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260113.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 13, 2026, Vol. 29, No. 9 Headlines A U S T R A L I A BAGULEY BUILD: Commences Wind-Up Proceedings CAPE GRIM: First Creditors' Meeting Set for Jan. 19 DERRIMUT GYMS: Creditors Accept Wes Maas' Rescue Plan LATITUDE AUSTRALIA 2025-1: Moody's Ups Rating on Cl. F Notes to B1 LIQUOR GROUP: Commences Wind-Up Proceedings NORTH SOUTH: Second Creditors' Meeting Set for Jan. 19 ORDE TRUST 2025-1: Moody's Raises Rating on Class F Notes to B1 C H I N A ANDAZ XINTIANDI: Fosun Sells 45% Stake in Hotel for US$5 Million CHINA VANKE: Bondholders Asked to Call Default by Advisory Firm I N D I A ALISHAN VENEER: CRISIL Lowers Long/Short Term Ratings to D APOLLO AGRO: CRISIL Withdraws B+ Rating on INR15cr Cash Loan ASIAN WINTERGARDEN: Second Creditors' Meeting Set for Jan. 19 CHR CONSTRUCTIONS: ICRA Lowers Rating on INR27cr LT Loan to B+ FARM INDIA: ICRA Lowers Rating on INR41cr LT Loan to B+ KUNNATH CONSTRUCTIONS: ICRA Assigns B- Rating to INR26cr LT Loan LOTUS GREENS: CRISIL Keeps D Debt Rating in Not Cooperating M S KAARTHIKEYAN: CRISIL Withdraws B+ Rating on INR11cr Loan MATHAPATHI CONSTRUCTIONS: ICRA Cuts Rating on INR75cr Loan to B+ MEERUT PACKAGING: CRISIL Withdraws B Rating on INR20cr Cash Loan MITTAPALLI TANUJA: CRISIL Moves B+ Ratings to Not Cooperating MULTITECH ENGINEERS: CRISIL Moves B+ Rating to Not Cooperating RAMALINGESWARA MODER: ICRA Cuts Rating on INR81cr LT Loan to B+ SKIL INFRASTRUCTURE: Creditors Clear Invitation for Bids STARCARE HOSPITAL: CRISIL Moves D Debt Ratings to Not Cooperating TANKESHWARI METAL: CRISIL Keeps B+ Ratings in Not Cooperating WEAVETEX OVERSEAS: CRISIL Lowers Rating on INR25cr Loan to B I N D O N E S I A DANA SYARIAH: Accounts Frozen Amid IDR1.4 Trillion Default J A P A N TOKYO ELECTRIC: Submits New Business Reconstruction Plan N E W Z E A L A N D BNS GROUP: Court to Hear Wind-Up Petition on Feb. 11 NZ FINTECH: Moola Director Accused of Insolvency Trading PANEMORFI CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 5 PAPAQ LIMITED: Creditors' Proofs of Debt Due on Jan. 27 UP FOR FOOD: Creditors' Proofs of Debt Due on Jan. 29 VITRINEMEDIA NZ: Commences Wind-Up Proceedings YOYOSO GROUP: 23 Retail Stores Goes Into Liquidation S I N G A P O R E FONG TAT: Creditors' Proofs of Debt Due on Feb. 8 MR UNCLE: Court Enters Wind-Up Order PRB TRADING: Court Enters Wind-Up Order PTC-XIN HUA: Commences Wind-Up Proceedings UNCLE & AUNTY: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: MBK Says Accounting Practices Was Lawful - - - - - ================= A U S T R A L I A ================= BAGULEY BUILD: Commences Wind-Up Proceedings -------------------------------------------- Members of Baguley Build Pty Ltd on Jan. 8, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Francis Jude O'Neill SV Partners 22 Market Street Brisbane, QLD 4000 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 name: 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 of KPT Restructuring was appointed as administrator of the company on Jan. 7, 2026. DERRIMUT GYMS: Creditors Accept Wes Maas' Rescue Plan ----------------------------------------------------- Nigel Benton at Australasian Leisure Management reports that the rescue bid by former NRL player turned property developer Wes Maas for the embattled Derrimut 24:7 Gym chain is understood to have been accepted by the company's creditors. Approved by Derrimut 24:7 creditors in late December, Mr. Maas' $35 million deed of company arrangement package is understood to preserve much of the business and deliver a materially better outcome for creditors than liquidation. As reported by Melbourne's the Herald Sun on Jan. 12, Mr. Maas has revealed plans to end the "erratic" management of gym franchise, Australasian Leisure Management relays. Mr. Maas – who founded the ASX-listed construction business Maas Group in 2002 - expanded his business interests into the Melbourne luxury car market in March last year by investing in the Cavalo Prestige dealership. He now plans to rebrand the gym franchise as 'Derrimut 24:7 - Powered by Cavalo,' according to Australasian Leisure Management. Explaining how he will apply new discipline to the business, Mr. Maas told the Herald Sun "there's clearly been some ill-discipline in financial management here. (The group) has been through quite a few financial controllers. "The financial management was erratic and we will bring some consistency." Commenting on his planned changes, Mr. Maas added "the organisation with the best culture is the most successful in sport and in business. We're bringing a strong culture. "There's a lot to like about the Derrimut business, but it failed. We have to understand why it failed," Australasian Leisure Management relays. Mr. Maas committed that "we're proud to have retained more than 90% of the staff and they will get 100% of their entitlements". In November, Derrimut founder Nic Solomos put the company into administration. Administrators HM Advisory later advised that he had a tax debt of more than $12 million. On Nov. 5, 2025, HM Advisory's Stephen Dixon was appointed as administrator to Derrimut Gyms which includes three companies - Derrimut 247 Gym (VIC) Pty Ltd, Derrimut 247 Gym (SA) Pty Ltd and ACN 139 283 104 Pty Ltd. The latter is the Trustee of the Solomos Family Trust. LATITUDE AUSTRALIA 2025-1: Moody's Ups Rating on Cl. F Notes to B1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Latitude Australia Personal Loans Series 2025-1 Trust. Issuer: Latitude Australia Personal Loans Series 2025-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Mar 27, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Mar 27, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated class in the deal as credit enhancement remains commensurate with the current rating for the notes. Following the December 2025 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 37.4%, 28.1%, 22.1%, 11.9% and 8.0% respectively, from 23.3%, 17.5%, 13.8%, 7.4% and 5.0% at closing. Principal collections have been distributed on a pro-rata basis across all notes since December 2025 payment date. Current outstanding balance of notes as a percentage of the closing balance of notes was 61.0%. As of end-November 2025, 3.8% of the outstanding pool was 30-plus day delinquent, and 1.4% was 90-plus day delinquent. The deal has incurred 1.2% of gross losses (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 9.25% of the outstanding pool balance (equivalent to 6.8% of the original pool balance) from closing. Moody's have also maintained the Aaa portfolio credit enhancement at 38%. Moody's analysis has also considered various scenarios involving different mean default rate and default timing to evaluate the resiliency of the note ratings. The transaction is a cash securitization of unsecured personal loans extended to obligors located in Australia. All receivables were originated by Latitude Personal Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. LIQUOR GROUP: Commences Wind-Up Proceedings ------------------------------------------- Members of Liquor Group (Aust) Pty Ltd on Jan. 12, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mohammad Mirzan Bin Mansoor Level 1, 60 Martin Place Sydney, NSW 2000 NORTH SOUTH: Second Creditors' Meeting Set for Jan. 19 ------------------------------------------------------ A second meeting of creditors in the proceedings of North South Real Estate Brisbane Pty Ltd and North South Executive Rentals Pty Ltd has been set for Jan. 19, 2026, at 11:30 a.m. at the offices of Vincents, Level 34, 32 Turbot Street, in Brisbane, QLD, 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. 16, 2026 at 4:00 p.m. Nick Combis of Vincents was appointed as administrator of the companies on Dec. 3, 2025. ORDE TRUST 2025-1: Moody's Raises Rating on Class F Notes to B1 --------------------------------------------------------------- Moody's Ratings has upgraded ratings on four classes of notes issued by BNY Trust Company of Australia Limited as trustee of ORDE Series 2025-1 Trust. The affected ratings are as follows: Issuer: ORDE Series 2025-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Mar 11, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Mar 11, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Mar 11, 2025 Definitive Rating Assigned Baa2 (sf) Class F Notes, Upgraded to B1 (sf); previously on Mar 11, 2025 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the December 2025 payment date, credit enhancement available for the Class B, Class C, Class D and Class F Notes has increased to 11%, 8%, 5.6% and 1.3% respectively, from 6.9%, 5%, 3.5% and 0.7% at closing. Principal collections have been distributed on a sequential basis since closing. Current outstanding notes balance as a percentage of the total closing balance is 62.4%. As of end-November 2025, 2.8% of the outstanding pool was 30-plus day delinquent and 1.6% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected loss assumption to 1.2% of the original pool balance (equivalent to 1.9% of the outstanding pool balance) from 1.3% of the original pool balance at closing. Moody's have maintained Moody's MILAN CE assumption at 9.9% from closing. The transaction is a securitisation of first-ranking mortgages loans made to prime and near prime borrowers secured over residential properties located in Australia. The loans were originated by ORDE Mortgage Custodian Pty Ltd and are serviced by ORDE Financial Pty Ltd. