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260116.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 16, 2026, Vol. 29, No. 12 Headlines A U S T R A L I A CONCAVE INTERNATIONAL: Second Creditors' Meeting Set for Jan. 23 EDITHVALE GENERAL: Second Creditors' Meeting Set for Jan. 23 INFINITY NEWS: First Creditors' Meeting Set for Jan. 22 MDS TILING: Second Creditors' Meeting Set for Jan. 22 RICE AND RHYMES: First Creditors' Meeting Set for Jan. 23 SAPPHIRE XXVIII 2023-2: Moody's Ups Rating on Cl. F Notes from Ba2 UNITED EMPLOYMENT: In Liquidation; Owes AUD6MM in Unpaid Wages ZONE RV: To be Liquidated as Police Probe Director Over Fraud Claim C H I N A CHINA VANKE: Seeks 90-Day Extension for Yuan Bonds Worth CNY5.7BB SEAZEN GROUP: Reports Contracted Sales of CNY1.35BB in December I N D I A A.M. VINYL: CARE Keeps D Debt Ratings in Not Cooperating Category AKASH GANGA PIPES: Voluntary Liquidation Process Case Summary ANANT ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating APPROCOOL AIRCON: Ind-Ra Cuts Bank Loan Rating to B BHAGWATI RICE: CARE Keeps D Debt Rating in Not Cooperating CRAFT INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category DUDANI FUELS: Voluntary Liquidation Process Case Summary ECO HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating ETICA DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating GREEN VATIKA: CARE Keeps D Debt Rating in Not Cooperating Category GRS ENGINEERING: CARE Keeps B- on INR6cr Loans in Not Cooperating HARDEO INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating HES INFRA: Ind-Ra Moves BB+ Loan Rating to NonCooperating J. R. R. CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating KASAI INDIA: Voluntary Liquidation Process Case Summary KAVERI COTTON: CARE Keeps B- Debt Rating in Not Cooperating LAXMI OIL: Insolvency Resolution Process Case Summary LAXMI POLYCOAT: CARE Keeps D Debt Rating in Not Cooperating LEELA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating NEWTECH SHELTERS: CARE Keeps D Debt Rating in Not Cooperating PURE DIETS: CARE Keeps D Debt Rating in Not Cooperating Category SARVESH BUILDERS: CARE Keeps D Debt Rating in Not Cooperating SHASHTI CAR: CARE Keeps B- Debt Rating in Not Cooperating Category SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating Category SRIVENKATESHWAR TRADEX: CARE Keeps D Ratings in Not Cooperating UNIVERSAL FABRICATORS: CARE Keeps B- Rating in Not Cooperating VEDBHUMI BUILDERS: CARE Keeps D Debt Rating in Not Cooperating ZERO FOOTPRINT: CARE Lowers Rating on INR25cr LT Loan to B+ J A P A N NISSAN MOTOR: China Sales Drop for Seventh Straight Year in 2025 M A L A Y S I A CAPITAL A: Pares Stake in AAX for MYR28M to Avoid Takeover Trigger VANTRIS ENERGY: Exits L&T-Sapura Shipping for MYR124 Million N E W Z E A L A N D BULLDOG HAULAGE: Creditors' Proofs of Debt Due on March 3 CROM-DIG LIMITED: Court to Hear Wind-Up Petition on Feb. 12 DOVAN PROPERTIES: Creditors' Proofs of Debt Due on Feb. 16 NUGGET INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 2 NZWINDOWS COMMERCIAL: Creditors' Proofs of Debt Due on March 3 OBELISK INDUSTRIAL: Director Faces Claims Over Alleged Fund Misuse S I N G A P O R E EMPIRE EATS: Oon Su Sun Appointed as Liquidator HUEY TIAN Court to Hear Wind-Up Petition on Jan. 23 RED KITCHEN: Court to Hear Wind-Up Petition on Jan. 23 SENG FA: Court to Hear Wind-Up Petition on Jan. 30 YOU LE TIAN: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= CONCAVE INTERNATIONAL: Second Creditors' Meeting Set for Jan. 23 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of Concave International Pty Ltd has been set for Jan. 23, 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. 22, 2026 at 4:00 p.m. Antony Resnick and Henry Kwok of DVT Mcleods were appointed as administrators of the company on Dec. 11, 2025. EDITHVALE GENERAL: Second Creditors' Meeting Set for Jan. 23 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Edithvale General Store Pty Ltd ATF Edithvale General Store Trust (trading as Edithvale General Store) has been set for Jan. 23, 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. 22, 2026 at 4:00 p.m. Nedin Talic of C/- Charles & Co. was appointed as administrator of the company on Dec. 9, 2025. INFINITY NEWS: First Creditors' Meeting Set for Jan. 22 ------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Infinity News Underwood Pty Ltd; - IPG BPMCP Pty Ltd; - K & A Leasing Pty Ltd; and - KAP Leasing Pty Ltd will be held on Jan. 22, 2026, at 11:00 a.m. via virtual meeting technology. Martin Francis Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of Teneo were appointed as administrators of the company on Jan. 12, 2026. MDS TILING: Second Creditors' Meeting Set for Jan. 22 ----------------------------------------------------- A second meeting of creditors in the proceedings of MDS Tiling Pty Ltd has been set for Jan. 22, 2026, at 10:00 a.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. RICE AND RHYMES: First Creditors' Meeting Set for Jan. 23 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Rice and Rhymes Pty Ltd will be held on Jan. 23, 2026, at 11:00 a.m. via virtual meeting technology only. Anne Marie Barley of AMB Insolvency was appointed as administrator of the company on Jan. 13, 2026. SAPPHIRE XXVIII 2023-2: Moody's Ups Rating on Cl. F Notes from Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on five classes of notes issued by Permanent Custodians Limited as trustee of Sapphire XXVIII Series 2023-2 Trust. The affected ratings are as follows: Issuer: Permanent Custodians Limited as trustee of Sapphire XXVIII Series 2023-2 Trust Class B Notes, Upgraded to Aaa (sf); previously on Sep 16, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jun 12, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Sep 16, 2024 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jun 12, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Baa2 (sf); previously on Jun 12, 2025 Upgraded to Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and the collateral performance to date. No action was taken on the remaining rated class in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the December 2025 payment date, credit enhancement (including the Class RM Notes) available for the Class C, Class E, and Class F Notes has increased to 12.9%, 6.2%, and 4.0%, respectively, from 10.0%, 4.8%, and 2.8% at the time of the last rating action in June 2025. Credit enhancement for Class B and Class D Notes has increased to 18.5% and 9.7%, respectively, from 9.7% and 5.1% at the time of the last rating action in September 2024. Principal collections were distributed on a pro-rata basis among the rated notes on the December 2025 payment date. Current outstanding pool balance as a percentage of the original pool balance is 32.7%. As of end-November 2025, 7.3% of the outstanding pool was 30-plus day delinquent and 3.4% was 90-plus day delinquent. The deal incurred AUD518,744 of losses to date (equivalent to 0.1% of the original