260114.mbx

260114.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, January 14, 2026, Vol. 29, No. 10 Headlines A U S T R A L I A BORDERLANDS QUEENSLAND: Second Creditors' Meeting Set for Jan. 20 MR CAP: Second Creditors' Meeting Set for Jan. 21 PIXIE RESTAURANT: Second Creditors' Meeting Set for Jan. 21 RE DIGITAL: Second Creditors' Meeting Set for Jan. 21 SENDLE: To Close After Parent Company Directors Vote on Shutdown STAR ENTERTAINMENT: To Shut Head Office in Major Restructure TCW TRANSPORT: First Creditors' Meeting Set for Jan. 21 UWE HAY: Directors Disqualified for Maximum 5-Year Period C H I N A CHINA VANKE: Seeks to Further Extend Bond Grace Period by 90 Days I N D I A A LITTLE WORLD: CRISIL Keeps B+ Debt Rating in Not Cooperating AGARWAL PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating AGNI INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating ANMOL ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ANUJ TEXTILES: Ind-Ra Cuts Bank Loan Rating to D ARAN MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ARUN SHELTERS: CRISIL Keeps B Debt Rating in Not Cooperating ASHOK SALES: CRISIL Keeps B Debt Rating in Not Cooperating ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating AVANI BUILDCON: CRISIL Keeps B Debt Rating in Not Cooperating AVC MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating BANSHIDHAR AGRO: CRISIL Keeps B+ Rating in Not Cooperating BAPASHREE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating BCL BIO: Ind-Ra Moves BB+ Loan Rating to NonCooperating BESTO TRADELINK: CRISIL Lowers Long/Short Term Ratings to D BHARAT ALUMINIUM: CRISIL Keeps B Debt Rating in Not Cooperating BHASKAR EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating BREW FORCE: CRISIL Keeps D Debt Ratings in Not Cooperating CLASSIC AGENCIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating EASTERN DOORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category EDIT GURU: CRISIL Keeps B Debt Ratings in Not Cooperating ENERGY SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating HANUNG PROCESSORS: Insolvency Resolution Process Case Summary MOGAS INDUSTRIES: Voluntary Liquidation Process Case Summary MOGAS SYSTEMS: Voluntary Liquidation Process Case Summary N P INFRAPROJECTS: Ind-Ra Keeps BB Rating in NonCooperating OCTOCHEM PHARMA: Ind-Ra Cuts Bank Loan Rating to B OMPRAKASH SHIVPRAKASH: Ind-Ra Assigns BB Bank Loan Rating PRANEET SOFTECH: Insolvency Resolution Process Case Summary RAGHAV INDUSTRIES: Insolvency Resolution Process Case Summary RELIANCE INFRASTRUCTURE: Ind-Ra Cuts Bank Loan Rating to C SANKALPA OVERSEAS: Insolvency Resolution Process Case Summary SHRIRAM FINANCE: Moody's Alters Outlook on 'Ba1' CFR to Positive SIDDHIDATA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating SWATHI COTTONS: CRISIL Lowers Rating on INR44cr Cash Loan to B VIVIN DRUGS: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N [] JAPAN: Business Failures Top 10,000 for Second Year M A L A Y S I A CAPITAL A: To Apply for PN17 Upliftment on Jan. 19 N E W Z E A L A N D BHB 2020: Creditors' Proofs of Debt Due on Jan. 23 CRAWFORD HILL: Creditors' Proofs of Debt Due on Feb. 22 KIWI CHARCOAL: Creditors' Proofs of Debt Due on Feb. 9 NINTH VIEW: Creditors' Proofs of Debt Due on Jan. 30 STAR LAWN: Grant Bruce Reynolds Appointed as Liquidator P H I L I P P I N E S SOLAR PHILIPPINES: Fined PHP24BB by DOE Over Stalled Contracts S I N G A P O R E BASIL TECHNOLOGY: Creditors' Proofs of Debt Due on Feb. 9 CAPGEN HOLDINGS: Court to Hear Judicial Management Bid on Feb. 4 FERNVALE GREEN: Creditors' Proofs of Debt Due on Feb. 9 SOCIAL ROOM: Court to Hear Wind-Up Petition on Jan. 23 TIPSY BIRD: Court to Hear Wind-Up Petition on Jan. 23 S O U T H K O R E A SK GEO: Moody's Withdraws 'Ba1' Corporate Family Rating - - - - - ================= A U S T R A L I A ================= BORDERLANDS QUEENSLAND: Second Creditors' Meeting Set for Jan. 20 ----------------------------------------------------------------- A second meeting of creditors in the proceedings of Borderlands Queensland Farms Pty Ltd has been set for Jan. 20, 2026, at 10:00 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. 19, 2026 at 4:00 p.m. David Lewis Clout and Scott Matthew Clout of David Clout & Associates were appointed as administrators of the company on Dec. 8, 2025. MR CAP: Second Creditors' Meeting Set for Jan. 21 ------------------------------------------------- A second meeting of creditors in the proceedings of Mr Cap Catering Pty Ltd has been set for Jan. 21, 2026, at 9:30 a.m. via teleconference. 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. 20, 2026 at 5:00 p.m. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Dec. 19, 2025. PIXIE RESTAURANT: Second Creditors' Meeting Set for Jan. 21 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Pixie Restaurant Pty Ltd (trading as Pixie Food & Wine) has been set for Jan. 21, 2026, at 11:00 a.m. via virtual facilities only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 20, 2026 at 4:00 p.m. Andrew John Spring and Peter John Moore of Jirsch Sutherland were appointed as administrators of the company on Dec. 5, 2025. RE DIGITAL: Second Creditors' Meeting Set for Jan. 21 ----------------------------------------------------- A second meeting of creditors in the proceedings of Re Digital Pty Ltd has been set for Jan. 21, 2026, at 3:30 p.m. at the offices of HM Advisory, at Level 2, 263 George Street, in Sydney, NSW, 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. 20, 2026 at 5:00 p.m. Adam Shepard of HM Advisory was appointed as administrator of the company on Dec. 5, 2025. SENDLE: To Close After Parent Company Directors Vote on Shutdown ---------------------------------------------------------------- SmartCompany reports that Australian parcel delivery startup Sendle is shutting down, after the directors of parent organisation FAST Group reportedly voted to cease operations at the embattled logistics company. A day after Sendle abruptly announced the cancellation of all new orders, the Australian Financial Review (AFR) on Jan. 12 reported FAST Group - the product of a three-way merger between Sendle and US providers ACI Logistix and FirstMile - failed to secure the capital necessary for the group's continued operation, according to SmartCompany. The group was "ultimately unable to secure the capital required to sustain operations," according to a FAST Group customer notice obtained by US industry publication SupplyChainDive, SmartCompany relays. "As a result, we have made the difficult decision to wind down FAST Group's operations, effective immediately." SmartCompany says the move will shutter a decade-old logistics business that raised in excess of AUD100 million from investors like Rampersand, Giant Leap, King River Capital, and Federation Asset Management. The FAST Group merger took place in August last year, with the new-look entity pledging to support e-commerce businesses, direct-to-consumer brands, and growing global enterprises, SmartCompany recalls. SmartCompany says Federation Asset Management kept FAST Group shares in its second fund after the three-way merger. But Federation reportedly paused investor withdrawals from that second fund in December, citing issues with financial details provided by ACI Logistix prior to the merger. The AFR stated Federation provided the group with working capital to keep the operation afloat, but ACI Logistix president Kevin Collins said it needed even more support, SmartCompany realys. "Towards the end, we ran out of time and couldn't secure the right type of investment to grow to the next level," Mr. Collins told SupplyChainDive. There is no clear timeline for Sendle's wind-down process, SmartCompany adds. STAR ENTERTAINMENT: To Shut Head Office in Major Restructure ------------------------------------------------------------ The Australian Financial Review reports that Star Entertainment has told staff it will close its corporate office in a major restructure that will affect hundreds of jobs and hand management responsibility back to its three casino precincts. The Financial Review relates that the plan was outlined in emails to staff sent by the company's new chief executive, Bruce Mathieson Jr., weeks after Star chairman Soo Kim flagged significant redundancies at the head office in an interview late last year. "It is our intent to close the corporate office in its current form," Mathieson wrote. "Some tough decisions must be made. We must