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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, January 8, 2026, Vol. 29, No. 6
Headlines
A U S T R A L I A
AUSTRALIAN ALUMINIUM: First Creditors' Meeting Set for Jan. 19
DICKY BILL: Second Creditors' Meeting Set for Jan. 15
ETERNAL BRIDAL: First Creditors' Meeting Set for Jan. 15
GEN ONE: Second Creditors' Meeting Set for Jan. 15
KEY DATA: Second Creditors' Meeting Set for Jan. 15
VIKKI SHIP: First Creditors' Meeting Set for Jan. 16
C H I N A
CBAK ENERGY: Elects 5 Directors, Ratifies ARK Pro at Annual Meeting
CHINA EVERGRANDE: EV Unit Trading to Remain Suspended
RETO ECO-SOLUTIONS: Three Key Proposals Approved at Annual Meeting
H O N G K O N G
SJM HOLDINGS: Moody's Rates New Sr. Unsecured USD Notes 'B1'
I N D I A
AMTEK GROUP: SC Grants Bail to Former Chairman in Fraud Case
BAMBEEQ SOLUTIONS: Voluntary Liquidation Process Case Summary
BONNA-AGELA INDIA: Voluntary Liquidation Process Case Summary
ELECTROSTEEL CASTINGS: SC Rejects Insolvency Plea vs. Company
GLOBAL INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
GUPTA MARRIAGE: ICRA Keeps D Debt Ratings in Not Cooperating
HENRAAJH FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
IL&FS SECURITIES: CARE Reaffirms D Rating on INR525cr ST Loan
JAI MAA: CARE Keeps B- Debt Rating in Not Cooperating Category
JET AIRWAYS: JetLite Staff Seek Inclusion in Liquidation Process
JSW STEEL: Fitch Puts 'BB' LongTerm IDR on Watch Positive
JUMBO ROOFINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KALPANA BIRI: CARE Keeps B- Debt Rating in Not Cooperating
KANCHANA AUTOMOBILES: CARE Lowers Rating on INR12cr LT Loan to B
KUSHAL KARYASHALA: CARE Keeps B- Debt Rating in Not Cooperating
LAKSHYAN ACADEMY: CARE Reaffirms B+ Rating on INR67.67cr LT Loan
RISHABH TRIEXIM: CARE Moves D Debt Ratings to Not Cooperating
SAI KRISHNA: ICRA Keeps D Debt Rating in Not Cooperating Category
SHIVAM CONCRETE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SOMNATH ENTERPRISES: CARE Assigns D Rating to INR18.94cr LT Loan
TUBE TURN: ICRA Keeps D Ratings in Not Cooperating Category
VIL ROHTAK JIND: Insolvency Resolution Process Case Summary
VIRENDRA KUMAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
VISION VIDYUT: CARE Lowers Rating on INR10cr LT Loan to B
M A L A Y S I A
CAPITAL A: Bursa Rejects Extension Bid for AAX Share Distribution
EVD ENGINEERING: Gets Statutory Notice Over MYR939K Claim
S I N G A P O R E
BAN FOOK: Creditors' Proofs of Debt Due on Feb. 1
CHINA LIQUOR: Court Enters Wind-Up Order
EASTPOINT PARK: Creditors' Proofs of Debt Due on Feb. 2
FAR EAST CHINA: Creditors' Proofs of Debt Due on Feb. 2
FLEMMINGTON INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 2
GARDEN LANDMARK: Creditors' Proofs of Debt Due on Feb. 2
S O U T H K O R E A
HOMEPLUS CO: Plans to Close 41 Hypermarkets
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A U S T R A L I A
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AUSTRALIAN ALUMINIUM: First Creditors' Meeting Set for Jan. 19
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Aluminium Finishing Pty Ltd will be held on Jan. 19, 2026, at 10:00
a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in
Brisbane, QLD, and via virtual meeting technology.
Nick Combis at Vincents was appointed as administrator of the
company on Jan. 7, 2026.
DICKY BILL: Second Creditors' Meeting Set for Jan. 15
-----------------------------------------------------
A second meeting of creditors in the proceedings of Dicky Bill
Australia Pty Ltd (trading as Maffra Produce Group, Drinan Farming
Company and Lion Freighters) and Wallaville Farming Pty Ltd has
been set for Jan. 15, 2026, at 11:00 a.m. via Virtual meeting
technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 14, 2026 at 5:00 p.m.
Sam Kaso, Stephen Earel and Matthew Sweeny of Cor Cordis were
appointed as administrator of the company on Dec. 1, 2025.
ETERNAL BRIDAL: First Creditors' Meeting Set for Jan. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Eternal
Bridal Pty Ltd will be held on Jan. 15, 2026, at 10:00 a.m. via
teleconferencing facilities.
Alexander Man Chun Siu of Hall Chadwick was appointed as
administrator of the company on Jan. 6, 2026.
GEN ONE: Second Creditors' Meeting Set for Jan. 15
--------------------------------------------------
A second meeting of creditors in the proceedings of Gen One
Holdings Pty Ltd (trading Gen One; Qualify Before You Buy) has been
set for Jan. 15, 2026, at 9:30 a.m. via virtual facilities only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 14, 2026 at 5:00 p.m.
Graeme Robert Beattie and Aaron Kevin Lucan of Worrells was
appointed as administrator of the company on Dec. 1, 2025.
KEY DATA: Second Creditors' Meeting Set for Jan. 15
---------------------------------------------------
A second meeting of creditors in the proceedings of Key Data
Consulting Pty Ltd has been set for Jan. 15, 2026, at 11:00 a.m.
via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 13, 2026 at 5:00 p.m.
Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on Dec. 1, 2025.
VIKKI SHIP: First Creditors' Meeting Set for Jan. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Vikki Ship
Supplies Pty Ltd will be held on Jan. 16, 2026, at 10:30 a.m. at
the offices of Solace Advisory, at L5, 34 East Street, in
Rockhampton City, QLD and via virtual meeting technology.
Michael Beck at Solace Advisory was appointed as administrator of
the company on Jan. 7, 2026.
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C H I N A
=========
CBAK ENERGY: Elects 5 Directors, Ratifies ARK Pro at Annual Meeting
-------------------------------------------------------------------
CBAK Energy Technology, Inc. held its 2025 annual meeting of
stockholders at the Company's headquarters in Dalian, China.
Holders of the Company's common stock at the close of business on
November 10, 2025, were entitled to vote at the Annual Meeting.
As of the Record Date, there were 88,645,836 shares of common stock
outstanding and entitled to vote. A total of 45,586,456 shares of
common stock (51.42%), constituting a quorum, were represented in
person or by valid proxies at the Annual Meeting.
The stockholders voted on two proposals at the Annual Meeting.
The proposals are described in detail in the Company's definitive
proxy statement dated November 14, 2025. The final results for the
votes regarding each proposal are:
Proposal 1: The Company's stockholders elected five directors to
the Board of Directors of the Company to serve until the 2026
annual meeting of stockholders. The votes regarding this proposal
were as follows:
1. Jiewei Li
* Votes For: 32,544,305
* Votes Against: 276,752
* Abstentions: 61,846
* Broker Non-Votes: 12,703,553
2. J. Simon Xue
* Votes For: 31,740,552
* Votes Against: 1,083,288
* Abstentions: 59,065
* Broker Non-Votes: 12,703,552
3. Martha C. Agee
* Votes For: 31,700,844
* Votes Against: 1,117,831
* Abstentions: 64,229
* Broker Non-Votes: 12,703,552
4. Jianjun He
* Votes For: 31,683,451
* Votes Against: 1,137,498
* Abstentions: 61,954
* Broker Non-Votes: 12,703,553
5. Xiangyu Pei
* Votes For: 32,555,052
* Votes Against: 265,850
* Abstentions: 62,001
* Broker Non-Votes: 12,703,553
Proposal 2: The Company's stockholders ratified the appointment of
ARK Pro CPA & Co as the Company's independent registered public
accounting firm for the fiscal year ending December 31, 2025. The
votes regarding this proposal were as follows:
* Votes For: 44,152,688
* Votes Against: 923,133
* Abstentions: 510,635
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 17, 2025, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses incurred
for the prior years and significant short-term debt obligations
maturing in less than one year as of December 31, 2024. All these
factors raise substantial doubt about its ability to continue as a
going concern.