pool balance), which have been reimbursed by excess spreads. Based on the observed performance to date and loan attributes, Moody's have revised Moody's expected loss assumption to 2.7% of the outstanding pool balance (equivalent to 1.0% of the original pool balance) from 2.4% of the outstanding pool balance (equivalent to 1.1% of the original pool balance) at the time of the last rating action. Moody's have maintained Moody's MILAN CE assumption at 8.7%. The transaction is an Australian RMBS secured by a portfolio of first-ranking prime and non-conforming residential mortgage loans, originated by Bluestone Group Pty Limited or Bluestone Mortgages Pty Limited. A significant portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. UNITED EMPLOYMENT: In Liquidation; Owes AUD6MM in Unpaid Wages -------------------------------------------------------------- ABC News reports that NDIS labour-hire company United Employment collapsed with more than AUD6 million in unpaid wages, super and entitlements owing to employees and AUD5 million in unpaid taxes to the ATO. According to the ABC, an administrator's report produced by Olvera Advisors into United Employment found the labour-hire company had been in existence for less than a year and owed employees more than AUD6 million in wages, superannuation and other entitlements when it collapsed. It also failed to pay the Australian Tax Office more than AUD5 million. United Employment is now in liquidation, the ABC says. The ABC relates that the administrator's report revealed the company was part of a complex business structure involving at least half-a-dozen companies, with United Employment essentially operating as the labour hire arm for a private NDIS-funded provider, We United Aus (WUA). That company publicly trades as United for Care and receives federal government funding to provide services and supports independent living accommodation to NDIS clients. The administrators reported that United Employment ended up in significant debt because it "routinely failed to invoice its clients" (WUA) in line with the labour hire agreements, the ABC relays. Instead of invoicing for all costs, including PAYG tax, superannuation and other entitlements, the company routinely billed its clients for net wages only. The ABC says the administrator, based on its preliminary investigations, suggested the company "may have been insolvent from inception" because the routine failure to invoice for all payroll costs left it with insufficient funds to meet its statutory obligations. The Australian Services Union's Angus McFarland is representing some of the affected workers as they try to claw back what is owed through the liquidation process, according to the ABC. "We have almost 500 workers who have lost their superannuation, their leave accruals, who weren't paid for several weeks," Mr. McFarland told 7.30. "We understand that's up to AUD6 million of workers' entitlements that's gone missing." The ABC adds that Fair Work Ombudsman Anna Booth confirmed the regulator is investigating outstanding entitlements owed to former workers of United Employment. The ABC relates that Ms. Booth said complaints to the workplace regulator about missing pay and superannuation across the disability sector have skyrocketed in the past five years. "In the last financial year, we had a 40 per cent increase in inquiries and a 48 per cent increase in anonymous reports." Ms. Booth is also leading a standalone inquiry into the disability sector, the ABC relays. "Right now we are investigating over 100 disability support service providers, and that's in addition to conducting what is a broader inquiry where we talk to a range of employers and workers about their workplace experience," the ABC quotes Ms. Booth as saying. Anthony Phillip Wright and Damien Mark Hodgkinson of Olvera Advisors was appointed as administrator of the company on June 23, 2025. ZONE RV: To be Liquidated as Police Probe Director Over Fraud Claim ------------------------------------------------------------------- ABC News reports that failed luxury caravan manufacturer Zone RV will be liquidated as police investigate the company's director over fraud claims. The Sunshine Coast-based company fell into administration on December 1 owing creditors AUD42 million, the report notes. Almost 150 Zone RV customers have paid about AUD15 million in progress payments made for caravans that have not been constructed. At a 3-hour virtual meeting on Jan. 15 that included up to 100 customers, creditors voted to liquidate the company on the recommendation of administrator Cor Cordis, the ABC relates. However, Cor Cordis partner Rahul Goyal said he was optimistic a sale was imminent with a new buyer to "cherry pick" the company's assets. "We're hoping to announce the sale later this week or early next week," the ABC quotes Mr. Goyal as saying. "We want to move quite quickly. As it's been clearly noted, it's expensive having us there." According to the ABC, Cor Cordis partner Kate Conneely gave some hope to customers anxiously waiting to see whether a prospective buyer would honour existing orders. "The sale may result in completion of additional caravans by a buyer," she said. "Liquidation of Zone RV does not affect any of the negotiations with respect to the sale of the business." Secured creditors, such as banks, and employees get priority for any proceeds from liquidation, the ABC states. Customers' best chance of a return stands with a prospective buyer purchasing Zone's assets and offering to complete their van orders, albeit with customers asked to pay an additional fee. According to the ABC, Ms. Conneely said a report had been lodged with ASIC alleging Zone RV's sole director David Biggar breached the Corporations Act. Zone RV was "likely" trading insolvent since September 2024, but "may have been insolvent" as early as August 2023, according to Cor Cordis. Queensland Police confirmed they were investigating a fraud complaint relating to Mr. Biggar, the ABC says. "As the investigation remains ongoing, it is inappropriate to provide any further comment at this time," a spokesperson said. Ms. Conneely told creditors she has been discussing the matter the NSW Police Fraud Squad. "Our investigations are presently pointing to this being a civil matter, not a criminal matter," she said. "We don't think it's necessary for creditors to further engage with the police as this is something we will address in the future if we deem it necessary. "The police have asked that we engage with them directly as opposed to [them] being contacted by multiple customers." The ABC adds that Cor Cordis said Zone RV collapsed due to "poor financial management", "risky expansion", constant changes to management, periods without leadership in finance and operations, and relying on customer instalment payments to fund Zone RV's operations. Ms. Conneely previously said current and former officers of Zone RV needed to explain "several transactions". She said the liquidator's next steps "may include public examinations or proceeding with litigation seeking compensation on behalf of the creditors," the ABC relates. About Zone RV Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd (trading as Zone RV) designs and manufactures premium off-road caravans. Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis have been appointed administrators of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1, 2025. The Administrators are conducting an urgent review of Zone RV's financial and operational position. Their primary objective is to preserve value for all stakeholders, including approximately 250 employees, customers, and suppliers, and to determine the strategic options available for the business moving forward. ========= C H I N A ========= CHINA VANKE: Seeks 90-Day Extension for Yuan Bonds Worth CNY5.7BB ----------------------------------------------------------------- Reuters reports that China Vanke proposed to further extend the grace period for two onshore bond repayments totalling CNY5.7 billion ($817.17 million) by 90 trading days as the property developer scrambled to avoid a debt default, filings showed on Jan. 15. Vanke narrowly dodged defaults last month as bondholders approved plans to extend the grace periods of the bond repayments to 30 trading days from five, though they resoundingly rejected the proposals to defer the repayments by one year, Reuters notes. According to Reuters, the bonds in question matured on December 15 and December 28, and their current grace periods end on January 28 and February 10, respectively. The proposed new grace periods would end on April 29 and May 14. Reuters relates that the state-backed property developer is also again seeking to defer their repayments by one year, sweetening the proposals to add receivables from certain projects as credit enhancements, and pay overdue interest by the end of their current grace periods, according to documents filed with the Chinese interbank market regulator. Both sets of bondholders will vote on the proposals on January 21-26. In the latest agendas for the two notes, two new proposals were added by bondholders, according to sources. One is for Vanke to pay 40% of the principal including a CNY100,000 sum upfront at the end of the current grace period, while deferring the rest to one year later, Reuters relays. The other one is for extending the grace period to 90 days, with a 5% principal payment including CNY100,000 upfront. Vanke will start a meeting today, Jan. 16 with holders of a CNY1.1 billion bond with put date on January 22 to seek extensions. Bondholders also added similar upfront cash and partial principal payment proposals to the agenda, a separate document showed on Jan. 15, 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. SEAZEN GROUP: Reports Contracted Sales of CNY1.35BB in December --------------------------------------------------------------- futunn.com, citing Zhitong Finance, reports that Seazen Group announced that in December 2025, the group achieved contractual sales of approximately CNY1.354 billion, with a contractual sales area of approximately 184,300 square meters. From January to December 2025, the accumulated contractual sales amounted to approximately CNY19.270 billion, with an accumulated sales area of approximately 2.5358 million square meters, futunn.com discloses. As of December 2025, the group's real estate rental properties totaled 179, with a total construction area of approximately 16.524 million square meters; rental income in December 2025 was approximately CNY1.155 billion, and commercial operation revenue was approximately CNY1.238 billion (i.e., tax-inclusive rental income). From January to December 2025, the accumulated rental income was approximately CNY13.146 billion, and the accumulated commercial operation revenue was approximately CNY14.090 billion (i.e., tax-inclusive rental income), futunn.com relays. About Seazen Group Seazen Group operates primarily in residential development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 25, 2025, S&P Global Ratings assigned its 'B-' long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes that Seazen Group Ltd. and Seazen Holdings Co. Ltd. will unconditionally and irrevocably guarantee. New Metro Global Ltd., a special purpose financing vehicle of Seazen Group, will issue the notes. ========= I N D I A ========= A.M. VINYL: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of A.M. Vinyl Private Limited (AVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 6, 2025, placed the rating(s) of AVPL under the 'issuer non-cooperating' category as AVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 22, 2025, December 2, 2025, December 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable A.M Vinyl Private Limited (AVPL) was incorporated in 2004 by Mr. Ashok Chopra. AVPL is engaged in the manufacturing and trading of PVC products and its product portfolio includes PVC floorings, PVC leather cloth, PP nonwoven spun bonded fabric and PVC sheeting. The manufacturing facility for AVPL is located in Bhiwadi, Rajasthan. AKASH GANGA PIPES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Akash Ganga Pipes And Tubes Private Limited Village-Gadia, (Near Safedabad Railway Crossing) Tehsil-Nawabganj, Barabanki - 225001, Uttar Pradesh Liquidation Commencement Date: January 1, 2026 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Hansraj Jaria 36, Abinash Sashmal Lane, Beleghata, Phoolbagan, Near Pawanputra Hotel, Kolkata-700010 Email: akashgangavolliq@gmail.com Mobile: 9831648654 / 9836400884 Last date for submission of claims: January 31, 2026 ANANT ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anant Enterprises (AE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 13, 2024, placed the rating(s) of AE under the 'issuer non-cooperating' category as AE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2025, November 8, 2025, November 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable AE was established in 1992 as a partnership firm with three partners, namely, Mr Vivek S. Joshi, Mr S.G. Joshi and Mrs Kalpana Vivek Joshi. The firm presently provides tooling and casting solution for foundries and manufacturers in varied industries including automotive, appliance, hardware and plumbing products, and heavy equipment amongst others. APPROCOOL AIRCON: Ind-Ra Cuts Bank Loan Rating to B --------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Approcool Aircon 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: -- INR200 mil. Fund Based Working Capital Limit 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 Approcool Aircon Private Limited while reviewing the rating. Ind-Ra had consistently followed up with Approcool Aircon Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Approcool Aircon 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 Approcool Aircon 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 AAPL was incorporated in 2019 and manufactures heat exchanger. Its plant is in Jalna, Maharashtra. Jitendrea Rathi is the director of the company. BHAGWATI RICE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhagwati Rice Mill Private Limited (BRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 45.