act. We must seize the moment in order to build a stronger and sustainable Star." According to the Financial Review, Mathieson did not detail how many jobs would be cut as part of the plan, although people briefed on the discussions, who requested anonymity to speak freely, said it would be in the hundreds. Star's corporate office currently employs around 600 people, according to its filings. Some staff members will be redeployed into precincts to make management localised across its casinos in Sydney, the Gold Coast, and Brisbane, the Financial Review relays. The job losses are separate from the 40 positions that were cut under former management in November last year. Star was on the brink of entering administration in March when American giant Bally's Corporation announced a $300 million deal to take control. Bally's, which owns 19 casinos in the US, ultimately completed that deal alongside Investment Holdings, the vehicle owned by the billionaire Mathieson family. The agreement was finalised in November after probity approvals were received. Bally's now owns about 38 per cent of Star, while Investment Holdings controls around 23 per cent of the register. Steve McCann quit as Star chief executive in December, and Mathieson, the son of the billionaire publican, took over. His email outlining the changes was sent 12 days after he was appointed chief executive, the Financial Review notes. In the note, Mathieson said he would provide more details about the transition, but argued the company had to move with urgency. "The corporate office has added complexity rather than value and simplification," the email, as cited by The Financial Review, said. "We must get closer to our customers and to your front-line team. And we have to meet the regulatory imperative to decentralise the business and empower our property teams." Mathieson's email was sent the same day Star announced its chief financial officer, Frank Krile, and chief operating officer Jeannie Mok had resigned. Both had extended their contracts at the request of regulators, adds the Financial Review. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific in late November 2025, Queensland and New South Wales gaming authorities have given the green light to a US-led rescue package for the embattled Star Entertainment. Star agreed to a AUD300 million lifeline from US gambling giant Bally's, as well as Investment Holdings Pty Ltd, which is controlled by pub baron Bruce Mathieson and his family. The move was approved by shareholders in June, ABC News said. Combined, the two companies will own more than half of the embattled casino operator. TCW TRANSPORT: First Creditors' Meeting Set for Jan. 21 ------------------------------------------------------- A first meeting of the creditors in the proceedings of TCW Transport Services Pty Ltd will be held on Jan. 21, 2026, at 11:00 a.m. via teleconference facilities. Andrew Quinn of Mackay Goodwin was appointed as administrator of the company on Jan. 9, 2026. UWE HAY: Directors Disqualified for Maximum 5-Year Period --------------------------------------------------------- The husband-and-wife directors behind a group of collapsed agriculture businesses linked to a NSW corruption scandal have both been disqualified by ASIC from managing corporations for the maximum period of five years. Jimmy Yang (also known as Jimmy Liu) and his wife Freda Feng were the directors of three failed companies in the agriculture sector: * UWE Hay Pty Ltd ACN 600 930 881 (UWE Hay) * ACN 060 242 515 ACN 060 242 515 (United World Enterprises), And * UWE - Griffith Property Pty Ltd ACN 600 931 833 (Griffith). Mr. Yang was a director of these companies between 2004 and 2025, and Mrs. Feng was a director between 2004 and 2023. Mr. Yang was also a director of the business and personal services company SMU Holdings Pty Ltd (ACN 604 111 622) between 2004 and 2025. ASIC found that Mr. Yang and Ms. Feng each failed to act properly and meet their obligations as company officers, including when Mr. Yang improperly used UWE Hay's funds and his position as a director of UWE Hay to offer incentives to former NSW MP for Wagga Wagga Daryl Maguire. ASIC also found that Mr. Yang and Ms. Feng: * Failed to ensure UWE Hay, United World Enterprises, Griffth and SMU Holdings complied with their statutory obligations to the Australian Taxation Office * Failed to maintain and keep adequate books and records for UWE Hay and United World Enterprises * Improperly used their position to withdraw company funds from UWE Hay's bank accounts without explanation for the use of the funds * Improperly used their positions by permitting loans to be made from UWE Hay and United World Enterprises to other entities * Improperly used their positions to allow United World Enterprises to enter into an agreement to sponsor a work visa in exchange for United World Enterprises receiving a financial loan * Improperly used their positions to sell a vehicle owned by United World Enterprises and use the proceeds to purchase a new vehicle for UWE Hay, and * Failed to prevent UWE Hay and United World Enterprises from insolvent trading. At the time of ASIC's decision, the four companies owed a combined total of AUD56,830,527.44 to unsecured creditors. This included AUD110,862.60 owed to the ATO, AUD6,501.49 owing for employee entitlements, AUD2,229.80 owing for workers compensation and significant debts owed to small businesses in the agricultural industry. In disqualifying Mr. Feng and Ms. Yang, ASIC relied on supplementary reports lodged by liquidator Jamieson Louttit of JLA Insolvency and Advisory and Liam Bailey of O'Brien Palmer. ASIC assisted to prepare the statutory reports by providing funding from the Assetless Administration Fund. Mr. Yang and Ms. Feng are both disqualified from managing corporations until Dec. 17, 2030. They have the right to seek a review of ASIC's decision by the Administrative Review Tribunal. ========= C H I N A ========= CHINA VANKE: Seeks to Further Extend Bond Grace Period by 90 Days ----------------------------------------------------------------- Reuters reports that China Vanke is seeking to further extend the grace period for a CNY2 billion bond repayment by 90 trading days as it works to renegotiate a debt rollover plan with holders, sources said on Jan. 13. Reuters relates that the bond CN102282715= in question matured on December 15 and its current grace period, approved by bondholders, was extended to 30 trading days from five and ends on January 27. The proposed new grace period would end on April 29. According to Reuters, the state-backed property developer is also again seeking to defer the repayment of the bond by one year, sweetening the proposal to add receivables from certain projects as credit enhancement. Bondholders will vote on the proposals on January 21-26. They have previously rejected twice Vanke's proposals to defer repayment by one year. Reuters adds that Vanks is also holding meetings over the coming two weeks for two other yuan bonds - a CNY1.1 billion bond with put date on January 22 and a CNY3.7 billion bond that matured on December 28 - to seek extensions. Reuters says the Shenzhen-based company surprised the market in November by seeking a public bond extension, despite getting a loan infusion worth CNY22 billion from major shareholder Shenzhen Metro, a company owned by the Shenzhen government, last year. Vanke will likely mirror the strategies of some other cash-strapped Chinese developers and seek multiple short-term extensions for its bond repayments before ultimately proposing a debt restructuring, credit analysts have said, Reuters relays. 