As of September 30, 2025, the Company had $363.9 million in total
assets, $245.4 million in total liabilities, and $118.5 million in
total stockholders' equity.
CHINA EVERGRANDE: EV Unit Trading to Remain Suspended
-----------------------------------------------------
Gasgoo.com reports that China Evergrande New Energy Vehicle Group
Ltd., an electric vehicle (EV) unit of China Evergrande Group, said
in a filing with the Hong Kong Stock Exchange that trading will
remain suspended until further notice.
According to Gasgoo.com, the board said it will continue exploring
ways to manage cash resources, including selling non-core assets to
support operations. Several subsidiaries are facing bankruptcy
liquidation proceedings. Amid liquidity challenges, the company has
not allocated resources to engage auditors and other relevant
professional advisers for on-site audit work for the year ended
December 31, 2024, delaying the publication of interim results for
the six months ended June 30, 2025, Gasgoo.com relates.
Gasgoo.com says trading in Evergrande Auto's shares has been
suspended since 9:00 a.m. on April 1, 2025, after it failed to
publish its 2024 annual results by the deadline. The company has
repeatedly warned it risks delisting if it cannot meet the Hong
Kong Stock Exchange's resumption guidance by September 30, 2026.
In its latest announcement, the group said it is raising working
capital by selling non-core assets, but some subsidiaries have been
placed into bankruptcy liquidation or restructuring by court order,
Gasgoo.com relays. Over the past three months, courts in Tianjin,
Shanghai and elsewhere have appointed administrators for entities
including Evergrande New Energy Vehicle (Tianjin) Co., Ltd., with
related assets facing disposal.
Gasgoo.com adds that the company is also seeking suitable
candidates to fill an independent non-executive director vacancy to
meet listing rules on board composition.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
RETO ECO-SOLUTIONS: Three Key Proposals Approved at Annual Meeting
------------------------------------------------------------------
ReTo Eco-Solutions, Inc. held its 2025 Annual General Meeting of
Shareholders.
The record date for the Meeting was November 19, 2025. As of the
record date, the Company had 2,858,842 shares outstanding and
entitled to vote at the Meeting, including 1,858,842 Class A shares
of no par value and 1,000,000 Class B shares of par value of
US$0.01 each. Each Class A share entitles the holder thereof to one
vote. Each Class B share entitles the holder thereof to 1,000
votes.
At the Meeting, the Company's shareholders approved the proposals
to:
(i) elect Xinyang Li, Guangfeng Dai, and Zhizhong Hu as Class
C directors of the Company, each to serve a term expiring at the
annual general meeting of shareholders in 2028 or until their
successors are duly elected and qualified,
(ii) ratify the appointment of YCM CPA, Inc. as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2025,
(iii) approve the Amendment No. 1 to ReTo Eco-Solutions, Inc.
2022 Share Incentive Plan to, among other things:
(a) increase the number of authorized shares available
for issuance to a total of 360,000 unissued Class A shares and
(b) revise the evergreen provision from an annual
increase to a semi-annual increase.
The Amendment No. 1 to ReTo Eco-Solutions, Inc. 2022 Share
Incentive Plan became effective immediately upon the approval on
the Meeting. Full text copy of the Amendment No. 1 is available at
https://tinyurl.com/nhcpyzr8
About Reto Eco-Solutions
Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.
Irvine, California-based YCM CPA Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 8, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
reported a net loss of approximately $8.4 million and $16.1 million
for the years ended December 31, 2024 and 2023, respectively, and
the Company had a working deficit of approximately $2.6 million as
of December 31, 2024. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
As of June 30, 2025, the Company had $41.4 in total assets, $7.2
million in total liabilities, and $34.2 in total equity.
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H O N G K O N G
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SJM HOLDINGS: Moody's Rates New Sr. Unsecured USD Notes 'B1'
------------------------------------------------------------
Moody's Ratings has assigned a B1 rating to the proposed senior
unsecured USD notes to be issued by SJM International Limited and
guaranteed by SJM Holdings Limited (SJM, Ba3 negative). SJM
International Limited is a subsidiary of SJM Holdings Limited.
The outlook is negative.
SJM will use the proceeds mainly for refinancing existing
indebtedness and general corporate purposes.
RATINGS RATIONALE
"SJM's Ba3 CFR reflects its long-standing presence in Macao's
gaming market and the city's favorable long-term growth outlook. At
the same time, the rating captures risks from its high financial
leverage and geographic concentration in Macao, where gaming
revenue remains sensitive to policy shifts in both Macao and
China," says Stephanie Lau, a Moody's Ratings Vice President and
Senior Credit Officer.
After accounting for weakened 3Q2025 earnings and the debt-funded
acquisition of L'Arc Hotel, Moody's estimates SJM's adjusted
debt/EBITDA rose to 8.3x-8.7x in 2025 from 7.4x for the 12 months
ended June 30, 2025.
Subsequently, Moody's expects the financial leverage ratio will
improve visibly to about 6.0x in 2026, driven by higher EBITDA and
a modest debt reduction. Higher earnings will be mainly supported
by the reallocation of satellite casino tables to SJM's self-owned
properties and the newly acquired L'Arc Hotel. Other contributing
factors include continued growth in gaming revenue, further ramp-up
of Grand Lisboa Palace (GLP), and normalization of win rates.
However, the projected leverage ratio remains weak for the Ba3
rating category. There are also significant risks to this
assumption, given uncertainty around its organic earnings
performance, customer retention and the extent of earnings
generation from the satellite table reallocation. These factors are
reflected in the negative rating outlook.
Moody's expects SJM's liquidity to be good. Liquid sources from the
proposed senior unsecured USD bond proceeds, in addition to cash
holdings (excluding restricted cash) of HKD2.1 billion as of
end-June 2025, its available revolving credit facility, will be
more than sufficient to cover its cash needs and maturing debt over
the next 12-18 months.
The B1 rating on the proposed notes is one notch lower than SJM's
CFR because secured bank loans and subsidiary-level liabilities are
a significant portion of SJM's liability structure and have
priority over the senior unsecured claims at the holding company in
a default scenario.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade of SJM's ratings is unlikely at present, given the
negative outlook.
Moody's could revise SJM's outlook to stable if SJM improves its
earnings, reduces debt, and maintains adequate liquidity. Credit
metrics indicative of this scenario includes SJM's adjusted
debt/EBITDA trending toward 5.5x or lower on a sustained basis.
Conversely, Moody's could downgrade SJM's ratings if Moody's
expects that the company's adjusted debt/EBITDA will stay above
5.5x, due to slower-than-expected earnings increase or failure to
reduce debt.
The principal methodology used in this rating was Gaming published
in September 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
SJM Holdings Limited (SJM) develops and operates casinos and
integrated resort facilities in Macao. Sociedade de Turismo e
Diversões de Macau (STDM), together with one of its subsidiaries,
own 54.81% equity interest in SJM. Listed on the Hong Kong Stock
Exchange, the company had a market capitalization of HKD17 billion
($2.2 billion) as of December 31, 2025.
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I N D I A
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AMTEK GROUP: SC Grants Bail to Former Chairman in Fraud Case
------------------------------------------------------------
The Economic Times reports that the Supreme Court on Jan. 6 granted
bail to former Amtek Group chairman Arvind Dham in connection with
a INR2,700-crore bank fraud case.
ET relates that the conditions of the bail will be decided by the
trial court.
Previously, the Delhi High Court had rejected Dham's petition
seeking regular bail in connection with a INR2,700-crore bank fraud
case, ET notes.
About Amtek Auto
Based in India, Amtek Auto Limited engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components, including
flywheel ring gears, machining, forging, casting aluminum and
casting iron. The Company supplies components for passenger cars,
light and heavy commercial vehicles, 2/3 wheelers, light weight
commercial vehicles and heavy weight commercial vehicles. The
Company has facilities across India, the United Kingdom, Germany,
Brazil, Italy, Mexico, Hungary and the United States. The Company
also manufactures components for non-auto sectors, such as the
railways, specialty vehicles, aerospace, agricultural and heavy
earth moving equipment.
In July 2017, NCLT had admitted insolvency proceedings for Amtek
Auto initiated by a consortium of banks led by Corporation Bank.
