---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, January 12, 2026, Vol. 29, No. 8

                           Headlines



A U S T R A L I A

AUSTRALIAN BROTHERS: Second Creditors' Meeting Set for Jan. 16
CAPE GRIM: First Creditors' Meeting Set for Jan. 19
HUSTLE BOXING: Second Creditors' Meeting Set for Jan. 15
KESW SO: Second Creditors' Meeting Set for Jan. 16
MELTON FAMILY: Second Creditors' Meeting Set for Jan. 16

ROCKSMAN: Tour Promoter Liquidated as Fans Await for Refunds
ZONE RV: Administrators Accuse Director of Insolvent Trading
ZONE RV: Second Creditors' Meeting Set for Jan. 15
[] Fitch Affirms 38 Tranches on Four Latitude Credit Card Trusts


C H I N A

CHINA VANKE: Yu Liang Steps Down as EVP and Board Director


I N D I A

ANYA POLYTECH: CARE Keeps B Debt Ratings in Not Cooperating
ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
BOGMALLO ENTERPRISES: Insolvency Resolution Process Case Summary
CAUVERY NEERAVARI: Insolvency Resolution Process Case Summary
CHANDER BHAN: CARE Keeps C Debt Rating in Not Cooperating Category

EAST WEST PHARMA: CARE Keeps B- Debt Rating in Not Cooperating
GARG & COMPANY: CARE Keeps D Debt Rating in Not Cooperating
INDIANA INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
JAI MATA: CARE Keeps B- Debt Rating in Not Cooperating Category
JAYPEE INFRATECH: ED Attaches Assets Worth Inr400 Crore

KRISHNAGANGA SPINNING: CARE Keeps C Debt Rating in Not Cooperating
KUBER TUBES: CARE Keeps B- Debt Rating in Not Cooperating Category
LALIT POLYPLAST: CARE Keeps D Debt Rating in Not Cooperating
MAHAVIR BRIGHT: CARE Keeps C Debt Rating in Not Cooperating
MANGALORE POLYPACK: CARE Keeps B- Debt Rating in Not Cooperating

NAYAAB JEWELS: CARE Keeps D Debt Ratings in Not Cooperating
R.S. DREAM: CARE Keeps D Debt Rating in Not Cooperating Category
RAJYALAKSHMI RAW: CARE Keeps B- Debt Rating in Not Cooperating
RIGHTFI CAPITAL: Voluntary Liquidation Process Case Summary
RIGHTFI TECHNOLOGIES: Voluntary Liquidation Process Case Summary

RITZY CHEMICALS: CARE Keeps D Debt Rating in Not Cooperating
ROUT INFRASTRUCTURE: CARE Lowers Rating on INR4.0cr LT Loan to B-
RUDRA LAMNKRAFT: Ind-Ra Keeps B- Loan Rating in NonCooperating
RUHATIYA COTTON: Ind-Ra Assigns BB- Bank Loan Rating
RUHATIYA SPINNERS: Ind-Ra Assigns BB Bank Loan Rating

SALIGRAM TIMBERS: CARE Keeps B- Debt Rating in Not Cooperating
SHIVAJI CANE: CARE Keeps D Debt Rating in Not Cooperating Category
SOUNDHARYA SIZING: Ind-Ra Cuts Bank Loan Rating to B+
SUPERIOR FILMS: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
SUPERTECH ORB: NCLT OKs Brickboss INR421-cr Revival Plan for Co.

TIRTHAK PAPER: Ind-Ra Withdraws BB Bank Loan Rating
VANSHIKA CONSTRUCTIONS: Ind-Ra Cuts Term Loan Rating to B-
VIJAYA HOSPITAL: Ind-Ra Keeps BB- Rating in NonCooperating
WIN ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating


I N D O N E S I A

BUKIT MAKMUR: Moody's Withdraws 'Ba3' Corporate Family Rating


M A L A Y S I A

RENEUCO BHD: Bursa Reprimands Company Over Late Annual Report


S I N G A P O R E

AMAYA INVESTMENTS: Commences Wind-Up Proceedings
BOUNTIFUL TREE: Court Enters Wind-Up Order
NAMU HOLDINGS: Creditors' Proofs of Debt Due on Feb. 8
SCHWEICKERT SINGAPORE: Commences Wind-Up Proceedings
SEATOWN SWORDFISH: Creditors' Proofs of Debt Due on Feb. 9

SULO ENVIRONMENTAL: Creditors' Proofs of Debt Due on Feb. 6


S O U T H   K O R E A

GUROBAL GAMES: Enters Corporate Liquidation Process


T H A I L A N D

THAIOIL TREASURY: Moody's Rates New USD Sub. Capital Securities Ba2

                           - - - - -


=================
A U S T R A L I A
=================

AUSTRALIAN BROTHERS: Second Creditors' Meeting Set for Jan. 16
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Brothers Group Pty Ltd has been set for Jan. 16, 2026, at 11:00
a.m. via Microsoft Teams.

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.

Desmond Teng at Byrons was appointed as administrator of the
company on Dec. 5, 2025.


CAPE GRIM: First Creditors' Meeting Set for Jan. 19
---------------------------------------------------
A first meeting of the creditors in the proceedings of The Cape
Grim Water Company Pty Ltd, trading as Cape Grim Water Tasmania
Australia & Cape Grim Water, will be held on Jan. 19, 2026, at
11:00 a.m. via telephone conference facilities

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Jan. 7, 2026.


HUSTLE BOXING: Second Creditors' Meeting Set for Jan. 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Hustle Boxing
Potts Point Pty Ltd, Hustle Boxing Newtown Pty Ltd and Hustle
Boxing Pty Ltd in its own right and as trustee for the Hustle
Boxing Unit Trust, has been set for Jan. 15, 2026, at 2:00 p.m. via
Microsoft Teams.

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 4:00 p.m.

Duncan Clubb and Andrew Sallway of BDO were appointed as
administrators of the company on Dec. 8, 2025.


KESW SO: Second Creditors' Meeting Set for Jan. 16
--------------------------------------------------
A second meeting of creditors in the proceedings of KESW SO Pty Ltd
has been set for Jan. 16, 2026, at 10:00 a.m. at the offices of SV
Partners, at Level 6/La Balsa, 45 Brisbane Road, in Mooloolaba,
QLD.

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.

Anne Meagher and Adam Peter Kersey of SV Partners were appointed as
administrators of the company on Dec. 2, 2025.


MELTON FAMILY: Second Creditors' Meeting Set for Jan. 16
--------------------------------------------------------
A second meeting of creditors in the proceedings of Melton Family
Pty Ltd has been set for Jan. 16, 2026, at 11:00 a.m. at the
offices of TI Group (NSW) Pty Ltd at Level 1, 17 Brookhollow Ave in
Norwest and 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. 15, 2026 at 4:00 p.m.

Darrin Paine of TI Group was appointed as administrator of the
company on Dec. 8, 2025.


ROCKSMAN: Tour Promoter Liquidated as Fans Await for Refunds
------------------------------------------------------------
News.com.au reports that the Australian-based promoter behind
Candace Owens' blocked Down Under tour has gone into liquidation,
leaving many fans still waiting for refunds more than a year after
tickets went on sale.

Rocksman, the company responsible for bringing the American
conservative commentator to Australia and New Zealand in 2024, had
repeatedly promised refunds, but repayments have yet to reach all
ticketholders, news.com.au relates.

According to news.com.au, Ms. Owens' visa was refused by
Australia's immigration minister, Tony Burke, weeks before the
scheduled tour. The minister cited concerns the commentator could
incite public discord.

The visa refusal brought Ms Owens' planned tour to an abrupt halt.

She challenged the decision, but in October 2024, months after the
refusal, Australia's High Court upheld the government's decision,
ending any chance of the tour proceeding, news.com.au notes.

Ms. Owens is an American political commentator and author known for
her conservative and far-right views.

She previously worked as communications director for Turning Point
USA and hosted a political talk show on The Daily Wire until her
dismissal in 2024.

She has been outspoken against Black Lives Matter, expressed
scepticism about the impact of white supremacy, and opposed
COVID-19 lockdowns and vaccines.

News.com.au says Ms. Owens gained notoriety through Turning Point
USA, but has since fallen out with the group. She is also facing a
defamation lawsuit in the United States after claiming French First
Lady Brigitte Macron was born a man.

According to news.com.au, a Rocksman spokesman said the visa
cancellation "seriously affected the company's touring arm, which
faced significant upfront costs and would only see revenue if
events proceeded".

"The cancellation, combined with existing tax obligations, created
a real risk that the company could enter an insolvent trading
period if it continued operating without restructuring," the
spokesman added.

The promoter formally declared insolvency in December, news.com.au
notes.

Corporate filings reviewed by Guardian Australia show Rocksman owed
AUD68,395.54 to the Australian Taxation Office (ATO) and held no
other assets beyond a bank account of undisclosed value,
news.com.au relays.