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. ========= C H I N A ========= ANDAZ XINTIANDI: Fosun Sells 45% Stake in Hotel for US$5 Million ---------------------------------------------------------------- Mingtiandi.com reports that Metro Land Corporation said in a December filing that it has acquired a 45 percent stake in the Andaz Xintiandi from its partner, Fosun Group, with the only cash compensation for the property being a RMB35 million ($5 million) payment earmarked for taking over debt associated with the project. That commitment puts the Beijing-based developer on the hook for RMB2.53 billion ($363 million) in liabilities, with the 307-key hotel valued at about RMB2 billion as of August, according to the statement. In its statement, Metro Land positioned the deal as a way to turn around a loss-making enterprise, Mingtiandi.com relates. The acquisition will "further enhance the company's control" over the hotel and "is conducive to improving its operational efficiency and profitability," Metro Land said, with the Andaz Xintiandi having incurred a net loss of RMB59 million in the first eight months of 2025. According to Mingtiandi.com, the Andaz' 2025 struggles were a continuation of its challenges of the previous year, with the hotel having suffered a net loss of RMB103 million in 2024. Rooms in the Hyatt-managed property are available for RMB2,000 per night, with there having been numerous changes in its ownership structure since the project began development around two decades ago, Mingtiandi.com notes. Metro Land had acquired 55 percent of the hotel at 88 Songshang Road in Huangpu district from Hong Kong tycoon Vincent Lo Hong-shui's Shui On Group through a pair of transactions in 2010 and 2018. A unit of Fosun Group obtained a 45 percent stake in the hotel in those same transactions. In this latest transaction, Metro Land is receiving Fosun's equity in the hotel free of charge, with the RMB35 million payment linked to taking over RMB209 million in debt owed to Fosun Group subsidiary Shanghai Forte Land, according to Mingtiandi.com. In the same announcement, Metro Land said it would extend the maturity of RMB650 million in shareholder loans it had provided to the ailing hotel for five years, Mingtiandi.com says. Mingtiandi.com adds that the buyout of the hotels comes after Metro Land had attempted to divest its interest in the hotel in late 2023 for a reported RMB 2.3 billion, excluding debt, before seeing that effort collapse. CHINA VANKE: Bondholders Asked to Call Default by Advisory Firm --------------------------------------------------------------- Bloomberg News reports that a debt advisory firm asked China Vanke Co. dollar bondholders to consider calling a default on the embattled developer's notes, based on cross-default clauses, people familiar with the matter said. Bloomberg relates that PJT Partners, which has been seeking to advise Vanke's creditors, told the bondholders that an event of default was triggered after an original grace period on one of the firm's onshore notes expired in December. So far, no creditors have made such a call on any of Vanke's notes and the outreach doesn't indicate that a default is imminent. PJT is planning to hold a call with a group of bondholders Tuesday afternoon [Jan. 13], the people said. Such steps are often a prelude to the formation of ad hoc committees to represent holders in restructuring talks. Vanke has two dollar bonds with a total of $1.3 billion outstanding. Under "cross-acceleration" clauses in Vanke's dollar bond offering documents, if other debts amounting to more than $50 million aren't paid on time or "within any originally applicable grace period," bondholders can demand full payment of all the company's notes. That's as long as creditors representing at least 25% of the outstanding amount of any dollar bond agree, Bloomberg says. According to Bloomberg, the debt adviser's outreach comes as dollar bondholders confront a grim outlook, with Barclays estimating that in a worst-case scenario, recovery rates could be as low as 0.9%. Vanke, widely seen as an emblem of China's broader property crisis, is now working to push through proposals to delay onshore bond payments. In prior votes, the yuan bond holders rejected plans to delay payments for 12 months but agreed to extend the grace periods for several weeks, Bloomberg recalls. The company, under pressure from authorities, is also preparing a broader restructuring plan, which still needs Beijing's approval, people familiar with the matter said last week. Vanke, the last major Chinese developer to stave off debt failure so far, is under mounting strain from nearly $50 billion in interest-bearing liabilities. The company scrambled for cash to meet bond repayments in December after a key state‑owned shareholder scaled back support, triggering a cascade of default tests. Bloomberg says the risk is that the developer fails to find middle ground with bondholders or opts for a sweeping restructuring - both effectively leading to an eventual default and signaling a new front in a property crisis that's triggered $130 billion in non-payments and a wave of liquidations. In its earlier proposals to creditors, Vanke offered to pay interest within the grace period and floated unspecified credit enhancements while seeking a 12-month deferral on principal repayments. Bondholders, however, pushed for more. Bloomberg says investors have sought stronger credit enhancements, such as collateral tied to specific property projects, guarantees from major state-owned shareholder Shenzhen Metro Group Co. or other Shenzhen‑based state-owned enterprises. Vanke appears unlikely to meet creditors' demands. At a bondholder meeting last month, a company official said Shenzhen Metro had already extended more than CNY30 billion in loans to the developer. The support was beyond its obligations, signaling that further backing was unlikely. A government-mandated restructuring plan would also be the clearest sign yet that Shenzhen Metro won't bail out the firm. Separately, Houlihan Lokey Inc. also approached Vanke's dollar bondholders earlier, seeking to advise them. 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 ========= ALISHAN VENEER: CRISIL Lowers Long/Short Term Ratings to D ---------------------------------------------------------- Crisil Ratings has downgraded its ratings to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperative' as Alishan Veneer and Plywood Private Limited (Alishan) has defaulted in the repayment of loans to banks or other borrowings from any lender as per information in the public domain. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Alishan for obtaining information through letter and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Alishan, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Alishan is consistent with 'Assessing Information Adequacy Risk'. Incorporated in 1996 in Kolkata, West Bengal, Alishan commenced manufacturing of veneer and plywood. However, the company stopped producing veneer in fiscal 2019 and started to solely concentrate on the plywood business; it sells plywood under the brand, Alishan. Mr Ramesh Kumar Agarwal and Mr Santosh Kumar Saraf are the promoters. APOLLO AGRO: CRISIL Withdraws B+ Rating on INR15cr Cash Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its ratings on the bank facilities of Apollo Agro Industries Ltd (AAIL) and subsequently withdrawn the ratings at the request of the company and on receipt of a 'no-objection certificate' from its lender. This is in line with the Crisil Ratings policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B+/Stable (Rating Reaffirmed and Withdrawn) Cash Credit 10 Crisil B+/Stable (Rating Reaffirmed and Withdrawn) Proposed Non Fund 2 Crisil B+/Stable (Rating based limits Reaffirmed and Withdrawn) The rating reflects AAIL's modest scale of operations, susceptibility of operating performance to climatic conditions, volatility in raw material prices and fluctuations in foreign exchange (forex) rates leading to modest debt protection metrics. These weaknesses are partially offset by the extensive experience of the promoters in the agricultural sector, geographical diversification in revenue and favourable plant location. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of AAIL. Key Rating Drivers - Weaknesses * Susceptibility to climatic conditions and volatility in raw material prices: The crop yield of agricultural commodities is dependent on adequate and favourable climatic conditions. Thus, AAIL is exposed to the risk of limited availability of its key raw materials during unfavourable climatic conditions. Also, production may be impacted by pests or crop infection leading to higher unpredictability in production and pricing of agri-commodities and derived products. * Modest scale of operations and vulnerability of operating margin to fluctuations in forex rates: AAIL's business profile is constrained by its scale of operations in an intensely competitive industry. Revenue has remained stable at INR41.17 crore in fiscal 2025 from INR41.70 crore in fiscal 2024. Also, around 25% of revenue comes from the international market and any sharp fluctuations in forex rates affects realisations and accrual. This exposes the operating margin to fluctuations in forex rates. Operating margin remained volatile at 3.60% in fiscal 2025 from 5.55% in fiscal 2024, leading to modest debt protection metrics with interest coverage and net cash accrual to adjusted debt (NCAAD) ratios at 1.16 times and 0.06 time, respectively, for fiscal 2025. These metrics are expected to improve over the medium term. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: The promoters have experience of over 20 years in the agricultural industry. This has given them a strong understanding of the market dynamics and enabled them to establish healthy relationships with suppliers and customers. * Geographical diversification in revenue and favourable plant location: AAIL caters to a wide number of clients, both in India and overseas. The company derives around 25% of its revenue from exports. Diversity in geographical reach and clientele should continue to support the business risk profile. Also, AAIL's manufacturing facility is located between Unjha and Sidhpur in North Gujarat, adjacent to the agricultural produce marketing committee (APMC) mandi and highway and is well connected by roads and railways, leading to lower transportation costs. Liquidity Poor Bank limit utilisation was low at 36% on average for the 12 months through August 2025. Cash accrual is expected to be INR0.50-0.70 crore against nil term debt obligation over the medium term, and the surplus will cushion the liquidity of the company. Liquid investments were INR2.96 crore in shares as on March 31, 2025. Extensive exposure to group companies: AAIL has invested INR10.32 crore in its group companies in the form of equity, loans and advances as on March 31, 2025, which is 60% of its current networth. Crisil Ratings believes that any further exposure in the group companies, impinging its own cash accrual may impact liquidity and will remain a rating sensitivity factor. Low gearing and moderate networth support financial flexibility and provides the financial cushion available in case of any adverse conditions or downturn in the business. Outlook Stable Crisil Ratings believes that AAIL will continue to benefit from the extensive experience of its promoters and established relationships with clients. Rating sensitivity factors Upward factors * Sustained increase in scale of operations by 20% with improvement in operating margin of above 5%, leading to higher cash accrual * Improvement in the financial risk profile, especially net cash accrual to adjusted debt ratio along with no further support extended to group entities Downward factors * Decline in scale of operations or fall in operating profitability to below 2.5% leading to lower net cash accrual * Increase in working capital requirement or fund outflow to group entities, or debt-funded capex, weakening liquidity and financial profile AAIL was incorporated in 1982 as Zam Zam Exports Ltd. It was acquired by Mr Anil Patel and Ms Rashmi Patel in 2004 and subsequently renamed as AAIL. It processes and exports psyllium husk, psyllium husk powder, psyllium seeds, psyllium industrial powder, natural/hulled sesame seeds, cumin seeds, soybeans, flax seeds, amaranth seeds and mustard seeds. AAIL's manufacturing facility is in Unjha – Mehsana, Gujarat. ASIAN WINTERGARDEN: Second Creditors' Meeting Set for Jan. 19 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Asian Wintergarden Pty Limited (Trading name: Hokka Hokka Oriental Restaurant) has been set for Jan. 19, 2026, at 10:30 a.m. at the offices of Worrells, at Level 15, 300 Queen Street, in Brisbane, QLD, 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. 16, 2026 at 5:00 p.m. Christopher Richard Cook of Worrells was appointed as administrator of the company on Dec. 4, 2025. CHR CONSTRUCTIONS: ICRA Lowers Rating on INR27cr LT Loan to B+ -------------------------------------------------------------- ICRA has downgraded and kept the Long-Term ratings of CHR Constructions in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 27.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Downgraded Cash Credit from [ICRA]BB- (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 53.00 [ICRA]B+ (Stable) ISSUER NOT Non-fund based- COOPERATING; Rating Downgraded Bank guarantee from [ICRA]BB- (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category The rating downgrade is due to insufficient information regarding FIIPL's performance. Hence, there is uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its 'Policy in respect of non-cooperation by a rated entity' available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating does not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with CHR Constructions, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Please refer to the following link for the previous detailed rationale that captures the Key rating drivers and their description, Liquidity position, Rating sensitivities and Key financial indicators: Click here. ICRA is unable to provide the latest information because of non-cooperation by the entity. M/S CHR Constructions, is a partnership firm constituted in April 2023 with Mr. Halappa C being the managing partner. He was earlier undertaking the business under a sole proprietorship concern, which was operated in the name of M/S Halappa C since 2010. Although the partnership firm was registered in April 2023, the business transfer from the individual name 'M/S Halappa C' to a partnership firm was completed in June 2024. CHR is a Class-I road contractor with Karnataka Government departments, primarily undertaking civil/allied works from government departments, municipal corporations and quasi-government organisations. The firm is undertaking works related to roads (state highways and national highways), canals, tanks, feeder nalas, bridges, buildings (commercial and residential) in Karnataka. FARM INDIA: ICRA Lowers Rating on INR41cr LT Loan to B+ ------------------------------------------------------- ICRA said the bank facilities of Farm India Impex Private Limited (FIIPL) have been downgraded and remain under the 'Issuer Not Cooperating' category. The rating is denoted as '[ICRA]B+ (Stable) ISSUER NOT COOPERATING/ [ICRA]A4 ISSUER NOT COOPERATING'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 41.