Venkatsubramanian was appointed by the Committee of Creditors as
the resolution professional for the case in August 2017.
Amtek was featured on the first list of 12 companies that were
referred by the RBI for initiating insolvency process in 2017.
On July 2020, the National Company Law Tribunal (NCLT) approved the
resolution plan for Amtek Auto, submitted by US-based hedge fund
Deccan Value Investors LP (DVIL).
BAMBEEQ SOLUTIONS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Bambeeq Solutions Private Limited
No.403 & 404, 3rd Floor,
NSIC Software Technology Business Park,
B24, Guindy Industrial Estate,
Chennai, Ekkaduthangal,
Tamil Nadu, India 600032
Liquidation Commencement Date: December 20, 2025
Court: National Company Law Tribunal Chennai Bench
Liquidator: Vasudevan Gopu
G.V. Enclave,
18/30, Ramani Street,
K.K. Pudur, Saibaba Colony
(4th right Opposite Road to Saibaba Colony Hotel
Annapoorna Road),
Coimbatore - 641038
Tamil Nadu, India
Email: vasudevangopu.ip@gmail.com
Email: vasudevanacs@gmail.com
Telephone No. 0422-4347063
Last date for
submission of claims: January 19, 2026
BONNA-AGELA INDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Bonna-Agela India Private Limited
Registered/Principal Office Address:
BB-62/B, East Shalimar Bagh,
Northwest, Delhi, India, 110088
Corporate office address:
G-212, 2nd Floor Sector 63, Noida,
Uttar Pradesh, India, 201301
Liquidation Commencement Date: December 8, 2025
Court: National Company Law Tribunal Mumabi Bench
Liquidator: Sanjay Vijay Jeswani
A-403, Atlantis Building, Hirandani Gardens,
Powai, Mumbai, Maharashtra - 400076
Email: liquidator.bonnaagela@gmail.com
Email: jeswanisanjay007@gmail.com
Mobile: 7875030330
Last date for
submission of claims: January 16, 2026
ELECTROSTEEL CASTINGS: SC Rejects Insolvency Plea vs. Company
-------------------------------------------------------------
The Economic Times reports that the Supreme Court on Jan. 6 refused
to allow UV Asset Reconstruction Co to initiate insolvency
proceedings against Electrosteel Castings Ltd (ECL), while
upholding a 2024 ruling of the National Company Law Appellate
Tribunal (NCLAT). ET says the issue before the apex court was
whether approval of the resolution plan of Electrosteel Steels Ltd
(ESL) resulted in extinguishment of the entire debt, thereby
barring any claim against ECL as a security provider or erstwhile
promoter.
While dismissing two separate appeals filed by UV Asset
Reconstruction Company and ECL against the NCLAT's January 24, 2024
judgment, a Bench comprising Justices Sanjay Kumar and Alok Aradhe
held that approval of ESL's resolution plan "does not result in
extinguishment of the entire debt so as to bar any claim against
ECL as a security provider/third-party surety," ET relays.
ET relates that the court also ruled that ECL was not a corporate
guarantor for the loan availed by ESL.
The apex court said Clause 3.2(ix) of the resolution plan clearly
provided that rights against any third party, including a security
provider or existing promoter, in relation to any portion of
unsustainable debt secured or guaranteed by such third parties,
would not be extinguished adds ET.
Electrosteel Castings Limited specializes in the production of
ductile iron pipes and fittings.
GLOBAL INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Global
International Imex Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.93 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan the 'Issuer Not Cooperating'
category
Long-term- 26.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term/Short 7.57 [ICRA]D; ISSUER NOT COOPERATING/
Term-Unallocated [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
the 'Issuer Not Cooperating'
category
As part of its process and in accordance with its rating agreement
with Global International Imex Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Global International Imex Private Limited was established as a sole
proprietorship concern under the name Global Marketing & Associates
in 2001 and was reconstituted as a private limited company in 2010.
The company is engaged in trading of various agricultural
commodities and food items. Apart from this, it is also involved in
goat farming and trading of livestock. Its product portfolio
comprises of various perishable and non-perishable items like rice,
sunflower oil, fruits, vegetables, pulses, livestock and
confectionary items. The company has its registered office in
Mumbai and warehouse, packaging units in Navi Mumbai. It has two
group concerns - Mijan Imex International Private Limited and Sky
point Multitrade Private Limited which are also engaged in trading
of agricultural commodities.
GUPTA MARRIAGE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Gupta Marriage Halls Private
Limited (GMHPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 4.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 13.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GMHPL, 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.
GMHPL was incorporated in February 1996 and is engaged in the
hotels and textiles businesses. The company runs Hotel Samrat
Heavens (including Bar and Restaurant) which is located in Meerut,
Uttar Pradesh. Further, from the last few years the company has
diversified into textile trading.
HENRAAJH FEEDS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Henraajh
Feeds India Private Limited (HFIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.72 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 HFIPL under the
'issuer non-cooperating' category as HFIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HFIPL 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
Henraajh Feeds India Private Limited (HFIPL) was incorporated in
2013 by Mr. Jaydeep Srivastava, Mrs. Jaya Srivastava and Mr.
Parimal Basak to set up a manufacturing unit for cattle and poultry
feeds. The manufacturing plant of the company is located at
Khajekalan, Patna with aggregate installed capacity of 99000 metric
tonne per annum. The company commenced its commercial operations at
its plant from May 2016 onwards. The company procures its major raw
material like soya and maize from Madhya Pradesh and Bihar
respectively. HFIPL mainly sale its product in Bihar, Uttar
Pradesh, West Bengal and Jharkhand through its
authorised dealers spread all over the stated regions.
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of High Tech Fablon 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- 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 5.87 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with High Tech Fablon Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in the year 2010, High Tech Fablon Private Limited is
engaged in manufacturing of grey fabric made from polyester yarns.
The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located at Kim, Surat.
IL&FS SECURITIES: CARE Reaffirms D Rating on INR525cr ST Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
IL&FS Securities Services Limited (ISSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 525.00 CARE D Reaffirmed
Bank Facilities
Rationale and key rating drivers
Reaffirmation of the rating of bank facilities of ISSL is due to
continued instances of irregularities in debt servicing by the
company. In August 2019, CARE Ratings Limited (CARE Ratings) had
revised ratings of ISSL to 'CARE D' due to the company defaulting
on its payment obligations towards its trading members following
inability to find resolution related to certain disputed trades.
ISSL's inability to make payments led to disabling the trading
terminal by the stock exchange and invocation of guarantee by the
exchange clearing house. The non-fund-based facilities have now
converted into fund-based and continue to be out of order. The
company's operations have been impacted and depend on the outcome
of the ongoing litigation in the court of law and its resolution
plan.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors: Factors that could individually or collectively
lead to positive rating action/upgrade:
* Timely servicing of debt for three consecutive months.
Negative factors: Factors that could individually or collectively
lead to negative rating action/downgrade:
* Not applicable
Analytical approach: Standalone
CareEdge Ratings has taken a view based on the standalone financial
profile of ISSL, factoring in the parentage and operational
linkages with Infrastructure Leasing & Financial Services Limited
(IL&FS).
Outlook: Not applicable
Detailed description of key rating drivers: Not applicable
Key weaknesses: Not applicable
Key strengths: Not applicable
Liquidity: Poor
The company's liquidity profile is severely constrained leading to
continuing default on its debt obligations.
Assumptions/Covenants: Not applicable
Incorporated in July 2006, ISSL is a subsidiary of IL&FS (rated
'CARE D', which currently holds a stake of 81.24% in the company.
It was a Strategic Business Unit of IL&FS offering Securities and
Transaction advisory services before it was hived off as a separate
company in FY07. Other shareholders are IL&FS Employee Welfare
Trust (9.01%), and a private equity fund, Croupier Prive Mauritius
(5.00%). ISSL is a professional clearing member (PCM) for equity
derivatives and currency derivatives segment on exchanges,
including BSE, NSE, and MSX. It also offers capital market services
such as custodial services, depository services, and transaction
processing, among others.