David Sampson, the company's liquidator from BPS Resolved, told
Guardian Australia it was unlikely ticketholders would recover any
money.

The ATO has confirmed the agency would pursue outstanding tax
debts.

Consumer agencies in NSW, Queensland, and New Zealand reported
complaints from those still waiting for refunds.

NSW Fair Trading advised affected consumers to contact the
liquidator and register as creditors owed by Rocksman, adds
news.com.au.


ZONE RV: Administrators Accuse Director of Insolvent Trading
------------------------------------------------------------
ABC News reports that administrators for collapsed luxury caravan
manufacturer Zone RV are threatening litigation against the
company's director, accusing him of running the business while it
was insolvent.

The Sunshine Coast-based company plunged into administration on
December 1 owing AUD42 million to hundreds of creditors, including
nearly 200 customers.

The ABC, citing a report to creditors released on Jan. 8, discloses
that Zone RV was in financial trouble long before it entered
administration.

Zone RV was "likely" trading insolvent since September 2024, but
"may have been insolvent" as early as August 2023, according to
administrators Cor Cordis.

According to the ABC, Cor Cordis is planning to lodge a report with
ASIC alleging Zone RV's sole director David Biggar breached the
Corporations Act.

ASIC has been criticised by angry customers after revelations the
watchdog refused to investigate a whistleblower complaint against
Zone RV.

The ABC relates that Cor Cordis partner Kate Conneely said current
and former officers of Zone RV "need to explain several
transactions".

She said the next steps "may include public examinations or
proceeding with litigation seeking compensation on behalf of the
creditors".

The report said the collapse was due to "poor financial
management", "risky expansion", constant changes to management and
periods without leadership in finance and operations, and depending
on customer instalment payments to fund Zone RV's operations, the
ABC relays.

The ABC says Cor Cordis recommends winding up and liquidating the
company, estimating up to AUD21 million could be claimed against
the director for insolvent trading.

                           About Zone RV

Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd
(trading as Zone RV) designs and manufactures premium off-road
caravans.

Rahul Goyal, Kate Conneely and Stephen Earel of restructuring
advisory firm Cor Cordis have been appointed administrators of Zone
Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1,
2025.

The Administrators are conducting an urgent review of Zone RV's
financial and operational position.  Their primary objective is to
preserve value for all stakeholders, including approximately 250
employees, customers, and suppliers, and to determine the strategic
options available for the business moving forward.


ZONE RV: Second Creditors' Meeting Set for Jan. 15
--------------------------------------------------
A second meeting of creditors in the proceedings of Zone
Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd has been set for
Jan. 15, 2026, at 12:00 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. 14, 2026 at 12:00 p.m.

Rahul Goyal, Catherine Margaret Conneely and Stephen Earel of Cor
Cordis were appointed as administrators of the company on Dec. 1,
2025.


[] Fitch Affirms 38 Tranches on Four Latitude Credit Card Trusts
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on 38 tranches across four
Latitude credit card trusts. The transactions are securitisations
of Australian and New Zealand credit card receivables originated by
Latitude Finance Australia entities.

RATING ACTIONS
                                   Rating             Prior
                                   ------             -----
Australian Sales Finance and Credit Cards Trust

   A                           LT   AAAsf   Affirmed   AAAsf
   B                           LT   Asf     Affirmed   Asf
   C                           LT   Asf     Affirmed   Asf
   D                           LT   BBBsf   Affirmed   BBBsf
   E                           LT   BBsf    Affirmed   BBsf

Latitude Australia Credit Card Master Trust

2017-VFN                      LT   Asf    Affirmed   Asf
2023-1 Class A1 AU3FN0074944  LT   AAAsf  Affirmed   AAAsf
2023-1 Class A2 AU3FN0074951  LT   AAAsf  Affirmed   AAAsf
2023-1 Class B AU3FN0074936   LT   AAsf   Affirmed   AAsf
2023-1 Class C AU3FN0074928   LT   Asf    Affirmed   Asf
2023-1 Class D AU3FN0074910   LT   BBBsf  Affirmed   BBBsf
2023-1 Class E AU3FN0074902   LT   BBsf   Affirmed   BBsf
2024-1 Class A1 AU3FN0085429  LT   AAAsf  Affirmed   AAAsf
2024-1 Class A2 AU3FN0085437  LT   AAAsf  Affirmed   AAAsf
2024-1 Class B AU3FN0085445   LT   AAsf   Affirmed   AAsf
2024-1 Class C AU3FN0085452   LT   Asf    Affirmed   Asf
2024-1 Class D AU3FN0085460   LT   BBBsf  Affirmed   BBBsf
2024-1 Class E AU3FN0085478   LT   BBsf   Affirmed   BBsf
2024-2 Class A1 AU3FN0091435  LT   AAAsf  Affirmed   AAAsf
2024-2 Class A2 AU3FN0091443  LT   AAAsf  Affirmed   AAAsf
2024-2 Class B AU3FN0091450   LT   AAsf   Affirmed   AAsf
2024-2 Class C AU3FN0091468   LT   Asf    Affirmed   Asf
2024-2 Class D AU3FN0091476   LT   BBBsf  Affirmed   BBBsf
2024-2 Class E AU3FN0091484   LT   BBsf   Affirmed   BBsf
2025-1 - Class A AU3FN0099206 LT   AAAsf  Affirmed   AAAsf
2025-1 - Class B AU3FN0099214 LT   AAsf   Affirmed   AAsf
2025-1 - Class C AU3FN0099222 LT   Asf    Affirmed   Asf
2025-1 - Class D AU3FN0099230 LT   BBBsf  Affirmed   BBBsf
2025-1 - Class E AU3FN0099248 LT   BBsf   Affirmed   BBsf

Latitude New Zealand Credit Card Master Trust


2024-1 A NZLATD1011R4         LT   AAAsf  Affirmed   AAAsf
2024-1 B NZLATD1012R2         LT   AAsf   Affirmed   AAsf
2024-1 C NZLATD1013R0         LT   Asf    Affirmed   Asf
2024-1 D NZLATD1014R8         LT   BBBsf  Affirmed   BBBsf
2024-1 E NZLATD1015R5         LT   BBsf   Affirmed   BBsf

New Zealand Sales Finance and Credit Cards Trust

A                             LT   AAAsf  Affirmed   AAAsf
C                             LT   Asf    Affirmed   Asf
D                             LT   BBBsf  Affirmed   BBBsf
E                             LT   BBsf   Affirmed   BBsf

KEY RATING DRIVERS

Stable Performance and Collateral Characteristics: Gross
charge-offs across both Australian trusts averaged 5.2% for the 12
months to end-October 2025, while that of the New Zealand trusts
averaged 3.8% over the same period. These were below Fitch's steady
state charge-off forecasts of 5.25% and 4.25%, respectively.

The monthly payment rate (MPR), a measure of how quickly consumers
pay off their credit-card debt, averaged 16.8% in Australia and
13.1% in New Zealand in 2025. Fitch has maintained its MPR steady
state at 12.50% for Australia and 9.75% for New Zealand.

Yields have broadly remained consistent over 2025 across
transactions, averaging 18.4% in Australia and 15.6% in New
Zealand. Fitch maintained its gross yield steady state at 11.5% for
Australia and 12.0% for New Zealand.

The Stable Outlook on the ratings on the Australian transactions is
supported by Australia's continued economic growth and tight labour
market. GDP growth was 2.1% in the year to September 2025 and
unemployment was 4.3% in November 2025. Fitch forecasts GDP growth
of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% for
both years.

The Stable Outlook on the ratings on the New Zealand transactions
reflects New Zealand's economic recovery despite GDP falling by
0.5% in the year to September 2025 and a softening labour market,
with the unemployment rate at 5.3% as of September 2025. Fitch
forecasts GDP growth of 2.5% in 2026 and 2027 each, with
unemployment at 4.9% and 4.5%, respectively. This reflects Fitch's
expectation that monetary easing will support economic activity.

A summary of the steady states and rating stresses for the
Australian and New Zealand trusts is shown below:

Australia

Steady State:

Charge-offs: 5.25%

MPR: 12.5%

Gross yield: 11.5%

Purchase rate: 100%

New Zealand

Steady State:

Charge-offs: 4.25%

MPR: 9.75%

Gross yield: 12.0%

Purchase rate: 100%

Rating Stresses (Australia and New Zealand):

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x

Recoveries (% haircut): 60% / 48% / 36% / 27% / 18%

MPR (% decrease): 40% / 35% / 30% / 25% / 15%

Gross yield (% decrease): 35% / 30% / 25% / 20% / 15%

Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%

Updated cash-flow analysis was not performed for Australian Sales
Finance and Credit Cards Trust, Latitude Australia Credit Card
Master Trust, New Zealand Sales Finance and Credit Cards Trust or
Latitude New Zealand Credit Card Master Trust, in line with Fitch's
Credit Card ABS Rating Criteria.

Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with experience managing large consumer receivable
portfolios for more than a decade in Australia and New Zealand.
Latitude is not rated by Fitch and servicer risk is mitigated
through back-up arrangements. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with other non-bank credit card providers.

New Zealand Transactions Rated Above Sovereign's Local-Currency
IDR: Structured finance notes can be rated up to six notches above
New Zealand's Local-Currency Issuer Default Rating (IDR) of 'AA+',
supporting the 'AAAsf' ratings on the New Zealand transactions'
notes.

They key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The performance of the transactions may be affected by changes in
market conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivity:

Fitch evaluated the sensitivity of the ratings to decreased yields,
increased charge-offs and decreased MPRs over the life of the
transactions. The model indicates that the note ratings are
sensitive to an increase in defaults and a reduction in MPRs, with
less sensitivity to lower yields.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An improvement in long-term asset performance, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change of underlying asset quality, would
contribute to positive revisions in Fitch's asset assumptions. This
could have a positive effect on the notes' ratings. Increased
credit enhancement ratios, which are able to fully compensate for
credit losses and cash flow stresses commensurate with higher
rating scenarios, all else being equal, would also be positive for
the ratings.




=========
C H I N A
=========

CHINA VANKE: Yu Liang Steps Down as EVP and Board Director
----------------------------------------------------------
Caixin Global reports that Yu Liang, a longtime executive at China
Vanke Co. Ltd., has officially stepped down, marking the conclusion
of a gradual exit from the developer's top ranks as it grapples
with a mounting debt crisis.

Caixin relates that the Shenzhen- and Hong Kong-listed property
firm said on Jan. 8 that Yu, 60, resigned as executive vice
president and board director upon reaching retirement age. His
resignation took immediate effect, and he no longer holds any
position at the company, according to a regulatory filing.

                         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 Jan.
5, 2026, Fitch Ratings has downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong  Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.

The 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.

The TCR-AP also reported on Dec. 26, 2025, that S&P Global Ratings
lowered its long-term issuer credit rating on China Vanke Co. Ltd.
to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer
credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co.
Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke
HK's senior unsecured notes. At the same time, S&P removed the
ratings from CreditWatch, where they were placed with negative
implications on Nov. 27, 2025.




=========
I N D I A
=========

ANYA POLYTECH: CARE Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anya
Polytech & Fertilizers Limited (APFL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of APFL under the
'issuer non-cooperating' category as APFL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APFL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 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

Uttar Pradesh based Anya Polytech and Fertilisers Limited - ISIN -
INE0SI601032 (Formerly Anya Polytech and Fertilizers Private
Limited) was established in the year 2011 (commercial operations
started in December 2012) as a joint venture between Anya Agro &
Fertilisers Private Limited and KRIBHCO Infrastructure Limited and
listed on NSE as on January 2, 2025. The company is currently being
managed by Mr. Yashpal Singh Yadav. The company is engaged in
manufacturing of HDPE bags (High Density Polyethylene) that find
application in packaging across various industries viz.
fertilisers, cattle feed, chemicals, sugar etc. Additionally, the
company also manufactures fertilisers like zinc sulphate
monohydrate, zinc sulphate.

ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Atibir
Industries Company Limited (AICL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      282.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     314.07      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 21, 2024, placed the rating(s) of AICL under the
'issuer non-cooperating' category as AICL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AICL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 6, 2025, September 16, 2025, September 26, 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

Atibir Industries Company Limited (AICL), incorporated in 2000
promoted by Mr Santosh Kumar Sarawgi of Giridih, Jharkhand is
engaged in manufacturing of sponge iron and pig iron and also has
pellets and sinters manufacturing facilities as a backward
integration in Jharkhand.


BOGMALLO ENTERPRISES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Bogmallo Enterprises Limited
        1605, 16th Floor, Meraki Arena,
        Opp. RK Studio, V. N. Purav Marg,
        Chembur (E), Mumbai – 400071

Insolvency Commencement Date: December 5, 2025

Court: National Company Law Tribunal, Mumbai Bench (Court-VI)

Estimated date of closure of
insolvency resolution process: June 3, 2026

Insolvency professional: Jayanti Lal Jain

Interim Resolution
Professional: Jayanti Lal Jain
              Headway Resolution and Insolvency Services Pvt. Ltd.
              708, Raheja Centre, Nariman Point,
              Mumbai - 400021, Maharashtra.
              Email: jljain.ip@gmail.com
              Email: cirpbogmallo@gmail.com

Last date for
submission of claims: January 14, 2026


CAUVERY NEERAVARI: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Cauvery Neeravari Nigama Limited
        Cauvery Bhavan Complex,
        4th Stage, Gokulam,
        Manjunathapura, Mysore - 570 020

Insolvency Commencement Date: December 10, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: June 8, 2026

Insolvency professional: Addanki Haresh
                  
Interim Resolution
Professional: Addanki Haresh
              No.36/1, 2nd floor,
              Munivenkatappa Complex
              Bellary Road, Ganga Nagar
              Bangalore - 560032
              Email: addanki.haresh@gmail.com
              Email: cauvery.cirp@gmail.com

Last date for
submission of claims: December 26, 2025


CHANDER BHAN: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chander
Bhan Yogesh Kumar (CBYK) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           3.00       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 December 16, 2024, placed the rating(s) of CBYK under the
'issuer non-cooperating' category as CBYK had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CBYK continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 1, 2025, November 11, 2025 and November 21, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Delhi-based Chander Bhan Yogesh Kumar (CBYK) is a partnership firm
established in 1999. CBYK succeeded an erstwhile proprietorship
firm established in March 1981 by Mr Chander Bhan. The firm is
currently being managed by Mr Yogesh Gupta and Mr Rajesh Gupta
sharing profit and losses equally. CBYK is engaged in trading of
iron and steel products such as T.M.T bars, angles, channels,
beams, plates and flats etc.

EAST WEST PHARMA: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of East West
Pharma (EWP) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 2, 2024, placed the rating(s) of EWP under the
'issuer non-cooperating' category as EWP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EWP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 18, 2025, October 28, 2025, November 7, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

East West Pharma is a Tamil Nadu based closely held firm,
established in 2010 is engaged in manufacturing of drug
formulations and pharmaceuticals products from its three
manufacturing facilities located in the states of Sikkim, Assam and
Uttarakhand respectively. All the units are ISO 9001:2015
accredited and WHO-GMP certified facility. EWP Associates, a
marketing and distribution division and Chennai National Hospital
(CHN), a multispecialty hospital which are the units of East West
Pharma (Sikkim) and its group and was established in 2015 and 2016
respectively.


GARG & COMPANY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg &
Company (Ludhiana) (GC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 16, 2024, placed the rating(s) of GC under the
'issuer non-cooperating' category as GC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 1, 2025, November 11, 2025 and November 21, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Garg & Company (GC) was initially constituted as a proprietorship
firm in 1972 by Mr. Harish Kumar Garg and in 2009, it was converted
into a partnership concern with Mr. Lokesh Jain, Mr. Kailash Jain
and Mr. Harish Kumar Garg as the partners. GC is a family managed
business and the firm is engaged in the trading of steel products,
mainly, CR strips, HR strips, HR coils and HR strips and
manufacturing of Electric Resistance Welded (ERW) pipes.


INDIANA INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indiana
International Corporation Flooring Private Limited (IICFPL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.15      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 6, 2024, placed the rating(s) of IICFPL under the
'issuer non-cooperating' category as IICFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. IICFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 22, 2025, October 2, 2025, October 12, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Indiana International Corporation Flooring Private Limited (IICFPL)
was incorporated in June 2009 by Mr Syed Firdous Hussain and his
wife Ms Gayatri Nikkam. The company is located at Bangalore,
Karnataka. IICFPL deals in trading of wide range of floor products
such as Antistatic Vinyl Flooring, Solid Wood, Self-Levelling
Cement, Laminated Wooden Flooring, Luxury Vinyl Tiles, Sports
Flooring and Conductive PVC Tiles etc.


JAI MATA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Mata Di
Ginning and Pressing Factory (JMDGPF) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-Term Bank      5.61         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 5, 2024, placed the rating(s) of JMDGPF under the
'issuer non-cooperating' category as JMDGPF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JMDGPF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 21, 2025, October 31, 2025, November 10, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

JMDGPF is a Jalgaon based, proprietorship firm, established by Mr.
Gopal Baburao Gangtire in 2004. The entity is engaged in the
business of cotton ginning and pressing at its manufacturing
facility located at Jalgaon Maharashtra.


