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260106.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 Tuesday, January 6, 2026, Vol. 29, No. 4 Headlines A U S T R A L I A CARPET COURT: Brisbane Franchise Stores Enter Into Liquidation CHASER GROUP: Commences Wind-Up Proceedings GLOBAL HUMAN: Court to Hear Wind-Up Petition on Feb. 10 GROLLO EQUISET: Court to Hear Wind-Up Petition on Feb. 10 RCR CORPORATE: McGrathNicol Appointed as Liquidators SOYO GROUP: Commences Wind-Up Proceedings C H I N A CHINA PHARMA: Subsidiary Acquires Ipragliflozin Patent for $9.8MM CHINA SOUTH: Liquidation Further Delays 2022/23 Final Dividend H O N G K O N G SINCERE DEPARTMENT: Sham Shui Po Department Store Closes Doors I N D I A A H MALLICK: CARE Keeps D Debt Rating in Not Cooperating Category A.M. DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating ABHINANDAN RASAYAN: Insolvency Resolution Process Case Summary ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating AGSC TECHNOLOGIES: Voluntary Liquidation Process Case Summary AJAY SYNTHETICS: CARE Keeps D Debt Rating in Not Cooperating ALKA VENTURES: Insolvency Resolution Process Case Summary ANJALI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating BALADEVJEW INFRASTRUCTURE: Insolvency Resolution Case Summary BLISS ABODE: Insolvency Resolution Process Case Summary BOSS TECH: CRISIL Hikes Rating on INR10cr Cash Loan to B BTM CORP: CARE Keeps D Debt Rating in Not Cooperating Category BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating CHHATRAPATI SAHAKARI: CARE Keeps C Debt Rating in Not Cooperating DURGA PARAMESHWARI: CRISIL Moves B Ratings from Not Cooperating GANESH EDUCATION: CARE Keeps D Debt Rating in Not Cooperating GANESH RICE: CARE Keeps C Debt Rating in Not Cooperating Category GOLDEN SANDHAR: CRISIL Reaffirms B Rating on INR59cr New Loan INDIAN REFRIGERATOR: NCLT Approves Klassic Wheels' Resolution Plan INDUSTRIES GULBARGA: CRISIL Reaffirms B+ Rating on INR11cr Loan K. D. SINGH: CARE Keeps D Debt Rating in Not Cooperating Category KALPANA BIRI: CARE Keeps B- Debt Rating in Not Cooperating KANIKA FURNITURE: CARE Keeps D Debt Ratings in Not Cooperating KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating METALIND PVT: Insolvency Resolution Process Case Summary MT EDUCARE: Discloses Loan Defaults Amid Insolvency Process NEMCARE HOSPITAL: CARE Keeps D Debt Rating in Not Cooperating OGD SERVICES: Liquidation Process Case Summary R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category SASTINADHA EPC: CRISIL Assigns B+ Rating to INR5cr New LT Loan SHAPOS FARMS: Liquidation Process Case Summary SHOPRTV PRIVATE: Voluntary Liquidation Process Case Summary SMARTPING FINANCE: Voluntary Liquidation Process Case Summary SSSANSTHANAM PVT: CRISIL Assigns B Rating to INR1cr LT Loan SUN AGRIFRESH: CARE Keeps D Debt Ratings in Not Cooperating VARDAAN LIFESTYLE: CARE Keeps C Debt Rating in Not Cooperating N E W Z E A L A N D SIEBERS INT'L: Liquidators Yet to Obtain Payment for Two Projects TRIBECA HOMES: Ritesh Mani Ordered Pay NZD750,000 to Supplier S I N G A P O R E 1AXIS RENTAL: Court Enters Wind-Up Order AFTERPAY ASIA: Creditors' Proofs of Debt Due on Jan. 30 BH AUTO: Court Enters Wind-Up Order CENTURY ENGINEERING: Court Enters Wind-Up Order CHIP SENG: Court Enters Wind-Up Order NAM LEE: Unaware of Reasons for Chairman Removal Call at EGM - - - - - ================= A U S T R A L I A ================= CARPET COURT: Brisbane Franchise Stores Enter Into Liquidation -------------------------------------------------------------- Robertson News reports that a Carpet Court franchise store in Macgregor has closed and entered liquidation, alongside two related Brisbane outlets, with liquidators now reviewing the circumstances surrounding the business failure. Robertson News relates that the Carpet Court franchise in Macgregor ceased trading earlier last week, along with stores operating in Underwood and Capalaba. All three locations entered voluntary liquidation on the same day. Each store was operated as a separate franchise business trading under the Carpet Court brand. Liquidators from BDO were appointed to the three businesses following the closures, Robertson News discloses. They are currently examining the reasons for the business failure, though they have indicated it is too early to provide further detail. The level of debt associated with the businesses has not yet been confirmed. According to Robertson News, the number of staff affected across the Macgregor, Underwood and Capalaba stores is still being assessed. At the time of closure, fewer than 10 workers were employed across the three locations. ASIC and ABN Lookup records list the businesses as Krytenberg 1 Pty Ltd, Krytenberg 2 Pty Ltd and Krytenberg 3 Pty Ltd, each trading as a Carpet Court store, Robertson News notes. All three entities were registered in 2022 and are now formally in liquidation. Carpet Court operates a national franchise network with more than 200 stores across Australia. Individual outlets are locally owned and operated, meaning closures at specific locations do not reflect the status of the broader brand. CHASER GROUP: Commences Wind-Up Proceedings ------------------------------------------- Members of Chaser Group Pty Ltd on Jan. 5, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Nicholas Giasoumi Shane Leslie Deane Dye & Co. Pty Ltd 165 Camberwell Road Hawthorn East, VIC 3123 GLOBAL HUMAN: Court to Hear Wind-Up Petition on Feb. 10 ------------------------------------------------------- A petition to wind up the operations of Global Human Resources Pty. Ltd. will be heard before the Federal Court of New South Wales on Feb. 10, 2026, at 9:30 a.m. Team Global Express Pty Ltd filed the petition against the company on Nov. 12, 2025. The Petitioner's solicitors are: Oakbridge Lawyers Pty Ltd Building 11, The Mill, Level 8 41-43 Bourke Road Alexandria, NSW 2015 GROLLO EQUISET: Court to Hear Wind-Up Petition on Feb. 10 --------------------------------------------------------- A petition to wind up the operations of Grollo Equiset Pty Ltd will be heard before the the Federal Court of Victoria on on Feb. 10, 2026, at 9:30 a.m. Owners Corporation 1 Plan No. PS634252L filed the petition against the company on Dec. 12, 2025. The Petitioner's solicitors are: C/- Chambers Russell Lawyers L11, 535 Bourke Street Melbourne, VIC 3000 RCR CORPORATE: McGrathNicol Appointed as Liquidators ---------------------------------------------------- Matthew Caddy and Jason Preston of McGrathNicol on Dec. 3, 2025, were appointed as liquidators of RCR Corporate Pty Ltd. The liquidators may be reached at: Matthew Caddy Jason Preston McGrathNicol Level 12, 44 Martin Place Sydney, NSW 2000 SOYO GROUP: Commences Wind-Up Proceedings ----------------------------------------- Members of Soyo Group Pty Ltd on Jan. 2, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tarquin Koch Tarquin Koch Accounting & Insolvency Services Unit 2 23-25 Beulah Road Norwood, SA 5067 ========= C H I N A ========= CHINA PHARMA: Subsidiary Acquires Ipragliflozin Patent for $9.8MM ----------------------------------------------------------------- China Pharma Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Hainan Helpson Medical & Biotechnology Co., Ltd, a wholly owned subsidiary of the Company, entered into a Technology Transfer Agreement with Juan Zhang. The Transferor owns an invention patent of an Ipragliflozin tablets and Method for Its Preparation. Pursuant to the Agreement, the Transferor will transfer the ownership of the Invention Patent to Helpson. The Transferor or its designated third party shall provide relevant technical services, which include but are not limited to product research and development, writing of registration materials, registration application and other technical services. The transfer price as contemplated by the Agreement is $9.8 million, which will be paid in the form of common stock of the Company, par value $0.001 per share, at $1.40 per share. About China Pharma China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures, and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing as of December 31, 2024, the Company had a working capital deficit of $1.7 million and had an accumulated deficit of $44 million. In addition, the Company had incurred net losses of $4.7 million and had negative cash flows from operating activities of $0.5 million for the year ended December 31, 2024. This condition raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $15.8 million in total assets, $7.5 million in total liabilities, and $8.3 million in total stockholders' equity. CHINA SOUTH: Liquidation Further Delays 2022/23 Final Dividend -------------------------------------------------------------- TipRanks reports that China South City Holdings Limited, currently in liquidation, has announced a further delay in paying its final dividend for the financial year ended March 31, 2023, as the company remains unable to meet the previously indicated Dec. 31, 2025 payment target. Following a court-ordered winding-up on Aug. 11, 2025 and the appointment of joint and several liquidators, the treatment and timing of the 2022/23 final dividend are now dependent on the outcome of an ongoing holistic restructuring of the group's offshore debt and the broader liquidation process, leaving shareholders without a specified new payment date, TipRanks relays. Trading in the company's shares has been suspended since Aug. 11, 2025 and will remain halted until further notice, underscoring the uncertainty facing equity holders and other stakeholders as restructuring negotiations with key creditors continue, adds TipRanks. About China South City Holdings China South City Holdings Limited is principally engaged in property development. The Company operates its business through five segments. The Property Development segment is engaged in the development of integrated logistics and trade centers, residential and commercial ancillary facilities. The Property Investment segment is engaged in the investment in integrated logistics and trade centers, residential and commercial ancillary facilities. The Property Management segment is engaged in the management of the Company's developed properties. The E-commerce segment is engaged in the development, operations and maintenance of an E-commerce platform. The Others segment is engaged in the provision of advertising, exhibition, logistics and warehousing services, outlet operations and other services. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 12, 2025, China South City Holdings Ltd. was ordered to liquidate by Hong Kong's High Court, making it the biggest Chinese builder by assets to be wound up since China Evergrande Group. The ruling from Judge Linda Chan came after the liquidation petitioner asked for an immediate wind-up order, Bloomberg News said. China South City asked the court for "one final chance," but Judge Chan said that no significant progress had been made on the company's restructuring proposal. China South City had total liabilities of about HK$60.9 billion as of Dec. 31, 2024, according to its annual report. Cash and bank balances stood at HK$717.7 million. The winding-up petition against China South City was filed by Citicorp International Ltd., which is the trustee of the developer's dollar bonds, Bloomberg disclosed. ================= H O N G K O N G ================= SINCERE DEPARTMENT: Sham Shui Po Department Store Closes Doors -------------------------------------------------------------- South China Morning Post reports that loyal customers and bargain hunters crowded a landmark department store in Hong Kong on Jan. 4 as it closed its doors after three decades of operations. According to the Post, the closure of Sincere Department Store's Sham Shui Po branch, a neighbourhood fixture for 30 years, leaves the chain with only two remaining outlets. Founded in 1900, Sincere was the first Chinese-owned department store in Hong Kong and remains one of the city's oldest retail groups. Its branches in Mong Kok and Central continued to operate. On Jan. 4, a Post reporter saw shoppers packing the store's three floors at the Dragon Centre eager to seize a final opportunity to grab last-minute bargains. Farewell notes adorned the store's entrance and interior, drawing shoppers who stopped to take photos with them during their last visit. "We have gone through three decades of good times with many warm stories . . . It's a pity we can no longer continue this journey," one of the notes in Chinese read. The Post says products were sold at steep discounts while shelves that once displayed furniture and food stood largely empty. A large crowd gathered around the counters for umbrellas and clothing, eagerly sifting through the last remaining bargains. Sincere's founder Ma Ying Piu and his friends opened the store upon returning to Hong Kong from Australia, where they sold bananas for a living, according to the Post. The group had been inspired by David Jones, an upmarket Sydney department store they admired. Sincere was a pioneer in Hong Kong retail, becoming the first store to hire female shop assistants, implement a fixed-price policy with no bargaining, and issue official receipts to customers. In the 1980s, Sincere and its main rival Wing On - which was founded in 1907 – agreed to open on alternate Sundays so employees at both stores could have regular days off. While retail remained the company's core business for decades, Sincere began to suffer heavy losses in the 2010s as local shopping habits evolved and its image was seen as outdated among younger consumers, the Post notes. In 2021, third-generation owner Philip Ma King-huen resigned as chairman and CEO after Realord Group Holdings acquired all of the company's listed shares. The Post says Bryan Lin Xiaohui, a member of the National Committee of the Chinese People's Political Consultative Conference, has since served as chairman. In 2016, the company operated at least six department stores across the city. With the closure of the branch at the Dragon Centre, only two remain, in Central and Mong Kok. ========= I N D I A ========= A H MALLICK: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A H Mallick Agro Services & Cold Storage Private Limited (AHMASCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.26 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 4, 2024, placed the rating(s) of AHMASCSPL under the 'issuer non-cooperating' category as AHMASCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHMASCSPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 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 January 2012, A. H. Mallick Agro Services and Cold Storage Private Limited (AHMASCSPL) was promoted by the Mallick family of Hooghly, West Bengal to set up a cold storage facility at Hooghly, West Bengal. After successfully setting up the cold storage facility, the company has commenced its commercial operations from March 2013. The company is engaged in the business of providing cold storage facility primarily for potatoes and is operating with a storage capacity of 15,650 metric ton (MT). This apart, the company is in potato trading business. A.M. DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A.M. Distributors (AD) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.35 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 12, 2024, placed the rating(s) of AD under the 'issuer non-cooperating' category as AD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 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 A.M. Distributors (AD) was established as a partnership firm by Mr. M. Mohammed Basheer and Mr. N. Abuty in 2005 with a profit-sharing ratio of 50:50. Later in 2011, the partnership was reconstituted among Mr. M. Mohammed Basheer, Mr. N. Abuty, Ms. Rajeena, Ms. C.P. Fousiyabi and Mr. Faheem Nellamcheri with profit sharing ratio of 25:15:25:15:20 respectively. AD is working as an authorised dealer in sale of car accessories for the supplier namely Pioneer India Electronics (P) Ltd., Harmon International Industries, Focal etc. The firm purchases speaker, home theatre etc. from the supplier and sells them on wholesale basis to retail shops in Kerala. The firm is also engaged in providing car related services like wheel alignment, wheel balancing, nitrogen filling etc. The firm owns a show room at Edapally in Ernakulam (Kerala) with a storage capacity of car accessories worth INR2.50 crore. AD has a registered office at Palarivattom in Cochin, Kerala. ABHINANDAN RASAYAN: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Abhinandan Rasayan Private Limited 301, Laxmi Sadan Opposite IDBI Bank, Tandon Road, Ramnagar, Dombivli East, Maharashtra 421201, India Insolvency Commencement Date: December 16, 2025 Court: National Company Law Tribunal, Mumbai Bench V Estimated date of closure of insolvency resolution process: June 14, 2026 Insolvency professional: Anil Kumar Mittal Interim Resolution Professional: Anil Kumar Mittal 5/9, Sector-2, Rajender Nagar, Sahibabad, Distt. Ghaziabad, Uttar Pradesh 201005 Email: mittalanil.ubi@gmail.com -- and -- 905, 9th Floor, Tower-C, Unitech Business Zone, Sector 50, Gurugram, Haryana 122018 Email: cirp.rasayan@resurgentrpl.com Last date for submission of claims: December 30, 2025 ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Advanced Computers And Mobiles India Private Limited (ACMIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 107.