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Downgraded Cash Credit from [ICRA]BB+ (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short Term- 37.00 [ICRA]A4; ISSUER NOT Non-fund based- COOPERATING; Rating Downgraded Letter of Credit from [ICRA]A4+ ISSUER Not COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating Downgraded Limits from [ICRA]BB+ (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category The rating downgrade is due to insufficient information regarding FIIPL's performance. Hence, there is uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its 'Policy in respect of non-cooperation by a rated entity' available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating does not adequately reflect the credit risk profile of the entity, despite the downgrade. As a part of its process and in accordance with its rating agreement with FIIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non cooperative. In the absence of requisite information and in line with ICRA's aforesaid policy, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Please refer to the following link for the previous detailed rationale that captures the key rating drivers and their description, Liquidity position, Rating sensitivities and Key financial indicators: Click here. ICRA is unable to provide the latest information due to non-cooperation by the entity. FIIPL was incorporated in 2007 by the Bengaluru-based Mr. Kanhaiyalal Agarwal and his two brothers, Mr. Shiv Shankar Agarwal and Mr. Uma Shankar Agarwal, along with their family members. Earlier, the promoters were managing the same line of business since 1983 through a proprietorship firm. The company trades in agro-based commodities such as various grains, pulses, oilseeds and extractions, both in domestic as well as international markets. After a separation of business in the family, FIIPL is now owned and managed by Mr. Kanhaiyalal Agarwal along with his two sons and wife. The major part of the revenue comes from trading in maize and soya DOC. KUNNATH CONSTRUCTIONS: ICRA Assigns B- Rating to INR26cr LT Loan ---------------------------------------------------------------- ICRA has assigned rating to the bank facilities of Kunnath Constructions (KC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 26.00 [ICRA]B- (Stable); assigned Fund based- Working capital Facilities Rationale The rating assigned to KC reflects the extensive experience of its partners in executing irrigation, bridge construction and other allied works, its established track record and long relationships with customers, leading to repeat orders. With over three decades of experience in water canal development and bridge construction related projects, the entity has worked for both private players and Government authorities. This has enabled the firm to get repeat orders over the years. The rating is, however, constrained by the firm's small scale of operations and low net worth base. The rating is further constrained by high working capital intensive operations, characterised by elevated net working capital intensity (NWC/OI) of around 147% in FY2025 (around 121% in FY2024) owing to elongated inventory days. Additionally, key credit metrics are likely to remain modest in the near to medium term, given the limited earnings and high reliance on working capital debt. The firm's operating profit margin (OPM) remain susceptible to the stiff competition and tender-driven nature of business. Further, the entity remains vulnerable to inherent sectoral risks such as cost and time overrun. Moreover, the ratings remain constrained by the inherent exposure to sizeable contingent liabilities in the form of bank guarantees, mainly for contractual performance and security deposits. The rating is also exposed to risks inherent in a partnership firm, including the possibility of capital withdrawals, which may affect the capital structure and the liquidity position. The Stable outlook on the rating reflects ICRA's opinion that the firm is likely to sustain its operating metrics, supported by steady execution of its order book and expected timely receipt of payments from its key customers. Further, the outlook underlines ICRA's expectation that the entity's incremental capex, if any, will be funded in a manner that it is able to durably maintain its debt protection metrics. Key rating drivers and their description Credit strengths * Extensive experience of partners: KC's partners have about three decades of experience in civil construction and water canal project works. The entity has executed works for various private players and Government authorities across Kerala. Further, the entity has an established track record of executing water canal related projects for Inland Navigation Division (Department of the Government of India), which enables it to secure repeat orders, reflecting the quality of work consistently being delivered by the firm. The firm's ability to secure new orders and improve work execution will be monitored in the near term. Credit challenges * Small scale of operations and weak financial profile: The firm's scale of operations remains small with revenues of INR9.7 crore in FY2025. Although the revenues are expected to increase in the medium term, the scale is likely to remain modest, constraining its operational and financial flexibilities. This coupled with high working capital intensive operations, resulted in higher dependency on external borrowings, thus moderating its financial profile. Its debt protection metrics remained moderate in FY2025, with an interest cover of 1.3 times, Total Debt/OPBDITA of 7.0 times and TD/TNW of 14.5 times. Its debt metrics are likely to remain moderate in the medium term as well. * High geographical and customer concentration risks: Most projects in the entity's order book are in Kerala, exposing it to region-specific economic and political risks. Additionally, about 90% of the pending order book as of November 2025 is from the Inland Navigation Division, indicating significant customer concentration risk. * Intensely competitive industry: The competition is intense in the civil construction business, given the low complexity of the work involved, which may adversely impact the profitability of the firm. The rating is constrained by the inherent exposure to sizeable contingent liabilities in the form of bank guarantees, mainly for contractual performance and security deposits. * Capital withdrawal risk due to its constitution as a partnership firm: The entity, being a partnership firm, is exposed to discrete risks, including the possibility of capital withdrawal by the partners and limited ability to raise capital, among others, which may affect the capital structure and the liquidity position. Liquidity position: Stretched The firm's liquidity position is expected to remain stretched due to limited buffer in working capital limits and minimal free cash and bank balances. The entity has fund-based working capital limits of INR26.5 crore, with an average utilisation of around 58% over the past 12 months ending in November 2025. The firm is projected to generate net cash accruals of INR0.8-1.3 crore in FY2026, against repayment obligations of INR0.4 crore. The liquidity is expected to be supported by timely infusion of unsecured loans by the partners and timely receipt of payments from key customers. Rating sensitivities Positive factors – The rating could be upgraded, if there is a material increase in its scale of operations, while improving its earnings, liquidity position and coverage metrics on a sustained basis. Negative factors – Pressure on the rating could arise, if there is a significant decline in the scale of operations or earnings, or if any sizeable withdrawal of profits or a stretch in the working capital cycle weakens the debt coverage indicators and/or the liquidity position on a sustained basis. M/s Kunnath Constructions, based out of Kerala, is a partnership firm constituted in May 2009 by Mr. Ajayakumar S and Ms. Rejani. The entity specialises in infrastructure works including canal and bund road formation, earthworks, RCC structures, piling, soil stabilisation, and residential and commercial construction. The partners have about three decades of experience, advanced machinery, skilled manpower, and strong project management systems. LOTUS GREENS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on non-convertible debentures of Lotus Greens Constructions Private Limited (LGCPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 450.0 Crisil D (Issuer Not Debentures-LT Cooperating) Crisil Ratings has been consistently following up with LGCPL for obtaining information through letters and emails dated December 12, 2024 and November 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LGCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LGCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on non convertible debentures of LGCPL continues to be 'Crisil D Issuer not cooperating'. About the Lotus Greens group The Lotus Greens group is a real estate developer in the National Capital Region, and its promoters have experience of over 25 years. The group has built residential, commercial and retail projects, and information technology special economic zones. The promoters have also set up schools in Noida (Uttar Pradesh) and Gurugram (Haryana). About the project LGCPL, as a consortium lead, along with other Lotus Green/3C special purpose vehicles (SPVs), had won the contract for developing 