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260109.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 9, 2026, Vol. 29, No. 7 Headlines A U S T R A L I A AUSTRALIAN HONEY: Second Creditors' Meeting Set for Jan. 16 GASMERE PTY: Second Creditors' Meeting Set for Jan. 15 GEORGE'S FURNITURE: Forced to Shut as Rent Spikes MOLONG RSL: Second Creditors' Meeting Set for Jan. 16 NATIONAL GROUP: Fitch Gives First-Time B-(EXP) IDR, Outlook Stable NATIONAL GROUP: S&P Assigns Preliminary 'B' ICR, Outlook Negative SALTWATER BAY: First Creditors' Meeting Set for Jan. 19 SOULED OUT: First Creditors' Meeting Set for Jan. 19 SPORTCOR HOLDINGS: Second Creditors' Meeting Set for Jan. 16 C A M B O D I A PRINCE BANK: Cambodia CB Placed Bank Under Liquidation C H I N A CHINA VANKE: Offshore Bondholders Face Near Wipeout, Barclays Says CHINA VANKE: Wins Nod From Banks to Defer Interest Payments H O N G K O N G CAS CAPITAL 2: Moody's Rates New Sub. Perpetual Securities 'Ba2' I N D I A A&N SEAWAYS: Insolvency Resolution Process Case Summary A.M. RICE: CARE Keeps B- Debt Rating in Not Cooperating Category AMRITLAL NARESH: CARE Keeps C Debt Rating in Not Cooperating ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category AZAD EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating BD AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category BHUMYA TEA: Liquidation Process Case Summary CHANMEET LEASING: Insolvency Resolution Process Case Summary COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating GLOBAL POLYBAGS: Insolvency Resolution Process Case Summary GRAFFITI (INDIA): CARE Keeps D Debt Ratings in Not Cooperating JOIL INDIA: Voluntary Liquidation Process Case Summary KEERTHI INDUSTRIES: CARE Reaffirms B Rating on INR30.26cr LT Loan KRYPTOAGILE SOLUTIONS: CRISIL Reaffirms B rating on INR1cr Loan KUBER CONCAST: CARE Keeps B- Debt Rating in Not Cooperating LOOKS FASHION: CRISIL Lowers Long/Short Term Ratings to D MINDRA EV: Insolvency Resolution Process Case Summary MPG REALTY: Insolvency Resolution Process Case Summary OCTOPUS PAPERS: CARE Keeps D Debt Rating in Not Cooperating P. K. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating PROGRESSIVE CARS: CARE Keeps B Debt Rating in Not Cooperating RN RICE: CARE Keeps D Debt Ratings in Not Cooperating Category S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating SCATEC INDIA: Voluntary Liquidation Process Case Summary SREEVEN CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating SRINIVASA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating STITCHFAB (INDIA): CRISIL Moves B+ Debt Rating to Not Cooperating SURYAVAYU SOLUTIONS ONE: Voluntary Liquidation Case Summary SURYAVAYU SOLUTIONS TWO: Voluntary Liquidation Case Summary TERRACIS DIGITAL: Voluntary Liquidation Process Case Summary TIRUPATEE AGRO: Insolvency Resolution Process Case Summary TULSI DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category YOUNG ENTERPRENEURS: Voluntary Liquidation Process Case Summary N E W Z E A L A N D EAST WIND: Investors to Get Almost Nothing, Liquidators Say S I N G A P O R E EM (FAR EAST): Court to Hear Wind-Up Petition on Jan. 23 LAKESHORE PTE: Creditors' Proofs of Debt Due on Feb. 2 MM2 ASIA: Unit Receives SGD200,000 Payment Demand From Creditor NO. 3 KOPITIAM: Creditors' Proofs of Debt Due on Feb. 2 SEATRONICS PTE: Creditors' Proofs of Debt Due on Jan. 30 SOUTH LONDON: Creditors' Proofs of Debt Due on Feb. 2 TANJONG PROPERTIES: Creditors' Proofs of Debt Due on Feb. 2 VIVIDTHREE HOLDINGS: Receives SGD1.2MM Payment Demand From UOB S O U T H K O R E A HOMEPLUS CO: MBK Legal Woes Raise Uncertainty Over Restructuring - - - - - ================= A U S T R A L I A ================= AUSTRALIAN HONEY: Second Creditors' Meeting Set for Jan. 16 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Australian Honey Ventures Pty Ltd (formerly Trading as 'Real Good Honey') has been set for Jan. 16, 2026, at 11:00 a.m. via virtual meeting 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. 15, 2026 at 5:00 p.m. Gregory Paul Quin of HLB Mann Judd Insolvency was appointed as administrator of the company on Dec. 1, 2025. GASMERE PTY: Second Creditors' Meeting Set for Jan. 15 ------------------------------------------------------ A second meeting of creditors in the proceedings of Gasmere Pty. Ltd, Arden Medical Pty. Ltd., and Biotempus 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. Shaun Matthews and Daniel P Juratowitch of Cor Cordiswere appointed as administrators of the companies on Dec. 1, 2025. GEORGE'S FURNITURE: Forced to Shut as Rent Spikes ------------------------------------------------- ABC News reports that a family-run business in Perth's eastern suburbs is being forced to close its doors after its rent was more than doubled. George's Furniture Restoration in Guildford has been operating on James Street for almost 40 years. However, the spiking rent has forced the furniture store to close and relocate its products to a warehouse in Welshpool, the ABC relays. According to the ABC, George Nakhoul, 80, opened the business in the late 1980s and said he had been working in the industry since he was 16. "We've been very successful because we have regular customers all throughout the years. "A lot of people come here and get really surprised that things [products] like this are still around." The ABC relates that Mike Rowe, a commercial real estate expert based in Perth, said the price increase could reflect a current market trend of low property supply. "Currently we've got a low supply situation, particularly in industrial, but retail is very similar in the well-established, key areas," the ABC quotes Mr. Rowe as saying. "This has led to high pricing in rentals and often tenants are frustrated because there's not a lot of options and properties for them to look at." Mr. Rowe also forecast all eyes would be on interest rates in 2026. According to the ABC, George's son Tony Nakhoul has helped his father run the business since he was 10. Tony said his store was the second on James Street to close over the last six months, the ABC relays. It's prompted concerns that the lack of antique stores in Guildford will impact foot traffic. City of Swan mayor Tanya Richardson said the city will continue to support small businesses with a new initiative encouraging customers to shop local, the ABC adds. MOLONG RSL: Second Creditors' Meeting Set for Jan. 16 ----------------------------------------------------- A second meeting of creditors in the proceedings of Molong R.S.L Limited has been set for Jan. 16, 2026, at 2:30 p.m. via Virtual Meeting 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. 15, 2026 at 4:00 p.m. Michael Gregory Jones of Jones Partners Insolvency & Restructuring was appointed as administrator of the company on Dec. 2, 2025. NATIONAL GROUP: Fitch Gives First-Time B-(EXP) IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Australian mining services provider National Group Corporation Pty Ltd (NGC) a first-time expected Long-Term Issuer Default Rating (IDR) of 'B-(EXP)'. The Outlook is Stable. At the same time, Fitch has assigned an expected rating to the proposed USD400 million secured bonds expected to be due 2030 a rating of 'B(EXP)' with a Recovery Rating of 'RR3'. The proposed bonds are to be issued by NGC's wholly owned subsidiary, National Plant and Equipment Pty Ltd, and will be guaranteed by all material group companies, which account for at least 80% of the group's consolidated total assets and EBITDA. As a result of this guarantee structure, Fitch regards the credit risk associated with the notes to reflect NGC's credit profile. The final IDR is contingent upon issuance of the proposed bond and agreed equity injection and refinancing conforming materially to the documents received from the company, while the final bond rating is contingent upon finalisation of the IDR and receipt of the final documentation conforming materially to information already received, and details regarding the amount. NGC's expected rating reflects its small scale and concentration in certain commodities and customers, which reduces the company's ability to absorb unexpected shocks, such as cancellation or reduced scope of major contracts, and raises risks of non-compliance with covenants under the proposed bond. Nevertheless, the strong customer relationships and NGC's defensive cost structure help to shield the company's earnings from short-term volatility in a segment more vulnerable to commodity cycles, while exposure to Australia's strong mining sector provides visibility over future demand. This is reflected in the Stable Outlook. Key Rating Drivers Scale, Concentration Constrain Rating: NGC is the second-largest heavy-mining equipment rental company in Australia, but it is significantly smaller by revenue and EBITDA than Fitch-rated mining services peers. Its revenues are concentrated by customer, with the five largest generating about 80% of revenue in the financial year ended June 2025 (FY25), and by commodity, with met coal contracts contributing 65% of revenue. These factors expose the company to earnings volatility from unexpected events or commodity cycles, especially given the ability of customers to terminate contracts early with NGC having limited recourse, while its commodity concentration can limit opportunities to redeploy its commodity-agnostic fleet compared with peers. Limited Cushion Against Proposed Covenants: Fitch believes that NGC has limited ability to absorb shocks without seeking support to prevent or cure non-compliance with maintenance covenants under the proposed bond. The covenants require net debt to EBITDA to be below 4.0x on issuance, stepping down to 3.25x from FY28. The impact from the recent loss of the Yancoal Moolarben contract due to a delayed mine extension approval on FY25 earnings and resultant liquidity challenges underscore the thin cushion NGC has relative to the covenants. However, Fitch forecasts that NGC's agreed equity injection, contract wins and operating changes, will support its ability to comply with the covenants outside of similar events. Equity Injection Improves Financial Profile: The agreed AUD40 million equity injection will allow NGC to address weakening credit metrics and resolve liquidity challenges. Fitch forecasts lower lease payments and the start of two major new contracts will raise EBITDA to AUD200 million from FY27 and reduce EBITDA net leverage to 2.8x (FY25: AUD120 million and 4.3x, respectively). Access to More Liquidity Constrained: The company's ability to access further liquidity will remain constrained over the medium term by the proposed bond's incurrence covenant of net debt to EBITDA of 3.0x at issuance, which steps down annually to 2.5x from FY28. Supportive Customer Profile, End-Markets: NGC's entrenched position in mining equipment rental supports revenue visibility, helping to shield its earnings from short-term volatility during commodity downcycles. NGC's focus on providing core mining equipment to Tier 1 miners in Australia, its position as preferred supplier for many customers, consistent availability of equipment and strong safety record contribute to its success in winning and renewing contracts. Fitch's forecast of growth in Australia's mining sector also supports future demand. Defensive Cost Structure: Fitch expects the flexibility built into NGC's asset base and cost structure to allow the company to protect its financial profile during commodity downturns. The company's in-house maintenance functions allow it to control its maintenance schedule, reduce downtime and improve planning for large capex. It can reduce maintenance costs and keep capex at an appropriate level during commodity downturns and periods of weak demand. This allows it to remain profitable and minimise cash outflow to protect its balance sheet. Senior Secured Note Rating: The recovery analysis for the proposed USD400 million senior secured notes due 2030 assumes NGC would be liquidated in a bankruptcy as Fitch estimates this results in better returns to creditors, under Fitch's Corporate Recovery Ratings and Instrument Ratings Criteria. The notes would rank behind the proposed AUD40 million senior secured revolving credit facility, which Fitch assumes would be fully drawn in Fitch's analysis. This results in an instrument rating of 'B(EXP)'. Peer Analysis NGC's closest peer is Emeco Holdings Limited (BB-/Stable), Australia's largest rental operator, which provides open-cut and underground mining equipment. Emeco has a larger scale than