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 20, 2024, placed the rating(s) of BRMPL under the 'issuer non-cooperating' category as BRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 5, 2025, November 15, 2025 and November 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttar Pradesh based Bhagwati Rice Mill Private Limited (BRMPL) was incorporated in November 1995 as a private limited company. The company is currently directed by Mr. Mohan Lal Goyal and Mrs. Kanta Devi Goyal. The company is engaged in the milling and processing of paddy with an installed capacity to process 12 tonnes per hour (TPH) as on March 31, 2022, at its manufacturing facility located in Mainpuri, Uttar Pradesh. The company is having two associate concerns namely; "Rama Enterprises" (established in 1990) engaged in the trading of food grains and "Goyal Brothers" (established in 1990) engaged in the trading of food grains. CRAFT INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Craft India Industries (CII) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.46 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 20, 2024, placed the rating(s) of CII under the 'issuer non-cooperating' category as CII had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CII continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 5, 2025, November 15, 2025 and November 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Craft India Industries (CII) an ISO 9001: 2014 certified firm, was established in October, 2015 as a partnership firm and is promoted and managed by Mr. Nitin Jain and Mr. Anuj Jain, sharing profit and losses equally. CII has set up a manufacturing facility for packaging material like corrugated boxes and boards etc., at Bari Brahmana, Jammu. DUDANI FUELS: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Dudani Fuels Private Limited 391/1, 3rd Floor, Suit No. CI, Mahatma Gandhi Road, Haridevpur, Paschim Putiari, Kolkata – 700041, West Bengal Liquidation Commencement Date: January 1, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Hansraj Jaria 36, Abinash Sashmal Lane, Beleghata, Phoolbagan, Near Pawanputra Hotel, Kolkata-700010 Email: dudanifuelsvolliq@gmail.com Mobile: 9831648654 / 9836400884 Last date for submission of claims: January 31, 2026 ECO HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eco Health Products Private Limited (EHPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 3.88 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 0.12 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with EHPPL 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 EHPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EHPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EHPPL continues to be 'Crisil B/Stable Issuer not cooperating'. EHPPL was incorporated in 2008. It is owned & managed by Mr. K P Sunil (Chairman & Managing Director) and is engaged in manufacturing of herbal based (organic) reagents for diverse industrial application i.e., water treatment & pollution mitigants, agricultural development & health. ETICA DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Etica Developers Private Limited (EDPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.65 CRISIL B/Stable (ISSUER Bank Loan Facility NOT COOPERATING) Term Loan 4.35 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with EDPL 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 EDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EDPL continues to be 'Crisil B/Stable Issuer not cooperating'. EDPL, set up in Chennai in 2012 by Mr. G Diliban and Mr. G Prakash, develops real estate. The company has completed Saptami and Avigna, premium residential apartments and is currently undertaking the construction of 2 other residential apartments ' Kalathmika and Sapthagiri. The company is also expected to launch 3 more residential projects in Chennai over the near to medium term. The company also operates a 1.16 MW solar power plant in Kurundamadam in Virudhunagar district. GREEN VATIKA: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Green Vatika Constructions Private Limited (GVCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 14, 2024, placed the rating(s) of GVCPL under the 'issuer non-cooperating' category as GVCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GVCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 30, 2025, October 10, 2025, October 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Jharkhand based Green Vatika Constructions Pvt. Ltd. (GVCPL) was incorporated in July 2012 by Mr. Rajesh Agarwal, Mr. Ajay Agarwal, Mrs. Sumita Agarwal and Mrs. Sonam Agarwal. The company is engaged in development of residential projects. The company has executed only one residential project 'Daffodils' so far. GRS ENGINEERING: CARE Keeps B- on INR6cr Loans in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GRS Engineering Private Limited (GEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.00 CARE B-: Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) GEPL under the 'issuer non-cooperating' category as GEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mysore based, GRS Engineering Private Limited (GEPL) was established on April 25, 2006 as a Private Limited. The company is promoted by Mr. B Subraya Baliga along with family members and friends. The company is engaged in manufacturing, forging of alloy-based products and carbon Steels. Some of the major products of GEPL are automotive parts, machinery spares, parts of pumps etc. The products manufactured by the company finds its application in automobile and infrastructure industries. The company also exports its products to Sweden and Brazil. The firm purchases raw materials such as castings and bought out items from its local suppliers. HARDEO INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Hardeo Industries (SHI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.44 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of SHI under the 'issuer non-cooperating' category as SHI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025, October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 2013, Shree Hardeo Industries (SHI), is a proprietorship firm based in Raipur, Chattigarh. SHI is engaged in the manufacturing of PVC pipes, column pipes and PVC fittings. The firm commenced manufacturing operations from September 2013 and has an annual installed capacity of 1000 Metric Tonne/annum. The project was set up at a cost of INR14.50 crore, funded by a term loan of INR6.25 crore and capital of INR8.25 crore. Product portfolio of the firm includes SWR pipes and fittings, column pipes, plumb pipes, casing pipes, UPVC pipes, which are sold under the brand name of 'Vertex' SHI procures raw material, which includes PVC resin and other chemicals from suppliers based in Chattisgarh and others. The finished products are sold to traders and other associate entities, through a distribution network. HES INFRA: Ind-Ra Moves BB+ Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on HES Infra Pvt Ltd.'s (HES Infra) bank loan facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category and withdrawn them. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR12,200.7 bil. Bank loan facilities* Outlook revised to Negative; migrated to non-cooperating category and withdrawn; and -- Issuer Rating^ Outlook revised to Negative; 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+/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn ^ Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The company has submitted the no default statement (NDS) up to November 2025. The migration of the ratings to the non-cooperating category and Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. The ratings have been maintained in the non-cooperating category before being withdrawn as the issuer did not participate in the rating exercise despite repeated requests by the agency through emails and has not provided information about business plans and projections for the next three years, information on corporate governance. 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 no-due certificate from one of its lenders since the loan was closed. The lender has issued a no-objection certificate for the remaining facilities from other banks and a request for withdrawal of ratings from the company. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of HES Infra, 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 HES Infra was set up in 1997 by M Kesava Raju and IVR Krishnam Raju as a partnership firm in the name Hindustan Engineers Syndicate. Later, the firm was reconstituted as a private limited company and incorporated as HES Infra in June 2007. The company undertakes civil contracting works for various kinds of bridges, aqueducts, road over bridges, railway bridges and irrigation work such as reservoirs, dams, spillways, canals, tunnels, among others. Presently, the company is operating in Andhra Pradesh, Telangana, Madhya Pradesh, Gujarat, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Tamil Nadu. J. R. R. CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of J. R. R. Construction Private Limited (JRRCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of JRRCPL under the 'issuer non-cooperating' category as JRRCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JRRCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025 and November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable JRR Constructions Private Limited (JRRCPL) was incorporated as a private limited company in Dec, 2004 and is currently being managed by Mr. Rakesh Malik and Mr. Bijender Singh. JRRCPL is engaged in civil construction work in Haryana which mainly includes road work involving construction, up-gradation, resurfacing and widening of roads, bridges and minor engineering work. The company is registered as a class 'A' contractor with Public Works Department (PWD) of Haryana and Haryana State Road & Bridge Development Corporation. KASAI INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Kasai India (Chennai) Private Limited Survey No. 463/2A to 2E, Panayur to Palur Main Road Near Panayur, Ezhichur Village, Oragadam, Kancheepuram, Sriperumbudur, Tamil Nadu, India, 603204 Liquidation Commencement Date: January 5, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: G Ramachandran F 10, Syndicate Residency, No. 3, Dr. Thomas First Street, Off: South Boag Road T. Nagar, Chennai - 600017 Email: ramgcs@gmail.com Tel: 044-24337454 Last date for submission of claims: February 3, 2026 KAVERI COTTON: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Kaveri Cotton Industries (SKCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 14.96 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 29, 2024, placed the rating(s) of SKCI under the 'issuer non-cooperating' category as SKCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 15, 2025, October 25, 2025, November 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Telangana based, Sri Kaveri Cotton Industries (SKCI), [erstwhile Kaveri Cotton Industries] was established on April 27, 2013 and the firm stated its commercial operation from Nov 2016. SKCI was promoted by Mr K Ramesh, his friends and relatives/family members. The firm is engaged in manufacturing of cotton bales and cotton seeds. The firm procures the raw cotton from the farmers located in and around Karimnagar. The firm sells its products i.e. cotton bales and cotton seeds to the spinning millers located at Tamil Nadu, Maharashtra, Haryana, Rajasthan and Andhra Pradesh. LAXMI OIL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Laxmi Oil And Vanaspati Private Limited Registered Address: 704, Kan Chamber 7th Floor, 14/113, Civil Lines, Kanpur, Uttar Pradesh, India, 208002 Insolvency Commencement Date: December 12, 2025 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: June 10, 2026 Insolvency professional: Rohit Sehgal Interim Resolution Professional: Rohit Sehgal A-604, Sujjan Vihar, Sector - 43, Gurgaon 12202 Email: iamrs101@gmail.com -- and -- H. No. 581, Top Floor, Sector-27, Gurgaon, 122008 Email: laxmi.oil@truproinsolvency.com Last date for submission of claims: December 30, 2025 LAXMI POLYCOAT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Laxmi Polycoat Private Limited (SLPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.87 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of SLPPL under the 'issuer non-cooperating' category as SLPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ahmedabad (Gujarat) based, SLPPL was incorporated in November, 2012 by Mr. Pratik Mittal and Mr. Gaurav Mittal. It is engaged in the business of manufacturing of denim fabric from its weaving unit located at Ahmedabad which has an installed capacity of 86.40 lakh Meters Per Annum (LMPA) for weaving of denim fabrics. SLPPL commenced commercial production from February 2015. It sells its entire grey denim fabric to its associate concern namely Mahak Synthetic Mills Private Limited (MSMPL; engaged into manufacturing of finished fabrics and processes denim fabric). Further, the group has another entity namely Balaji Polycot Pvt. Ltd (rated CARE B; Stable; ISSUER NOT COOPERATING), which is also engaged in weaving of denim fabrics and sales to MSMPL. LEELA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Leela Krishna Automobiles Private Limited (LKAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of LKAPL under the 'issuer non-cooperating' category as LKAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LKAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Leela Krishna Automobiles Private Limited (LKAPL) belongs to