING ACTIONS Rating Prior ------ ----- Vanke Real Estate (Hong Kong) Company Ltd LT IDR CC Affirmed CC senior unsecured LT C Affirmed RR5 C China Vanke Co., Ltd. LT IDR RD Downgrade C LC LT IDR RD Downgrade C CHINA VANKE: Moody's Lowers CFR to 'Ca', Outlook Remains Negative ----------------------------------------------------------------- Moody's Ratings has downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited. 1. China Vanke's corporate family rating (CFR) to Ca from Caa2; 2. Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and 3. Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. The MTN program and senior unsecured bonds are supported by a deed of equity interest purchase undertaking and a keepwell deed between China Vanke, Vanke Real Estate and the bond trustee. Moody's have also maintained the negative outlooks of the entities. "The rating downgrade with a negative outlook reflects China Vanke's weak liquidity following its missed payment, and Moody's expectations of weak recovery prospects for the company's creditors," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. RATINGS RATIONALE China Vanke's liquidity is weak, as reflected by its failure to repay RMB2 billion principal and associated interest on a domestic bond within the original grace period of five working days. Although majority bondholders agreed to extend the grace period to thirty trading days, the missed payment indicates the company's constrained financial flexibility to meet its near-term debt obligations. This could weaken the recovery prospects for China Vanke's creditors. China Vanke still faces sizable debt repayment needs over the next 6-12 months, including around RMB18 billion onshore bonds due or becoming puttable by the end of 2026. The company will have to rely on asset disposals or other fundraising plans for debt servicing, although such fundraising activities carry high uncertainties. The senior unsecured ratings on Vanke Real Estate's notes and MTN program have been downgraded to C, which is one notch below the CFR because of the risk of structural subordination. This risk reflects the fact that most of the claims are at the operating subsidiaries and have priority over claims at the holding company level in a bankruptcy scenario. As a result, the expected recovery rate for claims at the holding companies will be lower. In terms of environmental, social, and governance (ESG) factors, China Vanke's governance risk assessment reflects its weak financial and liquidity management, as reflected by the missed payment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings is unlikely given the negative outlook. However, positive rating momentum could develop if the company improves its liquidity position materially and repays its maturing debt obligations on time. Moody's could downgrade the ratings if the recovery prospects for its creditors deteriorate. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. China Vanke's Ca CFR is below the scorecard-indicated outcome of B2. This reflects the company's weak liquidity and Moody's expectations of low recovery prospects of its creditors. China Vanke was founded in 1984 and started its real estate operations in 1988. The company listed on the Shenzhen Stock Exchange in 1991 and on the Hong Kong Stock Exchange (HKSE) in 2014. Shenzhen Metro Group Co., Ltd., which is wholly owned by the State-owned Assets Supervision and Administration Commission of the Shenzhen government, was China Vanke's largest shareholder in the company as of June 30, 2025. CHINA VANKE: Proposes Debt Extension to Avoid January Default ------------------------------------------------------------- Caixin Global reports that China Vanke Co. Ltd. is once again seeking to delay the repayment of a maturing domestic bond, marking its third such attempt as the embattled property developer faces intensifying liquidity pressure and dwindling state support. On the evening of Dec. 31, 2025, Vanke announced it would convene a meeting of bondholders for its "21 Vanke 02" corporate note to vote on a proposal to push back repayment, Caixin relates. The meeting is scheduled for Jan. 16, with voting to conclude on Jan. 19. Trading of the bond will be suspended starting Jan. 5, the company said. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 8, 2025, Fitch Ratings has placed China Vanke's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'CCC-' and wholly owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd's (Vanke HK) Long-Term IDR of 'CCC-' on Rating Watch Negative (RWN). Fitch has also downgraded Vanke HK's senior unsecured rating and the rating on the subsidiary's outstanding senior notes to 'CC' from 'CCC-', with a lower Recovery Rating of 'RR5' from 'RR4', and placed the ratings on RWN. The TCR-AP reported on Dec. 2, 2025, S&P Global Ratings lowered its long-term issuer credit ratings on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'CCC-' from 'CCC'. S&P also lowered its long-term issue ratings on Vanke HK's senior unsecured notes to 'CCC-' from 'CCC'. At the same time, S&P placed these ratings on CreditWatch with negative implications. CLAIRE'S HOLDINGS: Chinese and Asian Suppliers in Limbo ------------------------------------------------------- The South China Morning Post reports that despite the festive atmosphere of the holiday season, suppliers and creditors of US fashion accessories chain Claire's – including about 70 from Hong Kong, mainland China and across Asia – face financial anxieties as they grapple with the uncertain prospects of recovering debts following the retailer's recent bankruptcy filing. Some have already taken legal action, though the outcome of their claims remains unclear, the Post says. According to the Post, the financial anxieties stem from the company's decision in August to file for bankruptcy in the US for the second time in seven years amid slowing consumer spending and the switch to online shopping. The tween jewellery and ear-piercing retailer had nearly US$500 million in loans due by December 2026. In September, Ames Watson, a privately held investment firm with a track record in revitalising iconic brands, acquired Claire's for US$140 million, the Post recalls. Later that month, RSI International, Claire's Hong Kong-based sourcing office, sought to transfer "certain assets and liabilities in connection with the business" to Tractus Asia, also based in Hong Kong, by October 31, 2025. The Post says the move triggered