NGC, and its earnings are better diversified by commodities and customers, providing it with greater flexibility to absorb demand changes through the cycle. Its rating also reflects its commitment to maintaining a conservative balance sheet, with EBITDA net leverage remaining below the company's long-term target of 1.0x. These factors explain Emeco's higher rating. Both NGC and Emeco benefit from their integrated repair and maintenance functions, strong customer relationships and higher margins due to their focus on rentals, which support their ability to manage through the cycle. However, their focus on rentals leads to larger exposure to short-term contracts, which weakens their revenue visibility relative to contract mining peers, PT Bukit Makmur Mandiri Utama (B+/Stable) and Perenti Limited (BB+/Stable). Fitch's Key Rating-Case Assumptions -- Revenue growth of 1% in FY26 and 12% in FY27, reflecting the commencement and cessation of contracts, and recovery in utilisation. Revenue to remain stable in FY28 and FY29 as NGC focuses on capital and tendering discipline. -- EBITDA margins to improve to around 55% from FY27, driven by increased contribution of higher-margin dry hire contracts and lower leasing costs following the equity contribution from owners in FY26. -- Planned refinancing of the capital structure is successfully completed, including the repayment of shareholder senior and subordinated loans and hire purchase loans in place. -- No distributions to be paid until the maturity of the planned bond. -- Maintenance capex of around 30% of revenue each year, with limited growth capex reflecting the focus on capital and tendering discipline. Recovery Analysis The recovery analysis assumes that NGC would be liquidated in bankruptcy as Fitch estimates this results in a better return to creditors. Fitch has assumed a 10% administrative claim. Fitch said, "To calculate the liquidation value, we use an 80% advance rate against NGC's reported receivables, which consist almost entirely of trade receivables, a 50% rate against the reported inventories and an 85% rate against property, plant and equipment (PP&E) as of end-June 2025. The advance rate used for PP&E is higher than the rates Fitch typically uses for recovery analysis. This reflects the transfer of additional fleet to NGC as part of equity support provided, alongside an adjustment reflecting recent valuations of the fleet. "We treat the AUD40 million super senior revolving credit facility, which we assume will be fully drawn, as priority debt in the waterfall, with the USD400 million secured bond ranking behind it but having priority to all other funding." These assumptions result in an 'RR3' Recovery Rating for the US dollar notes under Fitch's Corporate Recovery Ratings and Instrument Ratings Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Loss of a major contract or customer relationship leading to EBITDA net leverage remaining above 3.0x on a sustained basis -- Failure to successfully complete the planned refinancing, including the proposed bond issue, which could lead to a multi-notch downgrade Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Successful execution of planned growth and margin improvement initiatives such that EBITDA net leverage falls to below 2.5x on a sustained basis -- Improvement in scale and/or diversification across commodities and customers Liquidity and Debt Structure The proposed refinancing of the debt structure and equity injection will alleviate NGC's recent liquidity challenges. As part of the equity injection, AUD20 million in additional liquidity support will be provided to NGC by the owners, while the refinancing will include an AUD40 million super senior revolving credit facility. AUD40 million of the proposed bond proceeds are earmarked to be held on the balance sheet to provide the company with additional liquidity. Fitch expects that these transactions, alongside its forecast for neutral to positive FCF generation from FY27, will support NGC's liquidity over the medium term. However, Fitch's rating also incorporates NGC's limited access to incremental financing under the terms of the proposed bond, outside of tap issuance or further equity support. Issuer Profile NGC is one of the largest earthmoving equipment rental companies in Australia. The company has operations in all key mining regions of Australia and around 85% of its revenue is sourced from Tier 1 miners, mainly in the metallurgical coal, gold and iron ore segments. RATING ACTIONS Rating ------ National Group Corporation Pty Ltd LT IDR B-(EXP) Expected Rating National Plant and Equipment Pty Ltd senior secured LT B(EXP) Expected Rating RR3 DANA FINANCING: Fitch Hikes Sr. Unsecured Notes to 'BB+' ----------------------------------------------------------- luxembourg Fitch Upgrades Dana's IDR to 'BB+'; Removes Positive Rating Watch; Outlook Stable Wed 07 Jan, 2026 - 1:29 PM ET Fitch Ratings - Chicago - 07 Jan 2026: Fitch Ratings has upgraded Dana Incorporated's (Dana) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. Fitch has also upgraded the ratings of the senior unsecured notes issued by Dana and its Dana Financing Luxembourg S.a.r.l. (Dana Financing) subsidiary to 'BB+' with a Recovery Rating of 'RR4' from 'BB'/'RR4'. Fitch has affirmed Dana's secured revolver rating at 'BBB-'/'RR1'. Fitch has removed the ratings from Rating Watch Positive and assigned a Stable Outlook. Dana's ratings have been upgraded following the Jan. 2, 2026, closing of the sale of its Off-Highway business to Allison Transmission Holdings, Inc. (Allison). Dana is currently conducting a tender offer and call for a substantial portion of its senior unsecured notes. Following the sale and debt reduction, Dana will have substantially less debt but will be a smaller, less diversified company. Key Rating Drivers Off-Highway Sale: In June 2025, Dana entered into a definitive agreement to sell its Off-Highway business to Allison for $2.7 billion, or $2.4 billion net of taxes, transaction expenses and assumed liabilities. Dana and Allison closed the sale on Jan. 2, 2026. Following the closing, Dana intends to use a substantial portion of the proceeds to pay down about $2.0 billion of its outstanding debt. Dana had about $3.1 billion of debt (excluding finance leases) outstanding at Sept. 30, 2025. Dana's Off-Highway business generated 27% of the company's consolidated revenue and 47% of its adjusted EBITDA in 2024. As such, the sale leaves the remaining Dana business notably smaller and less diversified, with lower margins and higher cyclicality. However, the planned debt reduction will significantly reduce Dana's leverage, while other profit improvement initiatives will continue to grow the remaining business' margins, which will help to mitigate the loss of Dana's highest-margin operating segment. Substantial Debt Reduction: In December 2025, Dana launched a pro rata tender offer for about 43% of all its outstanding senior unsecured notes. If all eligible notes are tendered, the offer would reduce outstanding debt by about $1.0 billion. However, given the economics of the transaction, holders of Dana Financing's EUR425 million 8.5% notes due 2031 may not tender to the full amount. Dana also intends to redeem any of its $800 million of 2027 and 2028 notes that are not tendered. Fitch expects the company will repay $375 million of revolver borrowings outstanding at Sept. 30, 2025, and the company is required to repay its $250 million term loan by Jan. 7, 2026. Fitch expects Dana's total debt to decline to around $1.2 billion when the various debt reduction activities are concluded, down from $3.1 billion at Sept. 30, 2025. Less Geographical Diversification: Dana's product portfolio is smaller and less geographically diversified following the sale of the Off-Highway business. The Off-Highway segment generated 87% of its sales outside North America in 2024, while the Light and Commercial Vehicle segments generated 66% and 56% of their revenue in North America, respectively. Power Technologies, which has been rolled into the Light and Commercial Vehicle segments, derived 57% of its revenue from North America. The remaining businesses will continue to have exposure to Europe, South America and Asia-Pacific, but the company's sales will be more concentrated in North America going forward. Leverage Under 2.0x: Following the Off-Highway sale and subsequent debt repayment, Fitch expects gross EBITDA leverage will decline below 2.0x on a pro forma basis, down from 3.1x at YE 2024, despite the loss of Off-Highway EBITDA. Going forward, Fitch expects EBITDA leverage could decline toward the mid-1x range as EBITDA grows. 10% EBITDA Margins: In addition to the Off-Highway sale, Dana has undertaken a strategic plan to substantially cut costs and improve its margins. The company is on track to reduce costs by $310 million versus 2024, of which $235 million is expected to have been achieved in 2025. Initiatives include reducing corporate overhead, lowering operational complexity and curtailing some EV investments. Fitch expects the cost savings will allow Dana to generate EBITDA margins (based on Fitch's methodology) near 10% in 2026, with further growth in the outer years. Dana last achieved EBITDA margins above 10% in 2019. Strengthened FCF: Fitch expects Dana's cost reduction activities to strengthen its FCF margins. Fitch anticipates Dana will produce consistently positive post-dividend FCF margins in the 2.5% range over the next several years, although they could fall a below that in 2026. Consistently positive FCF would represent a change from the recent past, as actual post-dividend FCF was negative in three of the past four years. Fitch expects capex to be lower following the Off-Highway sale and capex as a percentage of revenue to run in the mid-4% range, which is in line with historical levels. Balanced Capital Allocation: In addition to paying down debt, Dana has returned about $650 million to shareholders since the Off-Highway sale was announced, part of a board authorization to return $1.0 billion to shareholders through YE 2027, in addition to the existing dividend. Through Sept. 30, 2025, Dana had used $439 million of cash for share repurchases, a portion of which was funded with revolver borrowings that Fitch expects Dana will repay following the Off-Highway sale. In addition to debt reduction and shareholder returns, Dana continues to invest for organic growth in its business. Peer Analysis Dana has a relatively strong competitive position, focusing primarily on driveline systems for light and commercial vehicles. It also manufactures sealing and thermal products for vehicle powertrains and drivetrains. Dana's driveline business competes directly with the driveline businesses of American Axle & Manufacturing Holdings, Inc. (BB-/Stable) and Cummins Inc.'s Meritor unit, although American Axle focuses on light vehicles while Meritor focuses on commercial and off-road vehicles. Dana is smaller than American Axle from a revenue perspective following the Off-Highway sale and will be smaller still when American Axle completes its pending acquisition of Dowlais Group plc. American Axle's driveline business is larger than Dana's light-vehicle business, while Dana is considerable smaller than Cummins', which is much more diversified. However, commercial vehicle driveline systems make up a relatively small portion of Cummins' business. Dana's midcycle EBITDA leverage will be lower than most 'BB' category auto and capital goods suppliers, such as Allison Transmission Holdings, Inc. (BB+/Stable) or The Goodyear Tire & Rubber Company (BB-/Negative), following the Off-Highway sale. Dana's EBITDA margins are on the higher end of issuers in the 'BB' category and are expected to grow as the company progresses with its cost savings initiatives. Fitch's Key Rating-Case Assumptions -- Dana uses about $2 billion of proceeds from the Off-Highway sale to reduce outstanding debt; -- Global commercial vehicle and light vehicle production declines in 2025, while Off-Highway vehicle production is mixed. Beyond 2025, global commercial and light vehicle production grows in the low single-digit range; -- EBITDA margins rise into the 10% range, reflecting ongoing realization of cost savings initiatives; -- Capex runs at about 4.5% of revenue over the next several years, which is relatively consistent with long-term historical levels; -- Post-dividend FCF margins run in the 1.5%-2.5% range over the next several years; -- The company maintains a solid liquidity position, including