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260115.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 Thursday, January 15, 2026, Vol. 29, No. 11 Headlines A U S T R A L I A COSMO AU: Second Creditors' Meeting Set for Jan. 21 KAOS CO: Second Creditors' Meeting Set for Jan. 21 PACIFIC ACQUISITION: Second Creditors' Meeting Set for Jan. 22 SALTWATER LAND: Second Creditors' Meeting Set for Jan. 22 SOULED OUT: Event Organizer Enters Liquidation THINXTRA LTD: Second Creditors' Meeting Set for Jan. 21 UNIFORM GUYS: Enters Liquidation, Closes Website C H I N A LONGFOR GROUP: Posts RMB63.16 Billion in 2025 Contracted Sales WINGTECH TECHNOLOGY: Luxshare Seeks Arbitration to End Deal XINYUAN REAL ESTATE: Ratifies Assentsure's Appointment as Auditor I N D I A A. H. ALLOYS: CRISIL Keeps B Debt Rating in Not Cooperating AAISWARYA DYEING: CRISIL Keeps B+ Debt Ratings in Not Cooperating ACR MACHINING: CRISIL Keeps B Debt Ratings in Not Cooperating ADDIRAJ MANPOWER: CRISIL Keeps B Debt Ratings in Not Cooperating ADITYA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating AJANTA SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating AKSHAJ ISPAT: CRISIL Keeps B+ Debt Ratings in Not Cooperating AL-AYAAN FOODS: CRISIL Keeps D Debt Rating in Not Cooperating ALPHA CONSUMABLES: CRISIL Keeps B Debt Rating in Not Cooperating AMAR RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating AMIRTHAA GREEN: CRISIL Keeps B Debt Ratings in Not Cooperating ANANDSWARN RESIDENCY: CRISIL Keeps C Ratings in Not Cooperating ANANT ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating ANANT INTERCONTINENTAL: CRISIL Keeps B Ratings in Not Cooperating ANIL FIREWORKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ARIHANT METALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ARROW TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ARVIND EXPORT: CRISIL Keeps B Debt Ratings in Not Cooperating ARYAN SILK: CRISIL Keeps D Debt Rating in Not Cooperating Category ASHA ENTRADE: CRISIL Keeps B Debt Ratings in Not Cooperating ASHAPURA CHINA: CRISIL Keeps B Debt Ratings in Not Cooperating ATTRUKAL BHAGAVATHY: CRISIL Keeps B+ Ratings in Not Cooperating B.G. NAIDU: CRISIL Keeps B+ Debt Ratings in Not Cooperating BHARAT CARBON: CRISIL Keeps B- Debt Ratings in Not Cooperating BLISSFUL GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating CHINA ECOTEK: Voluntary Liquidation Process Case Summary RED APRICOT: Voluntary Liquidation Process Case Summary SDU TRAVELS: Liquidation Process Case Summary N E W Z E A L A N D EB GAMES: Set to Close All NZ stores at End of Month EURO PROPERTY: Commences Wind-Up Proceedings HI5 ISLAND: Court to Hear Wind-Up Petition on Feb. 23 JUNCTION WAIHEKE: Court to Hear Wind-Up Petition on Feb. 5 PEPES CAFE: Creditors' Proofs of Debt Due on Jan. 28 RAU BIO: Creditors' Proofs of Debt Due on Feb. 12 S I N G A P O R E BETTER CABINETS: Muk Siew Peng Appointed as Liquidator CLI JAPAN: Creditors' Proofs of Debt Due on Feb. 9 CORDLIFE GROUP: Gets 1-Year Renewal for Cord-Blood Banking Licence HATTEN EDGE: Deloitte Singapore Appointed as Liquidators MVM VENDING: Court Enters Wind-Up Order UK ENGINEERING: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: MBK Avoids Immediate Fallout With Warrant Denial - - - - - ================= A U S T R A L I A ================= COSMO AU: Second Creditors' Meeting Set for Jan. 21 --------------------------------------------------- A second meeting of creditors in the proceedings of Cosmo Au Pty Ltd has been set for Jan. 21, 2026, at 10:00 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 20, 2026 at 4:00 p.m. David Coyne of BRI Ferrier was appointed as administrator of the company on Dec. 12, 2025. KAOS CO: Second Creditors' Meeting Set for Jan. 21 -------------------------------------------------- A second meeting of creditors in the proceedings of Kaos Co. Pty Ltd has been set for Jan. 21, 2026, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 20, 2026 at 4:00 p.m. Liam Bellamy of Mackay Goodwin was appointed as administrator of the company on Oct. 13, 2025. PACIFIC ACQUISITION: Second Creditors' Meeting Set for Jan. 22 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Pacific Acquisition Pty Ltd has been set for Jan. 22, 2026, at 9:30 a.m. at Level 13, 664 Collins Street, in Docklands, Vic, and via virtual facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 21, 2026 at 5:00 p.m. Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher Partners were appointed as administrators of the company on Oct. 28, 2025. SALTWATER LAND: Second Creditors' Meeting Set for Jan. 22 --------------------------------------------------------- A second meeting of creditors in the proceedings of Saltwater Land Holdings Pty Limited has been set for Jan. 22, 2026, at 12:00 p.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 21, 2026 at 4:00 p.m. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on Dec. 8, 2025. SOULED OUT: Event Organizer Enters Liquidation ---------------------------------------------- The Music reports that after last year's edition of the Souled Out festival was cancelled, the company behind the R&B-focused event has entered liquidation. The Music, citing The Courier Mail, relates that liquidators Laurence Fitzgerald and Garth O'Connor-Price, from the business advisory firm William Buck, were appointed to the event organisers on January 8, with their first meeting scheduled for Jan. 16. The Music says changes to the company's shareholders took effect in November. However, before then, the Souled Out company was directed by Victorian-based co-founders Alexander Ross McDonell and Emal Naim, an artist agent. The Music relates that the pair co-owned the festival company with Michael and Vedrana Zarafa and Kaitlyn Rose Porter. Additionally, Bernard Kumar, co-founder of Promiseland festival alongside Naim, was a previous shareholder. Michael O'Grady has been the sole director and shareholder of the Souled Out company since November. Last February, the