an immediate legal fallout. Sebang Chain from South Korea – Claire's supplier for more than 30 years – and its two subsidiaries in Asia filed suit in Hong Kong's High Court against RSI and Tractus for allegedly refusing to pay overdue and pre-filing invoices and the asset transfer. Sebang was facing US$1.5 million in overdue payments and about US$2 million worth of finished goods produced for Claire's, according to sources familiar with the matter, the Post relays. The amount is equivalent to about three months of Sebang's revenue. A writ of summons issued in late October sought US$1.43 million in unpaid balances, potential damages and interest. Major US cosmetics vendor Pretty Woman filed a similar claim against RSI and Tractus for US$715,000 in outstanding receivables, according to a High Court filing in early October, the Post notes. Other Asian creditors include Hong Kong-listed HKBN's enterprise service arm, which did not respond to requests for comment. Suppliers hope the lawsuits will pressure Claire's Hong Kong agents and its new owner to settle debts, the Post states. "Claire's relies heavily on its sourcing operations in Asia, and any disruption to that sourcing structure creates operational vulnerability and risk," according to people familiar with the matter. Former Claire's CEO Ron Marshall told the Post that suppliers in Asia were "critical for Claire's", adding that its extensive self-managed supply chain had been a competitive advantage. On the alleged US$1.5 million in overdue payments, Ames Watson said in a written reply to the Post that it was not involved in operations or purchasing decisions made before the acquisition. The investment firm said it had spoken with suppliers to gauge their willingness to continue working with Claire's. Some suppliers were weighing their legal options, according to sources, the Post notes. Legal consultants caution that recovery efforts and attempts to block asset transfers face significant challenges, with lawsuits serving more as a means to reduce losses. They advise smaller vendors to hedge risks by buying trade credit insurance and inserting binding terms linked to parent companies in contracts. Not all creditors have been left unpaid. "All is OK," said Yair Hayman, a senior manager at Thailand-incorporated AMA Design International, whose Hong Kong unit is on the creditor list, the Post relays. Hayman did not elaborate on the total debt amount. About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com WANDA COMMERCIAL: Fitch Lowers LT Foreign Currency IDR to 'C' ------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer Default Ratings (IDRs) on China-based Dalian Wanda Commercial Management Group Co., Ltd. (Wanda Commercial) and Wanda Commercial Properties (Hong Kong) Co. Limited (Wanda HK) to 'C', from 'CC'. Fitch has affirmed the ratings on the US dollar notes guaranteed by Wanda HK and issued by Wanda Commercial's subsidiaries at 'C' with a Recovery Rating of 'RR5'. The downgrade follows Wanda Commercial and Wanda HK's announcement that their subsidiary, Wanda Properties Global Co. Limited, has received consent from eligible bondholders, representing 96% of the total outstanding principal amount of its USD400 million bond maturing 13 February 2026, for a resolution to amend the bond terms and waive potential events of default. The amendments will be executed and delivered on or around 8 January 2026. The proposed amendments meet the definition of a distressed debt exchange (DDE) under Fitch's Corporate Rating Criteria. Fitch rates Wanda HK and Wanda Commercial under Fitch's Parent and Subsidiary Linkage Rating Criteria. The companies' IDRs are the same, as Fitch assesses the Standalone Credit Profile of Wanda HK and the consolidated credit profile of Wanda Commercial as being equal in a distressed scenario. Wanda HK is Wanda Commercial's fully owned sole offshore financing platform and overseas investment-holding company. KEY RATING DRIVERS Consent Solicitation Approved: Wanda Commercial and Wanda HK announced on December 22, 2025 that 96% of the February 2026 bondholders have given valid consent instructions for the proposed term amendments. The consent solicitation constitutes a DDE under Fitch's criteria. Fitch considers the extension of the maturity date by two years as a material reduction in terms and the restructuring would allow the issuer to avoid an eventual probable default. Large Near-Term Maturities: Fitch estimates Wanda Commercial has CNY22 billion in short-term financial obligations, including USD300 million of bonds due in January 2026 and partial redemption of the February 2026 bonds upon completion of the proposed amendments to the bond terms. The company reported CNY4 billion of cash at end-June 2025, but fitch believes most of the reported cash may not be available for debt repayment. The company's capital market access has been dampened by a prolonged property market downturn in China. Uncertain Asset Sales: Fitch believes Wanda Commercial will continue to sell some of its investment properties to repay part of its financial obligations. However, the sales are subject to execution risks and Fitch expects the disposals to weaken its business profile. PEER ANALYSIS The ratings on Wanda Commercial and Wanda HK reflect the consent solicitation, which Fitch considers a DDE. FITCH'S KEY RATING-CASE ASSUMPTIONS - Revenue to decline 50% in 2025, 29% in 2026 and 7% in 2027 on asset disposals - Available cash balance maintained at below CNY5 billion in 2025-2027 - No dividend income from Newland to Wanda Commercial in 2025-2027 RECOVERY ANALYSIS The recovery analysis assumes that Wanda HK would be liquidated in a bankruptcy. Fitch assumes a 10% administrative claim. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in the sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors, and the following assumptions: - Advance rate of 0% is applied to excess cash after netting off payables and other payables. - Advance rate of 50% is applied to investment properties, which are mainly shopping malls. The investment properties generate rental yields of above 6%. - Advance rate of 0% to accounts receivable and other receivables from Wanda Group-related parties to reflect the parent's liquidity stress. - Advance rate of 0% on inventory, which are products under development and have insignificant value. The allocation of value in the liability waterfall results in a Recovery Rating corresponding to 'RR5' for the offshore senior debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch would downgrade the IDRs on Wanda Commercial and Wanda HK to 'RD' (restricted default) upon the completion of the proposed amendments to the bond terms, or if the group fails to meet any of its debt obligations. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Fitch will reassess Wanda Commercial's capital structure and cash flow upon the completion of the proposed amendments to the bond terms to determine Wanda Commercial's and Wanda HK's IDRs. ISSUER PROFILE Wanda Commercial is China's largest shopping mall owner and one of the largest commercial property owners rated by Fitch. RATING ACTIONS Rating Prior ------ ----- Dalian Wanda Commercial Management Group Co., Ltd. LT IDR C Downgrade CC Wanda Commercial Properties (Hong Kong) Co. Limited LT IDR C Downgrade CC Wanda Properties Global Co. Limited senior unsecured LT C Affirmed RR5 C ========= I N D I A ========= CORPORATE FASHION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Corporate Fashion Private Limited (CFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.46 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 20, 2024, placed the rating(s) of CFPL under the 'issuer non-cooperating' category as CFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 5, 2025, November 15, 2025, November 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhilwara (Rajasthan) based Corporate Fashion Private Limited (CFPL) was incorporated in 2011 by Mr. Vijay Pal Singh and Mr. Prateek Sharma. CFPL is engaged in the business of manufacturing of readymade garments mainly men's wear as well as trading of synthetic grey and finished fabrics and other clothing accessories. The company also does manufacture of readymade garments on job work basis and also gets manufactured grey and finished fabrics on job work basis. The plant of CFPL is located at Bhilwara, Rajasthan. DIVYARATNA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Divyaratna Agrotech Private Limited (DAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 29.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of DAPL under the 'issuer non-cooperating' category as DAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Divyaratna Agrotech Private Limited (DAPL), incorporated in the year 2000 was taken over in 2007 by Mr. Dilip Jindal and Mrs. Rachana Jindal, directors of Desmo Exports Limited. DAPL is engaged in the business of trading of industrial chemicals and solvents. The warehouse of the company is located in Bhiwandi, Maharashtra. DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dushmanta Giri (DG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of DG under the 'issuer non-cooperating' category as DG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Dushmanta Giri (DG) was initially established in 1977 as a proprietorship entity by Shri Dushmanta Giri to execute civil contract work for Govt. of West Bengal. It was converted to partnership firm on January, 20, 2012 by Shri Dushmanta Giri (60% stake), Smt. Piu Giri (20% stake) and Shri Dwaipayan Giri (20% stake), based out of Midnapore, West Bengal. The partnership firm has been reconstituted in February 19, 2012 after the demise of Shri Dushmanta Giri and the current partners are Smt. Piu Giri (50% stake) and Shri Dwaipayan Giri (50% stake). DG is a small sized West Bengal based firm engaged in providing different types of construction services, which include construction of roads, buildings etc. ESKAY SILK: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Eskay Silk Industries Private Limited (ESIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.19 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of ESIPL under the 'issuer non-cooperating' category as ESIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ESIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Eskay Silk Industries Private Limited (ESIPL) was promoted by Shri Motilal Jain and Shri Suresh Kumar Jain in 1984 and later taken over by Agarwal family in 1991. ESIPL was earlier primarily engaged in trading of high-quality textile fabrics has now ventured into fabric manufacturing from FY12. The capacity of ESIPL stood at 36.72 lakh pieces per annum as on March 31, 2015. GOOD DAY: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Good Day Foods Private Limited (GDFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.26 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.03 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of GDFPL under the 'issuer non-cooperating' category as GDFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GDFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2003, Good Day Foods Private Limited (GDFPL) is engaged in the processing of milk and manufacturing of dairy products (including paneer, sweets, mawa, curd, ghee, chhas, lassi, dry mithai, shrikhand, kulfi, frozen desert, whey powder jar milk and cream) for reputed customers in domestic and international market. The company has a manufacturing facility located in Thane, Mumbai. HARI AGRO: CARE Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Hari Agro Products Private limited (SHAPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 12.00 CARE B; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 26, 2024, placed the rating(s) of SHAPPL under the 'issuer non-cooperating' category as SHAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2025, October 22, 2025, November 01, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, Sree Hari Agro Products Private Limited (SHAPPL) was established in the year 1997. The company is engaged in the trading of tobacco and is promoted by Mrs. Jayasree Chaluvadi and Mr. Sanagapallipardha Saradhi Rao. The company purchases tobacco from local farmers and traders, and sells the same to its clients located across Andhra Pradesh. IL&FS FINANCIAL: CARE Reaffirms D Rating on INR2,425cr LT Loans --------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of IL&FS Financial Services Limited (IFIN), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank facilities 2,425.00 CARE D Reaffirmed Long-term instruments 600.00 CARE D Reaffirmed Long-term instruments 100.00 CARE D Reaffirmed Long-term instruments 100.00 CARE D Reaffirmed Long-term instruments 100.00 CARE D Reaffirmed Long-term instruments 250.00 CARE D Reaffirmed Long-term instruments 100.00 CARE D Reaffirmed Long-term instruments 100.00 CARE D Reaffirmed