Radha Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a trading organization. Radha Group Toyota is engaged in the business of sales and service of passenger vehicles of Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized dealer of TKML. The group was promoted by Mr. M Subrahmanyam (Chairman), who has more than five decades of experience in trading and more than two decades of experience in automobile industry. Mr. M Srinivas (Managing Director) has more than two decades of experience in automobile industry. The group comprises of four automobile companies namely Radha Krishna Automobiles Private Limited, Radhamadhav Automobiles Private Limited, Leela Krishna Automobiles Private Limited and Yashodakrishna Automobiles Private Limited located in Andhra Pradesh and Telangana. These four companies are in to similar line of business catering to different regions in both states. RMAPL and LKAPL are operating in the state of Andhra Pradesh, whereas RKAPL and YKAPL are operating in the state of Telangana with a total of 15 showrooms in both the states. NEWTECH SHELTERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Newtech Shelters Private Limited (NSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of NSPL under the 'issuer non-cooperating' category as NSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, January 6, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Noida-based (Uttar Pradesh) NSPL was incorporated in July, 2010 and currently being managed by Mr. Mukesh Kumar Roy and Mr. Sanjeev Kumar Roy. NSPL is engaged in the development of real estate projects (commercial) mainly in Ghaziabad, Uttar Pradesh. PURE DIETS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pure Diets India Limited (PDIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 7, 2025, placed the rating(s) of PDIL under the 'issuer non-cooperating' category as PDIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PDIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025 and December 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based, PDIL was incorporated in January 2006 is currently managed by Mr. Pradeep Mathur, Mrs. Manisha Mathur, Mr. Girish Chadha, and Mr. Pradeep Kumar Mathur. The company is engaged in the trading and export of organic food items. The main products of the company are organic sugar and molasses. PDIL procures sugar from the domestic market and exports of the same. PDIL is a part of Pure Life Group, which has presence in organic foods industry in USA and European markets. The group has a track record of more than a decade in the trading of organic products like sweeteners, starches, and coconut products to specialized feed items. SARVESH BUILDERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sarvesh Builders (India) Private Limited (SBIPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 130.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from SBIPL to monitor the ratings vide e-mail communication dated December 2, 2025, December 3, 2025 and December 5, 2025 among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The non-convertible debentures continue to be rated as CARE D due to ongoing delays in payment of interest and principle due on the rated instrument as per the disclosures in audited financial statements for FY24. Analytical approach: Combined For arriving at the rating, CareEdge Ratings has combined the financial statements of SBIPL and Renuka Realtors. SBIPL has invested money into real estate project of 'Renuka Realtors' wherein SBIPL holds 99% stake. Detailed description of key rating drivers: At the time of last rating on January 14, 2025, the following were the rating strengths and weaknesses. Key weaknesses * Ongoing delays in servicing of debt: The rating continues in the default category on account of the ongoing delays in debt servicing by the company. The rated NCDs were due for redemption on September 30, 2022. However, there were delays in redemption and payment of interest as per the disclosures in audit report for FY24. CareEdge Ratings has not been able to verify the latest repayment track record of the NCDs due to non-cooperation by the issuer. Incorporated in 2010, Sarvesh Builders (India) Private Limited (SBIPL) is a special purpose vehicle of the Ruparel Group engaged in development of residential real estate situated at Sewree, Mumbai. It availed development rights from M/s Renuka Realtors (part of Ruparel group – established in April 7, 2005) for redevelopment project known as Shree Balaji SRA Co-op. Housing Society Limited under slum rehabilitation authority. The re-development project named 'Ruparel Jewel' is a proposed 48 storey tower in the Sewree location with 239,466 lakh square feet (lsf) of saleable area. The development is proposed to comprise of 2 & 3 BHKs with select penthouses and duplexes. The project was expected to be completed by December 2022 (as per RERA). The total estimated cost of the project has been revised to INR370.82 crore which is expected to be funded by promoter funds of INR23 crore, NCD of INR130 crore and balance through customer advances. The Ruparel group is a Mumbai based real estate developer with around 15 years of experience in developing real estate projects in Mumbai and Navi Mumbai region. The group has completed five projects with a total built-up area of 3.63 lakh square ft. and currently has multiple ongoing projects located across various prime locations in Mumbai. SHASHTI CAR: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shashti Car Private Limited (SCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tamil Nadu based, Shashti Car Private Limited (SCPL) was incorporated in the year 2004 as a Private Limited Company by Mr. S. Sudhan (Director) and Mrs. S.Padmini. The operations of the company started in the year 2005. The company is an authorized dealer of Maruti Suzuki India Limited. The Company is engaged in sale of new vehicles and spare parts as well as servicing of vehicles. The company derives 96% of the revenue from sale of vehicles and sale of spare parts and remaining 4% from the services rendered by the company to its customers. SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiv Cotton Industries (SCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.40 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 2, 2024, placed the rating(s) of SCI under the 'issuer non-cooperating' category as SCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SCI was established in November 2011 as a partnership firm by 12 partners for setting up of new ginning and pressing unit with the installed capacity of 7,668 MT per annum. The manufacturing plant is situated at Babara (District: Amreli), Gujarat. SCI commenced its operations from July 2012 onwards. SRIVENKATESHWAR TRADEX: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Srivenkateshwar Tradex Private Limited (STPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 5.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short-term Bank 18.