Souled Out festival was cancelled a week out from its dates in Melbourne, Sydney, and Brisbane, The Music recalls. In addition to those dates, festival organisers addressed punters' concerns about the lack of dates in Perth and Auckland, stating they were working "tirelessly" to make them happen. The 2025 events would have marked the festival's second year in Australia and had locked in a line-up led by American rapper and singer-songwriter Don Toliver and R&B superstar Jhene Aiko. Music powerhouses Vince Staples, Mariah The Scientist, 6LACK, BLXST, and Kaash Paige, among others, were set to join the headliners. A separate stage dedicated to DJs was also booked. According to The Music, the organisers of last year's festival announced in a statement that it had been cancelled due to low ticket sales. They wrote that cancelling the festival was an "incredibly difficult decision," but the decision was made after exploring "every possible option." The Courier Mail reported that following last year's event cancellations, the festival's Facebook page changed its name to "Souled Out Festival 2026" and was advertising early bird tickets for this year, The Music relays. The Music adds festival organisers haven't commented on the liquidation reports. THINXTRA LTD: Second Creditors' Meeting Set for Jan. 21 ------------------------------------------------------- A second meeting of creditors in the proceedings of Thinxtra Ltd, Thinxtra Solutions Pty Ltd, and Thinxtra Network Pty Ltd has been set for Jan. 21, 2026, at 11:00 a.m. via virtual facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 20, 2026 at 5:00 p.m. Philip Campbell Wilson and Lisa Gibb of Grant Thornton were appointed as administrators of the company on Dec. 7, 2025. UNIFORM GUYS: Enters Liquidation, Closes Website ------------------------------------------------ Inside Retail reports that The Uniform Guys, clothing suppliers to some of Australia's biggest companies, the military, and government departments, has entered liquidation, leaving a reported 350 businesses with incomplete orders. A liquidation notice was published on the Australian Securities and Exchange Commission (Asic) portal before Christmas, according to Inside Retail. It detailed the joint appointment of David Bryant and Quentin Olde as liquidators. Inside Retail, citing The Daily Telegraph, says the company mostly serves small businesses, but other clients include Qantas, ABC, Hungry Jack's, Westpac, Australia Post, KFC, and some state governments. Another document on the Asic portal indicates that The Uniform Guys owes more than AUD288,500 in outstanding orders to more than 350 customers, Inside Retail discloses. A spree of one-star reviews has been lodged against the company online, with users alleging being charged for orders without receiving a product, including accusations of the service being a "scam". As of January 2026, based on 60 reviews published on Productreview.com.au, The Uniform Guys has an average review score of 1.1 stars. Inside Retail adds that the company still owns a Facebook page. Its LinkedIn page has been removed, and its website is closed, with an 'Opening Soon' message on the home page. ========= C H I N A ========= LONGFOR GROUP: Posts RMB63.16 Billion in 2025 Contracted Sales -------------------------------------------------------------- TipRanks reports that Longfor Group reported unaudited aggregated contracted sales of RMB63.16 billion for 2025, representing 5.186 million square metres of gross floor area sold, with December alone contributing RMB3.77 billion and 447,000 square metres. According to TipRanks, sales were geographically diversified, with notable contributions from Western China, the Pan Bohai Rim and the Yangtze River Delta, while recurring income for the year reached approximately RMB26.77 billion, split between operating income of about RMB14.19 billion and service income of roughly RMB12.58 billion. TipRanks relates that the group also expanded its land bank by acquiring a 100%-owned plot in Shenzhen's Matian Subdistrict with 63,623 square metres of GFA at a cost of RMB766 million, underscoring continued selective investment in high-value urban markets even as the disclosed figures remain preliminary and subject to audit. About Longfor Group Longfor Group Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Longfor Group Holdings also provides community management, landscape greening materials maintenance, real estate agencies, and other services. As reported in the Troubled Company Reporter-Asia Pacific in late November 2025, S&P Global Ratings lowered its long-term issuer credit rating on Longfor Group Holdings Ltd. to 'BB-' from 'BB'. At the same time, S&P lowered the long-term issue rating on the company's senior unsecured notes to 'B+' from 'BB-'. The TCR-AP reported in early July 2025 that Fitch Ratings has downgraded Longfor Group Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR), senior unsecured rating and the ratings on its outstanding senior notes to 'BB-', from 'BB'. The Outlook on the IDR is Negative. WINGTECH TECHNOLOGY: Luxshare Seeks Arbitration to End Deal ----------------------------------------------------------- Yicai Global reports that China's Luxshare Precision Industry said it has initiated arbitration proceedings after the Indian government seized assets the Apple supplier had agreed to acquire from Wingtech Technology, preventing the transfer's completion and prompting it to seek to end the deal. Luxshare has filed with the Singapore International Arbitration Centre, asking that the deal to buy Indian manufacturing facilities from smartphone assembler Wingtech be terminated, the Dongguan-based company announced late on Jan. 13, Yicai relates. "Based on the substantive delivery obstacles caused by reasons attributable to Wingtech, the objective of the asset acquisition agreement can no longer be achieved," it said. On Jan. 12, Wingtech Technology said the asset transfer had been completed, and only the land in