JAYPEE INFRATECH: ED Attaches Assets Worth Inr400 Crore
-------------------------------------------------------
The Economic Times reports that the Enforcement Directorate on Jan.
7 said it has attached assets worth a combined INR400 crore of a
trust linked to former Jaypee Infratech MD Manoj Gaur and a company
of Honeyy Katiyal, promoter of leading housing brokerage firm
Investors Clinic.

ET relates that the action under the provisions of the Prevention
of Money Laundering Act (PMLA) is linked to the probe against
Jaypee group companies -- Jaypee Infratech Ltd (JIL) and Jaiprakash
Associates Ltd (JAL) -- and associated entities in a "large-scale
fraud" and misappropriation of funds that were collected from the
homebuyers of the Jaypee Wishtown and Jaypee Greens projects in
Noida.

According to ET, the federal probe agency said in a statement that
a provisional order has been issued to attach immovable assets
belonging to Jaiprakash Sewa Sansthan (JSS) and Page 3 Buildtech
Private Limited, having a combined current market value of INR400
crore. It was not mentioned by the ED as to what amount belonged to
each of the two parties.

Gaur, arrested by the ED in November and currently in jail under
judicial custody, is the managing trustee of JSS while Page 3
Buildtech is "controlled and beneficially owned" by Katiyal,
founder of Noida-based Investors Clinic.

ET says the ED claimed that the two companies (JSS and Page 3
Buildtech) received a "part" of the diverted homebuyers' funds.

While Gaur's legal representative cannot be reached for a comment,
a response from Investors Clinic is awaited.

Business conglomerate Adani Enterprises has won a bid to acquire
Jaiprakash Associates Ltd through an insolvency process. Lenders of
JAL have already approved Adani Group's resolution plan to acquire
the bankrupt firm and the National Company Law Tribunal (NCLT) nod
is pending.

JAL is into construction, power, hotels, real estate and sports
management businesses, among others.

Mumbai-based Suraksha Group has acquired Jaypee Infratech Ltd
through an insolvency process and it is mainly into real estate and
also owns Yamuna Expressway that connects Noida and Greater Noida
to Agra.

The money laundering case stems from the FIRs of Delhi and Uttar
Pradesh Police which took cognisance of the complaint filed by the
homebuyers of Jaypee Wishtown and Jaypee Greens projects.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In June 2021, the Committee of Creditors (CoC), which is made up of
banks and homebuyers, gave the Suraksha group authorization to
acquire JIL.

In March 2023, the National Company Law Tribunal (NCLT) authorised
the group's bid to acquire JIL and complete construction about
20,000 flats across various projects in the national capital
region.


KRISHNAGANGA SPINNING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Krishnaganga Spinning Mills Private Limited (KSMPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           3.35       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 6, 2024, placed the rating(s) of KSMPL under the
'issuer non-cooperating' category as KSMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KSMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 22, 2025, October 2, 2025, October 12, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Krishnaganga Spinning Mills Private Limited (KSMPL) was
incorporated on September 06, 1983 and was promoted by Mr. G
Punnaiah Choudary as a public limited company, 'Krishnaganga
Spinning Mills Limited' near Guntur, Andhra Pradesh. It was
converted into a private limited company on March 10, 2003. The
company is engaged into manufacturing of synthetic blended yarns.


KUBER TUBES: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kuber Tubes
and Fittings Private Limited (KTFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 12, 2024, placed the rating(s) of KTFPL under the
'issuer non-cooperating' category as KTFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KTFPL 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

Incorporated in March 2013, Kuber Tubes & Fittings Private Limited
(KTFPL) was promoted by Mr. Sanjib Bhattacharya and Mr. Mintu Das
for setting up a manufacturing plant for galvanised pole, pipes and
fittings. The plant was set up funded by the promoter's fund only
and the company commenced its operations in March 2017. The plant
has an installed capacity of 27,600 metric ton per annum.

LALIT POLYPLAST: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lalit
Polyplast Private Limited (LPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long 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 December 23, 2024, placed the rating(s) of LPPL under the
'issuer non-cooperating' category as LPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LPPL 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

Incorporated in 2014, Lalit Polyplast Private Limited (LPPL) was
promoted by Mr. Lalit Kumar Jha and Mrs. Anubha Jha, is engaged in
trading of polymers and plastic raw materials like Poly Vinyl
Chloride (PVC) resin, PVC paste resin, polypropylene granules,
high-density polyethylene granules, low-density polyethylene
granules, and linear low-density polyethylene granules,
plasticisers and other polymers. The products of the company are
used in making plastic containers, pipes, tanks, lamination,
automobile industry etc. The company has warehouses in Delhi,
Bawana and Faridabad having storage capacity of 300 M.T., 300M.T.
and 450 M.T. respectively.


MAHAVIR BRIGHT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Mahavir Bright Steel Udyog (SMBSU) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 16, 2024, placed the rating(s) of SMBSU under the
'issuer non-cooperating' category as SMBSU had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMBSU continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 1, 2025, November 11, 2025 and November 21, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Shri Mahavir Bright Steel Udyog (SMBSU) is a proprietorship concern
established in 1998 by Mrs. Kusum Lata. The overall functions of
the firm are looked by her husband, Mr. Vinod Bansal. The firm is
engaged in the manufacturing of bright steel bars at its
manufacturing facility located in Rohtak, Haryana


MANGALORE POLYPACK: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mangalore
Polypack India Private Limited (MPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 6, 2024, placed the rating(s) of MPIPL under the
'issuer non-cooperating' category as MPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 22, 2025, October 2, 2025, October 12, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Mangalore Poly Pack Private Limited (MPIPL) is Karnataka based
company which was incorporated in the year 2009 and promoted by Mr.
Mohamed Haneef and his wife Mrs. Sajida Banu. The company is
engaged in manufacturing of different kinds of Polyethylene bag
(i.e., Around 285 varieties) like High density Polyethylene, Low
density Polyethylene, Polypropylene, plastic carry bags, Garbage
bags, nursery bags, Flexo Printed bags and Industrial Packaging
Plastic Bags. The product finds its application in business
segments like food grains packaging and industrial packaging.
MPIPL's unit is located at Industrial Area, Baikampady, and
Mangalore. The company is having around 60 regular customers
located in Karnataka and Kerala states.


NAYAAB JEWELS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nayaab
Jewels (NJ) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.27       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 5, 2024, placed the rating(s) of NJ under the
'issuer non-cooperating' category as NJ had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NJ continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 21, 2025, October 31, 2025, November 10, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Established in the year, 2003, Nayaab Jewels (NJ) is engaged in the
manufacturing and designing of gems, diamonds, precious and
semi-precious stone studded jewellery in gold, silver and platinum.
The firm is promoted by Mr. Upendra Bothra and Mrs. Manali Bothra.

R.S. DREAM: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.S. Dream
Land Private Limited (RDLPL) continues 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

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 6, 2024, placed the rating(s) of RDLPL under the
'issuer non-cooperating' category as RDLPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RDLPL 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

Raipur (Chhattisgarh) based R.S. Dream Land Private Limited (RDLPL)
was incorporated in January 2006. Earlier the company was doing the
marketing for other real estate companies. Since March 2014, the
company has started its own real estate project. The company is
currently developing its first project 'Empressia Elite' commonly
known as E2 with an aggregate project cost of INR26.55 crore with a
saleable area of 1.66 lakh square feet. The project is located in
the prime location of Raipur, Chhattisgarh. The construction work
of the project is given to G.K. Construction and RDLPL is focusing
mainly on marketing aspects. The
promoters have satisfactory business experience of more than two
decade in real estate industry.


RAJYALAKSHMI RAW: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Rajyalakshmi Raw and Boiled Rice Mill (SRRBRM) continues to remain
in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of SRRBRM under the
'issuer non-cooperating' category as SRRBRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRRBRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Andhra Pradesh based, Sree Rajyalakshmi Raw and Boiled Rice Mill
(SRRBRM) was established in 2002 as partnership firm by Mr. Kunkala
Ravi and his relatives. SRRBRM is engaged in the milling and
processing of Rice. The rice milling unit of the firm is located at
Nellore District, Andhra Pradesh, with an installed capacity of 200
tons per day. Apart from rice processing, the firm is also engaged
in selling the by-products such as broken rice, bran and rice
flour. The main raw material, paddy, is directly procured from
local farmers located in and around Andhra Pradesh, Tamil Nadu and
the finished products and other byproducts are sold to the
customers and whole sellers located across Tamil Nadu, Kerala,
Karnataka and Maharashtra. The firm has a customer base of around
60 entities across Tamil Nadu, Kerala, Karnataka and Maharashtra.