Long-term instruments 200.00 CARE D Reaffirmed Non-convertible debentures 350.00 CARE D Reaffirmed Non-convertible debentures 500.00 CARE D Reaffirmed Non-convertible debentures 925.00 CARE D Reaffirmed Non-convertible debentures 400.00 CARE D Reaffirmed Non-convertible debentures 1,000.00 CARE D Reaffirmed Non-convertible debentures 1,500.00 CARE D Reaffirmed Commercial paper 4,000.00 CARE D Reaffirmed Rationale and key rating drivers Reaffirmation of ratings of debt instruments and bank facilities of IFIN is considering continued instances of irregularities in debt servicing by the company. Based on the petition filed by the Union of India, the National Company Law Tribunal (NCLT) suspended the erstwhile board and appointed a new board proposed by the Union of India, vide its order dated October 1, 2018, which took charge of the company from October 4, 2018. Per the order passed by the NCLT on October 9, 2018, the newly constituted Board of Infrastructure Leasing and Financial Services Limited (IL&FS) was empowered to replace directors of subsidiary companies of IL&FS including IFIN. IL&FS' new board has been working on the IL&FS Group's resolution plan. As part of the resolution process, the company's new board of directors submitted several progress reports to the NCLT, including a framework for a resolution plan and process, steps undertaken for monetisation of assets, appointment of consultants, and classification of group entities based on their abilities to meet financial and operational obligations, measures for cost optimization and protocol for making payments beyond certain limits. The company has been making some recoveries, and the funds are used for making payments mostly to meet operational expenses to ensure its going concern status. Withdrawal of ISINs INE121H07950 and INE121H07BH1 as the company has redeemed them on due dates prior to September 2018 and has been confirmed by the debenture trustee. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could individually or collectively lead to positive rating action/upgrade: * Timely debt servicing for at least three consecutive months. Negative factors: Factors that could individually or collectively lead to negative rating action/downgrade: * Not applicable Analytical approach: Standalone CARE Ratings Limited (CareEdge Ratings) has analysed standalone credit profile of IFIN and IFIN's financial, operational, and managerial linkages with its parent, IL&FS. Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Ongoing delays in debt servicing: There have been continued instances of irregularities in debt servicing by the company since September 2018. Key strengths: Not applicable Liquidity: Poor The company's liquidity profile is poor, leading to continuous default in its debt obligations from September 2018. Assumptions/Covenants: Not applicable Environment, social, and governance (ESG) risks: Not applicable Incorporated in September 1995, IFIN is registered as systemically important non-deposit taking non-banking financial company (NBFC-ND-SI). IFIN is a 100% subsidiary of IL&FS. IFIN's business profile is broadly divided into investment banking business (asset and structured finance), project debt syndication business, corporate advisory services business, and project finance advisory. INFRASTRUCTURE LEASING: CARE Reaffirms D Ratings on Certain Debts ----------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Infrastructure Leasing & Financial Services Limited (IL&FS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 400.00 CARE D; Reaffirmed Facilities Long-term/ 200.00 CARE D/CARE D Short-term Reaffirmed bank facilities Long-term instruments 1,000.00 CARE D Reaffirmed Long-term instruments 500.00 CARE D Reaffirmed Long-term instruments 6.85 CARE D Reaffirmed Non-convertible debentures 21.44 CARE D Reaffirmed Non-convertible debentures 500.00 CARE D Reaffirmed Non-convertible debentures 325.00 CARE D Reaffirmed Non-convertible debentures 400.00 CARE D Reaffirmed Non-convertible debentures 500.00 CARE D Reaffirmed Non-convertible debentures 495.50 CARE D Reaffirmed Non-convertible debentures 400.00 CARE D Reaffirmed Non-convertible debentures 300.00 CARE D Reaffirmed Non-convertible debentures 500.00 CARE D Reaffirmed Non-convertible debentures 500.00 CARE D Reaffirmed Non-convertible debentures 915.00 CARE D Reaffirmed Non-convertible debentures 950.00 CARE D Reaffirmed Non-convertible debentures 1,000.00 CARE D Reaffirmed Non-convertible debentures 1,000.00 CARE D Reaffirmed Non-convertible debentures 1,000.00 CARE D Reaffirmed Non-convertible debentures 500.00 CARE D Reaffirmed Commercial paper 2,500.00 CARE D Reaffirmed Rationale and key rating drivers Reaffirmation of ratings of debt instruments and bank facilities of IL&FS is considering continued instances of irregularities in debt servicing by the company. Based on the petition filed by the Union of India, the National Company Law Tribunal (NCLT) suspended the erstwhile board and appointed a new board proposed by the Union of India, vide its order dated October 1, 2018, which took charge of the company from October 4, 2018. Per the order passed by the NCLT on October 9, 2018, the newly constituted Board of Infrastructure Leasing and Financial Services Limited (IL&FS) was empowered to replace directors of subsidiary companies of IL&FS including IFIN. IL&FS' new board has been working on the IL&FS Group's resolution plan. As part of the resolution process, the company's new board of directors submitted several progress reports to the NCLT, including a framework for a resolution plan and process, steps undertaken for monetisation of assets, appointment of consultants, and classification of group entities based on their abilities to meet financial and operational obligations, measures for cost optimization and protocol for making payments beyond certain limits. The company has been making some recoveries, and the funds are used for making payments mostly to meet operational expenses to ensure its going concern status. Withdrawal of ISINs INE871D07MZ9, INE871D07OS0, INE871D07OV4, INE871D07OZ5, INE871D07PC1 and INE871D07QG0 as the company has redeemed them on due dates prior to September 2018 and has been confirmed by the debenture trustee. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could individually or collectively lead to positive rating action/upgrade: * Timely servicing of debt for a period of three consecutive months. Negative factors: Factors that could individually or collectively lead to negative rating action/downgrade: * Not applicable Analytical approach: Standalone CARE Ratings Limited (CareEdge Ratings) has analysed standalone credit profile of IL&FS. CareEdge Ratings has also assessed operational, managerial, and financial support that IL&FS provides to its subsidiaries/group companies as a core investment company (CIC). Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Ongoing delays in debt servicing: There have been continued instances of irregularities in debt servicing by the company since September 2018. Key strengths: Not applicable Liquidity: Poor The company's liquidity profile is poor, leading to continuous default in its debt obligations from September 2018. Assumptions/Covenants: Not applicable IL&FS is an infrastructure development and finance company promoted by the Central Bank of India (CBI), Housing Development Finance Corporation (HDFC), and Unit Trust of India (UTI). IL&FS was established with twin mandates of providing financial services and developing infrastructure projects under a commercial format. The company's shareholding includes Life Insurance Corporation of India (LIC) – 25.34%, Orix Corporation, Japan – 11.86%, IL&FS Employee Welfare Trust – 12.00%, Abu Dhabi Investment Authority (ADIA) – 12.56%, 24R Advisory Services Private Limited – 11.68%, HDFC Limited – 9.02%, CBI – 7.67%, and State Bank of India (SBI) – 6.42%. KING REFINERIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of King Refineries Private Limited (KRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 28, 2024, placed the rating(s) of KRPL under the 'issuer non-cooperating' category as KRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 14, 2025, October 24, 2025, November 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable King Refineries Private Limited (KRPL) was incorporated in July 1994 by Mr. S.A. Arumugam, Managing Director; who has got more than five decades of experience in edible oil refining industry. KRPL is engaged in the business of edible oil refining. The day-to-day operations are managed by the directors, Mr. Venkatachalam and Mr. M. Abinand. KRPL procures crude oil (sunflower oil, ground nut oil and cotton seed oil) from local traders in Tamil Nadu. Apart from the same, KRPL also started importing oil (crude sunflower oil) from Ukraine since October 2015. MALKANI PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Malkani Properties (MP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of MP under the 'issuer non-cooperating' category as MP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Malkani Properties (MP) is a partnership firm (SPV) formed on August 7, 2012 and belongs to Venkatesh Oxy Group. VA is developing two residential projects named 'Venkatesh Oxy Evolve', and 'Venkatesh Oxy Desire' with a total saleable area of 3.73lakh square feet (lsf), situated at Wagholi (Pune). CARE does not have any update on the latest developments in this regard. MAXTAR BIO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maxtar Bio Genics (MBG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 10.00 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 18, 2024, placed the rating(s) of MBG under the 'issuer non-cooperating' category as MBG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025, November 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Maxtar Bio Genics (MBG) was established as a partnership firm in 2007 and is currently being managed by Mr Madan Lal Bansal and Mr Jagdish Chand Bansal, sharing profit and loss equally. The firm is engaged in the manufacturing and selling of generic drug formulations at its manufacturing facility in Baddi, Himachal Pradesh. MOON SYNDICATE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Moon Syndicate (MS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of MS under the 'issuer non-cooperating' category as MS had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. MS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Chhattisgarh based Moon Syndicate was established in April 1990 by Mr. Sontosh Raj Yadav. Since its inception, the entity has been engaged in mining, crushing and supply of iron ore, manganese ore and ferro alloys. Presently, the entity has 226 equipment base which includes 59 excavators & loaders, 37 dozers, 116 mining equipment and 14 crushing equipment. The crushing facilities of the entity are located in the state of Chhattisgarh, Madhya Pradesh, Jharkhand and Maharashtra. NAND ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nand Enterprises (NE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.75 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 11, 2024, placed the rating(s) of NE under the 'issuer non-cooperating' category as NE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2025, November 6, 2025 and November 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kanpur, Uttar Pradesh based Nand Enterprise (NE) was established in 1984 as a partnership firm. The firm is currently being managed by Mr. Basant Jain, Mr. Anil Kumar Jain and Mr. Anuj Kumar Jain and Mr. Vipul Jain. NE is an authorized dealer of electronics consumer products i.e., Refrigerators and Washing Machines of LG brand since 2004. NE operates though a retail outlet named "Nand Enterprise" located in Kanpur. OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Om Packaging (OP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 10, 2024, placed the rating(s) of OP under the 'issuer non-cooperating' category as OP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025 and November 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Om Packaging (OP) is a partnership firm, incorporated in 1999, between Mr Birendra Kumar, Mr. Ramu Sing Yadav & Mr. Shyam Sunder Yadav and subsequently in February 2012, Mr Ramu Sing Yadav & Mr Shyam Sunder Yadav retired from the business and Mr. Avinash Kumar joined the business. OP is thereafter managed by two partners Mr Birendra Kumarand and Mr. Avinash Kumar. The firm is into business of manufacturing of wide range of packaging products like industrial barrels, drums, paper cores and tubes and containers. OM caters to domestic as well as overseas customers. P.K. ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of P.K. Engineers and Contractors (PEC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of PEC under the 'issuer non-cooperating' category as PEC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025 and November 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Haryana based PK Engineers and Contractors (PEC) was established in 1992 by Mr. Pradeep Kumar Dahiya. PEC is engaged in execution of civil construction projects viz. construction of commercial building, office complex, underground drainage system, hard scalping stone work, etc. mainly PWD (Public Welfare Department) Haryana. ROAD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Road Infrastructure Development Company of Rajasthan Limited (RIDCOR) (RIDCORL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,056.51 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of RIDCOR under the 'issuer non-cooperating' category as RIDCOR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIDCOR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Road Infrastructure Development Company of Rajasthan Limited (RIDCOR) is promoted by IL&FS Transport Networks, and Government of Rajasthan (GoR, entities guaranteed by GoR together hold another 50%). IL&FS and RIDCOR entered into Partnership & Development Agreement (DA) for 32 years with GoR in 2005 towards development of mega highways. SANDHU FARMS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sandhu Farms Private Limited (SFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.03 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of SFPL under the 'issuer non-cooperating' category as SFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sandhu Farms Private Limited (SFPL) was incorporated in August-2013 and is promoted by Mr Manjit Singh Sandhu and Mrs. Updesh Kaur. SFPL undertook a project pertaining to setting up a marriage palace under the name of 'Fort Patiala' having 9 rooms and 2 banquet halls at Rajpura Road, Patiala. The same is spread on a land area of 4 acres. The palace got operational from October, 2016 with completion of capex. The company earns income from letting of banquet halls (having accommodation facility of maximum 500 people) and rooms on rent for the purpose of marriage, parties etc. SEGUROINKEL CONSORTIUM: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SegurOInkel Consortium Llp (SCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of SCL under the 'issuer non-cooperating' category as SCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Seguro-Inkel Consortium LLP (SCL), incorporated in 2014, as a limited liability partnership between Inkel Limited (Inkel) and Seguro Foundations and Structures Private Limited with 55% of the shares held by SFPL and rest by Inkel as on March 31, 2020. SICL was incorporated for the purpose of undertaking the construction of Bridge Projects. SIDDHI VINAYAK: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siddhi Vinayak Cottsin (SVC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.50 CARE C; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of SVC under the 'issuer non-cooperating' category as SVC had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. SVC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025, October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in July 2010, Siddhi Vinayak Cottsin (SVC) is a partnership firm formed by two partners named Mr. Kishanlal Padamdas Swami and Mr. Sanjay Trilokchand Goyal. SVC is engaged into cotton ginning and pressing activity. The partners were primarily engaged in processing of raw cotton and manufacturing and trading of cotton bales and cotton seeds. SVC operates from its sole manufacturing facility located at Ralegaon (Maharashtra) with an installed capacity to process 475 cotton bales per day as on March 31, 2013. In addition to SVC, other associate entities also operate in other cotton processing units named Riddhi Siddhi Cotex Private Limited and Rishi Fibers Private Limited in Ahmednagar district and Aurangabad district of Maharashtra respectively. Furthermore, two proprietorship firms namely Riddhi Siddhi Enterprises and Riddhi Siddhi Cotton Corporation in Sendhwa District of Madhya Pradesh are engaged in trading of cotton bales and cotton seeds. SSPT LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SSPT Logistics (SL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of SL under the 'issuer non-cooperating' category as SVC had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. SVC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025, October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SSPT Logistics (SL) was incorporated in January 2013 as a partnership firm by Mr P. Maruthavel and his brother Mr P. Jayavel with their family members. The firm is engaged in logistics services, i.e. speed parcel and cargo services. STERLING PORT: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sterling Port Limited (SPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 244.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 23, 2024, placed the rating(s) of SPL under the 'issuer non-cooperating' category as SPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025, September 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sterling Port Ltd (SPL) was incorporated on September 29, 2006, as a Special Purpose Vehicle in the name of Sterling Port Private Limited (SPPL) to develop an all-weather direct-berthing port for handling dry bulk, liquid bulk and container cargoes. The project was promoted by Sterling Biotech Ltd (SBL), Vadodara based Sandesara group. CARE does not have any update on the latest developments in this regard. VINOD FABRICS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vinod Fabrics (VF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.65 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of VF under the 'issuer non-cooperating' category as VF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalones Outlook: Stable VF was formed in August 2005 by Mr. Om Prakash Gupta as proprietorship concern. VF is engaged in the business of dyeing and printing of fabrics from its processing facilities located in Pali, Rajasthan. VF uses grey cloth as raw material which is procured from traders located in South Indian states and Maharashtra. VISHAL PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vishal Projects Private Limited (VPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 28, 2024, placed the rating(s) of VPPL under the 'issuer non-cooperating' category as VPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 14, 2025, October 24, 