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. Moody's Ratings, on Dec. 30, 2025, 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. Moody's have also maintained the negative outlooks of the entities. Fitch Ratings, on Dec. 24, 2025, 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'. S&P Global Ratings, on Dec. 23, 2025, 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 ========= A LITTLE WORLD: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of A Little World Private Limited (ALW) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 15 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ALW 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 ALW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ALW continues to be 'Crisil B/Stable Issuer not cooperating'. ALW, incorporated in 2000, is engaged in developing and providing licensed technology for enabling smart cards and other electronic technology-based commerce, electronic-identity systems, and trading and delivery systems. ZMF operates as one of the largest business correspondents for State Bank of India (SBI, rated 'CRISIL AAA/CRISIL AA+/FAAA/Stable/CRISIL A1+') and is engaged in the extension of banking services in the rural and urban areas of India where banking penetration is limited. The group is managed and operated by Mr. Anurag Gupta. AGARWAL PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Agarwal Pharma (AP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AP 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 AP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AP continues to be 'Crisil B/Stable Issuer not cooperating'. The firm was incorporated as a proprietorship firm by M Amit Agarwal in 1999 and is in distribution of medicines and pharmaceutical drugs in Lucknow (UP).The firm has an owned 4,000 square foot of warehouse and one rented store in main market of Lucknow. AGNI INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Agni Industrial Fire Services Limited (AISL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.00 CRISIL D (Issuer Not Cooperating) Proposed Working 2.75 CRISIL D (Issuer Not Capital Facility Cooperating) Term Loan 4.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AISL 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 AISL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AISL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AISL continues to be 'Crisil D Issuer not cooperating'. Established as a proprietorship concern and reconstituted as a private-limited company in 2002, AISL supplies, installs, tests, and commissions fire-fighting systems. Operations are managed by Mr Debashish Chakraborthy. ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Alin Cashews (AC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Foreign Bill 1 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AC 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 AC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in 2006, AC processes raw cashew nuts and sells cashew kernels. AC operates 7 facilities in Kollam, Kerala with capacity to process around 10 tonnes of cashew kernel per day. The operations are managed by the partners Mr Shihanshah and Mrs Shiny Shihanshah. ANMOL ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Anmol Enterprises continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Anmol 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 Anmol, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Anmol is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Anmol continues to be 'Crisil D Issuer not cooperating'. Anmol is a project-specific firm promoted by Ahmedabad-based Mr. Arvind Patel and his family members. The firm is developing a residential project in Gota, Ahmedabad. It commenced construction in January 2012. ANUJ TEXTILES: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Anuj Textiles Private Ltd.'s bank loan facilities rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND B+/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. 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 D (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 reflects ATPL's delays in debt servicing, based on the information available from sources as the Corporate Insolvency and Resolution Process has been initiated against the entity under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 on the application from the banker. Ind-Ra has not been able to ascertain the reason for the delays, as the issuer has been non-cooperative. The ratings continue to be maintained in non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with ATPL while reviewing the rating. Ind-Ra had consistently followed up with ATPL over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of ATPL, 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. ATPL has been non-cooperative with the agency since July 31, 2018. About the Company Incorporated in 1988, ATPL sells printed cotton sarees in West Bengal, Assam, Odisha and Bihar. Sarees sold are mostly processed and printed on a job work basis by its group companies. ATPL sells sarees under the brands Kohinoor and Sananda. ARAN MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aran Motors (AM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.3 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AM 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 AM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AM continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2010 as a proprietorship concern by Mr P A Paranthaman, AM is a dealer for M&M's passenger and commercial vehicles. ARUN SHELTERS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Arun Shelters Private Limited (ASPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 20 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASPL 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 ASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASPL continues to be 'Crisil B/Stable Issuer not cooperating'. ASPL was incorporated in the year 2005 is engaged in execution residential projects primarily in Bangalore, Karnataka. The company is being promoted by Mr Arun Kumar .M and his family. ASHOK SALES: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ashok Sales Agency (ASA) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ASA 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 ASA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASA continues to be 'Crisil B/Stable Issuer not cooperating'. ASA set up in the year 1980 as a proprietorship firm is engaged in the distributorship of Fertilizer, seeds and pesticides. It is promoted by Mr. Ashok Kumar Saha who looks after the day to day operation. ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Asia-Pacific Institute of Management (A Unit of All India Asian Educational Foundation) (AIAEF) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIAEF 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 AIAEF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIAEF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIAEF continues to be 'Crisil D Issuer not cooperating'. AIAEF was set up in 1996 by Mr. A K Shrivastav and his family members. The society operates APIM, which provides postgraduate courses in business administration. AVANI BUILDCON: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Avani Buildcon (AB) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AB 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 AB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AB continues to be 'Crisil B/Stable Issuer not cooperating'. AB was established in April 2009 as a partnership firm by Mr Sanjeev Sharma and Mr Milind Bhalerao. The firm is engaged in real estate development and is currently undertaking 'Avani Heights' to be constructed on Wardha Road, Nagpur. AVC MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of AVC Motors - Muktsar (AVC) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.74 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.26 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AVC 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 AVC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AVC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AVC continues to be 'Crisil B/Stable Issuer not cooperating'. AVC was set up as a partnership firm of Mr Om Prakash Makkar and Mr Rajesh Makkar. It is the exclusive authorised dealer for M&M's passenger and utility vehicles in Muktsar (Punjab). Operations began from April 2014. BANSHIDHAR AGRO: CRISIL Keeps B+ Rating in Not Cooperating ---------------------------------------------------------- CRISIL said the ratings on bank facilities of Banshidhar Agro Cold Storage Private Limited (BACSPL) continues to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan 3.92 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BACSPL 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 BACSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BACSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BACSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in April 2015 and promoted by Mr Suresh Chandra Sharma, Ms Santosh Sharma, and Mr Debi Prasad Sharma, BACSPL operates a 4900 tonne multi-purpose cold storage in Rangidaspur, Odisha. Operations commenced from March 2016. BAPASHREE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bapashree Infrastructure Private Limited (BIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 20 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BIPL 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 BIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BIPL continues to be 'Crisil D Issuer not cooperating'. BIPL, set up in 2007 by Mr. Jagdish Patel and Mr. Ketan Patel, is engaged in residential real estate development in Ahmedabad. It has two ongoing projects. BCL BIO: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated BCL Bio Energy Pvt. Ltd.'s (BCL Bio) bank loan facilities rating to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR640 mil. Bank loan facilities migrated to non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been migrated to the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency through emails and phone calls. 