260107.mbx

260107.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 Wednesday, January 7, 2026, Vol. 29, No. 5 Headlines A U S T R A L I A BRILLIANCE CONSTRUCTION: Court Enters Wind-Up Order ITHEA CORPORATION: Dye & Co. Appointed as Liquidators ONSITE GROUP: DVT Mcleod Appointed as Liquidators SOBAH PROPERTY: Adam Francis Ward Appointed as Liquidator VICTORIAN ALPS: Commences Wind-Up Proceedings C H I N A COUNTRY GARDEN: Linklaters Advises on US$17.7 Billion Restructuring COUNTRY GARDEN: Posts MYRB2.69BB in Contracted Sales for Dec. 2025 SUNAC CHINA: Court Dismisses Winding-Up Petition Against Company H O N G K O N G CAS HOLDING 1: S&P Rates Proposed Perpetual Sub. Securities 'BB' SJM HOLDINGS: Fitch Rates Proposed Unsecured Notes 'BB-' SJM HOLDINGS: To Issue US Dollar Senior Notes for Refinancing I N D I A AGROW FOODS: CARE Keeps D Debt Rating in Not Cooperating Category ANISHA ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating ANTIQUE COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating BEEPEE ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating BOKARO STUDENTS: CARE Keeps B- Debt Rating in Not Cooperating DHANRAJ COTTON: CARE Keeps B- Debt Rating in Not Cooperating MAHAKALI COLD: CARE Keeps B- Debt Rating in Not Cooperating MANI ZAVER: CARE Lowers Rating on INR33cr LT Loan to B- MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating NARAYAN COLD: CARE Keeps B- Debt Rating in Not Cooperating NAVIN COTTON: CARE Keeps B- Debt Rating in Not Cooperating OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating RAJASTHAN SYNTEX: CARE Keeps D Debt Ratings in Not Cooperating RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating SAVITRI POLYESTERS: ICRA Keeps D Debt Ratings in Not Cooperating SHANTESHA MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating SHELL APPARELS: ICRA Keeps B+ Debt Ratings in Not Cooperating SHIVAM TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating VARDHMAN ROLLER: CARE Keeps D Debt Rating in Not Cooperating VIKAS ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating I N D O N E S I A BUKIT MAKMUR: Fitch Affirms & Then Withdraws 'B+' IDR M A L A Y S I A KHEE SAN: Former Director Faces 11 Charges for Losses at Unit PHARMANIAGA BHD: Imam Fathorrahman Resigns as Independent Director N E W Z E A L A N D EB GAMES: Proposes Closure of All New Zealand Stores S I N G A P O R E FKS HOLDINGS: Court Enters Wind-Up Order FUKUSEN RESTAURANT: Court Enters Wind-Up Order J-COOL PLUS: Court Enters Wind-Up Order MM&S GLOBAL: Court Enters Wind-Up Order SANLI ENVIRONMENTAL: Unit Receives Liquidated Damages Letter VALENTI PTE: Court to Hear Wind-Up Petition on Jan. 9 T H A I L A N D THAI OIL: S&P Rates New US$600MM Sub. Hybrid Notes 'BB-' - - - - - ================= A U S T R A L I A ================= BRILLIANCE CONSTRUCTION: Court Enters Wind-Up Order --------------------------------------------------- The Supreme Court of Western Australia entered an order on Dec. 19, 2025, to wind up the operations of Brilliance Construction Pty Ltd. The company's liquidator is: Mathieu Tribut Mackay Goodwin Level 2, 68 St Georges Terrace Perth, WA 6000 ITHEA CORPORATION: Dye & Co. Appointed as Liquidators ----------------------------------------------------- Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. Pty Ltdon Jan. 6, 2026, were appointed as liquidators of Ithea Corporation Pty. Ltd. The liquidators may be reached at: Nicholas Giasoumi Shane Leslie Deane Dye & Co. Pty Ltd 165 Camberwell Road Hawthorn East, VIC 3123 ONSITE GROUP: DVT Mcleod Appointed as Liquidators ------------------------------------------------- Antonio (Anthony) Bagala and Antony Resnick of DVT Mcleods on Jan. 5, 2026, were appointed as liquidators of Onsite Group (Aust) Pty Ltd. The liquidators may be reached at: Antonio (Anthony) Bagala Antony Resnick DVT Mcleods PO Box 453 Parramatta, NSW 2124 SOBAH PROPERTY: Adam Francis Ward Appointed as Liquidator --------------------------------------------------------- Adam Francis Ward of Worrells on Jan. 6, 2026, was appointed as liquidator of Sobah Property Holdings Pty Ltd. The liquidator may be reached at: Adam Francis Ward Worrells 160 Brisbane Street Ipswich, QLD VICTORIAN ALPS: Commences Wind-Up Proceedings --------------------------------------------- Members of Victorian Alps Winery Pty. Ltd. on Jan. 6, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Richard Lawrence Mackay Goodwin Level 16, 90 Collins Street Melbourne, VIC 3000 ========= C H I N A ========= COUNTRY GARDEN: Linklaters Advises on US$17.7 Billion Restructuring ------------------------------------------------------------------- Linklaters has advised Country Garden on the successful restructuring of approximately US$17.7 billion of its offshore debt, effective on Dec. 30, 2025. This is one of the largest and most complex offshore restructurings by a Chinese issuer, in terms of the size of the total debt as well as the number and diversity of creditors. Linklaters helped Country Garden achieve deleveraging, extended maturities and reduced funding costs, all of which are critical to recovery in an extremely difficult market environment, and were delivered within an exceptionally tight timeframe. The transaction sets a new benchmark for future restructurings in the Chinese real estate sector. The deal involved a highly complex capital structure and diverse stakeholder dynamics. Appointed at a critical juncture in May 2024, Linklaters worked closely with Country Garden's management team to formulate and implement a comprehensive restructuring strategy. Linklaters applied legal expertise and commercial insight to develop practical solutions to resolve complex stakeholder dynamics and bridge gaps between creditor groups, ensuring swift resolution of issues and decisive action towards meeting the restructuring objectives, and completion within 2025. Key contributions included: * supporting the company's engagement with the Stock Exchange and the timely resumption of trading in its shares, which was essential to creating the right market backdrop for the restructuring * in relation to the winding up petition against the company, helping it obtain an initial six month adjournment and subsequent extensions, securing the time needed to negotiate and implement the restructuring * designing and implementing an innovative structure to effectively adjust the ranking of creditors, including the release of collateral by a group of secured lenders for the benefit of all creditors – the first structure of its kind in an offshore restructuring by a Chinese property developer * mapping and unwinding complex cross guarantees between the listed company and its onshore subsidiaries, materially reducing risk at the listed company level * structuring and implementing a management incentive plan within the restructuring framework and obtaining broad creditor support, striking a balance between motivating management and protecting creditor interests * at creditors' request, helping to separate Forest City from the listed company and creating an executable solution despite valuation, shareholder approval and regulatory constraints. The transaction was led by partner William Liu. The matter brought together specialists in restructuring, capital markets, corporate, banking, litigation, arbitration and investigations, financial regulatory and employment from across Linklaters' global network to provide seamless, fully integrated cross border and cross-practice support. Other core team members included partners Richard