JAI MAA: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jai Maa
Sharda Agro and Rice Mills Private Limited (JMSARMPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of JMSARMPL under the
'issuer non-cooperating' category as JMSARMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JMSARMPL continues to be noncooperative 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
Incorporated in February 2010, JMSARMPL, was promoted by Mr. Ajay
Kumar Kejriwal and his three brothers, to set up a rice processing
& milling unit of non-basmati rice and sale of its by-products like
husk, bran etc. in the domestic market. The plant, having an
installed capacity of 48,000 metric tonnes per annum (MTPA), is
situated in Burdwan district of West Bengal, a major paddy growing
area and in close proximity to local grain market enabling easy
paddy procurement.
JET AIRWAYS: JetLite Staff Seek Inclusion in Liquidation Process
----------------------------------------------------------------
The Economic Times reports that employees of JetLite, the erstwhile
low-fare unit of Jet Airways, have moved the dedicated bankruptcy
court for inclusion in the liquidation process of Jet Airways
(India) Ltd and admission of their dues.
ET relates that in an application to the National Company Law
Tribunal (NCLT), the employees have argued that despite evidence of
operational integration, financial interdependence, and unified
management between Jet Airways and JetLite, the claims of Jet
Lite's workmen or employees were systematically rejected throughout
the corporate insolvency resolution process (CIRP) and continue to
face rejection in the liquidation proceedings.
In 2007, Jet Airways acquired Sahara Airlines (Air Sahara),
subsequently rebranded the latter as JetLite.
About 100 employees are seeking admission of claims totalling
around INR48 crore in Jet Airways' liquidation process, ET adds.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.
In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.
On Nov. 7, 2024, the Supreme Court ordered the liquidation of Jet
Airways, after finding a National Company Law Appellate Tribunal
(NCLAT) judgment was in flagrant disregard of the the top court's
January 2023 judgment. According to The Economic Times, the top
court stated that the NCLAT disregarded the Court's January 2023
order by allowing the adjustment of a INR150 crore performance bank
guarantee (PBG) against an infusion requirement of INR350 crore
from the Jalan-Kalrock Consortium (JKC), Jet Airways' resolution
applicant.
JSW STEEL: Fitch Puts 'BB' LongTerm IDR on Watch Positive
---------------------------------------------------------
Fitch Ratings has placed India-based JSW Steel Limited's (JSWS)
Long-Term Issuer Default Rating (IDR) of 'BB' on Rating Watch
Positive (RWP). The agency has also placed the 'BB' rating on the
outstanding bonds of JSWS and its subsidiary, Periama Holdings,
LLC, on RWP.
The RWP follows approval by the board of JSWS to form a 50:50 joint
venture (JV) with Japan-based JFE Steel Corporation, which will buy
the steel assets owned by Bhushan Power and Steel Limited (BPSL), a
JSWS subsidiary. The transaction can lead to JSWS receiving INR324
billion in cash over the next six months, improving its EBITDA net
leverage to levels commensurate with a higher rating from the
financial year ending March 2026 (FY26) to FY28.
Fitch expects to resolve the RWP once the JV is formed after
receiving regulatory approvals and other closing conditions. JSWS
considers this likely by end-FY26.
KEY RATING DRIVERS
Proposed JV Credit Positive: Fitch expects JSWS's EBITDA net
leverage to reduce by 0.5x - 0.7x over FY26-FY28, if it forms the
JV with JFE as proposed. The JV will buy BPSL's steel assets for
INR244.83 billion by March 2026, funded by INR166.08 billion of
debt and the rest from JFE's first equity tranche. JSWS expects to
receive JFE's second tranche of INR78.75 billion by June 2026. BPSL
contributed 10% of JSWS' consolidated EBITDA in FY25.
JSWS intends to use the cash proceeds for deleveraging and growth
investments. Fitch will proportionately consolidate the financial
statements of the proposed JV, to be called JSW Kalinga Steel
Limited (JKSL), in Fitch's forecasts as Fitch expects the JV
partners to support it if needed, given the strategic nature of its
assets, while Fitch monitors the terms of any future debt at the
JV.
Modest Execution Risks: Fitch said, "We believe the transaction
carries modest execution risks as it is subject to regulatory and
shareholder approvals, including from the Competition Commission of
India (CCI). Execution risks are mitigated by JSWS's and JFE's
long-standing business relationship. The JV will strengthen JSWS'
financial structure and flexibility, give JFE greater access to
India's fast-growing steel market, and raise the share of
higher-value products in the JV's output over time."
Rising EBITDA Margins: Fitch said, "We forecast JSWS's standalone
EBITDA margins to rise to INR9,500 per tonne (t) in FY26 and
INR10,750/t in FY27 (FY25: INR8,400/t). This will be aided by
positive operating leverage from growing volumes, steady prices,
lower costs and improving industry conditions. Fitch believes the
government's recent expansion of its tariff barriers to curb
imports will aid domestic steel producers' prices and margins.
However, persistent excess domestic or imported steel supply is a
key risk to profitability."
Leverage to Improve: Fitch said, "We expect JSWS's EBITDA net
leverage, including proportionate consolidation of JKSL, to reduce
to 2.6x in FY26 and 2.1x in FY27 (FY25: 4.0x). Cash proceeds from
the asset sale and rising EBITDA will support the deleveraging,
despite our view that JSWS's generally high capex intensity will
lead to negative free cash flow (FCF) over this period."
Robust Volume Growth: Fitch said, "We forecast sales volumes to
increase by 6%-10% over FY27-FY28 (FY25: 7%) on a like-for-like
basis. This will be driven by a production ramp-up at the 5 million
tonnes per annum (mtpa) brownfield capacity commissioned at JSWS's
Vijayanagar plant at FYE25, and debottlenecking of certain existing
capacities. We expect India's steel consumption to grow by 8%-9% in
the next few years, aided by strong demand from the infrastructure,
construction and manufacturing sectors."
High Capex; Flexibility Adds Buffers: Fitch said, "We expect capex
to rise to around INR200 billion-210 billion annually over
FY26-FY28 (FY25: INR147 billion), including investments in JVs and
associates. JSWS aims to expand its Dolvi plant capacity by 5mtpa
by FY28, debottleneck capacities at other plants, invest in mining
equipment and facilities, and upgrade its US and Italian
operations. It may exercise some capex flexibility in the case of a
prolonged period of weak margins. We also include a coking coal
mine acquisition of USD74 million in FY26."
Cost-Efficient Operations: JSWS's Indian operations are highly
efficient. Its largest plant at Vijayanagar is positioned in the
first quartile of WoodMac's 2025 global crude steel site cost
curve, placing JSWS's weighted-average cost in the first half of
the curve, despite fourth-quartile costs at its overseas units.
JSWS is investing in cost-saving measures like increasing use of
renewable energy and improving transportation infrastructure, which
will improve its cost position further.
Limited Raw-Material Integration Benefit: JSWS' iron ore mines in
Odisha and Karnataka supplied 30% of standalone requirements in
1HFY26 (FY25: 37%). This provides some supply certainty and lowers
logistics costs, although production cost may not be optimum in
some cases due to high state royalties. Output from some of JSWS's
recently acquired domestic and overseas coking coal assets will
reduce dependence on external purchases over the medium term, but
the cost benefit is likely to be limited.
Guaranteed Notes: Fitch said, "The outstanding notes of Periama
Holdings are guaranteed by JSWS to the extent of 125% of the
outstanding principal. We consider the guarantee full and worthy as
it would cover 100% of principal payments plus all interest accrued
up to the point when all principal is paid, as per Fitch's
criteria."
PEER ANALYSIS
JSWS can be compared with global peers United States Steel
Corporation (U.S. Steel, BBB-/Stable, standalone credit profile
(SCP): bb) and Usinas Siderurgicas de Minas Gerais S.A. (Usiminas,
BB/Stable).
U.S. Steel is an integrated producer of flat-rolled steel and
tubular products with operations in North America and Europe. Fitch
thinks U.S. Steel has a weaker business profile than JSWS, with a
smaller EBITDA scale and weaker cost position in the second half of
the global cost curve, despite U.S. Steel's better raw material
self-sufficiency. U.S. Steel is shifting its focus to flexible and
lower-cost, more-efficient mini mills, which Fitch believes will
improve its overall cost position. However, JSWS's higher EBITDA
net leverage than U.S. Steel balances its stronger business
profile.