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 57.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 ACMIPL under the 'issuer non-cooperating' category as ACMIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACMIPL continues to be noncooperative 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: Not Applicable ACMIPL is one of India's leading distribution house in the Telecom Industry. ACMIPL trades in mobile phones, accessories and data cards. ACMIPL has its distribution network spanning pan India with over 20 distribution centres and over 10,000 retail touch points. AGSC TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: AGSC Technologies Private Limited 74/II, C Cross Road, Opposite Gate No 2, Seepz, Andheri East, Mumbai City, Mumbai, Maharashtra, India, 400093 Liquidation Commencement Date: November 25, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaraju 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum, Kothrud, Pune – 411038 Email: rp.anagha@kanjcs.com Tel No: 020-25466265/ 25461561 Last date for submission of claims: December 25, 2025 AJAY SYNTHETICS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ajay Synthetics Private Limited (ASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 December 23, 2024, placed the rating(s) of ASPL under the 'issuer non-cooperating' category as ASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 8, 2025, November 18, 2025, November 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 Ajay Synthetics Private Limited (ASPL), incorporated in 1987, is promoted by Kabra family and belongs to Ajay Group of Industries based out of Bhilwara (Rajasthan). The group is engaged in the business of manufacturing of finished synthetics fabrics from polyester yarn since 1987 through group concerns which includes Ajay India Limited (AIL, established in 1996), Subh Fabrics Limited (SFL, established in 1994) and Ajay Syntex Ltd (ASL, established in 2006). The group also does processing of grey fabrics through Rolex Processor Private Limited. ASPL is engaged in the business of manufacturing of synthetics grey fabrics from polyester yarn and gets the processing work done on grey fabrics from other processors on job work basis. Further, it is also engaged in trading of grey and finished fabrics. ALKA VENTURES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Alka Ventures Private Limited "Meena" TC 36/1690(1), Subhash Nagar, Vallakkadavu P.O., Thiruvananthapuram Insolvency Commencement Date: November 19, 2025 Court: National Company Law Tribunal, Kochi Bench Estimated date of closure of insolvency resolution process: May 18, 2026 Insolvency professional: Jossy Steephen Kattur Interim Resolution Professional: Jossy Steephen Kattur Barons - 16C, Skyline Imperial Gardens, Stadium Link Road, Kaloor, Ernakulam 682025 Email: jossysk@gmail.com Email: alkairp2025@gmail.com Last date for submission of claims: December 3, 2025 ANJALI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anjali Enterprises - Sahibabad (AES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 December 24, 2024, placed the rating(s) of AES under the 'issuer non-cooperating' category as AES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, 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 Sahibabad-UP based Anjali Enterprises (AES) was registered in 2014 as a proprietorship firm established by Ms. Anjali Khanna. The operation of firm is managed by Mr. Anuj Khanna for all business purposes. The firm is an approved stockiest and distributor for ITC products. It holds a local depot in Ghaziabad district which acts as its warehouse to manage this trading business. The firm caters to the demands of various medium to small size retailers in Sahibabad and expanding rapidly to entire Ghaziabad and also Dilshad Garden along with various Delhi UP border regions. AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Azen Medical Welfare and Research Society (AMWRS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.85 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 7, 2024, placed the rating(s) of AMWRS under the 'issuer non-cooperating' category as AMWRS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AMWRS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 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 Azen Medical Welfare & Research Society (AMWRS), registered under Registration of Societies Act, 1860 was established in March, 2000. The society remained non-operational till 2011. In the year 2011, AMWRS has undertaken a project to setup a general hospital with cancer treatment centre with other facilities like pathology centre, outdoor and indoor patient treatment etc. at Dimapur in Nagaland. During June 2015 the project has got completed with a project cost of INR45.00 crore and the operation has started from July 2015. In this initial stage, the hospital has started with 100 beds and daily average 225 indoor and outdoor patient consultation. The day to day affairs of the hospital is looked after by Mr. Yashitsungba Ao, Chairman, with the help of the Managing Director Mr. Y. Along Aier and other 16 members. BALADEVJEW INFRASTRUCTURE: Insolvency Resolution Case Summary ------------------------------------------------------------- Debtor: Shree Baladevjew Infrastructure Private Limited Badakesshar Pur, Manguli, Cuttack, Odisha, India – 754025 Insolvency Commencement Date: December 19, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: June 17, 2026 Insolvency professional: Soumitra Lahiri Interim Resolution Professional: Soumitra Lahiri Flat 14D & E, Tower-32, Genexx Valley, Joka, Diamond Harbour Road, Kolkata - 700104 Email: slahiri0207@gmail.com Last date for submission of claims: January 7, 2026 BLISS ABODE: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Bliss Abode Private Limited 40, Amrita Shergill Marg, New Delhi, India 110003 Insolvency Commencement Date: December 15, 2025 Court: National Company Law Tribunal, New Delhi Bench-II Estimated date of closure of insolvency resolution process: June 13, 2026 Insolvency professional: Sapan Mohan Garg Interim Resolution Professional: Sapan Mohan Garg D-54, First Floor, Defence Colony New Delhi 110024 Email: sapan10@yahoo.com -- and -- C-621, 6th Floor, Tower C, IThum, Plot No. A-40, Sector 62 Noida, UP - 201301 Email: cirp.blissabode@gmail.com Last date for submission of claims: January 1, 2026 BOSS TECH: CRISIL Hikes Rating on INR10cr Cash Loan to B -------------------------------------------------------- Crisil Ratings has upgraded its rating on the long-term bank facilities of Boss Tech Rice and Agro Pvt Ltd (BTRAPL) to 'Crisil B/Stable' from 'Crisil B-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (Upgraded from 'Crisil B-/Stable') Cash Credit 9 Crisil B/Stable (Upgraded from 'Crisil B-/Stable') Long Term Loan 7.5 Crisil B/Stable (Upgraded from 'Crisil B-/Stable') The upgrade reflects the improved credit risk profile of the company, backed by improvement in the liquidity and financial risk profile along with a stable business risk profile. The operating margin improved to 8.36% while revenue was INR43 crore owing to more favourable raw material prices. The profitability is expected to remain at a similar level with continued favourable procurement prices. Net cash accrual increased to around INR1.6 crore in fiscal 2025 from INR75 lakh in fiscal 2024. Gearing and TOL/TNW improved to around 3.7 times compared to previous year values at around 5 times. The operating margin is expected to sustain in fiscal 2026 with continuity of favourable rates, resulting in expected improvement in liquidity over the medium term. The rating reflects the extensive experience of the in the agricultural commodities industry and stable business risk profile. These strengths are partially offset by working capital-intensive operations, below-average financial risk profile and susceptibility to volatility in raw material prices and uneven rainfall. Analytical approach: Crisil Ratings has evaluated the standalone business and financial risk profiles of BTRAPL. Key Rating Drivers - Weaknesses * Below-average financial risk profile: Networth was estimated to be small at INR5.23 crore as on March 31, 2025, while gearing and total outside liabilities to tangible networth ratio were weak at 3.73 times and 3.76 times, respectively. However, the interest coverage ratio improved to around 1.8 times in and is expected to improve further over the medium term with better profitability. In the absence of any major capital expenditure (capex) plans, the financial risk profile is expected to improve over the medium term. * Working capital-intensive operations: Gross current assets were 120-150 days in the three fiscals ended March 31, 2024, but improved to 97 days as on March 31, 2025, with receivables of 34 days and inventory of 67 days. The company stocks larger inventory with more favourable procurement rates in the second half of the fiscal. Thus, the working capital cycle, especially the continuation of inventory below higher risk levels, will remain monitorable. * Susceptibility to volatility in raw material prices and uneven rainfall: Vulnerability of the crop to uncertainty in rainfall can lead to fluctuations in the availability and price of paddy, thereby affecting the business risk profile. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: Presence of around 15 years in the agricultural commodities industry has enabled the promoters to develop a strong understanding of local market dynamics and establish healthy relationships with customers and suppliers. * Stable business risk profile: Revenue increased steadily to INR43.66 crore in fiscal 2025 from INR38 crore previous fiscal, while operating margin improved to 8.36% with more favourable paddy procurement rates in the fiscal. With the company opening new sales outlet in Coimbatore, Tamil Nadu, and with continuity of favourable procurement rates; the business risk profile is expected to remain steady over the medium term. Liquidity Stretched The bank limit utilisation was 67.71% for the 12 months till November 2025. net cash accrual of INR1.6-1.9 crore will tightly match debt repayment of INR1.5 crore over the medium term. However, the unsecured loans of INR2.76 crore from the promoters support liquidity. Outlook Stable Crisil Ratings believes BTRAPL will continue to benefit from the extensive experience of its promoters in the rice industry. Rating sensitivity factors Upward factors: * Stable increase in turnover and steady operating margin leading to cash accrual of more than INR2 crore * Improvement in the liquidity and financial risk profile Downward factors: * Significant decline in revenue by more than 10% and dip in operating margin leading to lower-than-expected cash accrual * Large, debt-funded capex or further stretch in the working capital cycle leading to deterioration in financial risk profile BTRAPL was incorporated in 2009; operations are managed by Mr C R Shanmukhum. The company mills and processes paddy into rice, rice bran, broken rice, and husk. BTM CORP: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BTM Corp Limited (BCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 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 December 24, 2024, placed the rating(s) of BCL under the 'issuer non-cooperating' category as BCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, 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: Not Applicable Bhilwara (Rajasthan) based BCL was incorporated in October, 2005 by Tekriwal brothers as a closely held public limited company. Mr. Rajeev Tekriwal is the Managing Director, and the other two brothers Mr. Anil Tekriwal and Mr. Sanjeev Tekriwal are the Directors on the board of BCL. The company is engaged in the business of manufacturing of grey (cotton, polyester and synthetic) fabrics. BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BTM Industries Limited (BIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 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 December 30, 2024, placed the rating(s) of BIL under the 'issuer non-cooperating' category as BIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025, December 5, 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 1998, BIL is part of “BTM group” based out of Bhilwara. BIL is engaged in the business of processing of synthetic grey fabrics and trading of finished fabrics. BTM group consists of BTM Corp Limited (BCL) and Prestige Suitings Private Limited (PSPL) which are also engaged in manufacturing of synthetic grey fabric. CHHATRAPATI SAHAKARI: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Managing Committee of Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 45.00 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 27, 2024, placed the rating(s) of SCSSKL under the 'issuer non-cooperating' category as SCSSKL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCSSKL 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: Stable Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL) was incorporated by on April 1955 as a cooperative society. SCSSKL is currently promoted by Mr. Amarsingh Rajendrakumar Gholap as a chairman and is engaged in manufacturing of sugar & and co-generation of power. The company located near Bhavinagar Taluka Indapur in Pune Region. DURGA PARAMESHWARI: CRISIL Moves B Ratings from Not Cooperating --------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its rating on the long-term bank facilities of Shree Durga Parameshwari Motors Pvt Ltd (SDPMPL) to 'Crisil B/Stable Issuer not cooperating'. However, the management has subsequently started sharing the information necessary for a comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating of SDPMPL to 'Crisil B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 2.5 CRISIL B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Long Term Loan 2.5 CRISIL B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Long Term Loan 5 CRISIL B/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Long Term 1.0 CRISIL B/Stable (Migrated from Bank Loan Facility 'Crisil B/Stable ISSUER NOT COOPERATING') The rating continues to reflect SDPMPL's below-average financial risk profile and extensive exposure to group companies. These weaknesses are partially offset by the extensive experience of the promoters in the automobile dealership industry. Analytical Approach Unsecured loan of INR0.48 crore as on March 31, 2025, extended by the promoters has been treated as debt as this loan may not be retained in the business over the medium term. Key Rating Drivers - Weaknesses * Below-average financial risk profile: Financial risk profile is likely to remain constrained by sizeable working capital debt and vehicle loans. Networth was low at INR4.79 crore as on March 31, 2025, while the gearing and the total outside liabilities to tangible networth (TOLTNW) ratio was high at 4.99 times and 5.8 times, respectively. Furthermore, the gearing and the TOLTNW ratio are expected to be 3.85 times and 4.58 times, respectively, as on March 31, 2026. Debt protection metrices are comfortable, with interest coverage and net cash accrual to adjusted debt (NCAAD) ratios estimated at 1.68 times and 0.07 time, respectively, as on March 31, 2026. * Extensive exposure to group companies: SDPMPL has invested ~Rs 7.5 crore in its group companies in the form of equity, loans and advances as on March 31, 2025, which is 156% of its current networth. Any further exposure in the group companies, impinging the company's own cash accrual may impact liquidity and will remain a rating sensitivity factor over the medium term. Key Rating Drivers - Strengths * Extensive experience of the promoters: The key promoter, Mr Belman Purushottam Raghavendra Rao, hails from a well-known hotelier family that promoted Hotel Dwaraka, one of the oldest hotels in Hyderabad. Benefits from the promoters' expertise and their strong understanding of the local market dynamics should continue to aid the business. Liquidity Stretched Bank limit utilisation was high at 96% on average for the 12 months through September 2025. Annual cash accrual is expected to be over INR1.6 crore against yearly term debt obligation of INR1.15–1.12 over the medium term, and will cushion liquidity. The current ratio was moderate at 1.03 times as on March 31, 2025. Outlook Stable SDPMPL will continue to benefit from the healthy entrepreneurial experience of its promoters. Rating sensitivity factors Upward factors * Improvement in the financial risk profile, especially the capital structure, with gearing reducing to below 4.8 times * Recovery of loans or advances given to affiliates and improvement in liquidity Downward factors * Steep decline in revenue and profitability, leading to cash accrual below INR1 crore * Any large, debt-funded capital expenditure or further cash outflow in the form of advances to affiliates impacting liquidity SDPMPL was incorporated in 2012 by Mr Belman Purushottam Raghavendra Rao and his family members. The company is an authorised dealer for two-wheelers of Honda Motorcycle and Scooter India Private Limited in Hyderabad. GANESH EDUCATION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Ganesh Education and Welfare Society (SGEWS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 December 19, 