300 acres in Sector-150, Noida, where it was to set up a sports-centric residential township. The company owns 25.15 acres of the land, while the rest is owned by other SPVs including Allure Developers Pvt. Ltd and Elate Realtors Pvt. Ltd. Of the total land cost of INR2,331 crore, 20% was paid upfront and 80% was to be paid over eight years to Noida Authority. M S KAARTHIKEYAN: CRISIL Withdraws B+ Rating on INR11cr Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its ratings on the bank facilities of M S Kaarthikeyan Garments (MSK) and subsequently withdrawn the ratings at the company's request and on receipt of a no-objection certificate from the banker. The withdrawal is in line with Crisil Ratings' policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B+/Stable (Rating Reaffirmed and Withdrawn) Foreign Bill 5 Crisil B+/Stable (Rating Discounting Reaffirmed and Withdrawn) Letter of Credit 2 Crisil B+/Stable (Rating Reaffirmed and Withdrawn) Packing Credit 11 Crisil B+/Stable (Rating Reaffirmed and Withdrawn) Proposed Fund- 6.5 Crisil B+/Stable (Rating Based Bank Limits Reaffirmed and Withdrawn) Term Loan 1 Crisil B+/Stable (Rating Reaffirmed and Withdrawn) Analytical Approach For arriving at the ratings, Crisil Ratings has considered the business and financial risk profiles of MSK on standalone basis. Key Rating Drivers - Weaknesses * Large working capital requirement: Gross current assets were estimated at 247 days as on March 31, 2025 (258 days as on March 31, 2024), driven by the large inventory holding and receivables, as the firm maintains large work-in-process and finished goods inventory. GCA days is expected to be remain in similar level over the medium term. * Leveraged financial risk profile: The capital structure remains leveraged, with gearing at 2 times and total outside liabilities to tangible net worth (TOL/TNW) ratio at 3.7 times as on March 31, 2025. Debt protection metrics have been moderate, with interest coverage ratio of 2.28 times and net cash accrual to adjusted debt ratio of 0.08 times in fiscal 2025. Financial risk profile is expected to remain in similar level over the medium term. Key Rating Drivers - Strengths * Extensive experience of the partners: The partners have about 15 years of experience in the textile -- ready-made garment industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers will continue to support the business risk profile. Liquidity Poor Bank limit utilisation is high around 94 percent for the past twelve months ended Aug-2025. Cash accruals are expected to be over INR1.3 crore which are sufficient against term debt obligation of INR0.8-1 crore over the medium term. The promoters are expected to infuse additional unsecured loans to meet working capital requirements and shortfall in repayment obligations. Current ratio is healthy at 1.67 times on March 31, 2025. Outlook Stable MSK will continue to benefit from the extensive experience of its partners and their established relationships with domestic and export clients. Rating sensitivity factors Upward factors * Growth in revenue and profitability margin steady at over 5.5%, leading to higher cash accrual * Improvement in financial risk profile and liquidity. Downward factors * Decline in revenue by more than 20% or decline in operating margin below 4%, resulting in lower cash accrual *Any large, debt-funded capital expenditure or a further stretch in the working capital cycle, leading to deterioration in financial risk profile and liquidity. MSK manufactures and exports ready-made garments for men, women and children like t-shirts, polo shirts, leggings, pants, etc. MSK was established in 1992. The firm's operations are managed by Mr.S.Karthikeyan and his family. MATHAPATHI CONSTRUCTIONS: ICRA Cuts Rating on INR75cr Loan to B+ ---------------------------------------------------------------- ICRA has downgraded and kept the Long-Term ratings of Mathapathi Constructions Private Limited (MCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 75.00 [ICRA]B+ (Stable) ISSUER NOT Proposed COOPERATING; Rating Downgraded Term Loan from [ICRA]BB- (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MCPL is involved in the development of residential apartments for over two decades in Bengaluru. At present, the company is constructing one project, Mathapathi Grand Field, with a saleable area of 1,78,785 sqft. It is promoted by Dr. M.B. Mathapathi, who has over two decades of experience in the residential real estate industry in the Bengaluru market and has completed 10 projects with a saleable area of 5,25,700 sqft. MEERUT PACKAGING: CRISIL Withdraws B Rating on INR20cr Cash Loan ---------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Meerut Packaging Industries (MPI) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Proposed Fund- 3.2 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Term Loan 4.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Term Loan 18.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Crisil Ratings has been consistently following up with MPI for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPI is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised the rating on bank facilities of MPI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. MPI was set up as a partnership between Mr Sandeep Agarwal, Mr Mahavir Agarwal, Mrs Parul Agarwal and Mrs Kanchan Agarwal in 2008. The firm manufactures corrugated boxes and allied products at its unit Meerut (Uttar Pradesh). MITTAPALLI TANUJA: CRISIL Moves B+ Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Mittapalli Tanuja Tobaccos (MTT) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term Bank Loan Facility 1.5 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MTT for obtaining information through letter and email dated December 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of MTT continues to be 'Crisil B-/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MTT continues to be 'Crisil B-/Stable Issuer not cooperating'. MTT, established in 2022 as a partnership firm and operations began in 2023 by Mr Mittapalli Chandramohan, Mr Mittapalli Tulasi Tanuja and Mr Mittapalli Ramanarasimha Harsh Teja, has recently set a unit for supplying tobacco in Guntur, Andhra Pradesh. MULTITECH ENGINEERS: CRISIL Moves B+ Rating to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Multitech Engineers - Ghaziabad (ME) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 5 Crisil B+/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with ME for obtaining NDS through letters / emails dated October 31, 2025, November 28, 2025 and December 31, 2025 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated December 24, 2025 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of ME to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from ME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on ME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ME migrated to 'Crisil B+/Stable Issuer not cooperating'. Established in 2005, ME is owned and managed by Mr Bansi Lal and based in Uttar Pradesh. ME manufactures, designs and undertakes site installation including repair and maintenance of hydro power plants. RAMALINGESWARA MODER: ICRA Cuts Rating on INR81cr LT Loan to B+ --------------------------------------------------------------- ICRA has downgraded and moved the ratings for the bank facilities of Sri Ramalingeswara Moder Rice Mill (SRMRM) to the 'Issuer Not Cooperating' category. The rating is denoted as '[ICRA]B+ (Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 81.