Brazilian steelmaker Usiminas is the largest domestic supplier of
cold-rolled and electro-galvanized steel products. The company has
a production capacity of 5mtpa of crude steel and around 10mtpa of
iron ore. Compared with JSWS, Usiminas has a significantly smaller
EBITDA scale and weaker cost position in steel in the fourth
quartile of the global cost curve. Usiminas's business profile
benefits from significant iron ore output, a portion of which can
be sold externally to boost cash flow. However, Usiminas's EBITDA
net leverage is much better than that of JSWS.
FITCH'S KEY RATING-CASE ASSUMPTIONS
- Sales volume growth of around 6% - 10% per year over FY26-FY28;
- Annual standalone EBITDA per tonne of around INR9,500 in FY26,
INR10,750 in FY27 and INR11,000 thereafter;
- Average annual consolidated capex of around INR200 billion-210
billion over FY26-FY28;
- Dividend pay-out ratio of 30% over FY27-FY28 (last five-year
average and management guidance: 20%).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Negative rating action is unlikely as the ratings are on RWP.
However, Fitch will remove the ratings from RWP if the transaction
is not executed.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Fitch expects to resolve the RWP once the transaction is completed.
Apart from the transaction, EBITDA net leverage below 2.7x for a
sustained period would be positive for the rating.
LIQUIDITY AND DEBT STRUCTURE
JSWS had readily available cash of around INR187 billion at
end-September 2025. The company also had undrawn term loans of
INR53 billion and unused working-capital lines (fund- and
non-fund-based) of around INR298 billion. The working-capital lines
are generally renewed every year. JSWS had short-term debt maturity
of INR360 billion, including INR154 billion of trade acceptances
considered debt.
Fitch said, "We expect JSWS to manage its liquidity by rolling over
its short-term debt and trade acceptances, supported by its healthy
business profile. The proposed JV transaction will add buffers to
its liquidity. The liquidity is supported by JSWS' generally robust
access to diverse financial sources, such as domestic and
international banks and public markets. We think JSW can also cut
discretionary capex to aid liquidity, if needed."
ISSUER PROFILE
JSWS is the leading steelmaker in India, with a primary steelmaking
capacity of 34.2mtpa in operation in India (consolidated 35.7mtpa)
as of 1HFY26. The company has a flat product-focused portfolio,
with value-added products accounting for 64% of total sales in
1HFY26. It also has smaller assets in the US and Italy.
RATINGS ACTION
Ratings Prior
------- -----
JSW Steel Limited
LT IDR BB Rating Watch On BB
senior unsecured LT BB Rating Watch On BB
Periama Holdings, LLC
senior unsecured LT BB Rating Watch On BB
JUMBO ROOFINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short Term ratings of Jumbo
Roofings and Tiles (JRT) 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- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.90 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- (2.50) [ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with JRT, 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.
JRT, established in 2007 as a partnership firm, manufactures plain
and corrugated asbestos cement sheets and ridges. The manufacturing
facility is located at Changsari in Guwahati, Assam, with a
capacity of 50,000 tons per annum. JRT commenced commercial
production in May 2010. The firm sells its products through a
network of dealers spread across north-eastern and eastern India.
However, a major portion of the firm's revenue is currently derived
from Assam.
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.
KANCHANA AUTOMOBILES: CARE Lowers Rating on INR12cr LT Loan to B
----------------------------------------------------------------
CARE Ratings has revised rating to the bank facilities of Kanchana
Automobiles Private Limited (KAPL), as:
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 and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of KAPL under the
'issuer non-cooperating' category as KAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KAPL 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).
The ratings assigned to the bank facilities of KAPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Kanchana Automobiles Pvt Ltd (KAPL) was incorporated in 2005 by Mr.
Prasadraj Kanchan and Mrs. Sukanya Kanchan. The company is engaged
in the business of automobile dealership for Hyundai Motor India
Limited (HMIL). The company has 5 showrooms and 3 service centers
located at Udupi, Puttur, Mangalore, Sirsi and Karwar. The promoter
also has dealerships for TVS Motors (3 wheelers) under Kanchana
Motors, Ashok Leyland Limited under Kanchana Automotive and Honda
Motorcycles under Kanchana Udyog.
KUSHAL KARYASHALA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kushal
Karyashala (KK) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.50 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 26, 2024, placed the rating(s) of KK under the
'issuer non-cooperating' category as KK had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KK 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: Stable
Sonipat, Haryana based Kushal Karyashala was incorporated in 2002
by Mr. Vijay Mangla, Mr. Ankur Mangla and Mr. Ankit Mangla. The
firm is engaged in the manufacturing of phool brooms and handloom
pocha at its manufacturing facility located in Sonipat.
LAKSHYAN ACADEMY: CARE Reaffirms B+ Rating on INR67.67cr LT Loan
----------------------------------------------------------------
CARE Ratings has reaffirmed rating to the bank facilities of
Lakshyan Academy of Sports Private Limited (LASPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 67.67 CARE B+; Stable; Reaffirmed
Facilities
Rationale and key rating drivers
The reaffirmation of ratings assigned to the bank facilities of
LASPL reflects that the academy continues to face stabilization
challenges, with revenue growth remaining below expectations. This
has resulted in lower-than-anticipated cash accruals against
significant upcoming debt repayment obligations in near to medium
term.
CARE Ratings Limited (CareEdge Ratings) notes positively that LASPL
is witnessing gradual growth in enrolments and generating
additional revenue streams through corporate events. The company is
also undertaking strategic initiatives, including the adoption of
an asset-light model by leveraging existing infrastructure and
implementing Lakshyan's curriculum and programs. These measures are
aimed at improving operational efficiency and scalability. However,
given the high repayment obligations, the academy's ability to turn
around operations and achieve healthy cash generation remains
critical for its future prospects. The rating continues to derive
comfort from LASPL's state-of-the-art sports facilities,
association with eminent sports personalities as coaches, its
favourable location and accessibility, and the stable growth
outlook for the sports industry. Continuing timely funding support
from promoters till operations stabilizes would be key rating
monitorable.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Healthy enrolments and increase of cash accruals to sustain DSCR
over 1.05x
Negative factors
* Delay in receipt of support from promoters
* Any additional debt availed by the company leading to moderation
in debt coverage indicators
Analytical approach: Standalone
Outlook: Stable
CareEdge Ratings believes that LASPL will continue to receive
enrolments aided by guidance and expertise of management
personnels and coaches.
Detailed description of key rating drivers:
Key weaknesses
* Gradual improvement in enrolment though losses persist: The
academy commenced operations in April 2023 and has achieved over
6,500 enrolments to date, including 1,200+ enrolments during
January–June 2025. While operational scale has expanded, the
company continues to incur losses; however, these losses have been
declining over the past two years. The sports industry exhibits
seasonality, with peak enrolments during June–August and weaker
demand from December onwards due to the holiday season.
Consequently, ensuring revenue visibility during offseason periods
remains critical for sustainable growth. From April to December
2025, the company generated approximately INR10 crore in revenue
and is expected to achieve near break-even at PBDIT level for FY26.
This performance was driven by a surge in enrolments, particularly
in swimming, followed by basketball, gymnastics, and badminton
along with corporate collaborations. To strengthen its business
model, the company plans to adopt an asset-light approach by
leveraging existing infrastructure while implementing Lakshyan's
curriculum and programs. This strategy aims to optimize costs and
improve scalability.
* Stabilization risk: Though academy has been witnessing increase
in enrolments with many national and state elite athletes joining
the academy particularly due to presence of high-quality state of
the art multi sports facilities/equipment. However, the business is
still vulnerable to stabilization risk as alleviation of this risk
will depend on stickiness of enrolments. The ability of LASPL to
retain its customer base will be a key rating factor going
forward.
* Weak debt coverage indicators though regular fund infusion from
promoters: Due to operational losses in FY25, LASPL's debt coverage
indicators remained negative. To bridge these gaps, promoters
infused INR9.38 crore as unsecured loans during the year, ensuring
a liquidity cushion. Looking ahead, fixed costs will consume a
larger share of income, and annual debt repayments of INR7–9
crore will add further pressure. Consequently, LASPL must
significantly scale enrolments to meet operational expenses and
financial obligations. Until the business stabilizes and achieves
profitability, promoters have articulated that they would continue
to infuse funds in the company in timely manner.