RIGHTFI CAPITAL: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Rightfi Capital Private Limited
        Indiqube-Sigma, A Wing, 3rd Floor
        3/b Kormangala Industrial Layout,
        Bangalore 560034

Liquidation Commencement Date: December 19, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Pramod Srihari
            3rd floor, Raj Towers, 23rd Cross Rd,
            Banashankari 2nd Stage, Bengaluru - 560070
            Email: pramod@capad.in
            Contact: +91 9620075048

Last date for
submission of claims: January 18, 2026


RIGHTFI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Rightfi Technologies Private Limited
        Indiqube-Sigma, A Wing, 3rd Floor
        3/b Kormangala Industrial Layout,
        Bangalore 560034

Liquidation Commencement Date: December 18, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Pramod Srihari
            3rd floor, Raj Towers, 23rd Cross Rd,
            Banashankari 2nd Stage, Bengaluru - 560070
            Email id: pramod@capad.in
            Contact: +91 9620075048

Last date for
submission of claims: January 17, 2026


RITZY CHEMICALS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ritzy
Chemicals Private Limited (RCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          315.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 13, 2024, placed the rating(s) of RCPL under the
'issuer non-cooperating' category as RCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RCPL 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: Not Applicable

Incorporated in 1992, RCPL is promoted and closely held by the
Sethi family (PCL group). It is engaged in manufacturing and
trading of PVC resin, Phthalic Anhydride, 2-Ethyl Hexanol (2EH),
Iso-Butyl Alcohol (IBA), Polymer additives and various other allied
chemicals. Located in Daman, RCPL's manufacturing facility has a
capacity of manufacturing 96,000 MTPA as on March 31, 2018 of
solvents and softeners which find their application in wood polish,
printing ink, paints, washing PVC medical and surgical products
etc.


ROUT INFRASTRUCTURE: CARE Lowers Rating on INR4.0cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rout Infrastructure Private Limited (RIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and  
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 12, 2024, placed the rating(s) of RIPL under the
'issuer non-cooperating' category as RIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RIPL 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).

The ratings assigned to the bank facilities of RIPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Rout Infrastructure Private Limited (RIPL) was incorporated in
September 2008. Since its inception, the company has been engaged
in civil construction and other civil work in the segment like
roads, bridges, and other layout development projects. Currently,
day to day affairs of RIPL are managed by Mr. Bikram Rout
(Director) and Mrs. Bhagyalaxmi Rout (Director) who have experience
of around 22 years and 12 years respectively in similar line of
business. They are ably supported by a team of experienced
engineers and professionals.

RUDRA LAMNKRAFT: Ind-Ra Keeps B- Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Rudra
Lamnkraft Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B-/ Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR109.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B-/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects heightened risk of
default.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Shree Rudra Lamnkraft
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Shree Rudra Lamnkraft Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Shree Rudra Lamnkraft
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Shree Rudra Lamnkraft Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

SRLPL was incorporated in 2021 and commenced its commercial
operations in July 2022. The company manufactures absorbent kraft
paper, used for laminating. Its factory is sin Kheda, Gujrat.

RUHATIYA COTTON: Ind-Ra Assigns BB- Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ruhatiya Cotton and
Metal Private Limited's (RCMPL) bank loan facility as follows:

-- INR150 mil. Bank loan facilities assigned with IND BB-/ Stable

     /IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflects RCMPL's small scale of operations and modest
credit metrics in FY25. The ratings are further constrained by the
entity's volatile EBITDA margins, since the company deals in
various agro commodities and faces inherent industry risk. Ind-Ra
expects an improvement in the scale of operations and EBITDA
margins in FY26, since Indian government has lifted the export ban
on rice and due to increased cashew nut prices.  The ratings
however are supported by the company's diversified product
portfolio and its promoter's over four decades of experience in the
agro commodity industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: RCMPL's revenue declined to INR299.12
million in FY25 (FY24: INR352.61 million; FY23: INR356.83 million).
The revenue decline in FY24 because of a reduction rice exports, as
the government of India had imposed a ban on the export of
non-Basmati white rice in July 2023. The revenue decline in FY25
was due to reduction in the sale of soyabean, as imports were not
feasible due to a drastic price decline in the domestic markets.
The company's EBITDA was INR14.55 million in FY25 (FY24: INR8.56
million; FY23: INR20.56 million). Ind-Ra expects the revenue to
increase in FY26, since the government has partially lifted the
export ban since September 2024 and due to an increase in the price
of cashew nuts.

Modest and Volatile EBITDA margins:  RCMPL's EBITDA margins
improved to 4.86% in FY25 (FY24: 2.43%), due to an increase in
realization per MT in cashew nuts because of higher cashew nuts
prices. In FY25, the return on capital employed stood at 3.8%
(FY24: 1%). The EBITDA margins are susceptible to changes in the
prices of agro commodities. Ind-Ra expects the EBITDA margins to
increase in FY26, due to an increase in realization per MT in
cashew nuts and better absorption of fixed costs.

Modest Credit Metrics: The company's gross interest coverage
(operating EBITDA/gross interest expense) rose to 1.04x (FY24:
0.82x) and net leverage including unsecured loans (Ind-Ra adjusted
net debt/operating EBITDA) reduced to 7.72x (FY24: 21.19x) on
account of the improvement in operating profit  and a reduction in
unsecured loans. The group had sanctioned fund-based working
capital limits of INR158 million in FY25. Ind-Ra expects an
improvement in the credit metrics in FY26 as well, due to a
continued increase in the overall EBITDA and the absence of
long-term debt with the company.

Inherent Industry Risks: RCMPL deals in various agro commodities,
which are seasonal crops and their production and availability
depend on monsoons and other climatic conditions. Furthermore, the
operations are susceptible to regulatory and policy changes. Apart
from this, there is intense competition among organized and
unorganized players, due to low entry barriers. These leads to thin
EBITDA margins for the company.

Diversified Product portfolio: RCMPL derives revenue from various
agro commodity products such as rice, raw cashew nuts, soyabeans,
cashew kernels, and other such products. In FY25, cashew kernel
contributed nearly 69% to the total revenue (FY24: 41%) and raw
cashew nuts 25% (28%), while the rest came from soyabean at only 1%
and by product around 5% (25.33%). The group majorly exports rice
to  Benim and Vietnam, while the other products are mostly sold in
domestic market.

Promoter's Experience: RCMPL's promoter has over four decades of
experience in the agro commodity industry, which has helped in
establishing strong relations with customers and suppliers.

Liquidity

Stretched: The company's average maximum utilization of the
fund-based working capital limits for the 12 months ended September
2025 was 88.61% of the total sanction limits. In FY25, the RCMPL's
working capital cycle shortened to 55 days (FY24: 177 days) due to
lesser inventory days of 38  (167 days) while there was an increase
in debtors days to 46 (34). In FY25, the cash flow from operations
turned positive INR69.48 million (FY24: negative INR55.53 million)
due to favorable changes in working capital. In FY25, the free cash
was INR68.71 million (FY24: negative INR64.53 million). The company
does not have repayment obligations. The group does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. At FYE25, the cash
and cash equivalent stood at INR0.94 million (FYE24: INR1.05
million). Ind-Ra also factors in liquidity support from its group
company Ruhatiya Spinners Private Limited (debt rated at 'IND
BB'/Stable)  as demonstrated in the past in the event of a
liquidity mismatch.

Rating Sensitivities

Negative: A decline in the scale of operations or profitability
leading to deterioration in the credit metrics and/or deterioration
in the liquidity position, all on a sustained basis, could lead to
a negative rating action.

Positive: An improvement in the scale of operations leading to an
improvement in the credit metrics with gross interest coverage
exceeding 1.7x, along with an improvement in the liquidity
position, all on a sustained basis, could be positive for the
ratings.

About the Company

RCMPL was incorporated in 1984. Upto 2020, it was engaged in
selling cotton. From 2020, RCMPL has started manufacturing and
selling of cashew kernels and raw cashew nuts, since it has better
margin than cotton. The company is located in Akola, Maharashtra.

RUHATIYA SPINNERS: Ind-Ra Assigns BB Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ruhatiya Spinners
Private Limited's (RSPL) bank facility as follows:

-- INR200 mil. Bank loan facilities assigned with IND BB/Stable/
     IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflects RSPL's small scale of operations and modest
credit metrics in FY25. The ratings are further constrained by the
entity's volatile EBITDA margins, since the company deals in
various agro commodities and faces inherent industry risk. Ind-Ra
expects an improvement in the scale of operations in FY26, since
the Indian government has lifted the ban on rice exports. The
ratings however are supported by the company's diversified product
portfolio and its promoter's over four decades of experience in the
agro commodity industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: RSPL's revenue rose to INR1,203.95
million in FY25 (FY24: INR1,074.22 million; FY23: INR1,892.72
million). The revenue decline in FY24 was due to the imposition of
a ban on the export of non-Basmati white rice by the government of
India in July 2023. Even though the ban is not completely lifted,
the significant relaxation was provided in late 2024 and early
2025.In FY25, the revenue improved due to these partial
relaxations.  Ind-Ra expects the revenue to increase in FY26 as
well, because of the partial lifting of the ban of rice export.