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Downgraded Cash Credit from [ICRA]BB+ (Stable) and moved to "Issuer Not Cooperating" Category Short Term- (10.00) [ICRA]A4; ISSUER NOT Non-fund based- COOPERATING; Rating Downgraded Bank Guarantee from [ICRA]A4+ and moved to "Issuer Not Cooperating" Category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating Downgraded Limits from [ICRA]BB+ (Stable) and moved to "Issuer Not Cooperating" Category The rating downgrade is due to insufficient information regarding SRMRM's performance. Hence, there is uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its 'Policy in respect of non-cooperation by a rated entity' available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating does not adequately reflect the credit risk profile of the entity, despite the downgrade. As a part of its process and in accordance with its rating agreement with SRMRM, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non cooperative. In the absence of requisite information and in line with ICRA's aforesaid policy, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Ramalingeswara Modern Rice Mill was established in 1982 and is engaged in the milling of paddy for processing raw and boiled rice. The rice mill is located at Penuguduru Village in the East Godavari district of Andhra Pradesh. The installed production capacity of the rice mill is 18 tonnes per hour. SRMRM is an ISO 9001:2015 certified firm. It sells all its products under the brand name, Cow & Calf. SKIL INFRASTRUCTURE: Creditors Clear Invitation for Bids -------------------------------------------------------- TipRanks reports that SKIL Infrastructure Limited, which is under corporate insolvency resolution, said that at the second meeting of the Committee of Creditors held on Dec. 2, 2025, the creditors approved the publication of Form G and a detailed invitation for expressions of interest, including eligibility criteria, to invite prospective resolution applicants under the Insolvency and Bankruptcy Code framework. SKIL said the company subsequently submitted these invitation documents to the stock exchanges as required by SEBI's listing and disclosure regulations, marking a formal step toward seeking potential bidders for its resolution, TipRanks relates. Based in Mumbai, India, SKIL Infrastructure Limited (BSE: SKIL) -- https://www.skilgroup.co.in/ -- together with its subsidiaries, engages in the infrastructure development business in India. It develops various projects, including seaports, logistics, railways, defense shipyards, offshore asset construction yards, and special economic zones in the private sector. The company was formerly known as Horizon Infrastructure Limited and changed its name to SKIL Infrastructure Limited in January 2014. STARCARE HOSPITAL: CRISIL Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Starcare Hospital Kozhikode Private Limited (SHKPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 4.3 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working Capital Facility 9.6 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 1.1 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 14 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 4 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SHKPL for obtaining information through letter and email dated December 29, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHKPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHKPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of SHKPL to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2015, SHKPL is part of the Starcare UK group, a well-known healthcare provider in Oman, promoted by Dr Sadik Kodakat and other family members. The company operates a 290-bed multi-speciality hospital in Kozhikode, Kerala. TANKESHWARI METAL: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Tankeshwari Metal Powder Products Private Limited (TMPPPL) continue to be 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B+/Stable (Issuer Not Cooperating) Channel Financing 1.35 Crisil A4 (Issuer Not Cooperating) Term Loan 2.61 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TMPPPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TMPPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TMPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TMPPPL continues to be 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. TMPPPL, incorporated in 2007, manufactures aluminium-based products such as aluminium powder/flake and aluminium paste, which have applications in the explosives, paints, fire cracker, pesticides, and other industries. The company's operations are managed by Mr Radhe Shyam Dhandharia, his son Mr Manoj Dhandharia, and his nephews Mr Shiv Ratan Dhandharia, Mr Sanjay Dhandharia, and Mr Navratan Dhandharia. WEAVETEX OVERSEAS: CRISIL Lowers Rating on INR25cr Loan to B ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long-term bank facilities of Weavetex Overseas (WO) to 'Crisil B/Stable' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5.5 Crisil B/Stable (Downgraded from 'Crisil B+/Stable') Packing Credit in 25 Crisil B/Stable (Downgraded Foreign Currency from 'Crisil B+/Stable') Packing Credit in 10 Crisil B/Stable (Downgraded Foreign Currency from 'Crisil B+/Stable') The ratings downgrade factors in weakening in the company's business and financial risk profiles. Operating margin have remained negative since the past three fiscals ended 2025 and are expected to remain negative in fiscal 2026. In fiscal 2025, even though the employee cost moderated due to in-house production, the firm reported an operating loss of INR9.9 crore and is expected at INR4-5 crore in fiscal 2026. This also resulted in a negative interest cover expected at at 1-2 times in fiscal 2026. Though operating income grew by 3-4% year-on-year to INR84 crore in fiscal 2025 from INR81.4 crore in fiscal 2025 on account of customer addition and the firm has already achieved revenue of INR49 crore till November 2025 and has unexecuted orders in hand of INR13.5 crore but is expected to remain moderate on account of subdued demand from the key overseas market of the US. Going forward, sustenance of revenue along with improvement in operating margins shall remain key a monitorable. The ratings reflect the extensive experience of the partners in the home furnishings industry and the comfortable capital structure of the firm. These strengths are partially offset by the modest scale of operations and operating losses, and large working capital requirement Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of WO. Unsecured loans of ~INR4.69 crore as on March 31, 2025, have been treated as debt as these were withdrawan over the past. Key Rating Drivers - Weaknesses * Modest scale of operations and operating losses: Though operating income grew by 3-4% year-on-year to INR84 crore in fiscal 2025 from INR81.4 crore in fiscal 2025 on account of customer addition and the firm has already achieved revenue of INR49 crore till November 2025 and has unexecuted orders in hand of INR13.5 crore, but is expected to remain moderate on account of subdued demand from the key overseas market of the US. Operating margin have remained negative since the past three fiscals ended 2025 and are expected to remain negative in fiscal 2026. In fiscal 2025, even though the employee cost moderated due to in-house production, the firm reported an operating loss of INR9.9 crore and is expected at INR4-5 crore in fiscal 2026. Improvement in operating margin with stability in raw material prices along with better orders from added customers leading to sustained improvement amid steady growth in operating income will be a key monitorable. * Large working capital requirement: The operations of the company are working capital intensive as can be seen with gross current assets of 232 days as on March 31, 2025, driven by debtor days of 60-65 days and inventory of 120-130 days. This is on account of the nature of the business, wherein the peak season for the firm is October to January, the firm must maintain high inventory during this period and major revenue is booked during the second half of the year. Going ahead, owing to high inventory requirements for the business, the gross current assets are expected to be in the range of 225-230 days in fiscal 2026. Also, due to the large working capital requirements, the bank lines remain highly utilized at 89.9 percent for the past twelve months through November 2025. While management is conservative regarding reliance on external debt and hence is not planning enhancements, but timely enhancements with the growing scale of operations will remain a key monitorable. Key Rating Drivers - Strengths * Extensive experience of the partners: Experience of more than four decades in the home furnishings industry has helped the partners develop healthy relationships with customers and suppliers and integrate operations through in-house designing, weaving, dyeing and finishing capability. WO uses cotton yarn as the basic raw material and has an in-house weaving and dyeing unit, which allows it to manufacture complex designs and patterns and widen its product profile. The extensive experience of the partners will continue to support the business risk profile. * Moderate capital structure: Networth is expected to remain moderate at INR52.4 crore as on March 31, 2026 against INR62.5 crore in fiscal 2024 due to steady directions to reserves on account of expected net losses during the fiscal. The capital structure has been moderate as reflected in gearing of 0.85 time as on March 31, 2026 (0.63 times a year ago), which demonstrates sufficient headroom to avail additional debt for business