Key strengths
* Qualified promoters along with eminent coaching staff: Jeevan
Mahadevu, Promoter and Chief Executive Officer, holds master's by
Research, Engineering Design from IIT-Madras. Dhanraj Pillai, a
renowned hockey player and the former captain of Indian hockey
team, has been appointed as a member of the core committee in LASPL
for managing operations. Also, LASPL has Arjun Halappa, former
captain of Indian National hockey team, as one of their many sports
consultants. Yashica, Managing Director, holds master's in commerce
and real estate finance and is a former Karnataka State & Bangalore
University Basketball Player. LASPL has procured and made MOUs with
top talents across India for their coaching facilities.
* Advanced sporting facilities and equipment approved by leading
international associations: The sporting facilities and equipment
are made by world-class providers. These include: Squash courts by
ASB, Germany, which is approved by World Squash Federation;
swimming pools by Myrtha, world leader in the supply and
installation of swimming pools approved by International Olympic
Committee; Table tennis by STAG, approved by International Table
Tennis Federation; Gym by Technogym, which is known globally in
over 100 countries; Football turf by DOMO sports grass, which is
well-known in over 84 countries and has 30 years of history;
Badminton courts made of Teak wood approved by Badminton World
Federation; and Basketball courts made of Maple wood, approved by
the International Basketball Federation.
* Favourable location and accessibility: The academy is located in
Sarjapura, Bengaluru. It is one of the fastest developing real
estate hotspots of Bengaluru, which is experiencing rapid pace of
urbanization. This area boasts the presence of offices of IT
corporates and tech parks like Wipro Technology Campus, RGA Tech
Park, and Wipro SEZ, thus the academy stands to gain by enabling
working class people use its facility for sports and corporate
events. The area also houses reputed educational institutes like
Indus International School, Chrysalis High, and Greenwood High.
Sarjapur provides connectivity to other employments hubs such as
Marathahalli, Whitefield, and Electronic City. Well known areas
such as HSR Layout, BTM Layout, Koramangala are all accessible from
Sarjapur. Completion of metro in this year will boost connectivity
of this area with rest of the city.
Liquidity: Stretched
Liquidity of the company is constrained by lower-than-expected
enrolments which could adversely impact its cash accruals against
high debt repayment obligations in near to medium term. Though
promoters of the company have been continuously infusing money to
fulfilling liquidity requirement of the company and are committed
to continue support the business in future also. As of December 23,
2025, the promoters have infused approximately INR80 crore since
inception. Current ratio of the company stood at 0.68x as on March
31, 2025. The company has CC limit of Rs. 5.00 Cr and utilization
of the same is full.
LASPL is a sports training institute offering wide range of sports
infrastructure with dedicated coaches and specialised sport support
services. Lakshyan academy houses state-of-the-art facility for
swimming, table tennis, squash, football, cricket, badminton,
shooting, basketball, judo, taekwondo, and chess. In addition to
on-field training, LASPL also offers a full suite of support
services. These include a well-equipped gymnasium, physiotherapy
centre, medical centre, steam, spa, jogging track, pro-shop,
conference room, dormitories, cafeteria, sports science and
analytics centre. Jeevan Mahadevu, CEO, looks after the
day-to-day operations and activities of the company.
RISHABH TRIEXIM: CARE Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
Rishabh Triexim LLP (RTL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 46.95 CARE D; ISSUER NOT
Bank Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Short Term 173.05 CARE D; ISSUER NOT
Bank Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) has been seeking
information from RTL to monitor the rating vide e-mail
communications dated July 4, 2025, July 10, 2025, July 17, 2025,
July 23, 2025, July 31, 2025, August 7, 2025, August 12, 2025,
August 19, 2025, August 26, 2025, September 8, 2025, September 16,
2025, September 23, 2025, September 24, 2025, December 29, 2025
among others and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE Ratings Limited (CareEdge Ratings) has reviewed the rating on
the basis of the best available information which however, in CARE
Ratings Limited (CareEdge Ratings)'s opinion is not sufficient to
arrive at a fair rating. The ratings on RTL's bank facilities will
now be denoted as 'CARE D; ISSUER NOT COOPERATING/ CARE D; ISSUER
NOT COOPERATING'.
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 Rishabh Triexim LLP
(RTL) takes into account the delay in debt servicing as ascertained
as part of CARE's due diligence exercise.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of key rating drivers:
At the time of last rating on October 08, 2025 the following were
the rating strengths and weaknesses.
Key weaknesses
* Delay in debt servicing: As per the lender feedback, obtained
during the due diligence exercise conducted by CARE Ratings Ltd
(CareEdge Ratings), there are delays in servicing its debt
obligations.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stands leveraged with Total
debt of INR390.63 crore as of March 31, 2024 (PY: INR306.15 crores)
which also includes USL from related parties worth INR121.79 crore
(PY: INR119.48 crore). The firm pays interest for the related party
loan, though there are no fixed repayment terms for these loans.
The net worth position remains low due to consecutive losses over
the past two years. Capital structure of the firm is leveraged
marked by overall gearing of 131.61x as of March 31, 2024 (PY:
16.25x).
* Susceptibility of profitability to fluctuations in raw material
prices and foreign exchange rates: Prices of polyethylene allied
products are highly volatile and influenced by global pricing
trends and regional demand-supply dynamics. RTL is significantly
exposed to foreign exchange risk due to its reliance on imported
raw materials from countries like China, Taiwan, Middle East etc.
with minimal export activity. To ensure timely delivery to its
customers, RTL has to maintain a minimum inventory level, leaving
its profitability vulnerable to raw material price swings. In FY23
and FY24, the company incurred operating losses due to a steep drop
in PVC prices, which surged during the pandemic. RTL has reported a
net loss and negative GCA over the past two years.
* Highly competitive nature of PVC resin and allied chemicals
trading industry: The PVC resin trading industry is characterized
by low entry barriers due to minimal capital required and
commoditized nature of the products which has resulted in
proliferation of large number of small and large traders spread
across the country. The highly fragmented nature of the industry
has resulted in intense competition within the industry resulting
in very thin profit margins.
Key strengths
* Established relationship with supplier and customer: RTL has been
in operation for nearly a decade. Since its inception RTL has been
maintaining cordial relationships with various suppliers and has a
diversified supplier base. The firm procures from domestic as well
as overseas suppliers depending upon the availability of the
material. In FY24 the company imported 98% of the overall
procurement (PY: 99%). Its customer base includes both end users
and traders and it is diversified with top 10 customers accounting
21% of the overall sales in FY24 (PY: 31%).
* Pan- India presence and product diversity: RTL has branches in
Chennai, Mumbai and Gujarat it supplies pan India. The firm
maintains a warehouse rented from third parties near red hills,
Chennai which has a capacity of 1,500 tons and also uses around 18
transport warehouses in TN, Maharashtra and Gujarat on a need
basis. The presence in multiple states gives the firm leeway to
move stock in case of any demand slowdown in any of the regions.
The product portfolio of the company includes PVC, HDPE, PET, LDPE
and PP.
Rishabh Triexim LLP was incorporated on August 21, 2015, is into
trading of PVC resins, High- and Low-density polyethylene (HDPE and
LDPE), Polyethylene Terephthalate (PET), Polypropylene (PP) etc.
Mr. Swaroop Bagrecha, promoter of the firm, was already in the
business of import and export consultancy for various other
products and industries for nearly 15 years prior to incorporating
RTL. The head office of RTL is in Sowcarpet, Chennai and it has
branch offices in Mumbai and Gujarat. The entity has a rented
warehouse in Redhills, Tamil Nadu which has a storage capacity of
1,500 Tons; it also uses temporary warehouse from third parties on
need basis.
SAI KRISHNA: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sai Krishna Developers (SKD)
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
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SKD, 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.
SKD was established as a partnership firm in January 2014, to
undertake the development of residential project -'Sai Krishna
Residency' comprising 268 units 3BHK, 4 BHK and 5 BHK bungalows in
Bardoli, Surat. The firm is owned by twelve partners having vast
experience in Surat real estate industry. The project is proposed
to be developed in three phases and spread across an area of 25,443
sq. metre. The development of phase I (14226sq.mts of area)
comprising of 114 bungalows commenced in April 2014 and completed
was scheduled in April 2016. The units in phase I are 3BHK and 4
BHK bungalows with a saleable area in the range of 1890sq.ft to
2410 sq.ft.