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 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. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with BCL Bio while reviewing the rating. Ind-Ra had consistently followed up with BCL Bio over emails starting November 5, 2025 apart from phone calls. The issuer has submitted the no-default statement until October 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BCL Bio, 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 the rating. About the Company Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BCL Bio, 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 the rating. BESTO TRADELINK: CRISIL Lowers Long/Short Term Ratings to D ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Besto Tradelink Limited (BTL), as: 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 BTL for obtaining information through letters and emails dated January 9, 2026 and September 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Investors, lenders and all other market participants should exercise due caution while using the ratings assigned/reviewed with the suffix 'Issuer not cooperating'. These ratings lack a forward-looking component as they are arrived at without any management interaction and based on best-available or limited or dated information on the company. 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 BTL. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that the rating action on BTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last-available information, Crisil Ratings has downgraded its ratings on the bank facilities of BTL to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4; Issuer not cooperating', as there has been continuous overdrawals in the cash credit account for more than 30 days. Incorporated in 1997, BTL trades in chemical and allied products, fabrics, hardware, minerals and metals, plastic and welding materials; it is based in Ahmedabad. Mr Rakesh Patel owns and manages the business. BHARAT ALUMINIUM: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bharat Aluminium Co. (BAC) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAC 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 BAC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAC continues to be 'Crisil B/Stable Issuer not cooperating'. BAC, a proprietorship firm of Mr. Ramesh Singhvi set up in 1980 and based in Mumbai, distributes products of Jindal Aluminium Ltd such as aluminium bars, rods etc. BHASKAR EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhaskar Educational Society (BES) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.79 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 4.21 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BES 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 BES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BES continues to be 'Crisil B/Stable Issuer not cooperating'. BES, set up in 1999 by Ms M Jagdamba (president) and Mr M Anil Kumar (secretary), operates a school and a Diploma in Education College at Vizianagaram (Andhra Pradesh). BREW FORCE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Brew Force Technologies (BFT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 7 CRISIL D (Issuer Not Overdraft facility Cooperating) Inland/Import 6.5 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 1.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BFT 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 BFT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BFT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BFT continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in 2008 by Mr Pritam Singh and his son, Mr Balbir Singh Malhotra, BFT executes brewery and distillery projects for domestic and overseas customers. CLASSIC AGENCIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Classic Agencies (CA) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.36 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 0.95 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 0.05 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Working 0.64 CRISIL B+/Stable (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with CA 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 CA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CA continues to be 'Crisil B+/Stable Issuer not cooperating'. CA is a partnership firm of Mr. Jayaprakashan, Mr Obaidullah Khan, Mr. Unnikrishnan and Mr. V. Mani. The firm, based in Kozhikode, is a dealer in electrical home appliances of Bajaj Home Appliances, Bosch and Crompton Greaves Ltd etc. EASTERN DOORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eastern Doors (ED) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.50 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 4.35 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ED 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 ED, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ED is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ED continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2006 by Mr. Ahsan Karim Khan, Mr. Faizan Ahmar, and Ms. Ismat Fatma, ED manufactures ply, block board, and flush doors, at its facility in Gorakhpur (Uttar Pradesh). ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eco Sand (ES) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 3.56 CRISIL D (Issuer Not Facility Cooperating) Term Loan 8.94 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ES 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 ES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ES continues to be 'Crisil D Issuer not cooperating'. ES was established in 2014 as a partnership firm, promoted by Ms Sunitha Raghuveer and six others. The firm manufactures sand and aggregates and has a crushing unit at Chikkaballapur, Karnataka. EDIT GURU: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Edit Guru (EG) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 2.75 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 3.50 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with EG 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 EG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EG continues to be 'Crisil B/Stable Issuer not cooperating'. Setup in 2013, EG supplies cameras and related equipments on rental basis and provides infrastructure for post-production activity to various television broadcasters and production houses. The firm is based out of Mumbai, Maharashtra and is promoted by Mr. Satyajeet Sachdeva, Mr. Akshayajeet Sachdeva and Ms Mrinalini Singh.Setup in 2013, EG supplies cameras and related equipments on rental basis and provides infrastructure for post-production activity to various television broadcasters and production houses. The firm is based out of Mumbai, Maharashtra and is promoted by Mr. Satyajeet Sachdeva, Mr. Akshayajeet Sachdeva and Ms Mrinalini Singh. ENERGY SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Energy Solutions Private Limited (ESPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B/Stable (Issuer Not Cooperating) Proposed Working 1.5 Crisil B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with ESPL 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 ESPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ESPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ESPL continues to be 'Crisil B/Stable Issuer not cooperating'. ESPL was incorporated in 2010 by Mr Ajay Trivedi and Ms Nitu Trivedi