cash and credit facility availability; -- Any excess cash is used for share repurchases or small acquisitions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade -- A shift in industry dynamics that leads to a meaningful loss of share for Dana's products; -- Sustained EBITDA margin below 8.0% and post-dividend FCF margin below 1.5%; -- Sustained gross EBITDA leverage above 2.0x. Factors that Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade -- Platform and customer growth in the remaining light vehicle driveline and commercial vehicle businesses; -- Sustained EBITDA margin above 11.0% and post-dividend FCF margin above 2.0%; -- Sustained gross EBITDA leverage below 1.5x. Liquidity and Debt Structure As of Sept. 30, 2025, Dana had $414 million of cash and equivalents. In addition, the company maintains further liquidity through a $1.15 billion secured revolver that matures in 2028. As of Sept. 30, 2025, there were $375 million of borrowings outstanding on the revolver and $10 million of the available capacity was used to back letters of credit, leaving $765 billion of available capacity. Based on the seasonality of Dana's business, as of Sept. 30, 2025, Fitch has treated $100 million of Dana's cash and cash equivalents as not readily available for calculating net metrics. This is an amount that Fitch estimates Dana would need to hold to cover seasonal changes in operating cash flow, maintenance capex and common dividends without resorting to temporary borrowing. As of Sept. 30, 2025, Dana's debt structure consisted mainly of $2.4 billion of senior unsecured notes issued by Dana and Dana Financing, as well as $375 million of revolver borrowings, the $250 million term loan and an estimated $86 million of other long- and short-term debt (excluding finance leases). In December 2025, Dana launched a tender offer and call for about $1.4 billion of its senior unsecured notes. Issuer Profile Dana is an automotive and capital goods supplier focused on the full-frame light truck and commercial truck end markets. The company is headquartered in the U.S. and has operations in North America, Europe, South America and the Asia-Pacific region. RATING ACTIONS Rating Prior ------ ----- Dana Financing Luxembourg S.a r.l. senior unsecured LT BB+ Upgrade RR4 BB Dana Incorporated LT IDR BB+ Upgrade BB senior unsecured LT BB+ Upgrade RR4 BB senior secured LT BBB- Affirmed RR1 BBB- NATIONAL GROUP: S&P Assigns Preliminary 'B' ICR, Outlook Negative ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' preliminary issuer credit rating to National Group Corp. Pty Ltd. S&P also assigned its 'B' preliminary issue rating to the company's proposed senior secured US$400 million bond with a recovery rating of '4', reflecting meaningful (30% to 50%; rounded estimate: 30%) recovery prospects in a payment default. The negative outlook reflects the risks related to the final terms of a material new contract to supply mining equipment. S&P understands this contract is in the final stages of negotiation. The new contract is key to lifting National Group's earnings and cash flow to levels that ensure the company can achieve expected credit metrics for the rating and improve liquidity headroom. National Group Corp. Pty Ltd.'s longstanding relationships with large mining companies support its earnings and profitability. This mitigates the limited contractual protections whereby contracts may be terminated for convenience with as little as 90 days' notice. The Australia-based mining equipment rental company's small size, customer concentration, capital intensive business, and thin free cash flow generation constrain the ratings. Moreover, headroom against a proposed bond's liquidity and leverage covenants could materially erode if the company's cash flow were to be adversely affected by operating underperformance, heavier than anticipated capital expenditure (capex), or weak sector conditions that result in weak demand for its services. Constraining the preliminary ratings are National Group's small size, customer concentration, and capital-intensive operations that are narrowly focused on the provision of ultra-class heavy earthmoving equipment for rent. To manage inherent risks in what is a highly competitive industry, the company prioritizes contracting with larger miners that have mines typically operating at the low end of the cost curve, providing confidence that operations will continue through industry cycles. About 85% of the company's existing revenues derive from tier-one miners, including BHP, Rio Tinto, AngloAmerican, Newmont, and Whitehaven. National Group has maintained relationships with most of these customers for over 20 years. S&P notes that about 30% of fiscal 2025 (ended June 30) revenue stems from contracts with the BHP Mitsubishi Alliance. The company's integrated repair and maintenance facilities support the company's equipment availability undertakings that underpin its customers' willingness to enter into contracts with minimum hours. About 93% of the company's contracts have minimum contracted hours, which provides a degree of visibility of baseline revenues. National Group's contracts typically enable termination for convenience. This exposes the group to earnings and cash flow volatility if contracts roll off before they are replaced with new contracts. This scenario occurred in fiscal 2025 resulting in a material underperformance of EBITDA earnings relative to fiscals 2024 and 2023. S&P said, "National Group provides a hire service that we consider to be supplemental to its customers' mining operations. This is seen in the company typically providing a small amount of equipment relative to its large-scale customers' mining operations. Hence, the company is a price taker in which the benefit of using its services are weighed against in-house mining operations. Accordingly, we believe National Group is vulnerable to its services being cut when clients seek to cut costs, such as in a sector downturn or a change in client business model to insourcing from outsourcing operations." At such times, the lack of contractual protections mean the National Group's earnings could materially deteriorate given the concentrated nature of its operations. While National provided services to 32 mine sites in fiscal 2025, five customers (across multiple mine sites) accounted for about 70% of its EBITDA. National Group's proposed US$400 million (about A$615 million) Nordic four-year bond will create a single class of term debt by refinancing senior and subordinated payment-in-kind (PIK) debt. The preliminary ratings are predicated on the completion of National Group's proposed refinancing that is intended to repay its senior secured debt of A$205 million, and about A$305 million of subordinated PIK debt from its private equity shareholder OCP Asia. In addition, the new bond will provide about A$40 million of cash liquidity after transaction costs, and repay leases and a modest amount of related party exposures related to back-to-back leases with entities associated with the founder Mark Ackroyd (these entities will be rolled into National Group with the group effectively internalizing these lease payments). S&P understands that while interest costs will be hedged, the principal will not, potentially creating a material currency mismatch on maturity. The ratings are preliminary as they remain subject to completion of the proposed capital restructure. The preliminary ratings will be converted to final ratings if the proposed debt raising is completed with terms, conditions, and pricing in line with S&P's expectations. The material new contract currently being finalized underpins improved earnings, cash flow, and the company's liquidity buffer. The anticipated new contract, a ramping up of an existing mining contract, and the internalization of about A$20 million of related party rental agreements with the founder Mark Ackroyd's other rental business are key to our expectation that our adjusted EBITDA will increase to about A$165 million in fiscal 2026. As the new contract fully ramps up over 2026, S&P projects EBITDA of about A$205 million in fiscal 2027. Assuming a successful bond issuance, it then forecasts debt to EBITDA to be about 3.8x in fiscal 2026, improving to about 3.1x in fiscal 2027. Historically, the capital intensity of the National Group business means the company has rarely achieved more than A$20 million in free operating cash flow (FOCF). Consequently, the new contract is key to National Group achieving sufficient scale and operating efficiency to convert EBITDA growth into material positive FOCF. FOCF growth is necessary for the company to grow cash balances to build balance sheet resilience and improve headroom against a potentially onerous liquidity covenant. National Group is required to hold minimum liquidity of 7.5% throughout the bond tenor. While we estimate that the company will have about A$40 million of headroom against the covenant post bond issuance, if the company cannot generate meaningful FOCF and lift cash balances, liquidity covenant headroom could become tight within 12 to 24 months. The negative outlook on the preliminary ratings assigned to National Group reflects the risks related to the final terms of a new material contract to supply mining equipment. This contract is key to lifting National Group's earnings and cash flow to levels that ensure the company can sustain debt to EBITDA below 4x and improve its liquidity headroom against the proposed liquidity covenant. S&P could lower the ratings if: -- Adjusted debt to EBITDA remains sustainably above 4.0x. This scenario could occur if the company does not secure the new contract under the terms as represented or loses a major contract resulting in a material loss of earnings; or -- The company's liquidity position materially weakens, eroding headroom against its covenant. S&P could revise the outlook on the ratings to stable if National Group finalizes the new contract, including ramp-up profile, substantially on the terms represented and we believe the company can: -- Sustain a ratio of S&P Global Ratings adjusted debt to EBITDA below 4x; and -- Preserve its adequate liquidity position. SALTWATER BAY: First Creditors' Meeting Set for Jan. 19 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Saltwater Bay Pty Ltd will be held on Jan. 19, 2026, at 10:30 a.m. via virtual meeting only. Mervyn Jonathan Kitay of Worrells WA was appointed as administrator of the company on Jan. 7, 2026. SOULED OUT: First Creditors' Meeting Set for Jan. 19 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Souled Out Pty Ltd will be held on Jan. 19, 2026, at 2:00 p.m. via virtual meeting technology. Laurence Fitzgerald & Garth O'Connor-Price of William Buck were appointed as administrators of the company on Jan. 7, 2026. SPORTCOR HOLDINGS: Second Creditors' Meeting Set for Jan. 16 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Sportcor Holdings Pty Ltd has been set for Jan. 16, 2026, at 10:30 a.m. via teleconference facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 15, 2026 at 5:00 p.m. James Robba of Worrells was appointed as administrator of the company on Dec. 2, 2025. =============== C A M B O D I A =============== PRINCE BANK: Cambodia CB Placed Bank Under Liquidation ------------------------------------------------------ The Standard reports that a Cambodian bank founded by accused scam boss Chen Zhi, who has been indicted by the United States over a multibillion-dollar fraud and extradited to China, was ordered liquidated Jan. 8, Cambodia's central bank said. Prince Bank "has been placed under liquidation in accordance with the laws of the Kingdom of Cambodia", the National Bank of Cambodia (NBC) said in a statement, The Standard relays. Prince Bank has been "suspended from providing new banking services, including accepting deposits and providing credit", the statement said. According to The Standard, the NBC said it had appointed auditor Morisonkak MKA as the liquidator. Prince Bank is a subsidiary of Chen's Prince Holding Group, one of Cambodia's largest conglomerates. Customers who have deposits at Prince Bank "can withdraw money normally by preparing documents for withdrawal", and borrowers "must continue to fulfill their obligations as normal", the NBC added. The Standard notes that Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyberscams run by hundreds of workers trafficked into compounds in Cambodia. The Standard relates that Cambodian authorities said they arrested Chen and extradited him