SHIVAM CONCRETE: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shivam Concrete Technology &
Consultancy Pvt. Ltd. (SCTCPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term 0.50 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SCTCPL, 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.
Shivam Concrete Technology & Consultancy Private Limited (SCTCPL)
was established in 1995 as a proprietorship concern of Mr.
Laxmikant Thakkar. It was subsequently converted into a private
limited company in November 2008. The company provides consultancy,
testing and rehabilitation services for strengthening of existing
structures (mainly bridges and roads) and is also involved in the
civil construction work. The company is certified by ISO 9001:2008
standards with its corporate office located at Vadodara (Gujarat).
SOMNATH ENTERPRISES: CARE Assigns D Rating to INR18.94cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Somnath
Enterprises, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.94 CARE D; Assigned
Facilities
Long Term Bank 17.00 CARE D Rating removed from
Facilities from ISSUER NOT COOPERATING
Category and Downgraded from
CARE B-; Stable
Rationale and key rating drivers
In the absence of minimum information required for the purpose of
rating, CARE Ratings Ltd. (CARE) was unable to express an opinion
on the rating of Somnath Enterprises and in line with the extant
SEBI guidelines, CARE had placed the rating of bank facilities of
the company at 'CARE B-; Stable; 'ISSUER NOT COOPERATING'. However,
the company has now submitted the requisite information to CARE.
Accordingly, CARE has carried out a full review of the rating and
the rating is revised to 'CARE D'.
The rating assigned to the bank facilities of Bhauram Jodhraj takes
into account delays in servicing of term loan in recent past.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Track record of timely servicing of debt obligations for at
least 90 days.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of key rating drivers:
Key weaknesses
* Delays in servicing of term debt in the past: There has been
delays in servicing of term debt of SIDBI in June 2025 with the
overdue being cleared on Jun 14, 2025 (due date is Jun 10, 2025).
Liquidity: Stretched
Liquidity is stretched marked by high utilization of fund-based
working capital limits over the 12 months ending November 2025 at
91.57%. The firm earned cash accruals of INR9.64 crore in FY25
vis-à-vis debt repayment of INR1.51 crore in FY26 and INR2.62
crore in FY27. Moreover, cash and bank balances stood at INR3.39
crore as on Mar 31, 2025.
Bhauram Jodhraj (BJ) engage in business of Tea Manufacturing,
Processing, Blending & Export. In 1962, BJ (partnership firm since
April 1995) acquired Amchong Tea Estate in Assam. Amchong Tea
Estate is located near Guwahati, Assam and is spread over 1782
acres, producing around 1105234 Kgs of tea, having installed
capacities of 1300000 lakh kg. for black tea as on March 31, 2025.
Majority of production pertains to Orthodox tea. The firm also
offers for its end customers single estate tea brand called
"AM'cha" which is a blend of CTC and orthodox teas. The firm earns
majority portion of its sales from tea exports to Middle east
countries and Russia with exports constituting about 65% of total
sales. The day-to day operations of the firm are looked after by
the partners, Anju Khemka, Ajjay Khemka, Surajkumar Saraogi, Ananya
Khemka and Arpit Khemka.
TUBE TURN: ICRA Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Tube Turn
India Private Limited (TTIPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with (TTIPL), 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.
Setup in 1995 by Mr. Ashit Kadakia, Tube Turn (India) Private
Limited (TTIPL) is engaged in the manufacturing of steel pipe
fittings. These fittings are primarily used in the construction of
new plants in the oil & gas, chemicals, power, steel, and textiles
industry. The company currently manufactures pipe fittings in
seamless and welded construction (butt-welded and socket-welded)
and flanges. The pipe fittings are fabricated from carbon steel,
alloy steel, and stainless steel, of which carbon steel is the most
commonly used material.
VIL ROHTAK JIND: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vil Rohtak Jind Highway Private Limited
Office No. 327, First Floor, Deva Palace
Viram Khand 1, Gomti Nagar, Lucknow,
Uttar Pradesh - 226010
Insolvency Commencement Date: December 16, 2025
Estimated date of closure of
insolvency resolution process: June 17, 2026
Court: National Company Law Tribunal, Allahabad Bench
Insolvency
Professional: IP CA Umesh Gar
C-334, Роcket C,
Sarita Vihar, New Delhi – 110076
Email: umeshg60@gmail.com
E-45, Lower Ground Floor, Block E,
Lajpat Nagar-III, New Delhi,
Delhi 110024
Email: cirp.vilrohtakjind@gmail.com
Last date for
submission of claims: January 2, 2025
VIRENDRA KUMAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Virendra Kumar Singh in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Virendra Kumar Singh, 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 1972 as a proprietorship firm, VKS is primarily
engaged in the civil construction business. VKS's core area of
operation includes construction of roads, dams and canals. The
firm's operations are limited to the state of Chhattisgarh, with
the firm executing contracts for various Government and
Semi-Government agencies.
VISION VIDYUT: CARE Lowers Rating on INR10cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised rating to the bank facilities of Vision
Vidyut Engineers Private Limited (VVEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING, Downgraded from
CARE B+; Stable and moved to
ISSUER NOT COOPERATING category
Short Term Bank 0.50 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) has been seeking
information from VVEPL to monitor the rating vide e-mail
communications dated December 20, 2025, December 17, 2025, December
10, 2025, December 4, 2025 among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings.
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. The ratings on VVEPL bank facilities will
now be denoted as 'CARE B; Stable; ISSUER NOT COOPERATING/CARE A4;
ISSUER NOT COOPERATING'.
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 Vision Vidyut
Engineers Private Limited (VVEPL) have been revised on account of
non-availability of requisite information. The ratings remain
constrained by small scale of operation with moderate
profitability, leveraged capital structure and moderate debt
coverage indicators and working capital intensive nature of
operation. However, ratings continue to derive strength from
experience of the promoters and management team as well as their
association with reputed clientele with low concentration risk.
Analytical approach: Standalone
Outlook: Stable
Detailed description of the key rating drivers
At the time of last rating on January 7, 2025 the following were
the rating strengths and weaknesses.
Key weaknesses
* Small scale of operations coupled with moderate profitability: In
FY24 VVEPL reported a revenue of INR31.16 crores in FY24 as against
INR14.95 crores in FY23. Further, during the period H1FY25 VVEPL
reported revenue of ~INR13 crore and plans to report revenue in the
range of INR31 crores to INR40 crores for FY25.
* Leveraged capital structure and moderate debt coverage
indicators: The overall gearing deteriorated to 1.42x as on March
31, 2024 (PY:1.27x) on account of increase in unsecured loans and
working capital utilization. Further total debt to PBILDT improved
marginally to 4.32x as March 31,2024 as against of 4.72x in the
previous year. Interest coverage broadly remained consistent in
FY23 at 1.86x.
* Working capital intensive nature of operations: Operating though
improved continues to be stretched. Operating cycle of the company
improved to 170 days in FY24 as compared to 298 days in FY23 on
account of inventory days which improved to 130 days in FY24 (FY23:
241 days). The built up in inventories was on account of delays in
residential projects because of which VVEPL has to hold deliveries
of transformers.
Key strengths
* Experienced promoters and management team: VVEPL is managed by
Thorat family, with directors Mrs. Vaishali Thorat and Mr. Jaywant
Thorat having more than 25 years of experience in electrical
engineering services. The promoters are supported by experienced
team in the field of production, technical assistance, accounting
and administration.
* Association with reputed clientele with low concentration risk:
During its decade of existence in the market, VVEPL has been
associated with various reputed clients and successfully receiving
repetitive contracts through bidding process from the clientele
such as Tata Housing Development Company Limited, Lodha Developers
Private Limited and Maharashtra State Electricity Distribution
Company Limited (MSEDCL) for commercial and residential projects
across Maharashtra, as well as corporates for their electrical
applications. In FY24, top 10 customer contributed for ~27% of the
total revenue.