Woodworth, Denise Fung, Maggie Ng and Taiki Ki; senior consultant Mark Fairbairn; counsel Christian Felton, Su Ern Lee, Olivia Yiu and Queenie Tong; supported by Wendy Ding, Kenneth Kong, Dean Sofillas, Yin Shuopeng, Elio Cunico, Cheng Rui Chua, Tang Jun and James Leung. Linklaters Senior Partner and Chair, Aedamar Comiskey, commented: "We are very proud to have supported Country Garden on this landmark restructuring. It is an excellent example of how we work as one global team across borders and practices to bring the whole firm to our clients, enabling them to address their most complex strategic challenges. This transaction sets a new benchmark for offshore restructurings in the Chinese real estate sector and underlines our long term commitment to clients in Asia. It showcases the strength of our global platform and culture of teamwork, our deep experience in restructurings and our ability to deliver innovative solutions under intense time pressure. We are grateful to Country Garden for their trust and to all of the advisers involved for the highly collaborative way in which they approached this matter." Linklaters partner William Liu commented: "We are deeply grateful to Country Garden for its trust in Linklaters and honoured to have supported the company on this landmark restructuring. "The deal was exceptionally challenging in its scale, structure and timetable. The interests of different creditor groups, regulators and the company itself were complex and often competing, and many of the key decisions were difficult as well as critical to the company's long term future. "We maintained open and pragmatic dialogue with management, bank creditors, bondholders and other stakeholders, and worked to develop solutions that respected the rights and commercial priorities of all parties while helping the company to do the hard but right things. We are pleased to have been part of the answer to some of the company's toughest problems, and we are very grateful to all the professional teams involved for their support and collaboration throughout the process. Once again, we extend our warmest congratulations to Country Garden and everyone involved." About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. COUNTRY GARDEN: Posts MYRB2.69BB in Contracted Sales for Dec. 2025 ------------------------------------------------------------------ TipRanks reports that Country Garden Holdings reported unaudited operating figures for December 2025, stating that contracted sales attributable to its shareholders reached approximately MYRB2.69 billion, with about 0.31 million square metres of gross floor area sold on the same basis. According to TipRanks, the company emphasised that these preliminary management figures may differ from forthcoming audited or unaudited financial statements and should not be viewed as an indicator of current or future performance, urging investors to treat the data as informational only and exercise caution when dealing in its securities. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. SUNAC CHINA: Court Dismisses Winding-Up Petition Against Company ---------------------------------------------------------------- The Standard reports that Sunac China said the High Court has dismissed the winding-up petition against it. This came after the completion of its holistic offshore debt restructuring on December 23, 2025, according to a filing on Jan. 5. There is no outstanding liquidation petition against the Chinese developer, it said. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ================= H O N G K O N G ================= CAS HOLDING 1: S&P Rates Proposed Perpetual Sub. Securities 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term issue rating to the proposed perpetual securities guaranteed by CAS Holding No. 1 Ltd. The rating is conditional on the company maintaining the 50% equity content for its perpetual securities and hence its leverage profile. This requires the issuance size to cover a substantial amount of the issuance size of the existing perpetual securities. At the same time, S&P affirmed the 'BBB-' long-term issuer credit rating on CAS Holding. The negative outlook on CAS Holding for the next 12 months reflects the risk of delays to deleveraging initiatives, given volatility in market conditions. S&P expects CAS Holding No.1 Ltd. to maintain its strong market position in Hong Kong's telecom industry through its core subsidiaries HKT Trust and HKT. Meanwhile, high leverage at parent PCCW Ltd. will continue to weigh on CAS Holding. CAS Holding No.1 Ltd. proposes to issue a new perpetual subordinated securities that CAS Holding will irrevocably and unconditionally guarantee, via its fully owned issuing vehicle CAS Capital No. 2 Ltd. The new issuance is intended to replace the existing perpetual securities CAS Holding guarantees. S&P affirmed its rating on CAS Holding because S&P expects its parent PCCW to improve its profitability and narrow cash outflow. In S&P's view, PCCW will take incremental action to reduce leverage, such as selling stakes in its assets or business to external investors or lowering the pass-through of dividends to shareholders. The rating on CAS Holding is capped by the group credit profile of PCCW because CAS Holding is fully owned by PCCW and exists outside of HKT's trust structure. CAS Holding intends to use the proceeds from its proposed perpetual subordinated securities (perp) to repurchase a substantial portion of its existing 4% perpetual junior subordinated guaranteed securities (existing perp) through a concurrent tender offer. Currently, US$713 million remains outstanding of the original US$750 million issuance by CAS Capital No. 1 Ltd., a wholly owned special purpose vehicle. CAS Holding previously repurchased US$37 million of these securities in April 2025. S&P's 'BB' issue rating on the proposed securities reflects a two-notch downward adjustment from its 'BBB-' long-term issuer credit rating on CAS Holding. This adjustment accounts for: -- One notch for subordination, given we rate CAS Holding at investment grade (i.e., higher than 'BB+'); and -- An additional notch for cash conservation, reflecting the issuer's ability to defer interest payments if necessary. S&P said, "We currently view the likelihood of interest deferral as relatively low; however, we may increase the number of downward notches if our view changes. "We view the proposed perp as having intermediate equity content from its issuance until its first reset date, on the condition that we believe the net redemption without replacement of the US$750 million originally issued for the existing perp will be immaterial. We will reassess the equity content if the new issuance is insufficient to replace a substantial amount of the existing perp. In this scenario, CAS Holding may lose the equity content associated with both the new and existing perps, if we believe the company is unable or unwilling to limit the redemption without replacement to no more than 10% over a 12-month period." While CAS Holding possesses sufficient liquidity to fully redeem the existing perp without replacement, a reduction in equity content could push our estimate of PCCW group's debt-to-EBITDA ratio to 5.0x in 2026, exceeding our downgrade trigger of 4.5x for CAS Holdings. Despite this potential scenario, S&P believes CAS Holding has a strong incentive to maintain hybrid instruments within its capital structure, and PCCW group remains committed to deleveraging through various initiatives. Recent actions supporting this include