India still required Luxshare's cooperation to complete the ownership change. According to Yicai, Wingtech said it has repeatedly demanded that Luxshare unit Luxshare Liantao settle the remaining transaction consideration of about CNY160 million (USD22.9 million), but payment has yet to be made. Yicai relates that Luxshare Liantao has paid part of the agreed consideration, but the deal cannot be completed because the relevant assets have been seized and frozen, its parent company said, adding that the unit has issued a termination notice to Wingtech India, requesting a refund of the INR2 billion (USD22.2 million) already paid. As part of a strategic shift toward its semiconductor business, Wingtech began divesting its original equipment manufacturing and original design manufacturing operations last year, Yicai recalls. The Jiaxing-based firm agreed early in 2025 to sell an integrated business assets package to Luxshare Precision and affiliated companies for about CNY4.4 billion (USD630.6 million). Aside from the India-related assets, the sale of other Wingtech businesses has proceeded relatively smoothly. Yicai says Wingtech's consumer product integration business has been in the red for many years, and the company was included in the US Department of Commerce's trade restriction list at the end of 2024. After being added to the list, Wingtech faced difficulties in securing new orders, it has said. Last January, the firm also warned of the potential risk of tax penalties for its India subsidiary. Wingtech Technology Co., Ltd. engages in electronics manufacturing, primarily smartphones, and also operates in the semiconductor and real estate sectors. XINYUAN REAL ESTATE: Ratifies Assentsure's Appointment as Auditor ----------------------------------------------------------------- Xinyuan Real Estate Co., Ltd. announced the results of its 2025 annual general meeting of shareholders held in Beijing, China. At the AGM, the Company's shareholders approved the ratification of the appointment of Assentsure PAC as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2025 by an ordinary resolution. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ========= I N D I A ========= A. H. ALLOYS: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of A. H. Alloys (AH) 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 AH 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 AH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AH continues to be 'Crisil B/Stable Issuer not cooperating'. AH was established as a partnership firm in 2005 and was reconstituted as a proprietorship firm of Mr. Happy Gupta in 2007. It manufactures rounds and bars at its plant in Ludhiana and has rolling capacity of 125 tonne per day. AAISWARYA DYEING: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aaiswarya Dyeing Mills Private Limited (ADMPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 33.5 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ADMPL 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 ADMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ADMPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in April 1999, ADMPL, promoted by Mr Ramesh Modi, processes, and manufactures dyed and printed fabrics used for making dress materials, sarees and shirts. Its manufacturing units are at Surat, Gujarat. ACR MACHINING: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ACR Machining Private Limited (AMPL; part of the Capro group) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 3.0 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AMPL 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 AMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMPL continues to be 'Crisil B/Stable Issuer not cooperating'. AMPL, incorporated in 2007, undertakes machining work of castings. CMIPL incorporated in 1992, manufactures grey iron castings. The group is promoted by the late Mr A C Rathod and is currently managed by his sons, Mr Mahendra Rathod and Mr Prakash Rathod. The manufacturing facilities in Kolhapur, Maharashtra. The group manufactures castings in the range of 2 to 70 kilogram catering to various industries such as automobile, railways, farm equipment, refrigeration, and textile machinery. The products include bearing caps, fly wheels, gear boxes, brakes, and valve bodies. ADDIRAJ MANPOWER: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Addiraj Manpower Services Private Limited (AMSPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 4.5 Crisil B/Stable (Issuer Not Cooperating) Proposed Fund- 0.5 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with AMSPL 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 AMSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMSPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1992, Pune-based AMSPL provides manpower services to manufacturing companies. It has about 8,000 employees. Mr Rajendra Gore is the promoter of the company. ADITYA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aditya Motors (AM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.6 CRISIL B/Stable (Issuer Not Cooperating) Inventory Funding 5.0 CRISIL B/Stable (Issuer Not Facility 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'. AM, set up by Mr. Ajay Singh Chattrasingh Chudsama and Mr. Harvijay Singh Chattrasingh Chudsama in 2015, is an authorised dealer of TML's passenger cars in Jamnagar with a 3S (showroom, spares, and services) facility. It is setting up a showroom in Jamnagar, which is expected to commence operations in April 2016. AJANTA SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ajanta Spintex Private Limited (ASPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Long Term Loan 22 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.5 CRISIL D (Issuer Not Bank Loan Facility 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 D Issuer not cooperating'. ASPL, which was set up in 2010, by the promoter, Mr I Dhana Reddy and his family members, manufactures cotton