purposes. Going ahead, with no major debt proposed to be undertaken over the medium term, capital structure is expected to remain comfortable. Liquidity Poor Bank limit utilization was high at around 89.9 percent for the past three months ending November 2025, wherein the company took enhancements in the month of November 2025. Net cash accrual were negative at INR12.2 crore in fiscal 2025 against nil repayment obligation. Net cash accruals are expected to remain negative on account of low absorption of fixed overheads. However, the liquidity profile is supported by unsecured loans of INR4.69 crore as on March 31, 2025. Current ratio was moderate at 0.99 times as on March 31, 2025. The partners are likely to extend support in the form of equity and unsecured loans to meet working capital requirements. Outlook Stable WO will continue to benefit from the extensive industry experience of its partners. Rating sensitivity factors Upward factors: * Improvement in operating income by over 20% with sustenance of operating margin above 2% leading to positive net cash accrual. * Sustenance of need-based funding support from the partners. Downward factors: * Decline in operating income with further fall in operating margin impacting liquidity. * Any withdrawal of unsecured loans by the promoters resulting in unsecured loans falling below INR4 crore * Large, debt-funded capital expenditure or stretched working capital cycle weakening the capital structure and liquidity WO was set up in 1969 as a proprietorship concern named Weavetex International by Mr Yogender Jain. It was reconstituted as a partnership firm with the current name in 1991. The firm is based in Baghpat, Uttar Pradesh, and manufactures home furnishings such as curtains, table linen and cushion covers. ================= I N D O N E S I A ================= DANA SYARIAH: Accounts Frozen Amid IDR1.4 Trillion Default ---------------------------------------------------------- Jakarta Globe reports that bank accounts belonging to peer-to-peer lending platform Dana Syariah Indonesia remain frozen by financial authorities amid an unresolved debt default totaling IDR1.4 trillion (US$83 million) owed to thousands of creditors. Jakarta Globe relates that an official at the Financial Services Authority (OJK) said mediation between DSI's management and its lenders has been underway since October last year, while the authority to block the company's accounts lies with the Financial Transaction Reports and Analysis Center (PPATK). "Since Dec. 2, 2025, Dana Syariah Indonesia has been placed under special supervision, and examinations of its transactions and regulatory compliance are still ongoing," said Agusman, head of supervision for financing institutions at OJK, in a statement on Jan. 10, Jakarta Globe relays. According to Jakarta Globe, OJK is also conducting a comprehensive inventory and tracing of all DSI assets, as well as reviewing the company's audited financial statements from 2017 to 2025. The asset mapping is intended to assess the firm's ability to meet its repayment obligations. Transaction investigations are being carried out in coordination with PPATK, which ordered the account freeze to support the probe. Agusman said he could not confirm how long the freeze would remain in place. "The blocking of DSI's accounts falls under PPATK's authority, and any decision to lift the freeze will also be made by PPATK," Jakarta Globe quotes Agusman as saying. In parallel, OJK is investigating alleged regulatory violations and possible fraud in cooperation with law enforcement agencies, Agusman added. He stressed that financial services companies are required to provide creditors with access to information on how their funds are used. Jakarta Globe says OJK has already imposed several administrative sanctions on DSI, ranging from written warnings and fines to restrictions on business activities. Jakarta Globe, citing information published on DSI's official website, discloses that the company has disbursed IDR3.87 trillion ($230 million) in financing since its establishment in 2017, collected funds from 41,506 lenders, and extended loans to 1,440 borrowers. ========= J A P A N ========= TOKYO ELECTRIC: Submits New Business Reconstruction Plan -------------------------------------------------------- The Japan Times reports that Tokyo Electric Power Company Holdings has submitted a new business reconstruction program to the government, featuring plans to seek partners for its operations related to data centers and decarbonization. Under the new program, presented Jan. 9, Tepco aims to improve its profitability as huge costs are expected for compensation to victims of the March 2011 nuclear accident at its tsunami-stricken Fukushima No. 1 power plant and for decommissioning reactors at the plant, according to The Japan Times. The Japan Times relates that the details will be announced after receiving government approval by the end of this month at the earliest. The new plan includes a policy to promote preparations for the decommissioning of the nuclear plant, such as securing human resources. The Japan Times says Tepco is also believed to have included a policy to accept external investment in subsidiaries, such as electricity retail and renewable energy units, as part of efforts to improve the deteriorating financial situation and secure funds for new investments. The company presented its revenue projections for some 10 years from fiscal 2025, assuming that the restart of one nuclear reactor would improve its annual earnings by about JPY100 billion. Tepco is expected to reflect the restart of the No. 6 reactor at its Kashiwazaki-Kariwa nuclear power plant in Niigata Prefecture, which is expected to be reactivated on Jan. 20, into its earnings from fiscal 2026, and the plant's No. 7 reactor from fiscal 2029, when the construction of an anti-terrorism facility is projected to be completed. It will maintain the framework of the previous plan to secure about JPY500 billion annually for compensation related to the nuclear accident and for decommissioning of the Fukushima No. 1 plant, The Japan Times relays. The Japan Times says Tepco reviews its business reconstruction plan every two to four years. This is the fifth program and the first full revision since 2021. The company originally planned to compile a new program by the end of fiscal 2024, but in March last year, it released a revised version of the fourth program, taking into account the uncertainty over the timing of the restart of the Kashiwazaki-Kariwa plant. About TEPCO Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power Company Holdings, Incorporated generates, transmits, and distributes electricity. Egan-Jones Ratings Company, on June 14, 2024, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Tokyo Electric Power Company Holdings, Incorporated. ===================== N E W Z E A L A N D ===================== BNS GROUP: Court to Hear Wind-Up Petition on Feb. 11 ---------------------------------------------------- A petition to wind up the operations of BNS Group Limited will be heard before the High Court at Auckland on Feb. 11, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 2, 2025. The Petitioner's solicitor is: Gareth Neil Meredith Connell Level 7 8 Hardinge Street Auckland 1010 NZ FINTECH: Moola Director Accused of Insolvency Trading -------------------------------------------------------- Nicholas Pointon at NBR reports that liquidators from Waterstone Insolvency are preparing to sue the bankrupt director of controversial payday lender Moola for alleged reckless trading which caused millions in creditor losses. But the director, Edward Recordon, has denied the allegations, NBR relates. Moola offered short-term loans through online applications. NZ Fintech Group Holdings, the parent company of Moola, was placed into liquidation in May 2023. Thomas Rodewald, from Rodewald Consulting, was appointed as receiver of NZ Fintech Group Holdings on Dec. 5, 2022, following an application from its creditor, US-based Partners for Growth (PFG). PANEMORFI CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 5 ---------------------------------------------------------------- A petition to wind up the operations of Panemorfi Construction & Management Limited (trading as PCM Developers) will be heard before the High Court at Auckland on Feb. 5, 2026, at 10:45 a.m. Warmup Ans Limited filed the petition against the company on Oct. 14, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland PAPAQ LIMITED: Creditors' Proofs of Debt Due on Jan. 27 ------------------------------------------------------- Creditors of Papaq Limited, Mcintosh Fletcher Civil (NZ) Limited and Field Drainage Specialists (NZ) Limited are required to file their proofs of debt by Jan. 27, 2026, to be included in the company's dividend distribution. Papaq Limited commenced wind-up proceedings on Dec. 11, 2025. Mcintosh Fletcher Civil (NZ) and Field Drainage Specialists commenced wind-up proceedings on Dec. 18, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 UP FOR FOOD: Creditors' Proofs of Debt Due on Jan. 29 ----------------------------------------------------- Creditors of Up For Food Limited are required to file their proofs of debt by Jan. 