to China on Jan. 13. Chinese authorities have not commented on Chen's arrest since it was announced on Jan. 7. The Standard says Chen faces up to 40 years in prison if convicted in the United States on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by the United States, worth more than US$11 billion at current prices. Prince Group has denied the allegations. Prince Bank PLC started its operations in 2015 as a private microfinance institution. In July 2018, the Bank obtained a commercial banking license. ========= C H I N A ========= CHINA VANKE: Offshore Bondholders Face Near Wipeout, Barclays Says ------------------------------------------------------------------ South China Morning Post reports that offshore bondholders of distressed developer China Vanke could face near-total losses in a worst-case scenario, according to Barclays, underscoring the deepening risks in mainland China's property sector. In a base-case scenario, bondholders may recover just 10.1 per cent of what they were owed, roughly half what already deeply distressed market prices suggested, the British bank said in a report, the Post relates. However, in a worst-case scenario, assuming lower proceeds from onshore assets and netting out intragroup balances, the estimated recovery would drop to just 0.9 per cent, Barclays said. Furthermore, if banks were paid ahead of offshore bondholders, "then the residual asset pool after satisfying these claims would be insufficient to provide a meaningful recovery for offshore bondholders", the bank said, according to the Post. The Post adds the recovery rates are calculated based on the 2024 financials of Vanke Real Estate Hong Kong, the issuer of China Vanke's US dollar bonds. Barclays added that the outcome would depend heavily on offshore creditors' ability to access and enforce claims against onshore assets, and on the priority of claims in a restructuring. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 8, 2025, Fitch Ratings has placed China Vanke's Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'CCC-' and wholly owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd's (Vanke HK) Long-Term IDR of 'CCC-' on Rating Watch Negative (RWN). Fitch has also downgraded Vanke HK's senior unsecured rating and the rating on the subsidiary's outstanding senior notes to 'CC' from 'CCC-', with a lower Recovery Rating of 'RR5' from 'RR4', and placed the ratings on RWN. The TCR-AP reported on Dec. 2, 2025, S&P Global Ratings lowered its long-term issuer credit ratings on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'CCC-' from 'CCC'. S&P also lowered its long-term issue ratings on Vanke HK's senior unsecured notes to 'CCC-' from 'CCC'. At the same time, S&P placed these ratings on CreditWatch with negative implications. The TCR-AP reported on Jan. 5, 2026, Moody's Ratings has downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited. 1. China Vanke's corporate family rating (CFR) to Ca from Caa2; 2. Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and 3. Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. The MTN program and senior unsecured bonds are supported by a deed of equity interest purchase undertaking and a keepwell deed between China Vanke, Vanke Real Estate and the bond trustee. Moody's have also maintained the negative outlooks of the entities. CHINA VANKE: Wins Nod From Banks to Defer Interest Payments ----------------------------------------------------------- Reuters reports that China Vanke has struck a deal with domestic banks to defer loan interest payments to September, two sources with knowledge of the matter said, as the state-backed developer scrambles to avoid a default in the crisis-hit property sector. Reuters relates that the lenders, including Bank of China have agreed to allow cash-strapped Vanke to make annual interest payments instead of quarterly, and defer all such dues in the coming months to September, said the sources. According to Reuters, the new payment arrangement comes after the developer missed a quarterly loan interest payment due last month, the sources said. It was coordinated by the State-owned Assets Supervision and Administration Commission of Shenzhen Municipal People's Government (Shenzhen SASAC), one of the sources added. Vanke, Bank of China, and the Shenzhen state asset regulator did not immediately respond to requests from Reuters for comment. The sources declined to be named due to the sensitivity of the matter. Reuters says the deferred interest payments win breathing room for Vanke, formerly China's biggest developer by sales, as it negotiates repayments on a slew of debt instruments and faces a bond maturity bill of more than CNY13 billion (US$1.86 billion) in the first half of this year. Vanke's agreement with the banks highlights efforts being made by the local government and the financial sector to prevent a default by Vanke and limit any knock-on effect on China's property and banking sectors. Reuters adds that the developer is currently talking to holders of three onshore bonds to defer payments, amid concerns about the impact of another high-profile debt default on China's property sector. The sector once accounted for a quarter of the world's second-largest economy but has been in the grip of a liquidity crisis since 2021. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 8, 2025, Fitch Ratings has placed China Vanke's Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'CCC-' and wholly owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd's (Vanke HK) Long-Term IDR of 'CCC-' on Rating Watch Negative (RWN). Fitch has also downgraded Vanke HK's senior unsecured rating and the rating on the subsidiary's outstanding senior notes to 'CC' from 'CCC-', with a lower Recovery Rating of 'RR5' from 'RR4', and placed the ratings on RWN. The TCR-AP reported on Dec. 2, 2025, S&P Global Ratings lowered its long-term issuer credit ratings on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'CCC-' from 'CCC'. S&P also lowered its long-term issue ratings on Vanke HK's senior unsecured notes to 'CCC-' from 'CCC'. At the same time, S&P placed these ratings on CreditWatch with negative implications. The TCR-AP reported on Jan. 5, 2026, Moody's Ratings has downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited. 1. China Vanke's corporate family rating (CFR) to Ca from Caa2; 2. Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and 3. Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. The MTN program and senior unsecured bonds are supported by a deed of equity interest purchase undertaking and a keepwell deed between China Vanke, Vanke Real Estate and the bond trustee. Moody's have also maintained the negative outlooks of the entities. ================= H O N G K O N G ================= CAS CAPITAL 2: Moody's Rates New Sub. Perpetual Securities 'Ba2' ---------------------------------------------------------------- Moody's Ratings has assigned a Ba2 rating on the proposed subordinated perpetual securities to be issued by CAS Capital No. 2 Limited (CAS Capital) and guaranteed by CAS Holding No. 1 Limited (Baa3 stable; CAS). CAS owns a 52% equity interest in HKT Limited. The rating outlook is stable. RATINGS RATIONALE "The Ba2 rating on the proposed securities is two notches below CAS's Baa3 issuer rating, because the securities are deeply subordinated to all senior unsecured obligations that CAS will likely have in the future and are perpetual with no fixed redemption date," says Stephanie Lau, a Moody's Ratings Vice President and Senior Credit Officer. CAS intends to use the proceeds to tender and redeem outstanding perpetual securities. The hybrid notes will qualify for the "basket M" and a 50% equity treatment of the borrowing for the calculation of the credit ratios by Moody's Ratings. Please refer to Moody's Hybrid Equity Credit methodology published in February 2024. CAS's Baa3 rating primarily reflects the credit quality of HKT Limited and its principal operating subsidiary, Hong Kong Telecommunications (HKT) Limited (Baa2 stable), because of CAS's direct ownership of a majority stake in HKT Limited. Moody's assesses HKT Limited's financial performance through Hong Kong Telecommunications, in Moody's analysis of CAS's financial profile because of the close links between the two companies. Hong Kong Telecommunications' Baa2 rating reflects (1) its strong business profile, stable earnings, and excellent liquidity. The company is the best-in-class quad-play telecommunications services provider, with leading market positions in all of the major services it provides; (2) HKT Limited's high financial leverage and high dividend payouts; and (3) its parent PCCW Limited's weaker credit quality. CAS is a holding company, and its main income stream -- dividend payouts by HKT Limited -- will adequately cover interest expenses on the proposed perpetual securities. CAS's Baa3 rating also incorporates the risk of structural subordination, as the majority of CAS's claims are at the operating subsidiary and, in the event of bankruptcy, have priority over claims at CAS. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable rating outlook reflects Moody's expectations that HKT Limited's earnings and key credit ratios will be largely stable over the next 12-18 months. CAS's rating upgrade would be possible if Hong Kong Telecommunications' rating is upgraded and if PCCW significantly improves its credit quality while maintaining strong liquidity. Moody's would downgrade CAS's rating if (1) Hong Kong Telecommunications' rating is downgraded; (2) CAS reduces its ownership in HKT Limited; or (3) PCCW's credit quality or liquidity weakens significantly. The principal methodology used in this rating was Telecommunications Service Providers published in December 2025. Hong Kong Telecommunications (HKT) Limited (Hong Kong Telecommunications), the ex-incumbent integrated telecommunications provider in Hong Kong SAR, China is wholly owned by HKT Group Holdings Limited. HKT Group is wholly owned by HKT Limited, which is around 52% owned by CAS Holding No. 1 Limited. CAS Holding No. 1 Limited is a direct wholly-owned subsidiary of PCCW Limited, which is headquartered in Hong Kong and holds interests mainly in telecommunications, media, and IT solutions. ========= I N D I A ========= A&N SEAWAYS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: A&N Seaways and Projects Private Limited Registered Address: No. 39B, Chakrapani Colony, 1st Street North Parade Road, St. Thomas Mount, Saidapet, Chennai 600016 Insolvency Commencement Date: December 9, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: June 6, 2026 Insolvency professional: Rajendran Shanmugam Interim Resolution Professional: Rajendran Shanmugam c/o S Rajendran & Associates 2nd Floor, Hari Krupа, 71/1, Мc Nicholas Road, Chetpet, Chennai - 600 031 Email: cs.srajendran.associates@gmail.com Email: cirp.anseaways@gmail.com Last date for submission of claims: January 1, 2026 A.M. RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A.M. Rice Mills (ARM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 12 CARE B-; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short-term Bank 6 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings had, vide its press release dated December 13, 2024, placed the rating(s) of ARM under the 'issuer non-cooperating' category as ARM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2025, November 08, 2025 and November 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 Karnal (Haryana) based A.M. Rice Mills (ARM) was established in 1986 as partnership firm by Mr. Anil Kumar Gupta, Mr. Ajay Gupta and Mr. Ram Prakash Gupta. In April 2011, Mr. Ajay Gupta and Mr. Ram Prakash Gupta retired from the partnership and Mr. Abhishek Gupta was admitted as a new partner. ARM is engaged in milling, processing and trading of both basmati and non-basmati rice at unit located at Karnal, Haryana. AMRITLAL NARESH: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Amritlal Naresh Kumar (ANK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 11.00 CARE A4; ISSUER NOT Bank 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 13, 2024, placed the rating(s) of ANK under the 'issuer non-cooperating' category as ANK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ANK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025, October 19, 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 ANK was established by Mr. Amritlal Naresh Kumar Gupta in the year 1997, as a proprietorship concern. ANK is engaged in the trading of imported timber. It primarily imports round timber logs from Singapore and Malaysia, which is subsequently sawn and sized into various sizes as per the requirement of the customers. The facility is located in Gandhidham, Kutch near Kandla port which facilitates easy imports and transportation of the products. ANK imports various types of timber such as Meranti, Kapur, Saal, Razzaq, Pine wood, etc. Mr. Amritlal Naresh Kumar Gupta and his son Mr. Sushil Kumar jointly manage the operations of ANK. ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anand Glass Works (AGW) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.83 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.52 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 13, 2024, placed the rating(s) of AGW under the 'issuer non-cooperating' category as AGW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AGW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2025, November 8, 2025 and November 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: Stable Anand Glass Works (AGW) was incorporated in 2001 as a partnership firm and is currently managed by Mr. Rajendra Prasad Jain, Mr. Devendra Kumar Jain. AGW is engaged in the manufacturing of glass containers and tableware. The manufacturing facility of the firm is located at Firozabad, Uttar Pradesh. AZAD EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Azad Educational Society (AES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.30 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 27, 2024, placed the rating(s) of AES under the 'issuer non-cooperating' category as AES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 12, 2025, November 22, 2025, December 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Azad Educational Society was established in 1998 under the Society Registration Act, 1992 with an objective to provide education services by establishing and operating various educational institutions. The society is presently running 5 colleges under the name of "Azad Group of Educational Institutions" (AGEI) at its 55 acre campus at Cantt. Road. Non BFSI. BD AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BD Agro Foods (BAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 13.41 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 24, 2024, placed the rating(s) of BAF under the 'issuer non-cooperating' category as BAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable BD Agro Foods (BAF) was established in August 2007 as a partnership firm and is currently being managed by Mr. Dheeraj Gupta, Mr. Puneet Gupta, Ms. Archana Gupta and Mr. Sanjay Gupta sharing profit and loss equally. The firm runs an integrated cold storage unit by engaging in procurement, cold storage and distribution of agricultural products like peas, cauliflower, capsicum, sweet corn, baby corn, etc. at its facility located in Kapurthala, Punjab. The firm is also engaged in trading of potatoes. BHUMYA TEA: Liquidation Process Case Summary -------------------------------------------- Debtor: Bhumya Tea Company Private Limited Registered Office: 34A Metcalfe Street Jain Centre, 7th Floor Kolkata, Kolkata WB 700013 India Factory Address: 'Jamguri Tea Estate', Oating District Golaghat, Assam 785603 Liquidation Commencement Date: December 3, 2025 Order received on Dec. 19, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Santanu Brahma AH-276, Salt Lake, Sector II, Kolkata 700091, WB Registered Email: ip.santanubrahma@gmail.com Process Email: cirp.bhumyatea@gmail.com Last date for submission of claims: January 18, 2026 CHANMEET LEASING: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Chanmeet Leasing and Finance Private Limited 32/65/66, Second Floor, West Patel Nagar, New Delhi – 110008 Insolvency Commencement Date: November 28, 2025 Estimated date of closure of insolvency resolution process: May 27, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi, Court-IV Insolvency Professional: Deepak Kumar 207, Best Plaza, H-8, Netaji Subhash Place, Pitampura, Delhi-110034 Email: deepak.ashm@gmail.com Email: chanmeetcirp@gmail.com Last date for submission of claims: January 6, 2026 COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Combine Diamonds Private Limited (CDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of CDPL under the 'issuer non-cooperating' category as CDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh Shantilal Desai. CDPL is engaged in trading and processing of cut & polished diamonds. The company is an export-oriented unit. The company was initially established in 1998 as a proprietary concern and later converted into closely held public limited company in the year 2000. Later in 2016, the constitution changed to Private Limited. GLOBAL POLYBAGS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Global Polybags Industries Pvt Ltd No. 500A, Perali Road, Bala Nagar, Virudhunagar Railway Colony, Virudhunagar, Tamil Nadu 626001 Insolvency Commencement Date: December 15, 2025 Estimated date of closure of insolvency resolution process: June 12, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Sivakumar Amarendran AVS Villa, HIG 428, C5, TNHB Phase 3 Sholinganallur, Chennai - 600119 Email: sivakumar.amarendran@gmail.com Email: cirp.gpipl@decoderesolvency.com Last date for submission of claims: January 9, 2025 GRAFFITI (INDIA): CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Graffiti (India) Private Limited (GPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of GPL under the 'issuer non-cooperating' category as GPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable GPL is engaged in trading of designer ceramic glazed tiles under brand name of "Graffiti", "Harmony" and "Canvas". GPL procures ceramic tiles (semi-finished goods) from ceramic manufacturers located at Morbi in Rajkot district of Gujarat (ceramic hub) and designing is outsourced to its associate concern namely Shree Ambica Industries. GPL sells through its established marketing network covering more than 18 states with total 621 dealers, sub dealers & distributors. JOIL INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Joil India Private Limited Office No 7, Kunal Puram Commercial Complex, Opposite Atlas Copco, Dapodi, Mumbai Pune Road, Pune, Maharashtra, India, 411012 Liquidation Commencement Date: December 24, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: CS Mandar Wagh Flat no. C-1302, Grandstand Trinity, Service Road from Vedbhavan to Warje, Pune Bangalore Highway, Near Chandani Chowk, Pune 411038 c/o Anand Chaitanya Corporate Legal Advisors LLP 603, 5th Floor, Venture, Above McDonald's Paud Road, Bhusari Colony, Pune 411 038 Mobile No: 9822844488 Email: joilindia.vl@gmail.com Last date for submission of claims: January 23, 2025 KEERTHI INDUSTRIES: CARE Reaffirms B Rating on INR30.26cr LT Loan ----------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Keerthi Industries Limited (KIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 30.26 CARE B; Stable Reaffirmed Facilities Rationale and key rating drivers Reaffirmation in ratings assigned to bank facilities of KIL considers the deterioration in operational and financial performance in FY25 (Audited) [FY refers to the period April 1 to March 31] as indicated by decline in capacity utilization, lower than envisaged financial performance for the year, reliance on stretching creditors and unsecured loans from promoters to meet the debt repayment obligations, deterioration in capital structure, high working capital utilization and stretched liquidity. The ratings continue to remain constrained by relatively moderate size of the company, regional concentration risk with the majority of sales coming from Andhra Pradesh and Telangana markets, volatility associated with input and finished good prices and its presence in a competitive and cyclical cement industry, subdued performance in H1FY26 (unaudited) despite improvement compared to corresponding period of previous fiscal. The rating weaknesses are offset by the experienced promoters and qualified management team, established track record of operations, integrated nature of operations with the presence of limestone mines, infusion of unsecured loans by promoters to support the repayment obligations, repayment of outstanding facilities form the proceeds from the slump sale of the electronics division, comfortable operating cycle and stable industry outlook. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in TOI above INR200 crores while maintaining PBILDT margin at 10%. * PBILDT/ton above INR950 on a sustained basis. Negative factors * Overall gearing deteriorating beyond 1x, in future * Any notable decline in operating income or profitability by more than 30% y-o-y, going forward Analytical approach: Standalone Outlook: Stable Stable outlook reflects CARE Ratings Limited's (CARE Ratings) expectation that PMC's operational performance is likely to improve with increase in demand and selling prices. Also, the receipt of proceeds from sale of electronics division is likely to ease the liquidity position of the company. Detailed description of key rating drivers: Key weaknesses * Deterioration in operational performance in FY25 and Q1FY26: The cement division's operational performance remained weak, with capacity utilization declining to 43% in FY25 from 73% in FY24, and further deterioration observed in Q1FY26. Capacity utilization in Q1FY26 stood at approximately 56%, indicating partial recovery. Revenue from the cement division declined by 51.15%, primarily due to reduced production volumes. Sales realization remained broadly stable at INR4,592 per metric tonne (MT) in FY25 and INR4,176 per MT in Q1FY26, compared to INR4,445 per MT in FY24. However, revenue derived from the electronic division improved to INR23.07 crore in FY25 (FY24: INR18.49 crore). * Deterioration in financial profile in FY25 and H1FY26: Revenue from operations declined by approximately 44% in FY25 to INR119.88 crore from INR212.24 crore in FY24, primarily due to weak demand in the cement industry across Andhra Pradesh and Telangana. In addition to lower sales, elevated raw material costs and fixed overheads led to an operating loss in FY25. Higher prices of coal and pet coke contributed to increased power and fuel expenses. KIL reported an operating loss of INR17.41 crore in FY25. Due to elevated interest and depreciation expenses, net loss widened to INR22.77 crore. Performance remained subdued in H1FY26, although operational and net losses reduced. Total operating income (TOI) in H1FY26 was INR53.06 crore, marginally lower than INR54.11 crore in H1FY25. However, operating loss (PBILDT) narrowed to INR2.92 crore from INR12.39 crore, and net loss (PAT) reduced to INR8.16 crore from INR11.77 crore. The company implemented costcutting measures, including reduction in employee expenses and partial benefits from plant modernization, which contributed to lower overall costs. * Moderate capital structure: The company's capital structure remained moderate, with overall gearing at 0.47x as on March 31, 2025, compared to 0.45x as on March 31, 2024. KIL availed a term loan of INR28.55 crore and a Guaranteed Emergency Credit Line (GECL) loan of INR1.55 crore in H1FY23. The term loan was utilized for modernization of the manufacturing plant, while the GECL loan supported working capital requirements. Promoters infused unsecured loans of INR26.54 crore, which are treated as quasi-equity due to subordination to bank debt as on March 31, 2025. In Q3FY25, KIL received an intercorporate deposit of INR1 crore from Hyderabad Bottling Company, a non-operational promoter-related entity. The company is meeting its interest and repayment obligations by extending payments to creditors, indicating liquidity stress. Debt coverage indicators weakened significantly, with interest coverage turning negative due to operating losses and Total Debt to Gross Cash Accruals (TDGCA) falling below zero in FY25. As of December 01, 2025, KIL has repaid its outstanding term debt and the working capital borrowings availed from Axis Bank from the proceeds of slump sale of the electronics division. Further, unsecured loans have been reduced by INR11.50 crore, repaid from the remaining proceeds, and the outstanding balance stands at INR20.97 crore as on November 30, 2025. * Medium-sized player in the cement industry subject to geographic concentration risk: KIL generates a stable revenue stream from a modest scale of operations, with an installed cement capacity of 5.94 lakh tonnes per annum (TPA) and clinker