the disposal of a 40% stake in its fiber network business, reduced capital expenditures in PCCW's OTT business, and a decreasing dividend passthrough rate. However, PCCW's options for deleveraging are now more limited following several significant asset sales in recent years. CAS Holding: The negative outlook reflects S&P's expectation that deleveraging efforts over the next 12 months may not materialize or prove sufficient to reduce PCCW group's debt-to-EBITDA ratio below the 4.5x downside trigger. While PCCW intends to manage its leverage through EBITDA growth, asset sales, and other initiatives, deleveraging options are becoming increasingly limited. PCCW's shareholder-friendly dividend policy and operating cash flow deficit are contributing to debt-to-EBITDA ratios of approximately 5.0x, based on S&P's projection of revenue growth of 3%-4% and EBITDA margins of 32%-34% in 2026. S&P expects CAS Holding to remain a core subsidiary of PCCW. CAS Holding: S&P said, "We could lower the rating on CAS Holding if PCCW's leverage stays materially above 4.5x, despite the company's deleveraging plan. This could happen if: (1) the group does not make major progress in divestments over the next 12 months; (2) the operating performance of PCCW is below our expectation; (3) the companies make debt-funded investments and dividend payments that are higher than our base case; or (4) CAS Holding is unable to replace its existing perp and retain the intermediate equity content treatment from us." CAS Holding: S&P could revise the outlook to stable if PCCW's debt-to-EBITDA ratio improves to about 4.5x. This could happen if PCCW executes its deleveraging initiatives, reduces capital spending on its media business, and significantly improves the profitability of its non-telecom businesses, with no significant new investments. SJM HOLDINGS: Fitch Rates Proposed Unsecured Notes 'BB-' -------------------------------------------------------- Fitch Ratings has assigned SJM Holdings Limited's (SJMH, BB-/Negative) proposed notes a rating of 'BB-'. The proposed senior unsecured notes will be issued by SJM International Limited and will be unconditionally and irrevocably guaranteed by SJMH and rank pari passu with the company's other senior unsecured borrowings. SJM International Limited is a wholly owned subsidiary of SJMH. The Negative Outlook reflects heightened uncertainty around SJMH's deleveraging trajectory, given weak growth at the Grand Lisboa Palace (GLP) resort and market share dilution from the closure and restructuring of satellite casinos. Fitch still expects SJMH's leverage metrics to improve to within the 'BB-' threshold over the forecast period to 2027, but any further operational weakness could lead to negative rating action. Key Rating Drivers Delayed Deleveraging: Fitch expects SJMH's EBITDA leverage to increase to over 8x in 2025 (2024: 7.0x) before gradually falling to 5x in 2027 in Fitch's rating case. Fitch believes SJMH remains on a deleveraging path in the medium term, with improvement in free cash flow and a focus on debt reduction. However, uncertainty remains over the ramp-up of GLP and the impact of its satellite casino closures and restructuring. Satellite Dilution: After the satellite casinos' closure, SJMH has reallocated the gaming resources, including around 458 tables and over 4,000 staff, to its self-owned casinos, including the newly acquired Casino L'Arc Macau and additional gaming floor area at Casino Lisboa. SJMH did not proceed with the acquisition of Casino Ponte 16. Management believes SJMH's ability to retain satellite market share improved in 4Q25, following a sharp decline in 3Q25, with the hiring of marketing personnel and agreements with satellite operators. The impact on SJMH's credit profile will depend on its ability to recapture the market share of the outgoing satellite casinos. In addition to retaining L'Arc's existing business, Fitch's base case assumes that SJMH will retain half of the outgoing satellite casinos' market share by utilising the tables reallocated to its self-owned properties, given their proximity and similar positioning. These tables should generate higher margins than the previous satellite operations, leading to EBITDA accretion. Slowdown at GLP: GLP's ramp-up remained lacklustre in 3Q25, with non-rolling gross gaming revenue (GGR) growth slowing to 1% qoq or 12% yoy. The company is continuing its work on improving GLP's mass appeal through better connectivity, food and beverage, and retail and event offerings, but the measures' effectiveness in increasing market share remains uncertain. Market Share Decline: SJMH's total GGR declined by 5% yoy in 3Q25, with 1% yoy growth from self-owned casinos and a 15% drop from satellite casinos. This was significantly below the industry's 12.5% yoy GGR growth due to competitors' intensified promotional activities, concerts and events, and newly opened hotels. As a result, SJMH's market share declined by 2.1pp yoy to 11.8% in 3Q25, with its self-owned casinos' market share declining by 0.9pp yoy to 7.9% and satellite market share falling by 1.2pp yoy to 3.9%. Bond Refinancing on Track: SJMH has a USD500 million bond due in January 2026 and HKD1.25 billion and MOP300 million of bonds due in May 2026. The company has secured new bank loans to fund the L'Arc acquisition and partially cover bonds maturing in 2026. Fitch expects the remaining bond maturities to be covered by the proposed issuance and additional bank loans, while liquidity on hand, including a HKD3.1 billion undrawn revolver, provides an additional buffer. Peer Analysis SJMH's business profile is weaker than that of its US-based peers, such as Wynn Resorts, Limited (BB-/Stable), MGM Resorts International (BB-/Stable) and Las Vegas Sands Corp. (BBB-/Stable). This is because of its concentration in the competitive Macao market and its weaker portfolio of assets within that market, as reflected in its market share. Fitch expects SJMH to deleverage towards a more conservative balance sheet over the next few years, compared with Wynn and MGM, as it repays the debt built up for the GLP's development and during the Covid-19 pandemic. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Industry GGR growth of 9% in 2025, 5% in 2026 and 2% thereafter - Total market share of 11.5%, 10.0% and 10.2% in 2025, 2026 and 2027, respectively, (2024: 12.7%), including GLP's market share of 2.5%, 2.6% and 2.8% in 2025, 2026 and 2027 (2024: 2.3%) - Revenue growth of -2%, -8% and 4% in 2025, 2026 and 2027, respectively, (2024: 33%) - EBITDA margin of 12%, 18% and 19% in 2025, 2026 and 2027, respectively, (2024: 13%) - Capex of HKD2 billion in 2025 and HKD1.5 billion in 2026 RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Adjusted gross debt/EBITDA failing to drop towards 5.0x - Ongoing market share losses after restructuring of satellite casinos Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook will be revised to Stable if the negative sensitivities are not met. Liquidity and Debt Structure SJMH had HKD2.3 billion of available cash (excluding HKD1 billion of cage cash) and HKD3.1 billion of undrawn revolver facilities as of end-1H25. This compared with HKD8.9 billion of short-term debt, including HKD1.6 billion of revolvers, HKD1.8 billion of term loans and HKD5.5 billion of bonds. Fitch expects the revolvers to be rolled over, while the bonds and term loan maturity will be covered by new bank loans and liquidity on hand. Issuer Profile SJMH is the holding company of SJM Resorts, S.A. (SJM), one of six