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 18, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 VITRINEMEDIA NZ: Commences Wind-Up Proceedings ---------------------------------------------- Members of Vitrinemedia NZ Limited on Dec. 23, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 YOYOSO GROUP: 23 Retail Stores Goes Into Liquidation ---------------------------------------------------- Stuff.co.nz reports that a chain of Asian supermarkets and retail stores has been placed into liquidation owing millions of dollars. The Yoyoso group of companies, including Acecco supermarkets and Miniso stores, had 23 retail locations, mostly in Auckland, although only eight were still trading at the time of liquidation. Yoyoso, a Chinese brand, has over 800 stores across multiple countries and specialises in fast fashion and home and lifestyle goods. Acecco specialises in Asian groceries and culinary items, while Minoso sells lifestyle products. According to Stuff, the liquidators closed the Northcote Accecco supermarket due to a lack of trading revenue but continued to trade the Mt Albert location. Stuff says the Yoyoso and Miniso stores have continued trading to reduce stock levels at each store. As stock levels reduce and/or landlords decide on the timing of store closures, stores will be vacated and closed, with the expectation that almost all stores will be closed or vacated over January 2026. Staff in the trading entities will continue to be employed as needed to assist with trading down the group, along with a couple of day-to-day management staff, Stuff relays. The 16 other entities the liquidators have been appointed over no longer trade at physical locations. According to the first liquidator's report, the company owes NZD217,000 to former employees for wages, holiday pay and redundancy pay, Stuff discloses. Stuff relates that the liquidators have, to date, paid approximately NZD63,000 of that sum as wage arrears to bring wage payments up to date. They said they expect that employees in the trading entities will be paid their entitlements in full. The Inland Revenue Department has not yet provided the liquidators with a creditor's claim form, but from available records, amounts due in respect of GST total NZD910,000 and PAYE and other payroll deductions total NZD30,000. Stuff adds that the liquidators said at this time they do not expect the IRD to recover 100% of their claim; however, the return to the IRD from each entity may vary. Elsewhere, the liquidators said the amount owed to unsecured creditors was at least NZD2.1 million, while China Construction Bank was owed NZD2.9 million, Stuff adds. ================= S I N G A P O R E ================= FONG TAT: Creditors' Proofs of Debt Due on Feb. 8 ------------------------------------------------- Creditors of Fong Tat Group Pte. Ltd. and Pinnacle Development (Greenmead) Pte. Ltd. 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 liquidators are: Don M Ho David Ho Chjuen Meng c/o Avery Corporate Advisory 9 Raffles Place #08-04 Republic Plaza Singapore 048619 MR UNCLE: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on Dec. 26, 2025, to wind up the operations of Mr Uncle & Auntys Kitchen Pte. Ltd. DBS Bank Ltd. filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PRB TRADING: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 26, 2025, to wind up the operations of PRB Trading Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PTC-XIN HUA: Commences Wind-Up Proceedings ------------------------------------------ Members of Ptc-Xin Hua Transportation Pte. Ltd. on Dec. 31, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Koh Geok Hoon Ms. Tan Hwee Ling, Angeline 380 Jalan Besar #06-06 ARC 380 Singapore 209000 UNCLE & AUNTY: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Dec. 26, 2025, to wind up the operations of Uncle & Aunty Restaurant Pte. Ltd. DBS Bank Ltd. filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Says Accounting Practices Was Lawful ----------------------------------------------------- The Korea Times reports that Homeplus' accounting practices were lawful and MBK Partners Chairman Michael ByungJu Kim played no role in the matter, the private equity firm said Jan. 12, rejecting the prosecution's allegations and media reports. The Korea Times relates that MBK, the largest shareholder of the country's second-largest supermarket chain, also said the conversion of redeemable convertible preferred shares (RCPS) issued by Homeplus and the revaluation of its land assets were legitimate accounting measures carried out in full compliance with applicable accounting standards. According to The Korea Times, the remarks came as detention hearings are set to take place at the Seoul Central District Court for Chairman Kim, MBK Vice Chairman and Homeplus co-CEO Kim Kwang-il, MBK Vice President Kim Jeong-hwan and Homeplus Chief Financial Officer Lee Sung-jin. Last week, the Seoul Central District Prosecutors' Office requested arrest warrants for the four in connection with Homeplus' controversial filing for court-led rehabilitation in March last year, The Korea Times relates. "Chairman Kim had no involvement in the accounting matters at issue," the report quotes an MBK official as saying. "The appropriateness of accounting treatments must be assessed at the corporate level, in accordance with applicable accounting standards and established procedures. Attempting to attribute such matters to the personal responsibility of a shareholder is inconsistent with both the factual record and accepted accounting practice." The Korea Times says prosecutors suspect that MBK carried out accounting irregularities. They argue that shortly before Homeplus sought court-led rehabilitation, on Feb. 26 last year, a special-purpose company, established by MBK to acquire Homeplus, transferred the redemption rights for RCPS with a balance of about KRW1.1 trillion ($749 million) to the retailer. As a result, the instruments were treated as equity rather than liabilities, a classification prosecutors say does not comply with accounting standards. In response, MBK said the equity reclassification of the RCPS was conducted following an objective review by an external accounting firm and in line with relevant accounting standards, The Korea Times relays. The move was intended to more accurately reflect the economic substance and rights associated with the instrument. The Korea Times relates that prosecutors also claim that MBK artificially inflated Homeplus' financial statements to reduce its debt ratio ahead of the rehabilitation filing. They allege that when Homeplus revalued its land assets in May last year, the assets were assessed at around KRW700 billion - nearly double their actual market value. Denying the allegation, MBK said the revaluation was carried out based on objective appraisals by government-licensed valuation firms. It added that similar revaluations have been undertaken by other real estate-heavy companies, including Lotte Shopping and Hotel Shilla. "The revaluation was undertaken to provide investors and other stakeholders with more accurate financial information, as property values had risen substantially over time while no revaluation had been conducted for an extended period, resulting in a significant gap between book values and fair values," the official, as cited by The Korea Times, said. He added that the adjustment was noncash in nature and had no direct impact on short-term liquidity or payment capacity. "In conclusion, the prosecution has portrayed accounting treatments that were lawfully conducted under applicable accounting standards and were unrelated to the rehabilitation filing as improper, and then used that characterization to argue that the rehabilitation process itself was pursued with wrongful intent," the official said. "This argument lacks logical coherence, and these issues will be fully and clearly addressed before the court." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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