2024, placed the rating(s) of SGEWS under the 'issuer non-cooperating' category as SGEWS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGEWS 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 Shree Ganesh Education and Welfare Society (SGEWS) is an educational society and was formed in April 08, 2011 under Societies Registration Act, 1860 with an objective to provide educational services by establishing and operating various educational institutions. The society operate colleges and school under the name of "Dev Rishi" in a single geography offering varied courses located in Saharanpur. GANESH RICE: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Ganesh Rice Mills (Sirsa) (SGRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.30 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.70 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 12, 2024, placed the rating(s) of SGRM under the 'issuer non-cooperating' category as SGRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025 and November 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: Not Applicable Sirsa-based (Haryana) Shree Ganesh Rice Mills (SGRM) was established in 1999 as a partnership concern by Mr Bhim Singhal and Mr Sunil Singhal. The firm is engaged in milling and processing and trading of both basmati and non-basmati rice. The firm procures the raw material (paddy) from the grain market located in Haryana through commission agents and sells its product to wholesalers in Haryana, Delhi and Gujarat. GOLDEN SANDHAR: CRISIL Reaffirms B Rating on INR59cr New Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B/Stable rating on the long term bank facilities of Golden Sandhar Mills Ltd (GSML). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 59 Crisil B/Stable (Reaffirmed) Based Bank Limits Term Loan 37 Crisil B/Stable (Reaffirmed) The ratings continue to factor GSML's large working capital requirement and susceptibility to regulations and cyclicality in the sugar industry. However, these weaknesses are partially offset by the extensive industry experience of the promoters and moderate financial risk profile of the company. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of GSML. Key Rating Drivers - Weaknesses * Susceptibility to unfavorable climatic conditions and government regulations: The sugar industry is highly regulated, with the government controlling pricing, supply of sugarcane and sugar release mechanism. The government fixes sugarcane prices without reference to sugar prices, which adversely affects players when sugar prices are low. Sugar prices depend on supply, which in turn depends on the quarterly release mechanism and sugar import policy, both of which are controlled by the central government. * Working capital intensive operations: Gross current assets (GCAs) were sizeable at 261 days as on March 31, 2025, on account of inventory of 40 – 50 days, which remain high due to the seasonal nature of business and debtors of 50-60 days. However, payables of 112 days support working capital. Working capital requirement will remain stable over the medium term as GCAs are expected to remain at 290-310 days as on March 31, 2025. Key Rating Drivers - Strengths * Extensive experience of the promoters: There has been a recent change in management, wherein an investment firm has acquired controlling stake in the company. The new promoters have appointed Mr Amrik Buttar, who has vast experience in the sugar industry, as the company's managing director to oversee its daily affairs. The promoters have established healthy relations with customers and suppliers. In fiscal 2025, the company posted a revenue of INR150 crore with an operating margin of 3.8%. As of November 2025, the company has achieved sales of around INR75 crore, marked by improvement in volumes sold, and expects to close the year around INR150 crore. * Moderate financial risk profile: Networth has improved from INR26 crore as on March 31, 2024 to INR31 crore as on March 31, 2025, driven by healthy accretion to reserve. Gearing, estimated around 0.85 time as on March 31, 2025, is expected to improve modestly through timely repayment of debt and healthy accretion to reserve. Debt protection metrics are expected to remain moderate with interest coverage of around 1.82 times in fiscal 2025, which is likely to improve. Liquidity Poor Expected cash accrual of INR5 crore is insufficient against term debt obligation of INR9.8 crore over the medium term. Current ratio was healthy at 1.98 times as on March 31, 2025 due to high advances given to cultivators. The promoters are likely to extend support in the form of equity and unsecured loans to meet the working capital requirements and repayment obligations. Outlook Stable Crisil Ratings believes GSML will continue to benefit from the extensive experience of its new management. Rating sensitivity factors Upward factors: * Efficiency in working capital management leading to GCAs below 190 days * Improvement in profitability, leading to higher net cash accrual Downward factors: * Decline in revenue and operating margin below 3%, leading to fall in net cash accrual * Stretch in working capital cycle GSML, formerly known as Wahid Sandhar Sugars Ltd, was established by the Narang group in Phagwara (Punjab) in 1933. The facility was taken over by the Oswal group in 1989 with an investment firm acquiring controlling stake from the Oswal group in 2000. GSML manufactures and markets sugar under the Phagwara brand. INDIAN REFRIGERATOR: NCLT Approves Klassic Wheels' Resolution Plan ------------------------------------------------------------------ The Free Press Journal reports that the National Company Law Tribunal (NCLT) has approved the resolution plan for Indian Refrigerator Company Limited, bringing it close to the conclusion of the corporate insolvency resolution process. The Free Press Journal relates that the plan, submitted by Klassic Wheels Limited, was approved by the tribunal after it received 100 per cent approval from the Committee of Creditors (CoC). The insolvency proceedings against Indian Refrigerator Company were initiated on Aug. 14, 2024, under Section 9 of the Insolvency and Bankruptcy Code, 2016, following a petition by Silveroak Home Appliances Private Limited, the report notes. Neha Agarwal was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the CoC. Following the invitation for expressions of interest, two prospective resolution applicants came forward. However, only Klassic Wheels Limited submitted a resolution plan, The Free Press Journal relates. After deliberations, the plan was revised and approved by the CoC in its meeting held on March 1, 2025. Under the approved plan, Klassic Wheels Limited will infuse INR16.10 crore to settle the claims of creditors and meet insolvency resolution process costs. Unsecured financial creditors are to receive Rs 14 crore, amounting to about 85.39 per cent of their admitted claims, while operational creditors and statutory authorities will receive payments as provided in the plan. The successful resolution applicant has also furnished a performance bank guarantee of Rs 1.61 crore, according to The Free Press Journal. M/s Klassic Wheels Limited (SRA) is a public limited company incorporated on August 9, 1994. The SRA is among India's largest wheel manufacturers, producing high-quality steel and alloy wheels, sheet-metal parts, and related components for two-, three- and four-wheelers across both ICE and EV segments. INDUSTRIES GULBARGA: CRISIL Reaffirms B+ Rating on INR11cr Loan --------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Shree Industries - Gulbarga (SI-G). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B+/Stable (Reaffirmed) The rating reflects the susceptibility to volatility in cotton prices and regulatory changes, modest scale of operations and weak financial risk profile these weaknesses are partially offset by the extensive experience of the partners in the cotton ginning industry and prudent working capital management of the firm. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of SI-G. Key Rating Drivers - Weaknesses * Susceptibility to volatility in cotton prices and regulatory changes: As cotton is an agricultural commodity, its availability depends on the monsoon. Further, cotton prices are highly volatile and any government intervention or fluctuation in global cotton output can lead to a sharp volatility in cotton prices. Any sudden change in regulations can distort the market prices and affect the profitability of players in the cotton value chain. The same can be reflected in volatile operating margins in the range of 1.3-4.55 over the past four fiscals through fiscal 2025. Thus, the profitability of players such as SI-G is susceptible to regulatory changes that have the potential to distort market prices. * Modest scale of operations: Revenues of the firm declined to INR58.7 crore in fiscal 2025 from INR82.6 crore in fiscal 2024. This was due to increase in the prices of the commodity, hence affecting the demand. The firm faces intense competition in the cotton ginning industry which would continue to constrain scalability, pricing power and profitability over the medium term. * Weak financial risk profile: The financial risk profile is marked by low networth of INR3.8 crore as on March 31, 2025. Gearing and total outside liabilities to adjusted networth (TOLANW) ratio were high at 2.9 times and 3.1 times, respectively, as on March 31, 2025, due to reliance on external debt for working capital management. The debt protection metrics have remained moderate, due to high leverage and low profitability. Interest coverage ratio stood at 2.1 times in fiscal 2025. The debt protection metrics is likely to remain at similar level over the medium term. Key Rating Drivers - Strengths * Extensive experience of the partners: The partners have more than 18 years of experience in the cotton ginning industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers has supported the business in the past and the same is expected to support the business in the medium term. * Efficient working capital management: The company's efficient working capital management is reflected in its gross current assets (GCAs) of ~90 days as on March 31, 2025. It is required to extend moderate credit period in line with the industry standards with receivables of 5-10 days. Furthermore, to meet its business requirement, the company holds moderate inventory of 55 days as on March 31, 2025. The payments to creditors are generally on cash basis as seen in the creditor days of up to 5 days. In the absence of any major change in operating policies, the working capital cycle will remain prudently managed. Liquidity Streched Bank limit utilisation is low at around 21% for the past twelve months ended August 2025. Net cash accruals of INR25-30 lakhs with no repayment obligations expected in medium term. Current ratio stood at 1.2 times and cash and bank balance at INR1 lakh as on March 31, 2025. Outlook Stable Crisil Ratings believe SI-G will continue to benefit from the extensive experience of the partners and their established relationship with clients. Rating sensitivity factors Upward factors * Substantial and sustainable increase in revenue and profitability, resulting in net cash accrual above INR1 crore. * Improvement in the financial risk profile Downward factors * Steep decline in revenue and/or operating profitability dropping below 1.5%, leading to lower-than-expected cash accrual. * Larger-than-expected, debt-funded capital expenditure or a sizeable stretch in the working capital cycle affecting the liquidity profile of the firm. SI-G, a partnership firm set up in 2014, is engaged in cotton ginning and pressing. Its facility is spread over 8 acres of land in Gulbarga (Kalaburagi; Karnataka). Mr Gourishankar B Bacha manages the operations. K. D. SINGH: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K. D. Singh Poultries Private Limited (KDSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 4, 2024, placed the rating(s) of KDSPPL under the 'issuer non-cooperating' category as KDSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KDSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 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 Ranchi-based, K. D. Singh Poultries Private Limited (KDSPPL) incorporated in September 2007, was promoted by the Singh family of Ranchi, Jharkhand with Mr. Kapil Deo Singh being the main promoter. KDSPPL is engaged in trading of eggs. KALPANA BIRI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kalpana Biri Manufacturing Co Private Limited (KBMCPL) 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 06, 2024, placed the rating(s) of KBMCPL under the ‘issuer non-cooperating’ category as KBMCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBMCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 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 Kalpana Biri Manufacturing Company Private Limited (KBMCPL) was incorporated in 1990 by Biswas family of Murshidabad, West Bengal. The company is engaged in manufacturing of Bidi and retailing of electronics product. The promoters are engaged in bidi manufacturing for more than five decades and ventured into retailing of electronics product in 2002. The company has four bidi manufacturing facility in Murshidabad, West Bengal. The company mainly sells bidi under four brands - Kalpana, Bharat, Manu and Purba. The company operates 7 retail showrooms in New Delhi, having a cumulative area of 18,475 square feet. KANIKA FURNITURE: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kanika Furniture Private Limited (KFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 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 December 23, 2024, placed the rating(s) of KFPL under the 'issuer non-cooperating' category as KFPL had failed to provide information for monitoring of the as agreed to in its Rating Agreement. KFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 8, 2025, November 18, 2025, November 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 Kanika Furniture Private Limited (KFPL) was incorporated in the year 2003 with its office located at Bhubaneswar, Odisha. Since its inception, the entity has been engaged in interior decoration solutions on behalf of various corporate clients across Odisha. This apart, the company was also engaged in trading of various furniture items through dealers spreading across Jharkhand, Odisha, West Bengal and Chhattisgarh under the brand name "Kiran". Mr. Ritesh Agarwal having almost two decades of experience in similar line of business looks after the day to day operations of the entity along with other technical and nontechnical professionals who are having long experience in this industry. KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Krishnanand Infrastructure and Developers Private Limited (SKIDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 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 7, 2024, placed the rating(s) of SKIDPL under the ‘issuer non-cooperating’ category as SKIDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKIDPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 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 Vapi-based (Gujarat) SKIDPL was incorporated in 2011, by Mr Anand Tripathi and Mr Kapil Tiwari. SKIDPL belongs to Shree Krishnanand Group which comprises of various other entities. SKIDPL is engaged into the business of undertaking turnkey projects involving civil works, erection, commissioning and electrical works of industrial buildings. SKIDPL also undertake projects from Government of Gujarat. SKIDPL is executing the contract works for public and private companies. METALIND PVT: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Metalind Pvt Ltd H. No. 222 Ward No. 4, Krishna Nagar, Dumra, Bihar, India 843302 Insolvency Commencement Date: December 12, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: June 13, 2026 Insolvency professional: Jaishree Kannan Interim Resolution Professional: Jaishree Kannan 2nd Floor, Flat No. 7, Vinayaka Apartments, 25 Karunamoyee Ghat Road, Haridevpur (Tollygunge Area), Kolkata, West Bengal, 700082 Email: caljaishree@gmail.com Email: cirp.metalind@gmail.com Last date for submission of claims: December 29, 2025 MT EDUCARE: Discloses Loan Defaults Amid Insolvency Process ----------------------------------------------------------- TipRanks reports that MT Educare Limited has disclosed that it has defaulted on repayment of principal and interest on multiple secured borrowings, including term loans, overdraft facilities and corporate guarantees, with total outstanding borrowings from banks and financial institutions of about INR32.33 crore. TipRanks relates that the defaults, which relate mainly to obligations towards Prudence ARC and Axis Bank dating back to March 2021, also encompass invoked corporate guarantees for third-party borrowers and are being addressed within the ongoing Corporate Insolvency Resolution Process, while certain disputed guarantee-related claims continue to be contested before higher judicial forums, underscoring the company's stressed financial position and the unresolved exposure for its secured creditors. About MT Educare MT Educare Ltd provides education support and coaching services primarily under the Mahesh Tutorials brand in India. It engages in