capacity of 5.28 lakh TPA. It lacks economies of scale and operational efficiencies compared to larger, established players in the southern region. Additionally, KIL faces geographic concentration risk, as it primarily markets its products in Andhra Pradesh and Telangana. * Volatility associated with input and finished goods prices: Limestone remains the key raw material for cement production. The cement industry is power and freight intensive, with operating dynamics largely influenced by coal, pet coke, and crude oil prices and regulations. Due to a sharp rise in fuel prices, the industry's average fuel cost increased by INR400–500 per tonne yearon-year (y-o-y) in FY23 but moderated in FY24. In Q2FY23, companies recorded their lowest EBITDA in 12 quarters, primarily due to elevated power and fuel costs. Coal and pet coke prices, which peaked in August–September 2022, declined in FY24. The benefit of lower fuel prices was visible in FY24, as companies gradually consumed high-cost inventory. Going forward, as companies utilize low-cost coal and pet coke inventory, CareEdge estimates a reduction in power and fuel cost by INR200–250 per tonne y-o-y, with potential stabilization at these levels. The cost benefit is expected to be distributed across quarters, depending on inventory levels held by individual companies. Any sharp increase in fuel prices remains a key monitorable and could adversely impact industry earnings. Freight cost per tonne remained largely stable, supported by limited volatility in diesel prices on a y-o-y basis. * Cyclicality of the cement industry: The cement industry is cyclical and closely linked to the country's economic growth. Cement consumption shows strong correlation with Gross Domestic Product (GDP) growth. The cyclical nature of the industry leads to fluctuations in unit realizations. Key strengths * Experienced promoters and qualified management team with an established track record of operations: KIL is led by Mr. J S Rao and Mrs. J Triveni, both with over 20 years of experience in the cement industry. The company began with a cement manufacturing capacity of 2.97 lakh metric tonnes per annum (MTPA), which was gradually expanded to 5.94 lakh MTPA. Over time, the management has diversified into power generation, electronics manufacturing, and sugar production. Mrs. Jasti Triveni, a commerce graduate, has over 30 years of experience in the cement industry. Under her leadership, KIL transitioned from a financially distressed entity to a profit-making company. Mr. J. Sivaram Prasad, a Chartered Accountant, brings over 30 years of experience across cement, power, and sugar sectors and is also a promoter of Kakatiya Cement Sugar & Industries Ltd. Their industry experience and client relationships have supported KIL in securing contracts from reputed customers. Promoters have also extended financial support through regular fund infusion. * Integrated nature of operations with the presence of limestone mines: KIL's major cost drivers include power, freight, marketing, and raw materials such as limestone, fly ash, gypsum, and laterite. Limestone, the primary raw material for cement production, is sourced through KIL's captive mining lease. The company holds two limestone mines in Nalgonda, Andhra Pradesh, covering a total mineable area of 271 acres. These mines are estimated to contain 34.50 million tonnes of limestone reserves. * Moderation in operating cycle: The operating cycle of the company improved and stood at negative 17 days in FY25 (23 days in FY24) despite increase in inventory days to 66 days (49 days in FY24) for maintaining stocks of raw materials and coal. The company has stretched its creditors in order to meet debt repayments on time this resulted in increase of creditors days to 99 days during FY25. The collection period remained comfortable at 16 days to its customers. Liquidity: Stretched KIL's liquidity position remained stretched, marked by negative gross cash accruals (GCA) of INR21.59 crore in FY25 against total debt repayment obligations of INR6.74 crore in FY26. Cash and bank balances stood at INR0.30 crore as on March 31, 2025, and INR0.13 crore as on June 30, 2025. Average working capital utilization remained high at 99.54% for the twelve months ended October 2025. Cash flow from operations stood at INR9.70 crore in FY25. Management has indicated that promoters are committed to infusing funds during exigencies to meet working capital and debt obligations. This commitment is evidenced by fund infusions over the past three years. These unsecured loans are subordinated to bank debt, and interest on them is payable only if surplus funds are available Keerthi Industries Limited (KIL), originally incorporated as Suvarna Cements Limited by Late Mr. J S Krishna Murthy in May 1982, was taken over in 2000 by Mrs. J. Triveni (Executive Chairperson) and Mr. J. S. Rao (Managing Director). KIL manufactures specialized cement in 43 and 53 grades, including Ordinary Portland Cement (OPC) and Pozzolana Portland Cement (PPC). Its cement manufacturing facility is located in Nalgonda district, Telangana, with an installed capacity of 5.94 lakh metric tonnes per annum (MTPA). The company markets its products under the brand name 'Suvarna Cements'. It sources around 70% of its coal requirement from The Singareni Collieries Company Limited (SCCL). Sales are primarily concentrated in Andhra Pradesh and Telangana. KRYPTOAGILE SOLUTIONS: CRISIL Reaffirms B rating on INR1cr Loan --------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facility of Kryptoagile Solutions Pvt Ltd (KSPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B/Stable (Reaffirmed) Bank Loan Facility The rating continues to reflect the company's modest scale of operations and exposure to intense competition in the information technology (IT) sector. These weaknesses are partially offset by the extensive experience of KSPL promoters in the IT industry, the diversified end-user base and healthy capital structure of the company. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of KSPL. Key rating drivers - Weaknesses * Modest scale of operations: The operating income was modest at INR2.09 crore in fiscal 2025, which constrains cost efficiency. The operating income is expected to remain average above INR2.3 crore in fiscal 2026. Increase in orders from all segments, leading to sustained and significant improvement in the business, will be monitorable. * Exposure to intense competition in the IT sector: With rapid evolution of the Indian digital enabled service sector, competition is intensifying as more companies vie for a share of the customer's wallet. KPSL has to compete with multiple players in most of the verticals within the digital service business. Intense competition in the digital service industry may continue to constrain scalability, pricing power and profitability. Key rating drivers - Strengths * Extensive experience of the promoters and diversified end-user base: The promoters have experience of over two decades in the IT industry. This has given them understanding of market dynamics and enabled them to establish relationships with suppliers and customers. KSPL caters to a diversified industry base, which includes education, finance, banking, government, healthcare and telecom. This allows the company to overcome the risk of slowdown in an industry and achieve high growth. * Healthy capital structure: The capital structure was healthy owing to no external debt, leading to nil gearing and total outside liabilities to adjusted networth (TOLANW) ratio of 0.41 time as on March 31, 2025. The TOLANW ratio is expected to remain below 1 time as on March 31, 2026. The capital structure will likely remain healthy over the medium term. Liquidity Stretched Annual cash accrual is expected at INR0.1-0.2 crore against nil term debt obligation over the medium term. The company does not have any fund-based facilities. The current ratio was at 3.16 times as on March 31, 2025. Low gearing and moderate networth support financial flexibility, which will cushion liquidity in case of adverse conditions or downturns in the business. Outlook Stable Crisil Ratings believes KSPL will continue to benefit from the extensive experience of the promoters and its established relationships with clients. Rating sensitivity factors Upward factors * Steady increase in revenue and sustenance of operating margin, leading to cash accrual above INR0.5 crore *Improvement in the networth Downward factors * Decline in revenue by 25% and operating profitability to below 2% * Further stretch in the working capital cycle, weakening the liquidity and financial risk profile Incorporated in 2017, KSPL is a hardware security module solutions provider specialising in data security solutions. The company provides digital certificates, secured socket layer (SSL) certificates, IT consultancy services, and endpoint and network security services to governments, non-government organisations and private enterprises around the globe. It is based in Faridabad, Haryana. KUBER CONCAST: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kuber Concast (KC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.29 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 27, 2024, placed the rating(s) of KC under the 'issuer non-cooperating' category as KC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 12, 2025, November 22, 2025, December 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2008, Kuber Concast (KC) was promoted by Mr. Rakesh Kumar and Mr. Vishal Sahi with operations of the firm starting in November-2016 only. At present the firm has four partners with Mr. Rakesh Kumar as the Managing Partner of the firm. The firm is engaged in the manufacturing of steel products i.e. rounds, flats and squares. The sole manufacturing facility of the firm is situated at Mandi Gobindgarh, Punjab. The firm is also engaged in trading of rounds, flat bars, M.S. bars, etc. LOOKS FASHION: CRISIL Lowers Long/Short Term Ratings to D --------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of Looks Fashion to 'Crisil D/Crisil D' from 'Crisil B+/Stable/Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B+/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4') The downgrade in rating considers the delay in servicing equated monthly installment towards the term loan in December 2025. The rating also reflects modest scale of operations amid intense competition, large working capital requirement and weak financial risk profile of the firm. These weaknesses are partially offset by the extensive experience of the proprietor in the textile industry. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of Looks Fashion. Key Rating Drivers - Weaknesses * Extensive experience of the proprietor: The proprietor has around two decades of experience in the textile industry. His strong understanding of the market dynamics and healthy relationships with suppliers and customers should continue to support the business. Key Rating Drivers - Strengths * Delay in debt servicing: Looks Fashion has delayed servicing the equated monthly installment towards the term loan during December 2025 due to weak liquidity. * Modest scale of operations amid intense competition: The textile industry is highly fragmented owing to low entry barriers such as limited capital and technology requirement and little differentiation in products. The consequent intense competition may continue to constrain scalability, pricing power and profitability. Further, since cost of procuring the raw material accounts for a bulk of production cost, even a slight variation in price can drastically impact the operating margin. * Large working capital requirement: Gross current assets have been 313-437 days for the past three fiscals and were 313 days as on March 31, 2025. The firm must extend long credit period and hold moderate work-in-process inventory. * Weak financial risk profile: The financial risk profile may continue to be constrained by low cash accrual. Gearing stood high at 7.12 times as on March 31, 2025. Debt protection metrics are likely to remain subdued over the medium term; interest coverage is estimated at 1.36 times and net cash accrual to total debt ratio at 0.03 time for fiscal 2025. Liquidity Poor Bank limit utilisation was high at 99.41% for the 12 months through July 2025. Cash accrual is projected at INR0.9-1.3 crore per annum, inadequate to meet the yearly debt obligation of INR1.1-1.3 crore over the medium term. Current ratio was average at 1.18 times as