and is based in Indore, Madhya Pradesh. It undertakes electrical work for civil contractors of National Highway Authority of India and other government agencies. HANUNG PROCESSORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Hanung Processors Private Limited S-384, Panchshila Park, Ground Floor, New Delhi - 110017 Insolvency Commencement Date: December 18, 2025 Estimated date of closure of insolvency resolution process: June 22, 2026 Court: National Company Law Tribunal, New Delhi Bench - VI Insolvency Professional: Vimal Kumar V 1104, The Hyde Park, Sector 78, Noida, Uttar Pradesh, 201301 Email: maidvimal1@rediff.com S-376, Panchsheel Park, New Delhi 110017 Email: cirphanungprocessors@gmail.com Last date for submission of claims: January 10, 2026 MOGAS INDUSTRIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Mogas Industries India Private Limited Unit No. BS- 1017, Galaxy Diamond Plaza, Plot No. C-1A, Sector -4, Greater Noida West, Gautam Buddha Nagar, Uttar Pradesh, India, 201318 Liquidation Commencement Date: December 24, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan, 8th Main, 15th Cross Malleshwaram, Bangalore 560055 Email: pragnya.cas@gmail.com Mobile: 9845666596 Tel No: 080-23565641 Last date for submission of claims: January 23, 2026 MOGAS SYSTEMS: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Mogas Systems & Consulting India Privat\e Limited Unit No. BS- 1018, Galaxy Diamond Plaza, Plot No. C-1A, Sector -4, Greater Noida West, Gautam Buddha Nagar, Uttar Pradesh, India, 201318 Liquidation Commencement Date: December 24, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan, 8th Main, 15th Cross Malleshwaram, Bangalore 560055 Email: pragnya.cas@gmail.com Mobile: 9845666596 Tel No: 080-23565641 Last date for submission of claims: January 23, 2026 N P INFRAPROJECTS: Ind-Ra Keeps BB Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained N P Infraprojects India Private Limited's (NPIPL) bank loan ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR550 mil. Bank Loan Facilities maintained in non-cooperating category and withdrawn. The rating has been 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 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 withdrawal request from the issuer and 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 interactions with NPIPL while reviewing the ratings. Ind-Ra had consistently followed up with NPIPL over emails since July 2025, apart from phone calls. The issuer has submitted the no default statement only until May 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of NPIPL, 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. About the Company Established in 2018, NPIPL undertakes infrastructure projects. The company is promoted by S B Zawar. OCTOCHEM PHARMA: Ind-Ra Cuts Bank Loan Rating to B -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded OCTOCHEM PHARMA AND FLAVOURS PRIVATE LIMITED 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: -- INR390 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 OCTOCHEM PHARMA AND FLAVOURS PRIVATE LIMITED while reviewing the rating. Ind-Ra had consistently followed up with OCTOCHEM PHARMA AND FLAVOURS PRIVATE LIMITED over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of OCTOCHEM PHARMA AND FLAVOURS 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 OCTOCHEM PHARMA AND FLAVOURS 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 OPAFPL is private limited company incorporated on 1 December 2020, by Chandan Agarwal, Shyam Agarwal and Dinesh Kumar Agarwal and the family. The company started operations in FY23 and is manufacturing and trading of essential oils such as mentha, menthol, mentha crystals among others at its facilities in Chandausi, Uttar Pradesh. OMPRAKASH SHIVPRAKASH: Ind-Ra Assigns BB Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Omprakash Shivprakash's (OS) bank loan facilities as follows: -- INR210 mil. Bank loan facilities assigned with IND BB/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflects OS's small scale of operations and modest credit metrics in FY25. The ratings are further constrained by OS’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 the near term, since the Indian government has partially lifted the export ban on rice. The ratings, however, are supported by the entity'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: OS's revenue declined to INR570.18 million in FY25 (FY24: INR1,035.13 million; FY23: INR1,226.95 million). The revenue decline in FY24 was due to a reduction in 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 a reduction in the sale of soyabean, as imports were not feasible because of a price decline in domestic markets. In FY25, OS's EBITDA increased to INR12.39 million (FY24: INR4.67 million; FY23: INR26.8 million). Ind-Ra expects the revenue to increase in FY26, since the government has partially lifted the export ban since September 2024. Modest and Volatile EBITDA Margins: OS's EBITDA margins improved to 2.17% in FY25 (FY24: 0.45%) and return on capital employed rose to 5.4% (1.3%). The EBITDA margins are susceptible to changes in the prices of agro commodities. Ind-Ra expects the EBITDA margins to remain range bound in FY26, as the company deals in minimum value-addition products. Modest Credit Metrics: OS's gross interest coverage (operating EBITDA/gross interest expense) increased to 0.73x in FY25 (FY24: 0.45x) and the net leverage including unsecured loans (Ind-Ra adjusted net debt/operating EBITDA) reduced to 12.11x (32.53x) because of the improvement in operating profit due to better raw material prices. The group had sanctioned fund-based working capital limits of INR210 million in FY25. Ind-Ra expects an improvement in the credit metrics in FY26, due to a likely increase in the overall EBITDA and an absence of long-term debt with the company. Inherent Industry Risks: OS 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: OS derives revenue from the sale of agro commodity products such as rice, soyabean, soya DOC, sugar among others. Of the total revenue, soyabean and its by product constituted around 57% (FY24: 91%) and rice constituted 35% (6%), while the rest came from the sale of other pulses and agro products. OS majorly exports rice to Benim and Vietnam, while the other products are mostly sold in domestic market. Promoter's Experience: OS'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 OS's average maximum utilization of the fund-based working capital limits for the 12 months ended September 2025 was 77.07%. OS's working capital days increased to 105 days in FY25 (FY24: 50 days) due to higher debtor days of 79 (55 days) and inventory days of 34 days (10 days). The cash flow from operations turned negative to INR2.69 million in FY25 (FY24: INR56.36 million) due to unfavorable changes in working capital. The free cash was negative at INR3.95 million in FY25 (FY24: INR53.42 million). The entity does not have any repayment obligations. It 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 INR3.41 million (FYE24: INR27.75 million). Rating Sensitivities Negative: A decline in the scale of operations or profitability, leading to deterioration in the overall credit metrics or gross interest coverage ratio remaining below 2x, 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, along with an improvement in the liquidity position, all on a sustained basis, could be positive for the ratings. About the Company OS, situated in Akola- Maharashtra, is engaged in the production of split pigeon peas, soybean, soybean DOC, edible oil, cotton, cotton bales, cotton yarn, cotton cake, onion, chili, sugar, pulses, rice and other agro commodities. PRANEET SOFTECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Praneet Softech Private Limited Registered Address: S-384 Panchshila Park, Ground Floor, New Delhi, South Delhi – 110017 Business Address: E-93, 3rd Floor, Greater Kailash Enclave-I, New Delhi – 110048, Delhi Insolvency Commencement Date: December 18, 2025 Estimated date of closure of insolvency resolution process: June 22, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Vimal Kumar V 1104, The Hyde Park, Sector 78, Noida, Uttar Pradesh, 201301 Email: maidvimal1@rediff.com S-376, Panchsheel Park, New Delhi 110017 Email: cirp.praneetsoftech@gmail.com Last date for submission of claims: January 10, 2026 RAGHAV INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Raghav Industries Limited Plot No. 510, New Door No. 