casino operators in Macao. SJM owns and operates five casinos in Macao, including GLP, Grand Lisboa, Casino Lisboa, Casino Oceanus and Casino L'Arc. SJMH is 55% owned by Sociedade de Turismo e Diversões de Macau and is listed on the Hong Kong stock exchange. SJM HOLDINGS: To Issue US Dollar Senior Notes for Refinancing ------------------------------------------------------------- The Standard reports that SJM Holdings Ltd said its unit is planning to issue US-dollar-denominated senior notes for refinancing. The Standard relates that the aggregate principal amount and certain terms and conditions of the notes have not been determined, the Macau gaming giant said in a filing on Jan. 5. If the notes are issued, the company intends to use the net proceeds for refinancing existing indebtedness and general corporate purposes, the filing said. The Standard adds that the board believes that there would be a "significant benefit" to the company in effecting the proposed issuance and using the net proceeds for the intended purpose as it would extend the maturity profile of the group's indebtedness, and enhance the group's financial flexibility. About SJM Holdings SJM Holdings Ltd (HKX:0880), an investment holding company, owns, develops, and operates casinos and integrated entertainment resorts in Macau. As reported in the Troubled Company Reporter-Asia Pacific in late September 2025, Moody's Ratings has affirmed SJM Holdings Limited's Ba3 corporate family rating. Moody's also affirmed the B1 backed senior unsecured rating on the bonds issued by Champion Path Holdings Limited and guaranteed by SJM. At the same time, Moody's have changed the outlook to negative from stable. The TCR-AP reported on Sept. 22, 2025, Fitch Ratings has revised the Outlook on SJM Holdings Limited's (SJMH) Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR and senior unsecured rating at 'BB-'. Fitch has also affirmed the 'BB-' rating on the outstanding notes issued by SJMH's subsidiary, Champion Path Holdings Limited. The notes are rated at the same level as SJMH's senior unsecured rating, as they represent the company's unconditional and irrevocable obligations. The Negative Outlook reflects heightened uncertainty around SJMH's deleveraging trajectory, as recent results indicate slowing EBITDA and cash flow improvement from the Grand Lisboa Palace (GLP) resort. Fitch still expects SJMH's leverage metrics to improve to within the 'BB-' threshold over the forecast period, but any further operational weakness could lead to negative rating action. ========= I N D I A ========= AGROW FOODS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Agrow Foods (AF) 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 2, 2024, placed the rating(s) of AF under the 'issuer non-cooperating' category as AF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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 Agrow Foods (AF) was established in the year 2015 by Mr. Swapnil Munde and is engaged in the trading and processing of food grains (pulses) at Nagpur, Maharashtra. The commercial operations of the entity started in the month of September, 2015. ANISHA ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Anisha Enterprises (AE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with AE, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Founded in 2014, as a partnership firm, Anisha Enterprises (AE) is engaged in the tobacco trading andprocessing business. The firm is promoted by Mr. Damacharla Janardhana Rao and Mrs. Damacharla NagaSatya Latha, who have more than five decades of experience in the tobacco trading business. ANTIQUE COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short Term ratings of Antique Cottex Private Limited (ACPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.02 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 0.66 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with ACPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in February 2011, ACPL is promoted by three directors - Mr. Vinod Ghatodiya, Mr. Vishal Ghatodiya and Mr. Arvind Ghatodiya. The company is engaged in cotton ginning and pressing to produce cotton bales. The company's manufacturing facility is equipped with 24 ginning machines with an intake capacity of 92 MTPD (considering 20 hours' operations per day), resulting in a manufacturing capacity of 200 cotton bales per day ever since the start of ACPL's commercial production in December 2011. BEEPEE ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Beepee Enterprise Private Limited (BEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of BEPL under the 'issuer non-cooperating' category as BEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEPL 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: Not Applicable BEPL was incorporated in 2003 and promoted by Poddar family. Company is manufacturer, supplier and exporter of linen i.e. of bed sheets, tablecloths, serviettes, chair covers, table linen, duvets, mats and other customized linen etc. the product find its application in textile and hospitality industry (Hotels, Hospital and Airlines). BOKARO STUDENTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bokaro Students Friend Private Limited (BSFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 7, 2024, placed the rating(s) of BSFPL under the 'issuer non-cooperating' category as BSFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSFPL 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: Stable Bokaro Students Friend Private Limited (BSFPL) was initially established as a partnership firm 'Students Friend' in 1992. Subsequently it was converted into private limited company and the name of the company changed to the current one i.e. BSFPL with effect from August 13, 2007. Since its inception, the company has been engaged in trading of all kinds of educational books like competitive exam books, CBSE board books, ICSE board books, professional courses books, technical courses books etc. The company purchases books directly from publishers like Arihant Prakashan, Dhanpat Rai Publications, S. Chand Group etc. and sells it to the distributors. The registered office of the company is situated at Bokaro, Jharkhand and also the company is having six branches and four of them are in Jharkhand and one each in Bihar and Uttar Pradesh. DHANRAJ COTTON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Dhanraj Cotton Industries (DCI) 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 December 2, 2024, placed the rating(s) of DCI under the 'issuer non-cooperating' category as DCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 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 Dhanraj Cotton Industries (DCI) is a Hinganghat based, partnership firm, established by Mr. Dilip Rathi and Sudha Rathi in 2012. The entity is engaged in the business of cotton ginning and pressing. The entity is also into trading of cotton bales and cotton. MAHAKALI COLD: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahakali Cold Storage Private Limited (MCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.20 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 8, 2024, placed the rating(s) of MCSPL under the 'issuer non-cooperating' category as MCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 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 Mahakali Cold Storage Private Limited. (MCSPL), incorporated in the year 1988, is a Burdwan (West Bengal) based company, promoted by the Kundu family. It is engaged in the