2025, November 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Vishal Projects Private Limited (VPPL) formerly known as Vishal Projects Limited was incorporated in the year 1994 as a public limited company (non-listed). Later in August 2015, the constitution of the entity changed to private limited company and name of the entity changed to current nomenclature i.e. VPPL. Mr. G Sridhar Rao, the Managing Director of the company, has more than two decades of experience in the real estate sector. The Company has successfully executed various residential projects in Hyderabad, viz., Jaya Bharathi Gardens in Kukatpally, Vishal Vajralayam, Vishal Vaibhav and Mount Meru in Banjara Hills, Prakruthi Nivas near Air Force Academy, Kubera Complex in Musheerabad, Sagar Villa and Vishal Villa in Begumpet, Neela Vishal in Trimulgherry – Extension, Deccan Corner in Bowenpally, Srinivasa Krupa in Hasmatpet etc. =============== M A L A Y S I A =============== RENEUCO BERHAD: Sunview to Acquire Solar Plant for MYR70 Million ---------------------------------------------------------------- Business Today reports that Sunview Group Berhad has entered into a conditional agreement to acquire a 50-megawatt alternating current (MWac) large-scale solar photovoltaic power generation plant in Pekan, Pahang, for MYR70 million in cash. According to Business Today, the proposed acquisition will be undertaken by SAM 2 Sdn Bhd, an indirect wholly-owned subsidiary of Sunview, which has signed a sale and purchase agreement with PKNP Reneuco Suria Sdn Bhd, a subsidiary of Practice Note 17 (PN17) issuer Reneuco Berhad that is currently under receivership. Business Today relates that the solar plant, developed under the Large Scale Solar 4 (LSS4) programme, is situated on two parcels of 99-year leasehold land measuring approximately 230.5 acres and is estimated to be about 79% completed. Upon completion of the acquisition, SAM 2 will become the registered owner of the solar facility and subsequently enter into a lease arrangement with the landowner, Perbadanan Kemajuan Negeri Pahang (PKNP). The MYR70 million purchase price will be funded through a combination of bank borrowings, internally generated funds and/or future fundraising exercises, Business Today notes. Business Today says the solar project was initially awarded to Reneuco and PKNP following a bidding exercise conducted by the Energy Commission in March 2021. A 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad was signed in August 2021, with the scheduled commercial operation date initially set for September 2023 and later extended to December 2023. However, construction works were halted due to PKNP Reneuco's financial difficulties, which ultimately led to the appointment of receivers and managers in June 2025. Sunview had previously been appointed as the engineering, procurement, construction and commissioning (EPCC) contractor for the project in July 2023 under a MYR179.5 million contract and had achieved progressive completion as at April 2025. The project stalled following Reneuco's PN17 classification, which constrained funding. According to Sunview, the acquisition will allow the group to take ownership of the project, revive construction works and bring the solar plant to commercial operation, Business Today relays. The board views the transaction as a strategic investment aligned with Sunview's core expertise in large-scale solar projects, design optimisation and execution capabilities. Business Today adds that Sunview emerged as the successful bidder for the solar plant through a tender exercise concluded on Nov. 28, 2025, underscoring its commitment to growth in Malaysia's renewable energy sector. About Reneuco Berhad Reneuco Berhad is a Malaysia-based company involved in sustainable energy and utilities activities. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 13, 2024, Reneuco Bhd has fallen under the Practice Note 17 (PN17) classification after its auditors expressed a disclaimer opinion on its unaudited financial statements for the period ended Sept. 30, 2023. ===================== N E W Z E A L A N D ===================== SILVER FERN PETFOODS: Placed in Voluntary Liquidation ----------------------------------------------------- The Press reports that creditors could lose close to half a million dollars after the collapse of pet food business Silver Fern Petfoods. The Press says the Nelson-based company produces and exports raw pet food products made from wild game at a factory in the suburb of Stoke. The company has no connection to Silver Fern Farms Ltd, which is New Zealand's biggest meat processor and exporter and has a pet food division, The Press notes. =============== P A K I S T A N =============== PAKISTAN: CPI Inflation Slows to 5.6% Year-on-Year in December -------------------------------------------------------------- Reuters reports that Pakistan's consumer price inflation slowed to 5.6% year-on-year in December, while prices fell on a monthly basis, official data showed on January 1. Reuters relates that the data comes after Pakistan's central bank cut its key policy rate by 50 basis points to 10.5% last month, breaking a four-meeting hold, in a move that surprised markets. All analysts polled by Reuters had expected rates to remain unchanged at the December meeting. Inflation eased from 6.1% in November and marked a sharp slowdown from levels that peaked above 30% in 2023, according to official data. Lower prices of perishable food items helped drive the monthly decline, the Pakistan Bureau of Statistics said, with food prices falling 1.7% month-on-month in December, led by declines in both urban and rural areas, according to Reuters. Reuters relates that the finance ministry had said on Dec. 31, 2025, that inflation was expected to remain moderate at 5.5%–6.5% in December. Reuters notes that the State Bank of Pakistan has said inflation stayed within its 5%–7% target range during the July–November period but warned that core inflation remains sticky and headline inflation could rise temporarily towards the end of this fiscal year, which ends in June, due to base effects. Non-food inflation remained elevated in both urban and rural areas in December, underscoring the central bank's concerns over persistent underlying price pressures. Reuters adds that the central bank has said the inflation outlook remains broadly unchanged, while the International Monetary Fund has cautioned against premature monetary easing under Pakistan's $7 billion loan programme. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2025, Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ===================== P H I L I P P I N E S ===================== DEL MONTE PACIFIC: Sells 4.99% Stake in Sundrop Brands to Cut Debt ------------------------------------------------------------------ Manila Standard reports that Del Monte Pacific Limited (DMPL) sold a 4.99-percent equity interest in Sundrop Brands Limited for $15 million and plans to divest further shares as part of a broader asset disposal program to support its operations. According to Manila Standard, the Singapore and Manila-listed food producer said its indirect subsidiary DMPL India Holdco and CAG-Tech (Mauritius) Limited completed the sale of 1,881,073 ordinary shares. Manila Standard relates that DMPL said it also entered into an additional agreement with an independent third party to sell a further 547,946 shares, representing a 1.45-percent stake. The disposals follow a July bankruptcy filing by Del Monte Foods, the company's US subsidiary. DMPL said the terms of the additional share sale were agreed on an arm's length basis and are substantially similar to the initial tranche, Manila Standard relays. Beyond asset sales, the group is looking to raise between $500 million and $600 million through a private placement. The capital injection is intended to reduce the company's debt load and address a capital deficit, according to Manila Standard. DMPL operates through various subsidiaries across international markets and focuses on branded packaged foods. Its portfolio includes shelf-stable products distributed throughout Asia and the United States. While the transactions were disclosed in US dollars, the company continues to manage its regional obligations in local currencies, including the Philippine peso, where it maintains a primary listing, Manila Standard notes. Recent market valuations for similar tranches have fluctuated near PHP850 million based on current exchange rates. Completion of the latest share sale remains subject to customary closing conditions, Manila Standard adds. About Del Monte Del Monte Pacific Limited (DMPL) is an investment holding company with subsidiaries principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato, sauces, condiments, pasta, broth, mainly under the brand names of "Del Monte", "S&W", "Today's", "Contadina", "College Inn", and other brands. The Company's subsidiaries include Del Monte Pacific Resources Limited; DMPL India Pte Ltd; DMPL Management Services Pte Ltd; GTL Limited; S&W Fine Foods International Limited; and DMPL Foods Limited. At April 30, 2025, the Company had $2.26 billion in total assets against $2.88 billion in total liabilities and shareholders' deficit of $621.06 million. On July 1, 2025, DMPL's U.S. subsidiary Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by Greenberg Traurig, LLP and Simpson Thacher & Bartlett LLP. The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. has retained Morrison Foerster and Kelley Drye & Warren LLP as counsel. ================= S I N G A P O R E ================= AUTAGCO LTD: The Green Bar Placed Under Liquidation --------------------------------------------------- TipRanks reports that Autagco Ltd. has confirmed that, following shareholders' and creditors' meetings on Dec. 19, 2025, Keith Ng Hoe Kiat of Reliance 3P Advisory Pte. Ltd. has been appointed liquidator of The Green Bar Pte. Ltd., with all directors' powers ceasing and vesting in the liquidator from that date. As a result, Autagco has effectively lost control of The Green Bar, which has ceased to be an indirect 70%-owned subsidiary and will be deconsolidated from the group's financial statements from Dec. 19, 2025, marking a further step in the restructuring of its food and beverage portfolio, TipRanks relates. According to TipRanks, the company also reported that there have been no material developments in the voluntary liquidation process of its subsidiary Superfood Kitchen Pte. Ltd. since its previous updates. The company said it will continue to provide monthly updates and further announcements on the liquidations as required under Catalist rules, TipRanks adds. Based in Singapore, Autagco Ltd. (SGX:1D3), an investment holding company, operates restaurants in Singapore, Malaysia, and Thailand. The company operates its restaurants under the Superfood Kitchen and The Green Bar brand names. It is also involved in the lifestyle and entertainment businesses; and provision of assisted living services for elderly, as well as corporate advisory and fund management services. The company was formerly known as LifeBrandz Ltd and changed its name to Autagco Ltd. in November 2024. AUTOCREW PTE: Court to Hear Wind-Up Petition on Jan. 9 ------------------------------------------------------ A petition to wind up the operations of Autocrew Pte. Ltd. will be heard before the High Court of Singapore on Jan. 9, 2025, at 10:00 a.m. Oversea-Chinese Banking Corporation Limited filed the petition against the company on Dec. 19, 2025. The Petitioner's solicitors are: Hin Tat Augustine & Partners No. 20 Upper Circular Road #02-10/12 The Riverwalk Singapore 058416 FRAIS ENGINEERING: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of Frais Engineering Pte. Ltd. DBS Bank Ltd 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 LANTAL TEXTILES: Creditors' Proofs of Debt Due on Jan. 31 --------------------------------------------------------- Creditors of Lantal Textiles Asia Pacific Pte. Ltd. are required to file their proofs of debt by Jan. 31, 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: Knut Unger c/o Luther LLP 9 Raffles Place #24-01, Republic Plaza Singapore 048619 SURE WIN: Creditors' Proofs of Debt Due on Jan. 26 -------------------------------------------------- Creditors of Sure Win 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: Ms. Ee Meng Yen Angela Mr. Purandar Janampalli Rao EY Corporate Advisors c/o One Raffles Quay North Tower 18th Floor Singapore 048583 TINN3 PTE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of Tinn3 Pte. Ltd. DBS Bank Ltd 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 TOAST INN: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of Toast Inn Pte. Ltd. DBS Bank Ltd 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 ********* 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. 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