12 6th Main Road, M.K.B. Nagar, Vysarpadi, Chennai, Tamil Nadu, India –600 039 Insolvency Commencement Date: December 15, 2025 Estimated date of closure of insolvency resolution process: June 12, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: S. Rajendran 2nd Floor, Hari Krupa, No. 71/1, Mc Nichols Road, Chetpet, Chennai – 600031 Email: cs.srajendran.associates@gmail.com Email: cirp.raghavindustries@gmail.com Last date for submission of claims: January 9, 2026 RELIANCE INFRASTRUCTURE: Ind-Ra Cuts Bank Loan Rating to C ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Reliance Infrastructure Limited's (Reliance Infra) bank loan facilities to 'IND C' from 'IND B'/Stable. The detailed rating action is: -- INR18,602.3 bil. Bank loan facilities Long-term rating downgraded; short-term rating affirmed with IND C/IND A4 rating. Analytical Approach Ind-Ra continues to take a standalone view on Reliance Infra while factoring in the potential cash support the company may need to extend to its guaranteed subsidiaries and emerging business segments. This approach reflects the limited financial integration and restricted cash fungibility between Reliance Infra and its subsidiaries. Detailed Rationale of the Rating Action The downgrade follows an order from the Enforcement Directorate (ED) to place a lien on the company's bank accounts totaling about INR778.6 million, citing alleged violations of the Foreign Exchange Management Act (FEMA). On 30 September 2025, the ED conducted searches as part of an investigation into alleged foreign remittances associated with an old engineering procurement and constructions contract for Jaipur-Reengus Toll Road project. Additionally, the ED has provisionally attached properties belonging to Reliance Infra worth about INR6,690 million under the ongoing investigation pursuant to the Prevention of Money Laundering Act (PMLA). However, the management has clarified that these assets are non-core in nature. On 6 October 2025, the company also received a show-cause notice from the Securities and Exchange Board of India (SEBI) for alleged violations of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations. The company stated that it is taking appropriate measures as legally advised. Ind-Ra will continue to monitor the impact of these developments on the company's performance, including the outcome of ongoing proceedings and any adverse actions that may limit operational and financial flexibility. Liquidity Poor: The company held INR110 million in unencumbered cash as on 30 September 2025. However, the ED ordered to place a lien on the company's bank accounts on 9 December 2025, restricting access to its INR778.6 million balance. This significantly limits liquidity at the standalone balance sheet level. Furthermore, the company does not have any fund-based working capital limits. It has outstanding debt of INR6,973 million in the form of inter-corporate deposits (ICDs) from various related and unrelated entities, of which INR850 million is secured and due for repayment in FY28. The absence of significant near-term repayments helps ease immediate refinancing pressure and provides some liquidity cushion, despite current constraints on cash access. Annual commission charges on outstanding bank guarantees (BGs) stood at about INR350 million; the company has already paid INR170 million in 1HFY26 for the largest BG of INR6,000 million related to Damodar Valley Corporation (DVC; bonds rated at 'IND AAA (CE)'/Stable). Nevertheless, liquidity remains classified as poor due to risks emanating from ongoing investigations, limited access to bank accounts/facilities, arbitration proceedings, and settlement-related event risks. That said, a successful execution of board-approved plans to raise USD600 million through foreign currency convertible bonds (FCCBs), along with expected receipt of balance proceeds from warrants in the near- to medium term, is likely to strengthen the company's liquidity profile. Rating Sensitivities Negative: Any further deterioration in the liquidity profile of the entity, leading to a default in servicing any of its commitments to its lenders will negatively impact the ratings. Positive: A sustainable and significant improvement in the liquidity profile along with clarity related to on-going investigation by the regulatory bodies can positively impact the credit profile could lead a positive rating action. About the Company Reliance Infra is one of the major players in the infrastructure sector, executing projects through special purpose vehicles (SPVs) across high-growth areas such as power, roads, metro, and defence sector. SANKALPA OVERSEAS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Sankalpa Overseas Private Limited 462, MIN Ground Floor, Near Oxygen Factory, Village Alipur Garhi, New Delhi - 110036 Insolvency Commencement Date: December 18, 2025 Estimated date of closure of insolvency resolution process: June 22, 2026 Court: National Company Law Tribunal, New Delhi Bench - VI Insolvency Professional: Vimal Kumar V 1104, The Hyde Park, Sector 78, Noida, Uttar Pradesh, 201301 Email: maidvimal1@rediff.com S-376, Panchsheel Park, New Delhi 110017 Email: cirpsankalpoverseas@gmail.com Last date for submission of claims: January 10, 2026 SHRIRAM FINANCE: Moody's Alters Outlook on 'Ba1' CFR to Positive ---------------------------------------------------------------- Moody's Ratings has affirmed Shriram Finance Limited's (SFL) Ba1 long-term corporate family rating. The outlook has been changed to positive from stable. RATINGS RATIONALE On December 19, 2025, SFL announced that MUFG Bank, Ltd. (A1/A1 stable, a3) plans to acquire a 20% stake in the company through a preferential allotment of shares for INR396 billion (about $4.4 billion). The transaction is subject to regulatory approvals and is expected to close in 2026. The investment by MUFG Bank will provide strategic benefits, including a stronger capital base, access to global expertise and funding channels, and will further improve SFL's funding diversity and risk management practices over time. The positive outlook reflects Moody's expectations that SFL's business and financial profile will strengthen, supported by a strong strategic shareholder and a significant capital increase. Moody's expects the company's capitalization will materially strengthen after the transaction, its profitability to gradually improve as its cost of funds declines, while its access to onshore and offshore funding will improve. On a pro forma basis, the capital infusion will strengthen SFL's tangible common equity to tangible managed assets (TCE/TMA) ratio to above 29% from around 19% as of March 2025, one of the highest amongst rated non-bank finance companies in India. Moody's expects the company to maintain a TCE/TMA ratio above 20% over the next 4-5 years after considering the credit growth. Moody's also expects SFL's profitability to strengthen over the next 12–18 months, supported by lower funding costs because of a gradual transmission of rate cuts by the central bank in 2025, as well as improved funding access post transaction. The company expects its funding costs to decline by about 100 basis points over the next 2 years. A sustained improvement in profitability is a key monitorable for the rating upgrade. The company's 12 month debt maturity coverage ratio will also rise to above 90% from 31% as of March 2025 given the large capital infusion. However, Moody's expects the ratio to normalize over the next year once the company deploys the new funds to originate loans and to reduce some maturing debts. Meanwhile, Moody's expects SFL's asset quality to remain stable over the next 12-18 months, supported by robust lending and loan collection processes, a stable macroeconomic environment, and a high proportion of collateralized loans. Moody's do not incorporate affiliate support from MUFG Bank in SFL's rating. While MUFG Bank will become a strategic shareholder with a 20% stake and board representation, its willingness to support the company will remain limited in times of stress. Moody's will reassess Moody's affiliates support considerations if there is greater evidence of documented support arrangements around funding lines, stronger financial linkages, or increased operational or brand integration between the two entities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the positive outlook, Moody's could upgrade SFL's rating if the company improves its net income to average managed assets to around 3.5% on a sustained basis, maintains a TCE/TMA ratio above 21% and maintains stable asset quality. Moody's could also upgrade SFL's rating if there is a change in Moody's views of affiliate support from MUFG Bank. A downgrade of SFL's rating is unlikely over the next 12-18 months. Nevertheless, Moody's could downgrade the rating if its asset quality deteriorates significantly amid a worsening operating environment, resulting in lower profitability and capitalization. Specifically, a sustained increase in its net charge-offs to above 2.5% of its average gross loans, or an increase in its problem loans to gross loans ratio above 7%, combined with weakening access to funding or lower liquidity, will result in a rating downgrade. Additionally, a reduction in its TCE/TMA ratio below 17% will lead to a downgrade A downgrade is also likely if there is a significant regulatory change that impacts the company's franchise strength. Shriram Finance Limited is headquartered in Mumbai and reported consolidated assets of INR 2.99 trillion ($33.2 billion) as of September 30, 2025. The principal methodology used in this rating was Finance Companies published in July 2024. 