business of providing cold storage services to potato growing farmers and potato traders in Burdwan district of West Bengal. Mr. Naba Kumar Kundu (Director) looks after overall management of the company. Mr. Naba Kumar Kundu has more than two decades of experience in cold storage business and is supported by a team of experienced professionals who have rich experience in the same line of business. MANI ZAVER: CARE Lowers Rating on INR33cr LT Loan to B- ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mani Zaver Industries Private Limited (MZIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 06, 2024, placed the rating(s) of MZIPL under the 'issuer non-cooperating' category as MZIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MZIPL 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). The ratings assigned to the bank facilities of MZIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Kheda, Gujarat based MZIPL is incorporated in March 2022 by Mr. Nirav Patel and Mr. Kashyap Patel. MZIPL, a part of Mani Zaver group, is setting up a greenfield project for manufacturing of packaged foods with an installed capacity of 15,450 metric tonnes per annum. The project is expected to cost Rs.40.30 crore with project gearing of 1.53 times and is expected to commence its operations from October 2025. MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Murugan Flour Mills (P) Ltd (SMFM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SMFM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shree Murugan Flour Mills Private Limited was established in 1986 by Mr. G Balasubramanian. The manufacturing facility of SMFM is located in Coimbatore and has an installed capacity to grind 70 MT of wheat per day. SMFM manufactures various wheat products including maida, wheat flour (atta) and sooji, among others. The products are sold under the brand name 'Bell'. Besides, the company also engages in trading of wheat and sale of by-products including bran, bran flakes and dust. NARAYAN COLD: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Narayan Cold Storage Private Limited (NCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.35 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 8, 2024, placed the rating(s) of NCSPL under the 'issuer non-cooperating' category as NCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 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 Incorporated in October 1995, Narayan Cold Storage Private Limited (NCSPL) is promoted by the Kundu family of West Bengal. The company provides cold storage services for potatoes to farmers and traders on a rental basis. The cold storage facility of the company is located at Hooghly, West Bengal. Besides providing cold storage facility the unit also works as a mediator between the farmers and marketers of potato, to facilitate sale of potatoes stored and it also provides interest bearing advances to farmers for farming purposes against potato stored. NAVIN COTTON: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Navin Cotton Fiber (NCF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 9 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 29, 2024, placed the rating(s) of NCF under the 'issuer non-cooperating' category as NCF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCF 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: Stable NCF was established in October, 2002 and was initially engaged in trading of cotton. In 2011, the firm forayed into ginning operation and set up plant in Buldhana, Maharashtra. OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Om Cotton & Oil Industries (OCOI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.01 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.24 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with OCOI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2012, Om Cotton & Oil Industries (OCOI) is involved in cotton ginning and pressing business. The manufacturing facility of the firm is located in Hirapar District Morbi, Gujarat and is currently equipped with 24 ginning machines and one fully automatic pressing machine, with a capacity to manufacture 230 bales per day (24 hours operations). The firm is owned and managed by Mr. Harjivan Jivani and Mr. Sanjay Jivani along with two other partners. PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Paramount Wheels Private Limited (OCOI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 18.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 7.25 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with OCOI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Paramount Wheels Private Limited C is an authorized dealer for Maruti Suzuki India Limited. The company was incorporated in 2010 and began its operations in March 2011. Currently, the company has one showroom, one workshop and one body shop in Mira Road, one showroom and a workshop in Wada, one workshop in Goregaon and one True Value outlet in Dahisar, and one Nexa showroom coming up. The company has 120 employees including a sales team of 28. RAJASTHAN SYNTEX: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Rajasthan Syntex Limited (SRSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 29.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of SRSL under the 'issuer non-cooperating' category as SRSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1979, SRSL (ISIN Number: INE796C01011) is engaged in the manufacturing of synthetic (grey as well as dyed) blended yarn, cotton yarn and Polypropylene Multi Filament (PPMF) yarn. SRSL manufactures yarn in the range of 18-30 counts. As on March 31, 2022, SRSL had an installed capacity of 77,280 spindles for synthetic blended yarn and cotton yarn and 2,000 Metric Tonnes Per Annum (MTPA) for PPMF yarn at its Dungarpur, Rajasthan based manufacturing facility. RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ranchhod Oil Mill Company (ROMC) continue 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 Short Term Bank 0.40 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 26, 2024, placed the rating(s) of ROMC under the 'issuer non-cooperating' category as ROMC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ROMC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 11, 2025, November 21, 2025, December 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: standalone Outlook: Not Applicable Established in 1997, Ranchhod Oil Mill Company (ROMC) is a partnership firm formed by partners Mr. Jeram Gami and Mr. Bharat Gami (with equal profit and loss sharing) for undertaking processing and trading of agro-products like groundnut, cumin seed, husk and sesame seed, etc. The firm generates majority of its income from export to countries like Philippines, China, Gulf countries etc. ROMC's sole processing facility is located in Keshod region of Gujarat. The firm operates with installed processing capacity of 37000 metric tonne per annum (MTPA). S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept Non-Convertible Debenture ratings of S&J Granulate Solutions Private Limited (SGSPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 5.