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 3, 2025, placed the rating(s) of STPL under the 'issuer non-cooperating' category as STPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 19, 2025, November 29, 2025, December 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2010, STPL is nestled in Delhi and owned by Solanki family. The company is managed by directors Mr. Rahul Solanki and Mr. Salender Solanki, and is involved in trading of various commodities like gold bars, rice, teak wood logs, and metal scrap etc. UNIVERSAL FABRICATORS: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Fabricators (UF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.00 CARE B-: Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 31, 2024, placed the rating(s) of UF under the 'issuer non-cooperating' category as UF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 16, 2025, November 26, 2025, December 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Universal Fabricators (UF) was established as a proprietorship firm in the year 2008. The firm is currently being looked after by Mr Baldev Singh. UF is mainly engaged in manufacturing of iron and steel structures mainly used in construction of rooms and aircraft hangar for defence department based in PAN India. Furthermore, the firm also started trading in FY18 of miscellaneous items such as generator, electric cable, sanitary ware, tiles, hardware items, etc. at its facility located at Srinagar, Jammu & Kashmir. VEDBHUMI BUILDERS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vedbhumi Builders And Developers Private Limited (VBDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 38.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 13, 2024, placed the rating(s) of VBDPL under the 'issuer non-cooperating' category as VBDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VBDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2025, November 8, 2025, November 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Vedbhumi Builders & Developers Private Limited (VBDPL) was incorporated in 2005 by Mr. Yogesh Chawda & Mr. Vijay Pawar. The promoters have been involved in the development of residential and commercial projects in the city of Nagpur and its catchment areas since over a decade. ZERO FOOTPRINT: CARE Lowers Rating on INR25cr LT Loan to B+ ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Zero Footprint Industries LLP (ZFIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 25.00 CARE B+; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 2, 2025, placed the rating(s) of ZFIL under the 'issuer non-cooperating' category as ZFIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ZFIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 18, 2025, November 28, 2025, December 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ZFIL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Zero Footprint Industries LLP is a greenfield project phase entity incorporated on April 28, 2023, for setting up of Hydrogen production plant. The company is promoted by two partners: Parampara Builders Private Limited and Mr. Amit Modi. The project is proposed to be setup at Shazad Nagar Bareilly Road, NH-09, Rampur with the area of 2 Acre. The land is being purchased by the promoters from their own funds. ========= J A P A N ========= NISSAN MOTOR: China Sales Drop for Seventh Straight Year in 2025 ---------------------------------------------------------------- Yicai Global reports that sales of Nissan Motor in China have declined for seven consecutive years, and the drop has continuously expanded in the period. Nissan China's sales fell 6.3 percent to 653,000 units last year from the previous one, with the total decline nearing 60 percent since the peak in 2018, Yicai discloses citing data recently released by the company. Yicai relates that Nissan's global sales shrank 3 percent to 3.35 million units in 2024, and they are expected to further narrow 2.9 percent to 3.25 million units in 2025, mainly because of the negative performance of the Chinese market, Chief Executive Officer Ivan Espinosa said last May. In China, Nissan has always relied on internal combustion engine vehicles as the main sales driver, which is diverging from the market’s electrification and intelligence development direction, according to analysts. Despite Nissan placing great importance on intelligence, its proprietary technology lacks competitiveness in the Chinese market, Yica notes. The carmaker attempted to cooperate with Baidu's robotaxi service Apollo Go to develop autonomous driving systems, but the collaboration remained at a superficial level and has not yet brought about any benefits. During the 40th anniversary celebration of Nissan's entry into China last October, the company announced that it would hand over development authority to its Chinese team, shorten research and development cycles, and increase investment in new energy vehicles, with plans to launch 10 NEV models by the end of 2027, Yicai recalls. Yicai relates that Nissan China then began collaborating with Huawei Technologies, with new models featuring the HarmonyOS-powered cockpit, reducing the number of suppliers, and exploring incorporating Chinese suppliers into Nissan’s manufacturing ecosystem outside of China to boost performance. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 20, 2025, S&P Global Ratings lowered its long-term ratings on Nissan Motor Co. Ltd. and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. The TCR-AP reported in mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== CAPITAL A: Pares Stake in AAX for MYR28M to Avoid Takeover Trigger ------------------------------------------------------------------ The Malaysian Reserve reports that Capital A Bhd has pared down its stake in AirAsia X Bhd (AAX) for MYR28.05 million in cash, a move primarily aimed at avoiding a mandatory take-over trigger as the group nears the final leg of its corporate consolidation. In a filing with Bursa Malaysia on Jan. 14, Capital A announced that it disposed of 17 million ordinary shares in the long-haul carrier via direct business transactions, the Malaysian Reserve relays. According to the report, the shares were transacted at an implied price of MYR1.65 each, mirroring the issue price of AAX's own private placement exercise which was fixed just a day earlier. The disposal price represents a discount of approximately 4.07% over the closing price of AAX shares on Jan. 13 of MYR1.72. Capital A noted that the discount is justified given the sizeable nature of the disposal, which represents roughly 3.8% of the total issued shares in AAX. The Malaysian Reserve says the transaction was undertaken to ensure that Capital A and its persons acting in concert (PACs) reduce their collective shareholdings in AAX to below the 33% threshold. This pre-emptive strike is necessary prior to the completion of AAX's private placement and the distribution of consideration shares, ensuring the group