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. SIDDHIDATA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Siddhidata Agro Industries Private Limited (SSAIPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan 28 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSAIPL 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 SSAIPL 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 SSAIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSAIPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in December 2022, SSAIPL is setting up a manufacturing facility at Kopaganj in Uttar Pradesh to produce wheat-related products such as atta, sooji, maida and bran. The facility will have two units — one for manufacturing sooji, maida, atta and bran and the other for atta and bran. Overall manufacturing capacity will be 400 tonne per day. The company is promoted by Mr Nirmal Gupta and his family members. SWATHI COTTONS: CRISIL Lowers Rating on INR44cr Cash Loan to B -------------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank facilities of Swathi Cottons Pvt Ltd (SCPL) to 'Crisil B/Stable' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 44 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Proposed Long Term 10.28 CRISIL B/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Stable') Term Loan 2.22 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade reflects decline in the company's liquidity with low cash accrual and fully utilised bank limit. Operating performance weakened in fiscal 2025 and in the first half of fiscal 2026 due to muted demand and low availability of raw material. The operating income is expected at INR85-90 crore for the full fiscal. The working capital cycle has remained stretched with high inventory, leading to full utilisation of bank limit. Steady increase in revenue and operating margin, leading to improvement in cash accrual, will remain monitorable. The rating reflects the company's exposure to intense competition and volatility in raw material prices, and large working capital requirement. These weaknesses are partially offset by the extensive experience SCPL promoters in the edible oil industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SCPL. Key rating drivers - Weaknesses * Exposure to intense competition and volatility in raw material prices: The price of the major raw material, cotton seed, is volatile. Because of intense competition, low value-addition and the commoditised nature of products, the company has low bargaining power. Also, fluctuation in input prices may adversely impact on the operating margin. * Large working capital requirement: Gross current assets (GCAs) were sizeable at 198-312 days in the three years ended March 31, 2025, driven by large inventory of 151-269 days because of seasonality in the availability of raw material. GCAs are expected at similar level over the medium term. Key rating drivers - Strength * Extensive experience of the promoters: The promoters' experience of over three decades in the cottonseed oil industry, strong understanding of local market dynamics and healthy relationships with customers and suppliers will continue to support the business. Liquidity Stretched Bank limit utilisation was at 99% on average for the 12 months ended October 31, 2025. Cash accrual is expected at INR1.20-1.6 crore in fiscal 2026 against term debt obligation of INR2.5-3.0 crore. The current ratio was moderate at 1.20 times as on March 31, 2025. The promoters are likely to extend support in the form of equity and unsecured loans to meet the working capital requirement and debt obligation. Outlook Stable Crisil Ratings believes SCPL will continue to benefit from the extensive experience of its promoters. Rating sensitivity factors Upward factors: * Significant increase in revenue and operating margin, resulting in cash accrual above INR3 crore * Improvement in the financial and liquidity risk profile Downward factors: * Lower-than-expected revenue or operating margin, resulting in subdued net cash accrual * Weakening of the financial risk profile owing to debt-funded capital expenditure with gearing above 3 times or interest coverage ratio below 1 time Incorporated in 1998 by Prathipati Pulla Rao and Boggavarapu Ankamma Rao, SCPL extracts and refines cottonseed oil. Also, the company trades in raw cotton and yarn, which contribute to around 10% of revenue. It is based in Guntur, Andhra Pradesh. VIVIN DRUGS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vivin Drugs And Pharmaceuticals Private Limited (VDPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (Issuer Not Cooperating) Cash Credit 18 Crisil D (Issuer Not Cooperating) Foreign Exchange 0.45 Crisil D (Issuer Not Forward Cooperating) Letter of Credit 5 Crisil D (Issuer Not Cooperating) Proposed Long Term 6.35 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 19.7 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VDPL 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 VDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VDPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011, VDPL (formerly known as Eytan Labs Ltd) manufactures bulk drugs mainly in the antiretroviral segment; it is based in Hyderabad (Telangana). The promoter, Mr. Parvathaiah Botta, manages the business. ========= J A P A N ========= [] JAPAN: Business Failures Top 10,000 for Second Year ------------------------------------------------------ The Japan Times reports that the number of corporate bankruptcies in Japan surpassed 10,000 for the second year in a row in 2025 as smaller businesses were hard hit by soaring labor costs and surging prices, Tokyo Shoko Research, a credit research firm, said Jan. 12. According to The Japan Times, the survey showed that the number of business failures with liabilities of JPY10 million or more grew 2.9% from the previous year to 10,300 in 2025, rising for the fourth consecutive year. Total liabilities left by failed companies dropped 32% to JPY1,592.3 billion. Bankruptcies with debts of less than JPY100 million accounted for 7,892 cases, or three quarters of the total, The Japan Times discloses. By industry, services topped the list with 3,478 bankruptcies, up 4.4%, followed by construction, with 2,014 cases, up 4.6%. According to The Japan Times, the number of failures related to labor shortages, such as soaring labor costs, surged 35.9% to 397, the highest level since statistics began in 2013. The Japan Times relates that the number of bankruptcies linked to rising prices, or a company's failure to pass on higher costs to clients, climbed 9.2% to 767. Many smaller firms face financial difficulties as they are forced to raise wages to secure labor. Companies that struggle with excessive debts face additional risks, including rising interest rates, U.S. tariffs and tensions between Japan and China, Tokyo Shoko Research said, adds The Japan Times. =============== M A L A Y S I A =============== CAPITAL A: To Apply for PN17 Upliftment on Jan. 19 -------------------------------------------------- The Edge Malaysia reports that Capital A Bhd said the distribution of AirAsia X Bhd shares to its shareholders is expected to take place on Jan. 16, paving the way for the company to submit its application for