on March 31, 2025. Rating sensitivity factors Upward factors * Timely debt servicing continuously for at least 90 days * Steady revenue growth per fiscal and operating margin sustaining above 8%, leading to higher-than-expected cash accrual Improvement in the working capital cycle Set up in 2013, Looks Fashion manufactures technical textile fabric, such as unplasticised polyvinyl chloride wool pile, including grey wool pile and wool pile for sliding windows. Its outlets and facility are in Surat, Gujarat. The proprietor, Mr Shailesh Fifadara, manages the business. MINDRA EV: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Mindra EV Private Limited Registered Address: Plot No 160, Devraj Industrial Park, Piplaj-Pirana Road, Lambha, Ahmedabad, Daskroi, Gujarat, India, 382405 Insolvency Commencement Date: December 19, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: June 17, 2026 Insolvency professional: Rajender Pal Chandel Interim Resolution Professional: Rajender Pal Chandel 171E, Pocket -4, Мayur Vihar, Phase-1, New Delhi, East, National Capital Territory of Delhi 110091 Email: rpchandel.ip@gmail.com Email: cirpmindraevprivatelimited@gmail.com Last date for submission of claims: January 2, 2026 MPG REALTY: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: MPG Realty Private Limited Registered Address: S-565, Off. No. 6, Ground Floor, School BIk-II. Shakarpur, Delhi-110092 Previous Registered Office: 208, 2nd Floor, Plot-20, Parrmesh Business Towers, Karkardoma Community Centre, Delhi-110092 Corporate Off.: 814A, 8th Foor, Iconic Corenthum, Plot A-41, Sec-62, Noida-201309 Insolvency Commencement Date: December 18, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: June 16, 2026 Insolvency professional: Rakesh Jindal Interim Resolution Professional: Rakesh Jindal II/E 64 Nehru Nagar Ghaziabad, UP-201001 Email: ca.rakeshjindal@gmail.com Email: cirp.mpgrealty@gmail.com Last date for submission of claims: January 5, 2026 OCTOPUS PAPERS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Octopus Papers Limited (OPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 30, 2024, placed the rating(s) of OPL under the 'issuer non-cooperating' category as OPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 15, 2025, November 25, 2025, December 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable OPL was initially incorporated as Octopus Paper Private Limited on March 19, 2007 by Mr. Bharat Khara, Mr. Vishal Khara and Mrs. Jyoti Khara. Subsequently, during August 2015, it rechristened itself to OPL. OPL is engaged into manufacturing and trading of notebooks; copier papers and paper related office stationery and also does Offset Printing. OPL sells its products in four different categories i.e. school stationery products (includes long book, note book, jumbo book A4 long book, drawing book and graph book), office stationery products (registers, cash memo, copier papers and pocket memo), other paper products and offset printing. The manufacturing plant of the company is located at Vapi G.I.D.C. All the business activities are done under the brand name "Octopus". P. K. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of P. K. Industries (PKI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE D; 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 PKI under the 'issuer non-cooperating' category as PKI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PKI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 15, 2025, October 25, 2025, November 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhopal (Madhya Pradesh) based P. K. Industries (PKI) was formed in 2000 as a proprietorship firm by Mr. Prashant K Gupta. The firm is ISO 9001: 2008 certified entity and it is engaged into the business of manufacturing of power and distribution transformers. PKI manufactures transformers from capacity of 5 Kilo Volt Ampere (KVA) to 5 Mega Volt Ampere (MVA) and supplies the same to State Electricity Boards (SEB's) in Madhya Pradesh and Rajasthan and other private customers who take contract from government departments. PROGRESSIVE CARS: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Progressive Cars Private Limited (PCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.47 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 12, 2024, placed the rating(s) of PCPL under the 'issuer non-cooperating' category as PCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCPL 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: Stable Ahmedabad-based (Gujarat), PCPL was incorporated as a private limited company in November 1999 as an authorized dealer and an authorized service centre for Fiat Cars. PCPL closed down its Fiat cars dealership in 2003 and became an authorized dealer and an authorized service centre for passenger cars manufactured by TATA Motors Limited and opened its first showroom and workshop in Anand, PCPL opened its second TATA Motors cars showroom in Nadiad in the year 2007. In 2012 PCPL became an authorized dealer and an authorized service centre for two wheelers manufactured by TVS Motor Company Ltd. and opened its first two wheelers showroom in Anand. In 2017 PCPL opened its third TATA Motors cars showroom in Ahmedabad. RN RICE: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RN Rice Mill (RRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; 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 23, 2024, placed the rating(s) of RRM under the 'issuer non-cooperating' category as RRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 8, 2025, November 18, 2025, November 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RRM was established in 2003 as a proprietorship firm by Mr Rajesh Kumar Bansal. In 2008, the proprietorship firm was converted into partnership firm with Mr Rajesh Kumar Bansal and Mr Mange Ram as its partners. RRM is engaged in milling, processing and trading of rice. The manufacturing unit is located at Kaithal, Haryana. S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. M. Constructions (SMC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.39 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 4, 2024, placed the rating(s) of SMC under the 'issuer non-cooperating' category as SMC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 20, 2025, October 30, 2025, November 9, 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 Goa-based S.M. Constructions (SMC) was established as a proprietorship concern in the year 1994 by Mrs Shamshun Shaikh, with the assistance of her husband Mr Muktar Shaikh, for industrial construction and real estate development in the state of Goa. The firm belongs to the Shaikh Muktar Group (SMG) of companies in Goa, which has interests in mining, construction, engineering, logistics, hospitality (new venture), shipping and automobiles. SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Samraddhi Cot Fibers Private Limited (SCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of SCFPL under the 'issuer non-cooperating' category as SCFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SCFPL was incorporated in 2011 and commenced its operation from December 2012. SCFPL is promoted by Mr Prakash Mittal, and the company is engaged into the business of cotton ginning and pressing. SCATEC INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Scatec India Renewables Two Private Limited Suite No. 6, GF Atelier Office Suites, Worldmark 3, Asset Area 7, Aerocity, Near IGI Airport South West Delhi - 110037 Liquidation Commencement Date: December 18, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Arun Gupta S-34, LGF, Greater Kailash-II New Delhi - 110048 Reg Email: arungupta2211@gmail.com Communication Email: sstpl.vol.liq@gmail.com Tel No: 011-41066313 Last date for submission of claims: January 17, 2026 SREEVEN CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sreeven Constructions (SC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.40 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.60 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 19, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hyderabad (Telangana) based, Sreveen Constructions (SC) was established in 2013 as Partnership Firm by Mr. J Venkat Reddy, Mr. B Subramanya Reddy and Mr. S Krishna Reddy. The firm is engaged in civil engineering of roads, bridges and buildings for South Central Railways and GVV Constructions (P) Limited. The day-to-day operations of the firm are managed by Mr. J Venkat Reddy who has experience of around 30 years in construction industry and Mr. B Subramanya Reddy. SRINIVASA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Srinivasa Educational Academy (SEA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 37.20 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 SEA under the 'issuer non-cooperating' category as SEA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEA 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 The trust was incorporated in 1998 by Dr R Venkataswamy, a philanthropist and an educationist, to render educational and development facilities in the rural areas of Chittoor District in Andhra Pradesh (A.P.). The oldest educational institute of the trust is Sri. R.K.M Law College started in 1991-1992 which was taken over from Swami Vivekananda Society. His family members are the trustees for SEA. SEA currently manages eleven educational institutions, which include engineering, law, computer science, pharmacy, business management, nursing, medicine, etc. SEA also provides hostel facilities to its students, teachers and other staffs. The trust had set-up a 362 bedded hospital in 2013. Out of the eleven institutes, two institutes are located in Hyderabad, Telangana while the rest are in Chittoor district, A.P. STITCHFAB (INDIA): CRISIL Moves B+ Debt Rating to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Stitchfab (India) Private Limited (SIPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SIPL for obtaining information through letter and email dated December 23, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SIPL to 'Crisil B+/Stable Issuer not cooperating'. SIPL, incorporated in 1996, is a Kolkata-based company that manufactures readymade garments for children. Its products are sold under the brand, AppleEye. Mr Anand Kumar More and his family members are the promoters. SURYAVAYU SOLUTIONS ONE: Voluntary Liquidation Case Summary ----------------------------------------------------------- Debtor: Suryavayu Solutions Two Private Limited Suite No. 6 GF Atelier Office Suites, Worldmark 3, Asset Area 7, Aerocity, Near IGI Airport, South West Delhi - 110037 Liquidation Commencement Date: December 18, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Arun Gupta S-34, LGF, Greater Kailash-II, New Delhi-110048 Reg Email: arungupta2211@gmail.com Communication Email: sstpl.vol.liq@gmail.com Tel No: 011-41066313 Last date for submission of claims: January 17, 2026 SURYAVAYU SOLUTIONS TWO: Voluntary Liquidation Case Summary ----------------------------------------------------------- Debtor: Suryavayu Solutions Two Private Limited Suite No. 6 GF Atelier Office Suites, Worldmark 3, Asset Area 7, Aerocity, Near IGI Airport, South West Delhi - 110037 Liquidation Commencement Date: December 18, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Arun Gupta S-34, LGF, Greater Kailash-II, New Delhi - 110048 Reg Email: arungupta2211@gmail.com Communication Email: sstpl.vol.liq@gmail.com Tel No: 011-41066313 Last date for submission of claims: January 17, 2026 TERRACIS DIGITAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Terracis Digital Limited 5th Floor, 5b, Technopolis Knowledge Park, Mahakali Caves Road, Near Udyog Bhavan Chakala, Andheri East, Chakala MIDC, Mumbai – 400093, Maharashtra, India Liquidation Commencement Date: December 10, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Kala Agarwal 801, Embassy Centre, Jamnalal Bajaj Road, Nariman Point, Mumbai - 400021 E-mail: pcskalaagarwal@gmail.com Last date for submission of claims: January 8, 2026 TIRUPATEE AGRO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Tirupatee Agro Industries Private Limited Plot No. C-212 Chincholi, MIDC, Solapur Maharashtra, India, 413255 Insolvency Commencement Date: December 15, 2025 Estimated date of closure of insolvency resolution process: June 13, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mahesh Chand Gupta FE-202, Salt Lake City Sector-III, 1st Floor, Kolkata-700106 Email: mcgupt90@gmail.com 11 & 11/1, B B Ganguly Street 1st Floor, Suit No. 1 