Modest and Volatile EBITDA Margins: RSPL's EBITDA margins improved
to 4.32% in FY25 (FY24: 3.41%) and the return on capital employed
rose to 6.9% (5.4%). The EBITDA margins are susceptible to changes
in the prices of agro commodities. Ind-Ra expects the margins to
remain modest and range bound in FY26, as the company deals in
products with minimum value addition.

Modest Credit Metrics:  RSPL's gross interest coverage (operating
EBITDA/gross interest expense) reduced to 1.46x in FY25 (FY24:
1.64x) due to XX. However, the net leverage (Ind-Ra adjusted net
debt/operating EBITDA) reduced to 8.23x in FY25 (FY24: 11.34x) due
to an improvement in the operating profit to XX (XX). The company
had sanctioned fund-based working capital limits of INR300 million
in FY25. Ind-Ra expects an improvement in the credit metrics in
FY26, due to a continued increase in the overall EBITDA and an
absence of long-term debt with the company.

Inherent industry risks: RSPL deals in various agro commodities,
which are seasonal crops and their production and availability
depends on monsoons and other climatic conditions. Furthermore, the
operations are susceptible to regulatory and policy changes. Apart
from this, there is intense competition among organized and
unorganized players, due to low entry barriers. This leads to thin
EBITDA margins for the entity.

Diversified Product portfolio: RSPL derives revenue from the
trading of various agro commodity products such as rice and
soyabeans, as well as manufacturing and selling of cotton yarn and
other such products. Cotton yarn contributed 39% to the total
revenue (FY24: 65%), rice contributed 32% (0%), soyabean and
by-products contributed 24% (14%), while the rest came from the
sale of other pulses and agro products. The company majorly exports
rice to  Benim and Vietnam, while the other products are mostly
sold in domestic market.

Promoter's Experience: RSPL's promoter has over four decades of
experience in the agro commodity industry, which has helped in
establishing strong relations with customers and suppliers.

Liquidity

Stretched: RSPL's average maximum utilization of the fund-based
limits for the 12 months ended September 2025 was 86.88%. In FY25,
the company's working capital cycle elongated to 126 days (FY24:
103 days) due to an increase in debtors days to 101 (76 days) and
inventory days to 57  (44 days). In FY25, the cash flow from
operations was negative INR11.63 million (FY24: negative INR92.92
million) due to unfavorable changes in working capital. In FY25,
the free cash was negative INR20.42 million (FY24: negative
INR190.03 million). The company does not have repayment
obligations. The group does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. At FYE25, the cash and cash equivalent stood at
INR0.98 million (FYE24: INR0.96 million). Ind-Ra has also factored
in support from RSPL to its other group company as demonstrated in
the past in the event of a liquidity mismatch.

Rating Sensitivities

Negative: A decline in the scale of operations or profitability
leading to deterioration in the credit metrics and/or deterioration
in the liquidity position, all on a sustained basis, could lead to
a negative rating action.

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics with gross interest coverage
exceeding 2x, along with an improvement in the liquidity position,
all on a sustained basis, could be positive for the ratings.

About the Company

Incorporated in 1996, RSPL is engaged manufacturing and selling
cotton yarn and trading of other agro products. It is located in
Akola, Maharashtra.

SALIGRAM TIMBERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saligram
Timbers (ST) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 27, 2024, placed the rating(s) of ST under the
'issuer non-cooperating' category as ST had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ST 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

Saligram Timbers (ST), incorporated in 2001, is a partnership firm
engaged in the wholesale and retail trading of various kinds of
timber and plywoods. It is a family owned firm and is promoted by
four partners, Mr. Pritam Singh, his wife Mrs. Gurpreet Kaur and
their two sons- Mr. Barinder Singh and Mr. Ravneet Singh. The firm
is having in-house cutting facility to provide wood and timber
products as per customer requirements.


SHIVAJI CANE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivaji
Cane Processors Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      59.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 4, 2024, placed the rating(s) of SCPL under the
'issuer non-cooperating' category as SCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCPL 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

SCPL was incorporated by Mr. Shivajirao Yashwantrao Naik, Founder
Director in 2013 to undertake manufacturing activity of sulphur-
less khandsari and jaggery powder with its operational facility
located at Shirala, Sangli District, and Maharashtra. SCPL's sugar
facility is partially integrated with Sugarcane crushing. The
company sells khandsari and jaggery powder in the brand name of
"Puro".


SOUNDHARYA SIZING: Ind-Ra Cuts Bank Loan Rating to B+
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Soundharya
Sizing Mills rating to IND B+/Negative(ISSUER NOT COOPERATING). The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating action is:

-- INR300 mil. Bank Loan Facilities downgraded with IND B+/
     Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects the likelihood of
further downgrade of the entity's ratings on continued
non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Soundharya Sizing Mills
while reviewing the rating. Ind-Ra had consistently followed up
with Soundharya Sizing Mills over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Soundharya Sizing Mills
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Soundharya Sizing Mills' credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/’ distress
in the issuer's credit profile. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

About the Company

Incorporated in December 2009, SSM manufactures grey cloth fabric.
The company has its registered office in Tirupur, Tamil Nadu.

SUPERIOR FILMS: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Superior Films
Private Limited's (SFPL) bank loan facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating action is:

-- INR645 mil. Bank loan facilities* maintained in non-
     cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information

* Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)'/'IND
A4+ (ISSUER NOT COOPERATING)' before being withdrawn

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SFPL  while reviewing the
rating. Ind-Ra had consistently followed up with SFPL over emails
from August 22, 2025 to October 3, 2025, apart from phone calls.
The issuer has submitted its monthly no default statement till
October 2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SFPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SFPL has been
non-cooperative with the agency since August 2025.

About the Company

SFPL was incorporated in 1980 and is engaged in the business of
commercial malls-cum-multiplexes. In December 2008, the company
transferred its multiplexes operations along with the associated
moveable assets to its sister concern, Satyam Cineplexes Ltd, as
part of a business transfer agreement. The company owned three
prime multiplexes in Delhi - Satyam Cineplex Nehru Place, Satyam
Cinexplex Patel Nagar and Satyam Cineplex JanakPuri.

SUPERTECH ORB: NCLT OKs Brickboss INR421-cr Revival Plan for Co.
----------------------------------------------------------------
The Economic Times reports that the bankruptcy court has approved
the acquisition of distressed real estate firm Supertech ORB
Project by Brickboss Infra, a subsidiary of Greater Noida-based
developer Ametek Group.

According to ET, the bankruptcy court has approved Brickboss
Infra's acquisition of Supertech ORB Project. The buyer has also
proposed a revival plan worth over INR420 crore, which has been
cleared by the secured creditors unanimously. This approval allows
for the immediate revival of the company.

Supertech ORB Project is a group company of Supertech, which is
undergoing a separate insolvency.

Supertech ORB Project started insolvency proceedings on Oct. 13,
2023.


TIRTHAK PAPER: Ind-Ra Withdraws BB Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Tirthak Paper Mill Private Limited's (TPMPL) bank loan
facilities:

-- INR420 mil. Bank loan facilities affirmed and withdrawn.

*Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn

Detailed Rationale of the Rating Action

The rating reflects a deterioration in TPMPL's financial profile
and credit metrics in FY25, due to a decline in the scale of
operations and operating losses. The rating factors in volatility
in EBITDA margins, inherent industry risks and likelihood of
liquidity pressure following due to additional repayment
obligations following the end of the term loan moratorium in
September 2025. In FY26, Ind-Ra believes the company's ability to
ramp up operations through higher paper volumes will be a key
rating monitorable. The agency also expects an improvement in the
company's EBITDA margins, driven by a reduction in power costs and
an increase in its sales realizations amid a likely improvement in
market conditions. However, the recovery in its profitability
remains a key rating monitorable. The rating is supported by
promoter's two decades of experience in the paper industry.

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Promoter's extensive experience

Detailed Description of Key Rating Drivers

Decline in Scale of Operations in FY25; likely Recovery in FY26:
TPMPL's revenue declined 7% to INR3,642.48 million in FY25 (FY24:
INR3,912.24 million; FY23: INR5,292.37 million), due to increased
competition from domestic players because of (i) a decline in
export demand following increased global competition after an
increase in production capacities in South East Asia; and (ii) an
increase in imports of papers from other Asian nations including
China. In FY25, TPMPL booked operating losses. Domestic sales
accounted for 91.93% of the company's total revenue in FY25 (FY24:
91.9%). As per the management, the company reported a top line of
INR640 million as of 2MFY26. Ind-Ra believes that the ability of
the company to ramp up its operations through increasing its paper
volumes will be a key rating monitorable in the near term.