yarn. The manufacturing facility, near Guntur (Andhra Pradesh), has a capacity of around 25,000 spindles. AKSHAJ ISPAT: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Akshaj Ispat Llp (AIL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 8.5 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with AIL 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 AIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIL continues to be 'Crisil B+/Stable Issuer not cooperating'. AIL was incorporated on July 17, 2017, as a limited liability partnership firm between Mr Raghubir Garg and Mr Anoop Garg. It trades in and fabricates stainless steel products, such as pipes, coils, and tubes. AL-AYAAN FOODS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Al-Ayaan Foods Private Limited (AAFPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAFPL 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 AAFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2014 by Mr. Naushad Elahi and Ms. Mumtaz Elahi, AAFPL trades in livestock (buffalo). The company commenced operations in December 2014. The company was acquired by Mr. Mohammed Elahi Qureshi and Mr. Dilshad in 2015. ALPHA CONSUMABLES: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Alpha Consumables (Alpha) Consumables 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 Alpha 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 Alpha, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Alpha is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Alpha continues to be 'Crisil B/Stable Issuer not cooperating'. Established as a partnership firm in 1994, Alpha is an authorised Hewlett Packard channel partner for ink and toner cartridges.Based in Bengaluru, the firm is promoted and managed by Mr. Majid Yusuf Patanwala. AMAR RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amar Rice Mills - Jammu (ARM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.4 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 0.6 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with ARM 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 ARM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARM continues to be 'Crisil B+/Stable Issuer not cooperating'. ARM, set up as a proprietorship by Mr Mulk Raj in 1977 at Jammu, undertakes rice milling and sorting. AMIRTHAA GREEN: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Amirthaa Green Infra Private Limited (AGIPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 13.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AGIPL 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 AGIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AGIPL continues to be 'Crisil B/Stable Issuer not cooperating'. AGIPL was incorporated in 2012. AGIPL operates a solar and wind power plant in Tamil Nadu. AGIPL is owned & managed by Velusamy Karuppanna Gounder Thangavel and Thangavel Balachandran. ANANDSWARN RESIDENCY: CRISIL Keeps C Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anandswarn Residency Private Limited (ARPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.75 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Term Loan 11.75 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ARPL 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 ARPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARPL continues to be 'Crisil C Issuer not cooperating'. ARPL, incorporated in 2010, is a 50:50 joint venture between Kanpur-based Dolphin Developers Ltdand the Singh group. ARPL is developing a residential complex in Kanpur with 52 flats (48 with hree bedrooms, three with two bedrooms, and one with one bedroom) and total built-up area of 101,903.85 square feet. ANANT ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Anant Alloys And Steel LLP (ASLLP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating) Term Loan 10.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASLLP 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 ASLLP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASLLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASLLP continues to be 'Crisil B/Stable Issuer not cooperating'. ASLLP was established in 2017 by Mr Ramesh Goenka and his younger brother, Mr Anil Goenka. The firm manufactures thermo-mechanically treated bars under the Anant Shakti TMX 500 brand. Facility of ASLLP is in Wada, Thane, Maharashtra. It started operations in fiscal 2019. ANANT INTERCONTINENTAL: CRISIL Keeps B Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anant Intercontinental Private Limited (AIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 6 CRISIL B/Stable (Issuer Not Credit Cooperating) Export Packing 4 CRISIL B/Stable (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with AIPL 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2012, AIPL exports basmati and non-basmati rice, to Singapore and Middle East. The company began commercial operations from August 2014 and is based in Raipur (Chhattisgarh). The operations are managed by promoters, Mr Umesh Jain and Mr Mukesh Jain. ANIL FIREWORKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anil Fireworks Factory (AFF) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.4 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AFF 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 AFF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AFF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AFF continues to be 'Crisil B+/Stable Issuer not cooperating'. AFF, incorporated in 1964, manufactures fire-crackers. The firm is based in Sivakasi (Tamil Nadu) and is managed by Mr. P Krishnamoorthy. ARIHANT METALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arihant Metals (Jodhpur) (AMJ) continue to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B+/Stable (Issuer Not Cooperating) Standby Line 1.8 CRISIL B+/Stable (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with AMJ 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 AMJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMJ continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up by Mr Padam Raj Abani in 1993, AMJ is a proprietorship manufacturing stainless steel sheets, used to manufacture utensils, kitchenware and pipes, at its facility in Jodhpur. Operations are managed by Mr Abani and his sons, Mr. Pankaj Abani and Mr Gaurav Abani. ARROW TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arrow Textiles Limited-(Amalgamated) (ATL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil B+/Stable (Issuer Not Cooperating) Proposed Fund- Based Bank Limits 2.5 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 2.5 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATL 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 ATL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATL continues to be 'Crisil B+/Stable Issuer not cooperating'. ATL (formerly, Arrow Webtex Ltd) was de-merged from Delta Corp Ltd with effect from April 1, 2008. It manufactures woven tapes and labels and fabric-printed labels for hosiery and garment manufacturers. DML was incorporated as GP Electronics Pvt Ltd on September 23, 1982. It was converted into a public limited company on July 16, 1984. Subsequently, its name was changed to Delta Magnets Ltd on October 31, 2008. DML manufactures ring magnets for Loudspeakers, arc magnets for automobiles, flat rectangular shaped magnets for various other applications and isotropic rings for DC motors, dynamos, and so on. DML is chiefly engaged in manufacturing and supplying segment magnets catering to the automobile industry, with installed capacity of 3600 tonne per annum. MMG was incorporated as Neosid (India) Pvt Ltd on June 5, 1996. Its name was changed to MMG Neosid (India) Pvt Ltd on September 18, 2000, and to MMG India Pvt Ltd on April 2, 2002. It manufactures soft ferrites for a wide range of cores: POT, RM, E, ETD, EP, Balun and Toroidal, as well as beads and rods. MMG was acquired by DML in 2010, thus becoming its wholly owned subsidiary. ARVIND EXPORT: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Arvind Export Solvent Oil Industries (AESOI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AESOI 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 AESOI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AESOI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AESOI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a partnership firm in 2005, AESOI manufactures groundnut oil and de-oiled cake from raw groundnut seeds. The manufacturing facility is in Dhoraji, Gujarat. ARYAN SILK: CRISIL Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Aryan Silk Mills (ASM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASM 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 ASM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASM continues to be 'Crisil D Issuer not cooperating'. ASM, based in Mumbai, is a partnership firm set up in 1982 by Mr Subhash Arya and his family. It manufactures man-made and cotton fabrics (shirtings and suitings) under the brand, Aryan Silk. The firm's facility for design work is in Bhiwandi, Maharashtra. ASM follows an asset-light model and outsources the manufacturing and processing work to vendors. ASHA ENTRADE: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Asha Entrade Private Limited (AEPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 3 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AEPL 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 AEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AEPL continues to be 'Crisil B/Stable Issuer not cooperating'. AEPL was set up in 2012 by Mr. Suresh Jain, Mr. Rajesh Kumar Surana, and Mr. Ashok Jain. The company develops real estate and has an ongoing commercial-cum-residential real estate project of 78,000 square feet in Ulwe. ASHAPURA CHINA: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ashapura China Clay Co LLP (ACCCL) continue 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 3.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACCCL 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 ACCCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACCCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACCCL continues to be 'Crisil B/Stable Issuer not cooperating'. ACCCL was set up in 1984 as a partnership between; it got reconstituted into a limited liability partnership in 2011. This Kutch-based firm undertakes processing and trading of china clay (kaolin) including bentonite and silica. China clay is used in ceramics, paper, paint, rubber, fiber glass, pesticides and detergent industries. ACCCL processes several grades of china clay to make it suitable for use by different industries, as per their specifications. ATTRUKAL BHAGAVATHY: CRISIL Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Attrukal Bhagavathy Ammantex (AB) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B+/Stable (Issuer Not Cooperating) Long Term Loan 5 Crisil B+/Stable (Issuer Not Cooperating) Proposed Working 5 Crisil B+/Stable (Issuer Capital Facility 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'. Established in August 2017, AB commenced the operations in April 2018. AB is engaged in the business of manufacturing of cotton and polyester yarn. The company has its registered office in Dindigul, Tamil Nadu. B.G. NAIDU: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of B.G. Naidu Sweets Private Limited (BGNSPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 11 Crisil B+/Stable (Issuer Not Cooperating) Overdraft Facility 5.5 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 6.5 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BGNSPL for obtaining information through letter and email dated December 05, 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 BGNSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BGNSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BGNSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. BGNSPL was incorporated in 