Practice Note 17 (PN17) upliftment. The Edge relates that the move will follow the completion of AirAsia X's MYR1 billion private placement, the low-cost long-haul carrier said in a statement on Jan. 13. The enlarged share base is expected to be listed on the Main Market of Bursa Malaysia the following Jan. 19. "In line with that, Capital A intends to submit its application for PN17 upliftment on Jan. 19, with the final court hearing scheduled for Jan. 21," the company said. According to The Edge, the share distribution and private placement are key components of Capital A's regularisation plan to exit PN17 status. Under the plan, AirAsia X will acquire Capital A's aviation businesses - AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd - for MYR6.8 billion, consolidating all short- and medium-haul AirAsia carriers under a single listed entity. The MYR1 billion private placement is intended to fund the enlarged airline's operations. On Jan. 6, Bursa Securities rejected Capital A's application for more time to complete the distribution of AirAsia X shares, which was originally due by Jan. 2, 2026, a month after the entitlement date of Dec. 3, 2025. Capital A had sought to extend the deadline to Jan. 19 following documentation delays in the private placement. On the flip side, the bourse approved a separate AirAsia X application for an extension until Jan. 19 to complete its private placement, acquisition of AAAGL, and the granting of subscription options, The Edge notes. The Edge relates that Bursa Malaysia's decision led Capital A to clarify that the share distribution depends on the completion of the private placement, as the new AirAsia X shares must be issued before distribution to shareholders. It explained that its overall strategy remains unchanged with only a slight adjustment to the completion timeline. According to The Edge, Capital A chief executive officer Tan Sri Tony Fernandes said in the statement that the past six years required "fundamental change and difficult decisions", but added that the work is now largely complete. "These are the final few steps - we will soon be able to put this chapter behind us and move forward from a far stronger foundation," he said. With restructuring nearing completion, Capital A plans to step up engagement with analysts and investors, including a series of domestic and international roadshows to outline its post-restructuring vision across five core businesses: maintenance, repair and overhaul, logistics, online travel agent, food and beverage, and branding, The Edge states. The group also intends to host an Investor Day after the fourth-quarter close, based on unaudited 2025 results, to provide deeper insight into its business segments, financial priorities, and long-term value-creation plans, Mr. Fernandes noted, The Edge adds. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== BHB 2020: Creditors' Proofs of Debt Due on Jan. 23 -------------------------------------------------- Creditors of BHB 2020 Limited are required to file their proofs of debt by Jan. 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 CRAWFORD HILL: Creditors' Proofs of Debt Due on Feb. 22 ------------------------------------------------------- Creditors of Crawford Hill Limited are required to file their proofs of debt by Feb. 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre KIWI CHARCOAL: Creditors' Proofs of Debt Due on Feb. 9 ------------------------------------------------------ Creditors of Kiwi Charcoal Kebab Limited 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. 24, 2025. The company's liquidator is: Nair Draht Limited 97 Great South Road Epsom Auckland 1051 NINTH VIEW: Creditors' Proofs of Debt Due on Jan. 30 ---------------------------------------------------- Creditors of Ninth View Residential Limited, S K Electrical 2016 Limited, 8 Bledisloe Limited and Chess Group Limited are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. Ninth View Residential commenced wind-up proceedings on Dec. 19, 2025. S K Electrical 2016, 8 Bledisloe Limited and Chess Group commenced wind-up proceedings on Dec. 24, 2025. The company's liquidator is: Kevin John Davies Principle Insolvency LP PO Box 1566 Hamilton 3240 STAR LAWN: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates Limited on Dec. 24, 2025, were appointed as liquidator of Star Lawn Mowers Limited. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 ===================== P H I L I P P I N E S ===================== SOLAR PHILIPPINES: Fined PHP24BB by DOE Over Stalled Contracts -------------------------------------------------------------- Bilyonaryo.com reportst that the Department of Energy (DOE) imposed PHP24 billion in penalties on bilionaire lawmaker Leandro Leviste's Solar Philippines after the company failed to deliver on nearly 12 gigawatts of promised renewable energy capacity, prompting the termination of more than 11,000 megawatts of contracts over the past two years. According to Bilyonaryo.com, DOE Secretary Sharon Garin said the fines cover performance funds, contractual obligations, and other financial responsibilities, including training and development funds. "We will pursue this obligation . . . the imposition of this obligation to all the developers who are supposed to pay for this," Ms. Garin told reporters. Bilyonaryo.com says the DOE has been chasing Solar Philippines for months, sending notices and show-cause orders, along with requests for the company to renew their performance bonds, but it did not respond. "We have not received any response from them dun sa performance bond nila na kailangan nilang bayaran," Bilyonaryo.com quotes Ms. Garin as saying. "What we want are legitimate investors, that's why we're cleaning it out," Ms. Garin added, making it clear the DOE isn't playing games. It's a massive slap for Mr. Leviste and Solar Philippines. If you can't deliver on big promises, the DOE will come after you. Solar Philippines provides solar farms, rooftop solutions, and other related products. ================= S I N G A P O R E ================= BASIL TECHNOLOGY: Creditors' Proofs of Debt Due on Feb. 9 --------------------------------------------------------- Creditors of Basil Technology Fund 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. 31, 2025. The company's liquidator is: Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 CAPGEN HOLDINGS: Court to Hear Judicial Management Bid on Feb. 4 ---------------------------------------------------------------- A petition to place the operations of CAPGEN HOLDINGS Pte. Ltd. under Judicial Management will be heard before the High Court of Singapore on Feb. 4, 2026, at 10:00 a.m. Absolute Arbitrage Ltd filed the petition against the company on Dec. 18, 2025. The Petitioner's solicitors are: Delta Law Corporation 1 Keong Saik Road Singapore 089109 FERNVALE GREEN: Creditors' Proofs of Debt Due on Feb. 9 ------------------------------------------------------- Creditors of Fernvale Green 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 liquidator is: Chan Li Shan c/o Impetus Corporate Advisory 11 Collyer Quay #16-02 The Arcade Singapore 049317 SOCIAL ROOM: Court to Hear Wind-Up Petition on Jan. 23 ------------------------------------------------------ A petition to wind up the operations of Social Room Concepts Pte. Ltd. will be heard before the High Court of Singapore on Jan. 23, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Dec. 30, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 TIPSY BIRD: Court to Hear Wind-Up Petition on Jan. 23 ----------------------------------------------------- A petition to wind up the operations of Tipsy Bird Pte. Ltd. will be heard before the High Court of Singapore on Jan. 23, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Dec. 30, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ===================== S O U T H K O R E A ===================== SK GEO: Moody's Withdraws 'Ba1' Corporate Family Rating ------------------------------------------------------- Moody's Ratings has withdrawn SK Geo Centric Co., Ltd.'s Ba1 corporate family rating. The outlook was negative prior to the withdrawal. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE SK Geo Centric Co., Ltd. is a leading petrochemical company in Korea, with 7.3 million tons of annual petrochemical production capacity as of September 30, 2025. The company is wholly owned by SK Innovation Co. Ltd. ********* 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 ***