EBITDA Loss from Lower Realization; Cost-cutting Measures likely to
Support FY26 Margins: In FY25, TPMPL posted operating losses, due a
decline in its realization to INR34,940 per metric tons (MT) (FY24:
INR36,653 per MT; FY23: INR50,481 per MT), following increased
price competition among players, leading to the EBITDA margin
erosion. In FY25, the company's EBITDA margins turned negative
1.52% (FY24: 4.5%) with a return on capital employed of 10.5%
(5.6%). Waste paper, the major raw material for manufacturing
duplex paper board, is being procured domestically as well as
through imports. As TPMPL derives selling price based on market
prices, EBITDA margins are susceptible to volatility in raw
material prices. In FY26, Ind-Ra expects the EBITDA margins to
improve on account of the full-year effect of its cost-cutting
measures from solar panel installations, along with higher
realizations amid improving market conditions. However, a recovery
in the profitability remains a key rating monitorable.

Credit Metrics to Remain Weak in Near to Medium Term: Although
Ind-Ra expects the company's credit metrics to slightly improve in
FY26, on account of a likely positive EBITDA, they are likely to
remain modest in FY27. In FY25, TPMPL's credit metrics deteriorated
due to the operating losses posted by the company. In FY24, the
gross interest coverage (operating EBITDA/gross interest expense)
stood at 3.72x (FY23: 2.88x) and the net leverage (adjusted net
debt/operating EBITDA) at 3.17x (4.21x). In FY25, the company
incurred capex of INR510 million, of which INR450 million was
incurred towards the installation of 13MW solar panel and INR60
million towards machinery. Of the total capex, INR400 million was
debt funded, of which the moratorium period will end in September
2025.

Inherent Industry Risk: TPMPL faces competition from organized and
unorganized players, as the domestic paper industry faces
competition due to increased imports from China and other Asian
nations. The paper industry is cyclical in nature and incumbents
are exposed to volatility in raw material prices as well as the
threat of imports, which could prevent companies from passing on
increases in raw material prices to customers. Furthermore, lumpy
capacity additions that are not commensurate with demand growth
could exert upward pressure on raw material prices and downward
pressure on finished product prices, leading to a weakening of
profit margins.

Promoter's Extensive Experience: The ratings are supported by
promoter's nearly two decades of experience in the paper industry,
leading to established relationships with customers as well as
suppliers.

Liquidity

Stretched:  The average monthly utilization of the fund-based
working capital limits was around 86.37% and that of the
non-fund-based working capital limits was around 99.35% over the 12
months ended October 2025. TPMPL has debt repayment obligations of
INR73.2 million each for FY26 and FY27. The agency expects
liquidity to face pressure, due to additional repayment obligations
of a term loan whose moratorium ended in September 2025. In FY25,
the cash flow from operations declined to INR39.11 million (FY24:
INR164.5 million), due operating losses with the free cash flow
declining to negative INR384.79 million (INR140.85 million)
following the capex. In FY25, the working capital days declined to
76 days (FY24: 93 days), on account a decline in the inventory days
to 46 days (63 days). At FY25, its cash and cash equivalents stood
at INR2.99 million (FY24: INR59.03 million). The company does not
have any exposure to the capital markets and relies on banks and
financial institutions to meet its funding requirements.

About the Company

Morbi, Gujarat-based TPMPL was established in 2006 and manufactures
paper for the paper boards used in pharmaceutical, apparel, match
box, cigarette, liquid packaging, and food packaging segments. The
company has an installed capacity of 144,000MT.

VANSHIKA CONSTRUCTIONS: Ind-Ra Cuts Term Loan Rating to B-
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vanshika
Constructions rating to IND B-/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR0 mil. Issuer Rating downgraded with IND B-/Negative
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects heightened risk of
default.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vanshika Constructions while
reviewing the rating. Ind-Ra had consistently followed up with
Vanshika Constructions over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vanshika Constructions on
the basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Vanshika Constructions' credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

VC is a partnership firm engaged in construction of roads, liquor
trading, operating of toll plazas, and mining and extraction
business. Its head office is in Narsinghpur, Madhya Pradesh. The
firm operates around 21 liquor shops in Madhya Pradesh as of FY24.

VIJAYA HOSPITAL: Ind-Ra Keeps BB- Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vijaya
Hospital's bank facilities' ratings in the non-cooperating category
and has simultaneously withdrawn the same.

The detailed rating action is:

-- INR291.64 mil. Bank loan facilities* maintained in non-
     cooperating category and withdrawn.

* Maintained at 'IND BB-/Negative (ISSUER NOT COOPERATING)'/'IND
A4+ (ISSUER NOT COOPERATING)' before being withdrawn

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests and follow-ups by
the agency through phone calls and emails, and has not provided
information about the latest audited financial statements,
sanctioned bank facilities and utilization, business plans and
projections for the next three years, and management certificate.
This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings from the issuer
and a no-objection certificate from the bankers. This is consistent
with Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Vijaya Hospital while
reviewing the ratings. The issuer has not submitted no default
statements for the past 12 months.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of Vijaya Hospital's
based on best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect the company's credit strength. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer’s
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The company has
been non-cooperative with the agency since 30 January 2023.

About the Company

Vijaya was established in Kottarakara on May 8, 1998. It runs a
hospital  with a total capacity of 300 beds. Dr. VS Rajeev and Dr.
AK Mini  Rajeev are 50:50 partners.

WIN ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Win
Enterprise (WE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 28, 2024, placed the rating(s) of WE under the
'issuer non-cooperating' category as WE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. WE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 14, 2025, October 24, 2025, November 3, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s 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

Surat (Gujarat) based, WE was established as a partnership firm in
2015. WE is part of Shree Developers which is also engaged into
real estate development. The group has successfully completed
number of residential projects under different entities in Surat.
WE had been executing a residential cum commercial project with
flats and shops at Surat named 'Kaverri Habitat' comprising of 234
flats and 14 shops involving development of 268,974 Square Feet
area. The project implementation commenced in January 2015 and till
January 31, 2017, WE had incurred the total cost of INR23.45 crore
(95% of total project cost) out of the total cost of INR24.64
crore.




=================
I N D O N E S I A
=================

BUKIT MAKMUR: Moody's Withdraws 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings has withdrawn Bukit Makmur Mandiri Utama (P.T.)'s
Ba3 corporate family rating.

Prior to the withdrawal, the outlook was negative.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Established in 1998, Bukit Makmur Mandiri Utama (P.T.) (BUMA) is a
mining services contractor in Indonesia and Australia that provides
open-cut mining services to thermal and metallurgical coal
producers. BUMA also owns an anthracite coal mine in the US through
its 71%-owned subsidiary, Atlantic Carbon Group (ACG). BUMA is 100%
owned (less one share) by PT BUMA Internasional Grup Tbk, an
investment holding company listed on the Indonesian Stock
Exchange.




===============
M A L A Y S I A
===============

RENEUCO BHD: Bursa Reprimands Company Over Late Annual Report
-------------------------------------------------------------
The Malaysian Reserve reports that Bursa Malaysia Securities Bhd
has publicly reprimanded Reneuco Bhd and five of its directors for
breaches of the Main Market Listing Requirements (LR), with one
director also fined MYR2,500.

In a statement, Bursa said Reneuco had breached Paragraph 9.23(1)
of the Main LR for failing to issue its annual report for the
15-month financial period ended Sept. 30, 2023, which included the
audited financial statements, auditors' report and directors'
report, by the Jan. 31, 2024 deadline, The Malaysian Reserve
relays.

Reneuco was also found to have breached Paragraph 9.28(3) of the
Main LR for failing to announce that it would not be able to issue
the annual report by the due date.

According to the report, Bursa said the company should have made
the announcement by Jan. 26, 2024, but only did so on Jan. 30,
2024, one market day before the deadline.

Following the breaches, Bursa required Reneuco to ensure that its
directors, except Ahmad Riza Mohd Saian, who has since retired, and
relevant personnel attend a training programme on compliance with
the Main Market Listing Requirements, particularly in relation to
financial statements.

The Malaysian Reserve says the board was also directed to review
and assess the adequacy and competency of the company's finance and
accounting resources, as well as the effectiveness of its financial
reporting policies and procedures.

At the same time, five directors of Reneuco at the material time
were found to have breached Paragraph 16.13(b) of the Main LR for
permitting the company's failure to issue the annual report by the
due date, according to The Malaysian Reserve.

Executive chairman Datuk Mustakim Mat Nun was publicly reprimanded
and fined MYR2,500.

Executive director and audit committee member Sarah Azreen Abdul
Samat was publicly reprimanded.

Independent non-ED and audit committee chairman Ahmad Riza Mohd
Saian, who retired on Aug 29, 2025, was also publicly reprimanded.

The remaining two directors, namely Datuk Ir Ts Dr Muhammad Mahadi
Mohamad and Tan Yee Hou, both independent non-EDs and audit
committee members, were likewise publicly reprimanded.