does not inadvertently trigger a mandatory offer obligation. Following the disposal, Capital A's shareholding in AAX has decreased to 40.07 million shares, or an 8.96% stake, down from 12.77% previously, the Malaysian Reserve notes. On the financial impact, the group expects to realise a loss on disposal of approximately MYR1.53 million. However, its board highlighted that this is insignificant compared to Capital A's market capitalisation of approximately MYR1.95 billion as of the last trading day, according to the Malaysian Reserve. The Malaysian Reserve relates that the proceeds from the sale are intended to fund the group's general working capital requirements over the next 12 months, including employee costs and administrative expenses. The disposal is classified as a related party transaction due to the overlapping interests of the group's top brass, the report 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. VANTRIS ENERGY: Exits L&T-Sapura Shipping for MYR124 Million ------------------------------------------------------------ The Malaysian Reserve reports that Vantris Energy Bhd has divested its 40% stake in L&T-Sapura Shipping Pvt Ltd to joint-venture partner Larsen & Toubro Ltd for about US$30.5 million (MYR123.91 million), as part of its portfolio optimisation strategy. The Malaysian Reserve relates that the consideration comprises equity proceeds and full repayment of an outstanding shareholders' loan and accrued interest, with the transaction undertaken via its indirect wholly owned subsidiary, Sapura Nautical Power Pte Ltd. According to the report, the group said the divestment is in line with its transformation efforts to streamline operations and focus on core, wholly owned assets. Proceeds will be used to support operational requirements of its engineering & construction and operations & maintenance businesses. Following the disposal, Vantris Energy will retain four wholly owned heavy-lift and pipelaying vessels, and continues to own and operate a total of 12 offshore construction vessels and barges, The Malaysian Reserve relays. About Vantris Energy Vantris Energy Bhd, formerly known as Sapura Energy Berhad, engages in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Vantris Energy announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. The company has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== BULLDOG HAULAGE: Creditors' Proofs of Debt Due on March 3 --------------------------------------------------------- Creditors of Bulldog Haulage (2017) Limited are required to file their proofs of debt by March 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 23, 2025. The company's liquidator is: Thomas Lee Rodewald BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 CROM-DIG LIMITED: Court to Hear Wind-Up Petition on Feb. 12 ----------------------------------------------------------- A petition to wind up the operations of Crom-Dig Limited will be heard before the High Court at Dunedin on Feb. 12, 2026, at 10:00 a.m. Brent Hill Contracting Limited filed the petition against the company on Dec. 8, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland DOVAN PROPERTIES: Creditors' Proofs of Debt Due on Feb. 16 ---------------------------------------------------------- Creditors of Dovan Properties Limited, Better Living Insulation Limited and Nine Hospitality Limited are required to file their proofs of debt by Feb. 16, 2026, to be included in the company's dividend distribution. Dovan Properties commenced wind-up proceedings on Dec. 18, 2025. Better Living Insulation commenced wind-up proceedings on Jan. 12, 2026. Nine Hospitality commenced wind-up proceedings on Jan. 13, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 NUGGET INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 2 ------------------------------------------------------------ A petition to wind up the operations of Nugget Investments Limited will be heard before the High Court at Whangarei on Feb. 2, 2026, at 10:00 a.m. Northland Rural Mechanical Services Limited filed the petition against the company on Nov. 26, 2025. The Petitioner's solicitor is: Gregory David Trainor Hill Lee & Scott Lawyers Unit 4 – 31 Tyne Street Addington Christchurch NZWINDOWS COMMERCIAL: Creditors' Proofs of Debt Due on March 3 -------------------------------------------------------------- Creditors of NZWindows Commercial Limited are required to file their proofs of debt by March 3, 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: Paul Thomas Manning Thomas Lee Rodewald BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 OBELISK INDUSTRIAL: Director Faces Claims Over Alleged Fund Misuse ------------------------------------------------------------------ Matt Nippert at NZ Herald reports liquidators of a Northland engineering firm that owes creditors NZD9 million have served legal demands on its director, citing "alleged misappropriation of company funds". Raymond Cox and Gareth Hoole of Evovis KGA were appointed liquidators by an Obelisk Industrial shareholder in June, NZ Herald notes. Their first report said the company's insolvency, with total debts estimated at NZD11 million, was in part triggered by a "complete lack of governance" and the alleged misappropriation of "a significant amount of funds by the director," NZ Herald relays. ================= S I N G A P O R E ================= EMPIRE EATS: Oon Su Sun Appointed as Liquidator ----------------------------------------------- Ms. Oon Su Sun of Finova on Jan. 6, 2026, was appointed as liquidators of Empire Eats Pte. Limited. The liquidator may be reached at: Ms. Oon Su Sun 182 Cecil Street #30-01 Frasers Tower Singapore 069547 HUEY TIAN Court to Hear Wind-Up Petition on Jan. 23 --------------------------------------------------- A petition to wind up the operations of Huey Tian Ground Engineering Pte. Ltd. will be heard before the High Court of Singapore on Jan. 23, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 31, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 RED KITCHEN: Court to Hear Wind-Up Petition on Jan. 23 ------------------------------------------------------ A petition to wind up the operations of Red Kitchen Pte. Ltd. will be heard before the High Court of Singapore on Jan. 23, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 29, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 SENG FA: Court to Hear Wind-Up Petition on Jan. 30 -------------------------------------------------- A petition to wind up the operations of Seng Fa Piling Pte. Ltd. will be heard before the High Court of Singapore on Jan. 30, 2026, at 10:00 a.m. Ecosoil Engineering Pte. Ltd. filed the petition against the company on Jan. 7, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 YOU LE TIAN: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Dec. 26, 2025, to wind up the operations of You Le Tian Holdings 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 ********* 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 ***