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating Continues to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SGSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Business Incorporated in 2010, S&J Granulate Solutions Private Limited (SGSPL) is engaged in the business of recycling of used & worn out tyres. Post recycling of used tyres, three products are separated (rubber granules, steel wire and nylon fibre). The company imports used radial tyres mostly from Europe & Middle East; while the separated products post recycling are sold domestically to various players. The company's manufacturing facility is located at Vapi Silvassa road in Gujarat. SGSPL is promoted by Jiwarajka and Agarwal Family. SAVITRI POLYESTERS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Savitri Polyesters Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 0.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 5.75 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Savitri Polyesters, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Promoted by Mr. Mukesh Bansal, Savitri Polyesters Private Limited was incorporated in January 1997 and is engaged in manufacturing and trading of artificial silk fabric (nylon saree material). The present processing capacity of the company is ~8 lakh metres per annum which is expected to increase to more than 20 lakh metres per annum post the capex. The key raw materials are Nylon yarn and jari which are procured from various suppliers based out of in Dadra and Nagar Haveli, Daman & Diu and in and around Surat. The company has two manufacturing facilities in Surat. The facility works in two shifts of 12 hours each. The company employs ~50 workers. SHANTESHA MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Shantesha Motors Private Limited (SMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1999, Shantesha Motors Private Limited (SMPL) is a family owned business with Mr. Vivek C Kamlani being the Managing Director. The company is engaged in passenger car dealership for Maruti Suzuki India Limited (MSIL), offering 3S (Sales, service and spares) facility and driving school facilities in the Belgaum district of Karnataka. The company currently operates five showrooms, seven workshops, and two stock yards in Belgaum. SHELL APPARELS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Shell Apparels Private Limited (SAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 8.14 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- Non-Fund Based 2.01 [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shell Apparels Private Limited (SAPL) headquartered in Bangalore is primarily engaged into manufacturing of knitted garments. Promoted by Mr. Vasuki in the year 1988 as Shell Sands – a proprietorship firm, Shell Sands was initially engaged into manufacturing of shell moldings catering to industrial and engineering companies like Bharat Heavy Electricals Ltd. etc for shell mold castings. However, in 1994 with an objective of foraying into garment industry the promoters changed the name of the firm to Shell Apparels – in line with the nature of business and started stitching on job works basis. As per management, the Company was one of the first few garment manufacturing units selected by M/s Arvind Mills Limited for stitching of Denim Jeans for its popular brands Flying Machine and New Port University. With growing experience and track record with Arvind, the Company added new customers and in turn brought numerous brands like Ruggers, Wranglers, Excaliber, Arrow, Lee etc (on job work basis) under its portfolio. With increasing volume of orders, a new company Shell Apparels Private Limited was incorporated in 2003 and the Company started taking complete manufacturing orders (on fob basis) in order to further enhance credentials as a reliable garment manufacturing company rather than just a convertor (job worker) aiding its revenue growth over last several years. SHIVAM TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Shivam Transport Company (STC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with STC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Based out of Veraval, Gujarat, Shivam Transport Company (STC) was established in 1993 as a proprietorship firm by Mr. Jagmal Vala. STC is a logistics player who transports goods by road mainly for chemical industries. The company has presence in Gujarat and operates through a fleet of about 35 owned vehicles. Hired vehicles vary according to the orders to be executed. TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Non-convertible Debenture programme of Talwalkars Better Value Fitness Limited (TBVFL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 80.00 [ICRA]D; ISSUER NOT COOPERATING; Non-Convertible Rating Continues to remain under Debenture issuer not cooperating category As part of its process and in accordance with its rating agreement with TBVFL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. TBVFL offers various lifestyle activities such as Nuform, aerobics, yoga, spa, massage, Zumba programs and diet and weight loss programs like Reduce. It had also forayed into the segment of leisure and sports clubs, wherein it had setup its first club in Pune (Maharashtra) in collaboration with David Lloyd Leisure Limited. VARDHMAN ROLLER: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vardhman Roller Flour Mills Private Limited (VRFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.90 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 VRFMPL under the 'issuer non-cooperating' category as VRFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VRFMPL 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 Vardhman Roller Flour Mills Private Limited (VRFMPL), originally promoted by Mr. Ashok Kumar Jain was incorporated on Feb. 27, 1997. Later on Mr. Rajesh Kumar Jain on March 3, 1997 & Mr. Manoj Kumar Gupta on March 16, 2010 respectively were appointed as other Directors of company. The company is engaged in manufacturing of maida, suji, atta & bran and sells with branded name "Double Kalash". It has two manufacturing facilities with one located at Mohkampur Industrial Area and other at Faridpur, Bareilly. VIKAS ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vikas Associates (VA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 29, 2024, placed the rating(s) of VA under the 'issuer non-cooperating' category as VA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VA 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: Stable Pune based VA was established in the year 2011 as a partnership firm by Mr. Abhishek Mahipal, Mr. Vijay Mahipal, Mr. Amul Chamaria, Mr. Sunny Mahipal and Mrs. Reshma Bansal. The firm is engaged in wholesale trading of steel and steel products mainly steel pipes encompassing various sizes. The firm trades in steel products on wholesale basis to the dealers all over Maharashtra. The servicing facility is located at Uruli Devachi, Handewadi, Pune, Maharashtra. ================= I N D O N E S I A ================= BUKIT MAKMUR: Fitch Affirms & Then Withdraws 'B+' IDR ----------------------------------------------------- Fitch Ratings has affirmed PT Bukit Makmur Mandiri Utama's (BUMA) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has subsequently withdrawn the rating. Fitch has chosen to withdraw BUMA's IDR for commercial reasons. Issuer Profile BUMA provides coal mining services and carries out mining-related works, including overburden removal, and coal mining and hauling in Indonesia and Australia. It is the second-largest independent contractor in Indonesia and Australia. It also produces anthracite coal in the US via Atlantic Carbon Group. Following the withdrawal of BUMA's IDR, Fitch will no longer be providing the associated ESG Relevance Scores. RATING ACTIONS Rating Prior ------ ----- PT Bukit Makmur Mandiri Utama LT IDR B+ Affirmed B+ LT IDR WD Withdrawn =============== M A L A Y S