the provision of commercial training, coaching, tutorial classes, and activities. As reported in the Troubled Company Reporter-Asia Pacific in late December 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) has admitted MT Educare into the corporate insolvency resolution process (CIRP) and appointed Ashwin Bhavanji Shah as the interim resolution professional for the Mumbai-based coaching firm. The NCLT allowed the company's operational creditor Connect Residuary to initiate the insolvency proceedings. The operational creditor had approached the bankruptcy court in November 2021 after the company defaulted on its dues of about INR5.37 crore. NEMCARE HOSPITAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nemcare Hospital Tezpur Private Limited (NHTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 4, 2024, placed the rating(s) of NHTPL under the 'issuer non-cooperating' category as NHTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 20, 2025, September 30, 2025, October 10, 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 NHTPL was incorporated on May 23, 2016 by Guwahati based NEMCARE Group. North East Medical Care & Research Centre Pvt Ltd (NEMCRCPL) holding 88.64% stake in NHTPL is the flagship company of the group which is already operating a 100 bed multispeciality hospital in Guwahati, Assam since last 2 decade. This apart, Nemcare Hospital Pvt Ltd (NHPL, IND D) another company of the group is running a 200 bed multi-speciality hospital in Guwahati. NHTPL is setting up a 60 bed multi-speciality hospital in Tezpur, Assam at an estimated cost of INR25.98 crore (being funded at a debt equity ratio of 1.7:1). The commencement of the same has been postponed from April'18 and the project is expected to be completed by April 2020. Dr. Mihir Kumar Baruah, Director [MBBS, PGDHHM] along with Dr. Hiteshwar Baruah (MBBS, MAIMS, FAIMS) serving as the chairman and Managing Director of NHTPL is looking after day to day operations of the company. The promoters are having an experience of more than two decades in the healthcare industry. OGD SERVICES: Liquidation Process Case Summary ---------------------------------------------- Debtor: OGD Services Limited 34, 3rd Floor, 731/2, Air Condition Market Building, Pandit Madan Mohan Malviya Marg, Tardeo, Mumbai - 400034, Maharashtra Liquidation Commencement Date: April 29, 2024 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Jayanti Lal Jain Headway Resolution and Insolvency Services Pvt. Ltd. 708, Raheja Centre, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra Email: jljain.ip@gmail.com Email: cirp.ogdservices@gmail.com Last date for submission of claims: January 14, 2026 R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R V Realty (RVR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 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 29, 2024, placed the rating(s) of RVR under the 'issuer non-cooperating' category as RVR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RVR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 15, 2025, October 25, 2025, November 4, 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 RV Realty is a special purpose vehicle (SPV) formed as a partnership entity between the Pune based Vastushodh Group and the Pune based Reelicon Group. The Reelicon group is a Pune based real estate engaged mainly in the construction of residential projects. The firm was promoted by 3 entrepreneurs in 1998, Mr. Anil Salunke, Mr. Milind Jadhav and Mr. Dhananjay Nimbalkar each having 15 years of experience. SASTINADHA EPC: CRISIL Assigns B+ Rating to INR5cr New LT Loan -------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the long-term bank facility of Sastinadha EPC Solutions India Pvt Ltd (SSIPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 Crisil B+/Stable (Assigned) Bank Loan Facility The rating reflects exposure to intense competition in the solar EPC segment and the weak financial risk profile of the company. These weaknesses are partially offset by the moderate order book providing revenue visibility. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SSIPL. Unsecured loans of INR49.8 lakh have been treated as 75% equity and 25% debt. Key rating drivers - Weaknesses * Presence in a highly fragmented industry: Exposure to intense competition limits the pricing flexibility and bargaining power of players in the solar power EPC segment. This, in the absence of any pass-through mechanism, causes volatility in the operating margin. * Weak financial risk profile: Networth was low at INR25 lakh as on March 31, 2025, due to negative accretion to reserve. Total outside liabilities to tangible networth ratio was high at 9.04 times as on the same date. Key rating drivers - Strength * Moderate order book providing revenue visibility: The company has orders worth INR24.22 crore as of October 2025, to be executed over next 7-8 months, providing revenue visibility over the medium term. Liquidity Poor The company has no working capital limit. Expected cash accrual of INR0.4-1.5 crore should aid liquidity in the absence of any debt obligation. Current ratio was low at 0.93 time as on March 31, 2025. Outlook Stable Crisil Ratings believes SSIPL will continue to benefit from the extensive experience of its promoter in the solar EPC segment, and established relationships with clients. Rating sensitivity factors Upward factors * Substantial growth in revenue (by over 30%) and steady operating margin of 6-7%, leading to higher net cash accrual * Improvement in the financial risk profile and liquidity Downward factors * Decline in revenue (by 20%) and operating margin (to 3-4%), leading to lower net cash accrual * Weakening in the financial risk profile and liquidity SSIPL provides solar EPC services, including supply and installation of photovoltaic, heating ventilation and air conditioning (HVAC), and energy storage solutions. SHAPOS FARMS: Liquidation Process Case Summary ---------------------------------------------- Debtor: Shapos Farms Private Limited 1207/343, 9th Main, 7th Sector HSR Layout, Bengaluru 560102 Liquidation Commencement Date: October 30, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ravindra Beleyur Beleyur Resolutions Private Limited 'Shreevathsa', 428, 19th B Cross, 3rd Block, Jayanagar Bengaluru - 560011 Tel: +91 80 26540193 Email: ip@beleyur.com Email: cirp.shapos.farms@beleyur.com Last date for submission of claims: January 14, 2026 SHOPRTV PRIVATE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Shoprtv Private Limited H. No. 5-82/16 BSR Colony Patelguda, Hyderabad, Ameenpur, Telangana, India, 502319 Liquidation Commencement Date: December 15, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main, 15th Cross Malleshwaram Bangalore 560055 Email: pragnya.cas@gmail.com Tel: 9845666596; 080-23565641 Last date for submission of claims: January 14, 2026 SMARTPING FINANCE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Smartping Finance Private Limited Cabin No. 311, 3rd Floor, TDS Towers, Plot No. 193, Phase 8- B, Industrial Area, Daon, Rupnagar, S.A.S. Nagar (Mohali), Punjab, India 160055 Liquidation Commencement Date: December 15, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Nikhil Sachdeva 541-L, Model Town, Preet Hospital Road, Ludhiana - 141002 PB Email: vl.smartping@gmail.com Mobile: +91-86990-03124 Last date for submission of claims: January 14, 2026 SSSANSTHANAM PVT: CRISIL Assigns B Rating to INR1cr LT Loan ----------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B/Stable' rating to the proposed long-term bank facility of Sssansthanam Pvt Ltd (SPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B/Stable (Assigned) Bank Loan Facility The rating reflects SPL's modest scale of operations and average financial risk profile. These weaknesses are partially offset by the extensive experience of its promoters in the business. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SPL. Key rating drivers - Weaknesses * Modest scale of operations: Revenue remained at INR2.02 crore in fiscal 2025 constrained by intense competition. The company has booked revenue of INR1.5 crore till November 2025 and expects to close fiscal 2026 at INR2.2-2.4 crore. Small initial investment and low complexity of operations have resulted in significant fragmentation in the sector. The scale of operations will continue to limit operating flexibility. * Modest financial risk profile: Networth is estimated to be below average at INR0.97 crore as on March 31, 2025. The capital structure is estimated to remain comfortable in the absence of any debt-funded capital expenditure (capex), as indicated by gearing and total outside liabilities to adjusted networth (TOLANW) ratio of 0.53 time and 2.12 times, respectively, as on March 31, 2025. Improvement in the financial risk profile will remain a key rating sensitivity factor over the medium term. Key rating driver - Strength * Extensive industry experience of the promoters: The promoters have experience of over a decade in the business. This has given them a strong understanding of the market dynamics and enabled them to establish healthy relationships with suppliers and customers. Liquidity Poor Cash accrual is expected to be INR0.5-0.7 crore against nil term debt obligation over the medium term. Low gearing and increase in networth should support financial flexibility. Outlook Stable Crisil Ratings believes SPL will continue to benefit from the extensive experience of its promoters and established relationships with clients. Rating sensitivity factors Upward factors * Increase in revenue and profitability, leading to cash accrual of more than INR2 crore * Improvement in the capital structure Downward factors * Decline in net cash accrual to below INR0.4 crore on account of decline in revenue or operating profit * Substantial increase in working capital requirement, weakening liquidity and financial profile SPL is working in supplying food and utility items to non-government organisations as a trader. The company was set up in 2018 by Mr. Susheelchandra Trivedi and Mr. Shirshendusheel Trivedi. SUN AGRIFRESH: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sun Agrifresh Industries Private Limited (SAIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 SAIPL under the 'issuer non-cooperating' category as SAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAIPL 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 New Delhi-based, Sun Agrifresh Industries Private Limited (SAIPL) was incorporated in 2007 and is currently being managed by Mr Nilesh Singh and Mr Ritesh Singh Pundir. SAIPL is engaged in the agriculture and retail industry which involves agricultural farming (cultivation and processing of vegetables, fruits, wheat, paddy, etc.), dairy farming (raw milk) and retailing of fastmoving consumer goods including own products. VARDAAN LIFESTYLE: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vardaan Lifestyle Limited (VLL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 27, 2024, placed the rating(s) of VLL under the 'issuer non-cooperating' category as VLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VLL 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: Stable VLL (VLL: earlier known as Ram India Mittal Township Limited) is a special purpose vehicle of Mittal Brothers Group. The company earlier in March 2007 was established as a partnership firm under the name of "Ram India Mittal". In the year 2014, the company changed its constitution to limited company. Later in September 2017, the company changed its name to VLL. Currently, VLL is developing a residential cum commercial development under the name "Cleveland Park Phase II (earlier known as Life Park Plus)". The total cost of the project is expected to be funded through promoter's contribution, term loan. ===================== N E W Z E A L A N D ===================== SIEBERS INT'L: Liquidators Yet to Obtain Payment for Two Projects ----------------------------------------------------------------- The Press reports that two large outstanding accounts, cited as the reason for the liquidation of a long-running South Canterbury electrical, refrigeration and heat pump company last year, are yet to be paid. Siebers International provided services across South Canterbury for more than 40 years, before it was put into liquidation by shareholder resolution in November 2024, with owner Peter Siebers saying he hoped liquidators would "pick up the fight" over "two very large contractual disputes," The Press relates. At the time, Mr. Siebers told The Timaru Herald the decision to liquidate had been "very disappointing" and said two companies had "disputed their obligation to pay" his company. TRIBECA HOMES: Ritesh Mani Ordered Pay NZD750,000 to Supplier ------------------------------------------------------------- NZ Herald reports that Ritesh Mani, a twice-bankrupted Auckland property developer, has been ordered to personally pay more than NZD750,000 after his latest failed business venture left him owing money to suppliers. As reported in the the Troubled Company Reporter-Asia Pacific in early May 2015, Tribeca Homes, a house investment company, has finally gone into liquidation and caved in to creditor's pressure, after failing to build nearly NZD10 million worth of new homes. Tribeca Homes was placed into liquidation at the request of subcontractor F&M Construction by the High Court, the New Zealand Herald reported. Tribeca Homes, directed by Mark Richards, had advertised and sold land and building packages but earlier this year stated it was unable to fulfil 44 contracts worth NZD10 million, the Herald previously reported. Associated companies Tribeca Homes Holdings and Personal Retirement Planning Franchising have also entered liquidation. ================= S I N G A P O R E ================= 1AXIS RENTAL: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of 1Axis Rental Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Tan Suah Pin Lim Soh Yen c/o Acutus LLP 133 New Bridge Road #25-03/08 Singapore 059413 AFTERPAY ASIA: Creditors' Proofs of Debt Due on Jan. 30 ------------------------------------------------------- Creditors of Afterpay Asia Pte. Ltd. are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 19, 2025. The company's liquidators are: Quar Lian Huat Tay Tuan Leng c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 BH AUTO: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of BH Auto Services Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CENTURY ENGINEERING: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of Century Engineering Aire Services 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 CHIP SENG: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of Chip Seng Contractor 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 NAM LEE: Unaware of Reasons for Chairman Removal Call at EGM ------------------------------------------------------------ The Business Times reports that Nam Lee Pressed Metal Industries does not know why two of its shareholders are calling for the removal of its chairman and executive director Joanna Yong, the mainboard-listed company said in a bourse filing on Jan. 4. On Nov. 21, 2025, Nam Lee disclosed that it had received a requisition notice from shareholders Yong Kin Sen and Yong Poon Miew to convene an extraordinary general meeting (EGM) to remove Joanna Yong as a director, BT relates. The meeting will be held at 10:00 a.m. on Jan. 9 at the Orchid Country Club. According to BT, the two requisitioning shareholders own a combined stake of at least 10 per cent of the company. However, they have not provided any rationale for the proposed removal, Nam Lee said in the filing, in response to queries from other shareholders ahead of the EGM. BT says the queries included why the requisition is targeting Joanna Yong, and whether it is connected to broader governance, strategic or operational disagreements within the board or the Yong family shareholders. The EGM comes months after Nam Lee's managing director Eric Yong was interviewed by the Corrupt Practices Investigation Bureau (CPIB) over a whistle-blower report. Eric Yong is a cousin of Joanna Yong, as well as another executive director, Adrian Yong. Nam Lee said in an October bourse filing that the allegations covered in the CPIB interview appeared to be the same ones raised in a separate report received by its audit committee in FY2024, BT recalls. The committee referred the matter to internal auditors, who then "concluded that nothing has surfaced or so to indicate the need for more comprehensive or further investigation", Nam Lee previously announced. BT adds that Nam Lee said that it is unaware if the proposed removal is related to allegations that led to Eric Yong's interview with CPIB. Responding to a query on whether there are concerns about Joanna Yong's independence, the company added that the board has not raised any concerns on that matter, nor on her decision-making or responsibilities, BT relays. "The board has not previously received any formal or informal concerns from the requisitioning shareholders about (Joanna Yong) as a director," it said. Nam Lee Pressed Metal Industries Limited (SGX: G0I), together with its subsidiaries, engages in the design, fabrication, supply, and installation of steel and aluminum products in Singapore and Malaysia. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***