Kolkata - 700012 Email: cirp.tirupatee@gmail.com Last date for submission of claims: January 2, 2026 TULSI DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Tulsi Devi Educational Society (TDES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.86 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.70 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of TDES under the 'issuer non-cooperating' category as TDES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TDES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tulsi Devi Educational Society was formed in April, 1998 by Mr Har Bhagwan Munjal (Chairman), Mrs Rita Munjal (Secretary) and Ms Kirti (Member) as the society members. The society was formed with an objective to provide higher education in the field of engineering, technology, science and management. The society is running two schools and a college by the name Tulsi Public School and Tulsi College of Education. YOUNG ENTERPRENEURS: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Young Enterpreneurs Organisation (Delhi Chapter) Innov8 CP2 44, Backary Portion, 2nd Floor, Regal Building, Connaught Place, Central Delhi, New Delhi, Delhi, India 110001 Liquidation Commencement Date: December 22, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Anil Kumar Dubey Meridian Splendora, Tower II, Flat No. 4F, 9A/1 Umakant Sen Lane, Kolkata-700030 Contact: 98830 39240 Email: anil@mandaassociates.in Last date for submission of claims: January 21, 2026 ===================== N E W Z E A L A N D ===================== EAST WIND: Investors to Get Almost Nothing, Liquidators Say ----------------------------------------------------------- NZ Herald reports that investors in what turned out to be a $53 million Ponzi scheme are unlikely to receive more than a fraction of a cent on the dollars owed as liquidators wind up their administration of East Wind. East Wind Group marketed itself as offering financial services and immigration support to New Zealand's Japanese community. The group collapsed in February 2019 and was placed into liquidation, following the death of director Masatomo Ashikaga (also known as Tom Tanaka). ================= S I N G A P O R E ================= EM (FAR EAST): Court to Hear Wind-Up Petition on Jan. 23 -------------------------------------------------------- A petition to wind up the operations of Em (Far East) Holdings Pte. Ltd. will be heard before the High Court of Singapore on Jan. 23, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Jan. 2, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 LAKESHORE PTE: Creditors' Proofs of Debt Due on Feb. 2 ------------------------------------------------------ Creditors of Lakeshore 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 MM2 ASIA: Unit Receives SGD200,000 Payment Demand From Creditor --------------------------------------------------------------- The Business Times reports that a unit of the embattled entertainment group mm2 Asia has received a payment demand for SGD200,000, the company said in a regulatory filing on Jan. 7. It said that mm2 Entertainment (mm2E), a subsidiary of mm2 Asia, had on Jan. 5 received a letter of demand from solicitors representing Ace Financial Services, relating to the alleged non-payment of the SGD200,000 sum, as well as interest and legal costs, according to BT. BT relates that Ace Financial Services, a Singapore-based accounting firm, has demanded that the amount be paid within seven days of the letter dated Jan. 2, failing which it may commence legal proceedings against mm2E. The filing noted that the loan was originally extended under a facility agreement dated Oct. 10, 2022 between the two parties. According to BT, mm2 Asia said that it is currently seeking legal advice in relation to the payment demand, and will make further announcements when there are material developments. mm2E, a regional film studio, production and distribution company, is known for producing works such as the Ah Boys To Men movies, and is a distributor of films such as Detective Chinatown 1900 and Studio Ghibli animated films. This marks the third payment demand that units of parent company mm2 Asia has received in roughly two weeks, following two separate letters of demand sent to its subsidiaries by solicitors representing an individual named Yi Xianhuang, BT notes. In total, the three letters of demand relate to alleged non-payments of roughly SGD25.4 million. In early December, the High Court allowed mm2 Asia to be shielded from creditors and legal proceedings for four months while it works out a restructuring plan, BT recalls. This lifeline came after mm2 Asia received a SGD74.6 million payment demand from lender UOB in November, with the group later reporting a net loss of SGD39.7 million for the half-year ended Sept. 30. However, the court's decision does not extend protection to its subsidiaries, such as mm2E and mmLive. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. To stave off an immediate winding-up by banks and creditors, mm2 Asia suspended trading of its shares in Nov. 2025, after its board assessed that the group could not prove its ability to continue as a going concern, according to The Business Times. NO. 3 KOPITIAM: Creditors' Proofs of Debt Due on Feb. 2 ------------------------------------------------------- Creditors of No. 3 Kopitiam 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. 29, 2025. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 SEATRONICS PTE: Creditors' Proofs of Debt Due on Jan. 30 -------------------------------------------------------- Creditors of Seatronics Pte Ltd are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidator is: Hubert Jen Wei Chang c/o AP Transaction Services 138 Cecil Street #10-01 Cecil Court Singapore 069538 SOUTH LONDON: Creditors' Proofs of Debt Due on Feb. 2 ----------------------------------------------------- Creditors of South London 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 TANJONG PROPERTIES: Creditors' Proofs of Debt Due on Feb. 2 ----------------------------------------------------------- Creditors of Tanjong 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 VIVIDTHREE HOLDINGS: Receives SGD1.2MM Payment Demand From UOB -------------------------------------------------------------- The Business Times reports that former mm2 Asia subsidiary Vividthree Holdings on Jan. 7 announced that it received a letter of demand from UOB for nearly SGD1.2 million. Minutes into the opening bell, the stock fell over 17 per cent to SGD0.014, leading losses on the Singapore bourse. In 2020, the group obtained a SGD5 million temporary bridging loan under a scheme supported by Enterprise Singapore during Covid-19. An outstanding sum of around SGD167,300, including interest, remains, BT recalls. BT, citing bourse filing on Jan. 7, relates that the company originally obtained a money market line with a total limit of SGD1 million in October 2019. An outstanding sum of around SGD1 million, including interest, remains. The payment of SGD1.2 million is due and payable to UOB within seven days, BT notes. BT says the statement indicated that the board of the company is of the view that whether Vividthree is able to continue as a going concern will depend on the successful outcomes of these initiatives. The digital content company on Wednesday evening [Jan. 7] requested to lift its trading halt. Its shares last closed flat at SGD0.02 on Sept. 8, 2025, before the trading halt was put in place. On Sept. 10, The Business Times reported that Vividthree will see private equity fund Hildrics Asia Growth Fund VCC take a 29 per cent stake via a SGD2.2 million subscription of new shares. The move replaced a scrapped deal for the fund to buy equity from controlling shareholder mm2 Asia. With the new placement, Vividthree would issue 137.4 million new shares to Hildrics at an issue price of SGD0.01615 per share, raising the fund's stake in the company from its current 7.98 per cent to 29 per cent of the enlarged share capital, BT relates. As for mm2 Asia, its stake was said to be reduced to 23 per cent from 29.9 per cent, following the proposed placement. Vividthree Holdings Ltd. (SGX:OMX), an investment holding company, engages in entertainment and digital content creation business in Singapore, Malaysia, Hong Kong, Japan, Thailand, and Internationally. It operates through two segments, Digital Media & Live Experience Production, and Public Relations. ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Legal Woes Raise Uncertainty Over Restructuring ---------------------------------------------------------------- The Korea Times reports that key issues involving MBK Partners, including the court-led Homeplus rehabilitation proceedings and the ongoing management control dispute at Korea Zinc, have fallen into uncertainty after prosecutors sought arrest warrants for four senior MBK executives, including Chairman Michael ByungJu Kim, over controversy surrounding Homeplus' rehabilitation filing, industry officials said Jan. 8. The Korea Times relates that the Seoul Central District Prosecutors' Office requested arrest warrants for Chairman Kim, MBK Vice Chairman and Homeplus CEO Kim Kwang-il, MBK Vice President Kim Jeong-hwan and Homeplus Chief Financial Officer Lee Sung-jin, Jan. 7, on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Capital Markets Act. According to the report, the individuals are considered central figures within the private equity firm. Chairman Kim serves as its ultimate decision-maker, while Vice Chairman Kim has been overseeing both matters in his dual roles as CEO of Homeplus and a non-standing outside director at Korea Zinc. They are suspected of having issued a substantial amount of asset-backed short-term bonds, despite foreseeing a downgrade in Homeplus' credit rating, before abruptly filing for court rehabilitation, allegedly causing losses to investors, The Korea Times relays. Korea Ratings lowered the credit rating of the country's second-largest supermarket chain from A3 to A3- on Feb. 28 last year. Homeplus applied for rehabilitation with the Seoul Bankruptcy Court just four days later, on March 4. As allegations involving moral hazard and fraudulent unfair trading are viewed as particularly damaging in rehabilitation proceedings, it is widely believed that Homeplus' sale schedule could be pushed back, according to the report. Delays are also anticipated in the planned spin-off sale of Homeplus Express, its smaller supermarket division, as well as in efforts to secure debtor-in-possession financing. "If Vice Chairman Kim is detained, it could further slow a rehabilitation process that has already been delayed," the report quotes an industry source as saying. "Even if there is buyer interest, ongoing controversy surrounding Homeplus and MBK Partners would inevitably make potential bidders more cautious." The Korea Times says the management control dispute at Korea Zinc, which has lasted for more than a year, is also likely to be affected. MBK joined forces with Young Poong Group in a bid to oust Choi Yun-beom, chairman of the zinc smelting company. Choi's allies have called MBK a predatory private equity firm, and the filing of arrest warrants is likely to reinforce their argument that control of a key national industry should not be entrusted to organizations that fail to uphold their social responsibilities. Attention is also turning to how key shareholders, including the National Pension Service (NPS) and major conglomerates, will respond ahead of shareholders' meeting for the zinc smelter in March. Given the NPS' emphasis on market transparency, siding with executives facing allegations of fraud and violations of the Capital Markets Act is unlikely and would place a significant burden on the public pension fund. MBK denied all allegations, saying prosecutors had misconstrued the controlling shareholder's efforts to rescue Homeplus through court rehabilitation. "We completely deny all charges contained in the arrest warrant request, which run counter to the facts and are rooted in misunderstandings," MBK said in a statement. "We will fully demonstrate in court that the prosecution's claims lack legal and factual grounds." The firm added that Chairman Kim and other executives had cooperated fully with the investigation, arguing that the decision to seek arrest warrants was "excessive and unjustified." A detention hearing for Chairman Kim at the Seoul Central District Court is scheduled for next Tuesday [Jan. 13]. 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***