2017 and is engaged in in manufacturing and retailing of sweets and savouries through its 29 outlets in 5 districts of Tamil Nadu. BGNSPL is owned and managed by fourth-generation entrepreneur Mr. Sharanath Balaji and family. BHARAT CARBON: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bharat Carbon and Oil Industries (BCOI) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B-/Stable (ISSUER NOT COOPERATING) Mortgage Loan 1.2 CRISIL B-/Stable (ISSUER NOT Facility COOPERATING) Proposed Term Loan 0.1 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 5.2 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BCOI 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 BCOI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCOI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCOI continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in 2013 as a partnership firm by Mr. Sudesh Kotian and his wife, Ms. Sunila Kotian, BCOI is engaged in manufacturing pyrolysis oil and carbon black by recycling scrap tyres. The manufacturing facility is in Mangaon, Maharashtra. BLISSFUL GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Blissful Garments Private Limited (BGPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BGPL 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 BGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BGPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2016, BGPL is involved in manufacturing of readymade garments and has its manufacturing capacity in Palakkad, Kerala. The day-to-day operations are looked after by Mr. Sankaranarayan. CHINA ECOTEK: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: CHINA ECOTEK INDIA PRIVATE LIMITED B-33, Second Floor, Janki Residency, Undera-Koyali Road, NA, Vadodara, Undera, Gujarat, India-391330 Liquidation Commencement Date: January 2, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: IP Dharmendra Dhelariya B-201, Ratnaakar Prestine, Nr. Avi Bunglows, Opp Star Bazar, Jodhpur, Satellite, Prernatirth Derasar Road, Ahmadabad, Gujarat, 380015 Email: dhelariya@gmail.com Mobile: 7434852508 Last date for submission of claims: February 1, 2026 RED APRICOT: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Red Apricot Software Private Limited Plot No.1183-(Old Plot No.23), NSC Colony, H.No.8-3-430/1/23, Second Floor, YR Guda, Hyderabad, Telangana - 500073 Liquidation Commencement Date: December 29, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Jagdish Singh Nain C/o AVM Resolution Professionals LLP, 8/28, (3rd Floor), W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi 110005 Email: vlp.redapricot@gmail.com Tel No.: 011 41486026/27 Mobile: 9873088243 Last date for submission of claims: January 28, 2026 SDU TRAVELS: Liquidation Process Case Summary --------------------------------------------- Debtor: SDU Travels Pvt Ltd No.1/23, Raja Mansion, 12th Cross, Swimming Pool Extn, Malleswaram, Bangalore, Karnataka, India, 560003 Liquidation Commencement Date: November 12, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: T V S Siva Prasad Flat # C-339, Mahaveer Zephyr Kodi Chikkanahalli Bengaluru – 560 076 Email: cirp.sdutravels@gmail.com Last date for submission of claims: December 26, 2025 ===================== N E W Z E A L A N D ===================== EB GAMES: Set to Close All NZ stores at End of Month ---------------------------------------------------- Stuff.co.nz reports that EB Games will close its remaining New Zealand stores at the end of the month, following the outcome of a consultation with staff. A letter sent to staff on Jan. 14, seen by Stuff, said the company had "regrettably" decided to disestablish all roles in the business and close all 38 stores. In the letter, the company said it would consult individually with each staff member on their employment circumstances, including the date specific roles would be disestablished and notice period arrangements, Stuff relates. There would be potential opportunities for redeployment for staff in the business in Australia, it said. Stuff says the last day of trade for all New Zealand stores will be January 31, with rostered shifts available for store teams, as required, until February 7. The New Zealand distribution centre is also set to close on February 28. Customers are due to be notified about what the closure means for outstanding gift cards, pre-orders, and other services. According to Stuff, managing director of EB Games Shane Stockwell acknowledged feedback received in the consultation process that the closure would leave a "significant hole" in the pop culture and gaming community. As a result, Mr. Stockwell said the company will commence working on a web solution that will enable New Zealand customers to continue to shop through the EB Games Australia website. "This will allow customers to have trading cards, pop culture products, unique licensed products, apparel and their gaming needs all shipped to their home in New Zealand," Stuff quotes Mr. Stockwell as saying. Stuff adds that Mr. Stockwell said further details about this will be shared in the coming weeks. EB Games is a video game and entertainment software retailer that mainly sells video games, consoles, and accessories. EURO PROPERTY: Commences Wind-Up Proceedings -------------------------------------------- Members of Euro Property Services Limited on Jan. 10, 2026, and members of Arya Namaha Limited and Hazara Lining Limited on Jan. 12, 2026, passed a resolution to voluntarily wind up the companies' operations. The companies' liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 HI5 ISLAND: Court to Hear Wind-Up Petition on Feb. 23 ----------------------------------------------------- A petition to wind up the operations of HI5 Island Food Takeaway Limited will be heard before the High Court at Hamilton on Feb. 