The Malaysian Reserve adds that Bursa said the findings and
penalties were imposed under Paragraph 16.19 of the Main LR after
taking into account "all facts and circumstances of the matter
including the materiality of the breach, impact of the breach to
Reneuco and its shareholders/investors, and the roles,
responsibilities, knowledge and conduct of the directors".

"Bursa Malaysia Securities views the breach seriously as timely
submission of financial statements is a fundamental obligation of
listed companies and is of paramount importance in ensuring an
orderly and fair market for securities traded on Bursa Malaysia
Securities and necessary to aid informed investment decisions," it
said.

Bursa also reminded Reneuco and its board of their responsibilities
to maintain appropriate standards of corporate responsibility and
accountability to shareholders and the investing public.

According to Bursa, Reneuco's delay in issuing the annual report
was mainly due to unresolved audit issues with its external
auditors, which resulted in a disclaimer of opinion on the audited
financial statements, The Malaysian Reserve notes.

                       About Reneuco Berhad

Reneuco Berhad is a Malaysia-based company involved in sustainable
energy and utilities activities.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
13, 2024, Reneuco Bhd has fallen under the Practice Note 17 (PN17)
classification after its auditors expressed a disclaimer opinion on
its unaudited financial statements for the period ended Sept. 30,
2023.




=================
S I N G A P O R E
=================

AMAYA INVESTMENTS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Amaya Investments Pte. Ltd., Blossfield Investments Pte.
Ltd., and Lindberg Investments Pte. Ltd. on Dec. 29, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


BOUNTIFUL TREE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Dec. 26, 2025, to
wind up the operations of Bountiful Tree Holdings Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NAMU HOLDINGS: Creditors' Proofs of Debt Due on Feb. 8
------------------------------------------------------
Creditors of Namu Holdings Pte. Limited and Namu Holdings Parent
Pte. Limited are required to file their proofs of debt by Feb. 8,
2026, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2025.

The company's liquidator is:

          Mr. Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051


SCHWEICKERT SINGAPORE: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Schweickert Singapore Pte. Ltd. on Dec. 29, 2025, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Chia Lee Cheng
          150 Cecil Street #14-01
          Singapore 069543


SEATOWN SWORDFISH: Creditors' Proofs of Debt Due on Feb. 9
----------------------------------------------------------
Creditors of Seatown Swordfish Pte. Ltd. are required to file their
proofs of debt by Feb. 9, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          Seah Roh Lin
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SULO ENVIRONMENTAL: Creditors' Proofs of Debt Due on Feb. 6
-----------------------------------------------------------
Creditors of Sulo Environmental Systems Pte. Ltd. are required to
file their proofs of debt by Feb. 6, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 2, 2026.

The company's liquidator is:

          Knut Unger
          c/o Luther LLP
          9 Raffles Place
          #24-01, Republic Plaza
          Singapore 048619




=====================
S O U T H   K O R E A
=====================

GUROBAL GAMES: Enters Corporate Liquidation Process
---------------------------------------------------
Chosun Biz reports that Netmarble's grandchild company Gurobal
Games has decided to dissolve the corporation.

Chosun Biz, citing to the corporate registry of Gurobal Games on
Jan. 7, relates that the company held a shareholders meeting on
Dec. 31 last year and decided to dissolve. On the same day, it
appointed a liquidator and began the corporate liquidation process
in earnest. The liquidator role was assumed by Ahn Ji-hoon, former
other non-executive director of Gurobal Games.

Gurobal Games is a subsidiary of Kabam, Netmarble's North American
subsidiary, and from 2018 to 2025 its cumulative loss reached KRW67
billion, Chosun Biz notes. The company said that the business
environment deteriorated because the performance of "King Arthur:
Legends Rise," released in 2024, fell short of expectations.




===============
T H A I L A N D
===============

THAIOIL TREASURY: Moody's Rates New USD Sub. Capital Securities Ba2
-------------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the proposed US
dollar-denominated subordinated perpetual capital securities to be
issued by Thaioil Treasury Center Company Limited (Thaioil TC).

The perpetual securities will be unconditionally and irrevocably
guaranteed by Thai Oil Public Company Limited (Thai Oil) on a
subordinated basis.

At the same time, Moody's have affirmed Thai Oil's ba2 Baseline
Credit Assessment (BCA) and assigned the company a Baa3 issuer
rating.

Moody's have also affirmed (1) the provisional (P)Baa3 on the
senior unsecured component of the global medium-term note program
issued by Thai Oil and the (P)Baa3 rating on the backed senior
unsecured component of the global medium-term note program issued
by Thaioil TC; and (2) the Baa3 rating on Thai Oil's senior
unsecured notes and (3) the Baa3 rating on Thaioil TC's backed
senior unsecured notes, which are unconditionally and irrevocably
guaranteed by Thai Oil.

The outlook on all ratings remains negative.

RATINGS RATIONALE

The Ba2 rating assigned to Thai Oil's debut US dollar-denominated
subordinated perpetual securities is two notches below Thai Oil's
Baa3 rating, reflecting the subordinated nature of the instruments.
The rating also incorporates two notches of uplift for the
perpetual securities due to the high likelihood of extraordinary
support from the Government of Thailand (Baa1 negative) via PTT
Public Company Limited (Baa1 negative) in times of stress.

The securities are senior only to common equity and rank behind
Thai Oil's senior debt obligations in terms of priority of claims.
The subordinated securities are perpetual in nature and Thai Oil
has the option to defer distributions on a cumulative basis.

Moody's considers the perpetual securities as comprising debt and
equity in equal proportions when assessing Thai Oil's overall
credit quality. The perpetual distributions are also equally split,
and divided between interest charges and distributions.

Thai Oil's Baa3 issuer rating reflects the company's strengthened
balance sheet following its proactive debt reduction efforts in
2025. It also factors in the company's commitment to further reduce
debt through proceeds from its asset monetization initiative. At
the same time, Moody's expects continued positive progress on the
company's clean fuel project (CFP), with completion anticipated in
Q3 2028 within the total $7.151 billion announced investment cost.

The rating also reflects the company's standalone credit strength,
as captured in its ba2 BCA. The ba2 BCA reflects Thai Oil's
position as Thailand 's (Baa1 negative) largest and most complex
refiner, supported by long-term feedstock supply and product
off-take agreements with subsidiaries under its parent, PTT Public
Company Limited (PTT, Baa1 negative).

However, the BCA is constrained by elevated capital spending and
execution risk at the CFP, which has resulted in weak credit
metrics, exposure to volatile refining margins, and the single-site
nature of operations.

The Baa3 rating incorporates Moody's assessments of a strong
likelihood of extraordinary support from, and high default
dependence with, the Thai government through PTT that results in
two notches of support uplift. Moody's support assessment reflect
Thai Oil's importance to Thailand as company owns the largest
refinery in the country; as well as the significant oversight and
control that PTT and the government have on Thai Oil.

OUTLOOK

The negative outlook on all ratings reflects lingering execution
risks at the CFP. Further delays, rising project costs, or
increased borrowings could result in downward rating pressure.

LIQUIDITY

Excluding the extended trade credit facility from PTT, Thai Oil has
weak liquidity. As of September 30, 2025, the company held THB28.1
billion in cash and THB5.1 billion in short-term investments,
which, along with expected operating cash flow in 2025–26, and
proposed perpetual security issuance will not sufficiently cover
its cash requirements. Moody's expects PTT to continue providing
support by extending the trade facility as needed. Thai Oil also
maintains excellent access to banking facilities.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Thai Oil's rating is unlikely in the near term given
the negative rating outlook. Moody's will return the outlook to
stable once there is meaningful progress on its key project.

Thai Oil's ratings could be downgraded if the company's BCA
deteriorates to ba3; or the company's strategic importance or links
to the Thai government or PTT weaken, resulting in a reassessment
of the level of support incorporated in the ratings.

Thai Oil's BCA could be lowered if the company suffers from yet
another round of time and cost overruns at its refinery expansion
project; refining and petrochemical margins are lower than Moody's
expectations because of constraints from regulatory policies or
hedges put in place by the company, or the market environment turns
bearish; or Thai Oil stretches its balance sheet for capital
investments or increases its shareholder returns, which would point
toward a more aggressive financial policy.

Quantitative metrics indicative of a lower BCA include adjusted
RCF/net debt consistently staying below 8%-10%, or adjusted net
debt/EBITDA exceeding 5.0x.

RATING METHODOLOGIES

The methodologies used in these ratings were Refining and Marketing
published in August 2021.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

PROFILE

Thai Oil Public Company Limited operates the largest complex
refinery in Thailand, with a nameplate capacity of 275 thousand
barrels per day, representing around 22% of the country's domestic
crude refining capacity.

As of September 30, 2025, Thai Oil was approximately 48%
effectively owned by PTT Public Company Limited, which in turn is
majority-owned by the Government of Thailand.



                           *********


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 ***