I A =============== KHEE SAN: Former Director Faces 11 Charges for Losses at Unit ------------------------------------------------------------- The Malaysian Reserve report that London Biscuits Berhad former executive director and group chief executive officer Datuk Seri Liew Yew Chung pleaded not guilty in two Sessions Courts here today to 11 charges of causing wrongful loss to a company amounting to over MYR7 million. Liew, 56, who at the time of the incident was a director of a listed corporation, Khee San Berhad, was charged with intentionally causing wrongful loss to Khee San Food Industries Sdn Bhd by cancelling 25 debt agreements between the company and 11 individuals totalling MYR7,119,465, according to The Malaysian Reserve. The Malaysian Reserve relates that the offence was allegedly committed in 2019 at Khee San Food Industries, Jalan Kolej, Seri Kembangan, under Subsection 317A(1) of the Capital Markets and Services Act 2007 (Act 671), which carries a maximum prison sentence of 10 years and a fine of MYR10 million or both, if convicted. According to The Malaysian Reserve, Securities Commission (SC) prosecutor Keith Loo offered bail of MYR3 million with two sureties and the additional condition that the accused must report to the SC office every two months until the case is resolved. "The offence under subsection 317A of the Capital Markets Act is a serious offence that affects investor confidence in investing in the Malaysian capital market, and therefore we request that a commensurate bail amount be granted," he said, assisted by another SC prosecuting officer, Eunice Ong. Lawyer Shankar Govinth, representing Liew, requested a lower bail on the grounds that his client was previously charged in May 2025 at the Sessions Court here with a MYR300,000 bail and two sureties, The Malaysian Reserve relays. "My client attended court using a wheelchair and wearing a neck brace after undergoing three surgeries last year. He is also being treated for depression and nerve problems," he said. Judges Azrul Darus and Norma Ismail each allowed the accused to be released on bail of MYR80,000 with one surety for all cases, along with additional conditions as requested by the prosecution, and set March 12 for the case remention. On May 16, 2025, Liew was charged with 13 counts related to submitting false financial statements to Bursa Malaysia Securities Berhad and falsifying records of the listed company, The Malaysian Reserve adds. About Khee San Khee San Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, manufactures sweets and confectionery products. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17) company after its wholly-owned subsidiary was placed under judicial management. In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd, via its solicitor Messrs Shook Lin & Bok, had filed an application to place its unit Khee San Food Industries Sdn Bhd under the court-supervised restructuring, theedgemarkets.com said. On May 9, 2023, Khee San Bhd announced a regularisation plan, which Bursa Malaysia approved on Aug. 19, 2024 and granted Khee San until Feb. 18, 2026 to complete its implementation. According to The Star, the plan includes a MYR137.52 million share capital reduction, a scheme of arrangement with creditors, and an employee share option scheme of up to 15% of the enlarged share base for directors and staff. The company currently carries total indebtedness of MYR141.47 million, with settlements amounting to MYR72.24 million - including MYR21.06 million in settlement shares. PHARMANIAGA BHD: Imam Fathorrahman Resigns as Independent Director ------------------------------------------------------------------ MarketScreener reports that Pharmaniaga Berhad announced the resignation of Imam Fathorrahman, 61, as an independent and non-executive director of the Company effective Dec. 31, 2025. MarketScreener says the reason for resignation is to pursue other interests. Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. In early August 2025, Pharmaniaga Bhd completed its regularisation plan following the completion of its capital reduction exercise through the cancellation of MYR520 million in issued share capital. ===================== N E W Z E A L A N D ===================== EB GAMES: Proposes Closure of All New Zealand Stores ---------------------------------------------------- Stuff.co.nz reports that EB Games New Zealand is understood to be heading towards closure, affecting all stores and staff nationwide. According to Stuff, the company has begun a formal consultation process with staff on a proposal that would see EB Games exit the New Zealand market entirely. In an internal email seen by Stuff, employees were told the move was "a proposal only and no final decision has been made at this time". Under the proposal, all remaining 38 EB Games stores across the country would close, along with the company's New Zealand distribution operations, Stuff relays. "If the proposal were to proceed, it would mean that all roles within EB Games New Zealand would be disestablished," the email read, with a phased wind-down expected rather than an immediate shutdown. It's unclear how many jobs that would mean. Staff were told the proposal followed a prolonged period of struggling performance, with the company citing years of profit decline and ongoing pressure on the retail sector. The email added that the New Zealand business recorded a multi-million-dollar loss in the 2024 financial year, with no significant improvement anticipated in the current year, Stuff relates. The New Zealand operation was described as no longer commercially viable, despite repeated efforts to turn the business around. "While we have considered whether indications of recovery in the broader retail sector through late 2025 and heading into 2026 warrant continuing the business for a further period, this has not materialised in our New Zealand business to date, including through the Christmas trading period," the email, as cited by Stuff, read. "As a result, we are not confident that there will be a significant lift in performance moving forward." EB Games has not publicly announced the proposal. Stuff has sought comment from the company's New Zealand and Australian operations. EB Games has been a fixture of New Zealand's gaming retail scene for decades, operating stores in major shopping centres and city centres nationwide. Its New Zealand business operates under its Australian parent company. ================= S I N G A P O R E ================= FKS HOLDINGS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of FKS Holdings 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 FUKUSEN RESTAURANT: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of Fukusen Restaurant 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 J-COOL PLUS: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of J-Cool Plus Engineering 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 MM&S GLOBAL: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 19, 2025, to wind up the operations of MM&S Global 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 SANLI ENVIRONMENTAL: Unit Receives Liquidated Damages Letter ------------------------------------------------------------ The Edge Singapore reports that in a bourse filing on Jan. 5, Sanli Environmental said that its subsidiary Sanli M&E Engineering Pte. Ltd. (SMEPL) has received a letter for liquidated damages on Dec. 31, 2025 from a client. The client was not named. According to the report, Sanli said the damages arise from