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 17, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton JUNCTION WAIHEKE: Court to Hear Wind-Up Petition on Feb. 5 ---------------------------------------------------------- A petition to wind up the operations of The Junction Waiheke Limited will be heard before the High Court at Auckland on Feb. 5, 2026, at 10:00 a.m. Auckland Council filed the petition against the company on Aug. 20, 2025. The Petitioner's solicitor is: Kirstin Margaret Wakelin 135 Albert Street Auckland PEPES CAFE: Creditors' Proofs of Debt Due on Jan. 28 ---------------------------------------------------- Creditors of Pepes Cafe and Catering Limited are required to file their proofs of debt by Jan. 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 RAU BIO: Creditors' Proofs of Debt Due on Feb. 12 ------------------------------------------------- Creditors of Rau Bio Limited (trading as Helico Bio) are required to file their proofs of debt by Feb. 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 19, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 ================= S I N G A P O R E ================= BETTER CABINETS: Muk Siew Peng Appointed as Liquidator ------------------------------------------------------ Ms. Muk Siew Peng of ClearView Associates on Jan. 2, 2026, was appointed as liquidator of The Better Cabinets Pte. Ltd. The liquidator may be reached at: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 CLI JAPAN: Creditors' Proofs of Debt Due on Feb. 9 -------------------------------------------------- Creditors of CLI Japan Four 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 liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CORDLIFE GROUP: Gets 1-Year Renewal for Cord-Blood Banking Licence ------------------------------------------------------------------ The Business Times reports that Cordlife Group has secured a one-year renewal of its cord-blood banking service licence from Jan. 14 to Jan 13 next year, the company said on Jan. 14. It remains under strict regulatory curbs that include prohibiting the company from collecting, testing or storing any new cord-blood units (CBUs), BT relates. The permissible scope in Singapore is limited to storing, transferring or retrieving existing units for clinical use. The company said it "welcomes" the license renewals. According to BT, Shally Chen Xiaoling, Cordlife's group executive director, group CEO, Singapore said: "The team has worked very hard in the last year to strengthen our operations, bring in experienced staff and retrain our existing team." "We are encouraged by the progress made so far and we thank our regulators for their guidance and encouragement. We are committed to complying with all conditions attached to the licenses, and to eventually restore the confidence of all stakeholders in the way we conduct our services," she added. The company's human tissue banking service licence has also been renewed for two years, from Jan. 14, 2026, to Jan. 13, 2028, BT adds. The group noted that its operations in other jurisdictions, including Malaysia, Hong Kong and India, remain fully operational. BT reports that in a separate bourse filing on the same day, Cordlife announced that it has applied to convert ongoing client claims into an "originating claim". This conversion is typically ordered when the material facts are in dispute and, if granted, would move the dispute to a full trial process. On Dec. 2, 2025, it was announced that Cordlife Group was facing claims of at least SGD5.45 million in damages from clients who stored 109 CBUs with the company. BT relates that the claimants wanted Cordlife to be declared liable for loss and damage arising from negligence or breach of contract, and for "causing irreparable damage" due to its failure to properly store and preserve the CBUs. The suit also seeks damages of SGD50,000 per damaged unit. Based on the 109 units involved, the company estimated the total claims to be at least SGD5.45 million, BT states. Alternatively, the claimants are seeking a refund of all storage fees paid to date, or an order for the assessment of damages. The company filed the necessary summons and reply affidavit on Jan. 13, with the claimant group directed to reply by Feb. 3. BT relates that Cordlife said that around 60 per cent of all customers affected by the temperature excursion incident have accepted refunds and a package which includes an offer of five additional years of free storage, coverage and compensation of up to SGD100,000, for medical conditions requiring a stem cell transplant. The board stated it is currently unable to assess the financial impact of its licensing conditions on Cordlife's performance for the financial year ending Dec. 31, 2026, BT relays. It also continues to assess the impact of the claims, but states that should the company ultimately be ordered to pay, it will result in a negative impact on the financial position of the group. Cordlife said that its search for a new Clinical Governance Officer is ongoing, BT adds. About Cordlife Headquartered in Singapore, Cordlife Group Limited, an investment holding company, provides cord blood banking services in Singapore, Hong Kong, India, Malaysia, the Philippines, and internationally. The company operates through two segments, Banking and Diagnostics. It offers cord blood, cord lining, and cord tissue banking services, including processing and storage of stem cells; and various diagnostics services, such as newborn genetic screening, pediatric vision and ear screening, pediatric allergen test, genetic talent test, preimplantation genetic screening, endometrial receptivity test, non-invasive prenatal testing, and newborn metabolic screening. The company also provides Moms Up, a mobile app for pregnancy and parenting resources for moms and moms-to-be. In addition, it provides medical laboratory, marketing, and property investment services. As reported in the Troubled Company Reporter-Asia Pacific in late April 2024, Cordlife's former internal auditor KPMG had submitted a disclaimer of opinion in its independent auditor's report dated April 24, 2024, stating that it had not been able to obtain "sufficient appropriate audit evidence" to provide a basis for an audit opinion on several areas. These areas included the company's compliance with laws and regulations, given Cordlife's ongoing investigations by the Ministry of Health (MOH) and the Commercial Affairs Department (CAD). KPMG also addressed uncertainties in providing an audit opinion on the subject of Cordlife's refunds and claims, after the company said it would waive all future annual fees and initiate a refund for clients affected by its recent case of damaged cord-blood units, The Business Times related. Early in December 2025, Cordlife received a notice from the Ministry of Health (MOH) to stop collecting, testing, processing and/or storing new cord blood, effective Nov. 26. This means that the group has been suspended from collecting new cord-blood units (CBUs). According to BT, Cordlife will be permitted only to store existing CBUs, while performing limited actions in relation to them. HATTEN EDGE: Deloitte Singapore Appointed as Liquidators -------------------------------------------------------- Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore on Jan. 6, 2026, were appointed as liquidators of Hatten Edge Pte Ltd. The liquidator may be reached at: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring 6 Shenton Way, OUE Downtown 2, #33-00 Singapore 068809 MVM VENDING: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 26, 2025, to wind up the operations of MVM Vending Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 UK ENGINEERING: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Jan. 2, 2026, to wind up the operations of UK Engineering & Construction Pte. Ltd. The Comptroller of Goods And Services Tax filed the petition against the company. The company's liquidators are: Chan Kwong Shing, Adrian Tan Yen Chiaw Toh Ai Ling KPMG Services Pte Ltd 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Avoids Immediate Fallout With Warrant Denial ------------------------------------------------------------- The Korea Times reports that MBK Partners has avoided the worst-case scenario of a leadership vacuum after the court rejected a prosecution request for warrants to detain Chairman Michael ByungJu Kim and three other executives over allegations of fraudulent corporate rehabilitation at Homeplus, industry officials said Jan. 14. According to The Korea Times, the ruling allows efforts to normalize Homeplus, which is undergoing a court-led rehabilitation process, to continue. However, concerns remain over the normalization of its operations, as legal risks surrounding the private equity firm, the largest shareholder of the country's second-largest supermarket chain, have not been fully resolved. The charges against Kim and other executives could still be upheld in future court proceedings. The uncertainty is being compounded by the Financial Supervisory Service's (FSS) move to pursue "severe" disciplinary measures, including the suspension of duties for MBK executives. Earlier in the day, Seoul Central District Court dismissed prosecutors' request to detain Chairman Kim, MBK Vice Chairman and Homeplus CEO Kim Kwang-il, MBK Vice President Kim Jeong-hwan and Homeplus Chief Financial Officer Lee Sung-jin following detention hearings that lasted 13 hours and 40 minutes, the longest on record, The Korea Times relays. The Korea Times relates that the court cited insufficient evidence to substantiate the charges despite the seriousness of the alleged harm and concluded that the suspects should be allowed to defend themselves without being taken into custody, given the current stage of the investigation. Prosecutors suspect the four of having issued a substantial amount of asset-backed short-term bonds despite foreseeing a downgrade in Homeplus' credit rating, before abruptly filing for court-led rehabilitation in March last year, allegedly causing losses to investors. Following the ruling, Homeplus is expected to accelerate its rehabilitation drive while maintaining the executives' claims of innocence, The Korea Times says. With liquidity pressures the most urgent concern, the retailer is likely to focus on shoring up cash flow through measures such as the divestment of Homeplus Express, its smaller supermarket division, and the closure or restructuring of loss-making stores. "If our rehabilitation plan proceeds smoothly, we could return to profitability by 2029, with positive earnings before interest, taxes, depreciation and amortization expected at around KRW143.6 billion ($97 million)," The Korea Times quotes a Homeplus official as saying. "We will push ahead with structural reforms through sincere consultations with all stakeholders." While the immediate worst-case outcome has been avoided, the task of restoring liquidity remains uncertain, The Korea Times notes. According to the report, Homeplus is seeking about KRW300 billion in debtor-in-possession financing, but concerns are mounting that banks may be reluctant to extend fresh funds to a company embroiled in controversy over alleged managerial moral hazard, including claims of deliberately shifting losses. The lingering risk of fraud charges being confirmed through additional investigations and subsequent trials is also seen as a significant burden. The Korea Times adds that the stance of the financial watchdog is another key variable. Regardless of the court's decision to reject the detention warrants, the FSS is widely expected to proceed with the ongoing heavy sanctions process. If administrative measures result in the suspension of duties for Chairman Kim or Vice Chairman Kim, their ability to exercise effective control over management would be severely constrained, a setback comparable in impact to detention. The watchdog failed to reach a conclusion on sanctions at its first review committee meeting on Dec. 18 and is scheduled to hold a second session today, Jan. 15. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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