Vision Vidyut Engineers Private Limited (VVEPL) was incorporated in
April 2011. Prior to it the promoters namely Mrs. Vaishali Thorat
and Mr. Jaywant Thorat carried on business under the name of Vision
Enterprises which was a partnership firm. The partnership was
majorly engaged in supply of electrical goods. Later on conversion
to private limited company the company expanded its business in
manufacturing transformers, trading of control panels and providing
electrical engineering services. Currently company has its reach
only in Maharashtra where it receives contracts through tender
bidding process from its various reputed clients like Tata Housing
Development Company Limited, Lodha Developers Private Limited, and
Maharashtra State Electricity Distribution Company Limited (MSEDCL)
for commercial and residential project. The company has ISO
9001:2008 certified transformer manufacturing unit situated in
Shahpur in Thane district.
===============
M A L A Y S I A
===============
CAPITAL A: Bursa Rejects Extension Bid for AAX Share Distribution
-----------------------------------------------------------------
The Edge Malaysia reports that Bursa Securities has rejected an
applicaton by Capital A Bhd for more time to complete the
distribution of AirAsia X Bhd shares to its shareholders.
Despite the rejection, the group said in a bourse filing on Jan. 6
that it still plans to distribute the AAX shares concurrently with
AAX's upcoming private placement, the Edge relates.
Meanwhile, Bursa has granted a separate application by AAX for an
extension until Jan. 19 to complete its proposed private placement,
acquisition of AirAsia Aviation Group Ltd (AAAGL), and the granting
of subscription options, the Edge reports.
Capital A was required to complete the distribution of AAX shares
by Jan. 2, 2026, a month after its entitlement date of Dec. 3,
2025. Capital A sought to push this deadline to Jan. 19 after AAX's
MYR1 billion private placement faced documentation delays from
identified investors.
According to the Edge, Capital A explained that the original Dec. 3
entitlement date was set under the assumption that AAX had
sufficient time to complete its private placement by the year-end
deadline of Dec. 31, 2025.
"At the time of the announcement of the entitlement date, there was
no indication suggesting that the identified investors would be
unable to meet the deadlines set by AAX, and it was reasonable to
expect that the AAX private placement would be completed within the
approved timeframe - by Dec. 31, 2025 - in line with AAX's target
completion date," it said.
The Edge relates that Capital A further clarified that setting the
Dec. 3 entitlement date was necessary for the group to submit an
application to the High Court linked to its share capital reduction
exercise. The quantum of the reduction can only be determined by
reference to the closing price of AAX shares on that specific date,
it said.
"As such, the application for the supplemental court order could
not be made until the entitlement date has been announced. In this
regard, the entitlement date on Dec. 3, 2025, was carefully planned
to provide sufficient buffer for Capital A to obtain the
supplemental court order," it added.
It intends to allot and issue the distribution shares as soon as
they are allotted and issued, concurrently with the AAX private
placement.
The Edge notes that the share distribution and private placement
are vital components of Capital A's regularisation plan to exit its
PN17 status. Under the plan, AAX will acquire Capital A's aviation
businesses - AAAGL and AirAsia Bhd - for MYR6.8 billion to
consolidate all short- and medium-haul AirAsia carriers under a
single listed entity. AAX's MYR1 billion private placement exercise
is intended to fund the enlarged airline's operations.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.
Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.
EVD ENGINEERING: Gets Statutory Notice Over MYR939K Claim
---------------------------------------------------------
The Malaysian Reserve reports that EVD Bhd said its wholly owned
subsidiary, EVD Engineering Sdn Bhd (EVDE), has received a
statutory notice from Yap Engineering & Trading (M) Sdn Bhd (YETM)
claiming MYR938,980.27 in alleged outstanding payments.
In a filing with Bursa Malaysia on Jan. 5, EVD said the notice,
dated Jan. 2, was issued pursuant to Sections 465 and 466 of the
Companies Act 2016, The Malaysian Reserve says.
The claim relates to alleged unpaid sums arising from adjudicated
amounts, retention sums, performance bonds and variation orders
linked to sub-contract works for the MRT2 Sungai
Buloh–Serdang–Putrajaya (SSP) line, The Malaysian Reserve
relates.
The works involved fire detection and protection systems at the
Conlay station and KLCC East station, under sub-contracts awarded
in July 2020.
The Malaysian Reserve adds that EVD noted that EVDE is not a major
subsidiary and that the notice is not expected to have a material
financial or operational impact on the group, aside from the
potential liability of MYR938,980.27.
EVDE is seeking legal advice to resolve or defend the claims, and
the company said it will update on any material developments, The
Malaysian Reserve relays.
EVD Berhad, an investment holding company, provides information and
communications technology (ICT) system solutions for transportation
infrastructure in Malaysia and Philippines.
=================
S I N G A P O R E
=================
BAN FOOK: Creditors' Proofs of Debt Due on Feb. 1
-------------------------------------------------
Creditors of Ban Fook Pawnshop Pte. Ltd. are required to file their
proofs of debt by Feb. 1, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 26, 2025.
The company's liquidator is:
Chew Chang Ching
101A Upper Cross Street
#11-15 People's Park Centre
Singapore 058358
CHINA LIQUOR: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 19, 2025, to
wind up the operations of China Liquor Limited.
Altage Capital Ventures VCC filed the petition against the
company.
The company's liquidators are:
Goh Wee Teck
Lin Yueh Hung
RSM SG Corporate Advisory
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
EASTPOINT PARK: Creditors' Proofs of Debt Due on Feb. 2
-------------------------------------------------------
Creditors of Eastpoint Park Properties Pte. Ltd. are required to
file their proofs of debt by Feb. 2, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 26, 2025.
The company's liquidators are:
Gary Loh Weng Fatt
Seah Roh Lin
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
FAR EAST CHINA: Creditors' Proofs of Debt Due on Feb. 2
-------------------------------------------------------
Creditors of Far East China Ventures Pte. Ltd. and Far East Retail
Consultancy Pte. Ltd. are required to file their proofs of debt by
Feb. 2, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 26, 2025.
The company's liquidators are:
Gary Loh Weng Fatt
Seah Roh Lin
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
FLEMMINGTON INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 2
----------------------------------------------------------------
Creditors of Flemmington Investments Pte. Ltd. are required to file
their proofs of debt by Feb. 2, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 26, 2025.
The company's liquidators are:
Gary Loh Weng Fatt
Seah Roh Lin
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
GARDEN LANDMARK: Creditors' Proofs of Debt Due on Feb. 2
--------------------------------------------------------
Creditors of Garden Landmark Pte. Ltd. are required to file their
proofs of debt by Feb. 2, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 26, 2025.
The company's liquidators are:
Gary Loh Weng Fatt
Seah Roh Lin
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
=====================
S O U T H K O R E A
=====================
HOMEPLUS CO: Plans to Close 41 Hypermarkets
-------------------------------------------
UPI reports that Home Plus confirmed on Jan. 6 it has submitted a
plan to the court to close roughly one-third of its hypermarkets,
or 41 out of 122, in coming years.
UPI relates that the retailer, which has been under a court
receivership since last March, also proposed selling off its 300
smaller stores across South Korea as a separate process,
independent of ongoing efforts to find a new owner.
According to UPI, the Seoul Bankruptcy Court is supposed to decide
within three months whether to approve the plan. If it is rejected,
Home Plus could face liquidation.
However, the move has drawn criticism from politicians and labor
groups.
"It is a restructuring designed to sell off the profitable assets
while dumping the liabilities, a textbook hit-and-run scenario,"
Rep. Min Byung-deok of the governing Democratic Party told UPI.
"The Democratic Party will take the lead in calling for the
formation of a pan-government task force to ensure that the Home
Plus crisis will be properly resolved," UPI quotes Min as saying.
He leads the ruling party's labor advocacy committee.
"MBK's rehabilitation plan is not a fundamental solution, but
merely a liquidation plan aimed at enabling a safe exit," the union
said in a statement, urging immediate government intervention.
In 2015, MBK Partners channeled around $5 billion to acquire Home
Plus from Tesco, UPI recalls. But the retailer was hit hard by the
COVID-19 pandemic and the intensifying competition from e-commerce
rivals. MBK is one of Asia's leading private equity funds.
After entering court-supervised restructuring proceedings last
year, Home Plus sought new ownership, UPI notes.
To move the sale forward, MBK gave up its rights to $1.8 billion
worth of common equity in Home Plus and promised to inject hundreds
of millions of dollars in additional funding, but the effort has
yet to yield tangible results.
About Homeplus Co
Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.
Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.
The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.
*********
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
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