completion delays of certain phases of a project secured by the company during the COVID-19 period. The Edge Singapore relates that the Catalist-board company said that SMEPL had previously submitted applications for time extensions in relation to the delays, which are currently "pending determination" by the client. As at the date of the announcement, SMEPL and the client have not agreed on any liquidated damages. As the time extensions are yet to be confirmed, Sanli said that it is unable to determine the impact, if any, on the company's financials. Sanli's board points out that the submission and assessment of time extensions are part and parcel of regular contractual administration process for projects of this nature, The Edge Singapore relays. Maybank Securities analyst Jarick Seet said he thinks that the project in question likely pertains to a Kota Tinggi project awarded by PUB, Singapore's national water agency, in 2021. Headquartered in Singapore, Sanli Environmental Limited operates as an environmental engineering company in the field of water and waste management in Singapore, Myanmar, Malaysia, and Thailand. VALENTI PTE: Court to Hear Wind-Up Petition on Jan. 9 ----------------------------------------------------- A petition to wind up the operations of Valenti Pte. Ltd. will be heard before the High Court of Singapore on Jan. 9, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Dec. 10, 2025. The Petitioner's solicitors are: Withers Khattarwong LLP 18 Cross Street, #14-01 Singapore 048423 =============== T H A I L A N D =============== THAI OIL: S&P Rates New US$600MM Sub. Hybrid Notes 'BB-' -------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to the proposed US$600 million subordinated perpetual capital securities (hybrids) that Thai Oil Public Co. Ltd. will guarantee. S&P assesses the hybrids as having intermediate equity content. Thaioil Treasury Center Co. Ltd. is the issuer of the debt. The final terms, including the total amount, are subject to market conditions. Thai Oil has earmarked the proceeds to fund its capital expenditure. The Thailand-based refinery company plans to strengthen its balance sheet amid high investment phase. S&P said, "The equity content assessment is until the notes' first reset date in April 2031. The hybrids meet our criteria in terms of their ability to absorb losses and conserve cash. Our view considers the notes' subordination, permanence, and deferability at Thai Oil's discretion, and what S&P considers to be management's intent to maintain hybrids as part of the company's capital structure. "To reflect our view of the intermediate equity content, we allocate 50% of the principal as debt-like in our calculations of the financial ratios of Thai Oil and its parent PTT Public Co. Ltd. (BBB+/Stable/--). This will improve Thai Oil's debt-to-EBITDA ratio by 0.3x-0.5x. That said, the proposed subordinated hybrids would form less than 15% of the company's capital structure. "Our ratings on Thai Oil (BBB-/Negative/--) incorporate three notches of uplift to reflect our expectation that extraordinary support from the PTT group will flow to the company in times of need." S&P expects the support ascribed to Thai Oil's senior unsecured notes to be available to the proposed perpetual notes. S&P therefore derives its 'BB-' issue rating on the proposed perpetual notes by deducting three notches from its long-term issuer credit rating on Thai Oil: -- One notch for subordination risk; and -- An additional two notches for payment flexibility and our view of a heightened risk of deferral, given optional deferability and the 'bb-' stand-alone credit profile of the issuer. Key factors in S&P's assessment of the securities' availability to absorb losses and conserve cash: The notes do not have a legal maturity. They can be called any time after an initial term of five years (January 2031) to the first reset date and on any coupon distribution date thereafter. S&P assesses the proposed perpetual notes have an effective maturity of 25.25 years after the issue date. This is because the cumulative 100 basis points (bps) step up at the respective dates would be large, creating a material incentive for the issuer to redeem the instrument on its second step-up date. The coupon will step up by 25 bps after the initial term of 10.25 years (2036), and another 75 bps after 25.25 years (2051). As long as our long-term issuer credit rating on Thai Oil is 'BBB-' or higher, S&P will reclassify the notes as having no equity content at the notes' first reset date. This is because the period remaining to effective maturity will then shorten to less than 20 years. S&P said, "In our view, Thai Oil's commitment to maintain hybrids within its capital structure will support the instrument's availability to absorb losses. The company has non-legally binding replacement intent language within the proposed hybrid documentation. It intends to maintain the subordinated perpetual notes or refinance them with hybrid securities with equivalent or higher equity content. This is except in the case where the issuer's credit quality improves, and redemption of the perpetual notes would not cause us to take downward actions on our long-term issuer rating or rating outlook on Thai Oil. "We would likely revise our assessment of equity content in case of material uncertainty regarding whether Thai Oil will retain hybrids as a layer of capital available to absorb losses or to conserve cash." Key factors in S&P's assessment of the securities' subordination: The subordinated perpetual notes are intended to constitute Thai Oil's direct, unconditional, unsecured, and subordinated obligations, ranking senior only to ordinary equity. Further, under the guarantee from Thai Oil, the perpetual notes would rank only above ordinary equity and any deeply subordinated obligations of the company. In addition, the proposed guaranteed issuance ranks equally with any future subordinated obligations issued at the Thai Oil entity-level. Key factors in S&P's assessment of the securities' deferability: Thai Oil's option to defer payment on the subordinated perpetual notes is discretionary. The terms and conditions allow for an indefinite deferral of coupons on a cash cumulative basis, and doing so does not constitute an event of default. S&P also considers the prospect of a heightened risk of deferral due to Thai Oil's high leverage and 'bb-' stand-alone credit profile. If Thai Oil decides to defer the payment on the proposed notes, the company is restricted from making shareholder distributions and undertaking any buyback or capital return. This lasts until Thai Oil has repaid all outstanding accrued interest from exercising its option to defer. S&P said, "We note the presence of an internal exemption to this dividend restriction, which would permit Thai Oil to advance loans to the PTT group or invest in the group's debt. In our assessment, this would not disincentivize Thai Oil from exercising its option to defer but would rather facilitate the use of cash conserved at Thai Oil for the benefit of the PTT group in the event of stress." Thaioil Treasury Center is a financing vehicle that Thai Oil wholly owns. The guarantee Thai Oil extends to the proposed perpetual notes is subject to a maximum guaranteed amount initially capped at 120% of the principal of the issuance amount. Thai Oil can also top up the guarantee by 20% on any distribution date if the guaranteed obligations exceed the cap of 120%. ********* 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 ***