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260120.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 20, 2026, Vol. 29, No. 14 Headlines A U S T R A L I A 1DERFUL PTY: First Creditors' Meeting Set for Jan. 28 GRAM CONSTRUCTIONS: First Creditors' Meeting Set for Jan. 30 HEALTHSCOPE NEWCO: Mater Group Buys Hospital on the Gold Coast MATHERS HYDRAULICS: First Creditors' Meeting Set for Jan. 29 MEDICAL DATA: Second Creditors' Meeting Set for Jan. 27 PLEASANT STATE: Cleaning Product Startup to Shut Down After 6 Years SECRETS INTERNATIONAL: Second Creditors' Meeting Set for Jan. 23 SENDLE: Investor Wrote Holdings Down to Zero Weeks Before Closure C H I N A CHINA OIL: S&P Rates Proposed USD-Denominated Sr. Unsec. Notes 'BB' HILONG HOLDING: Moody's Withdraws 'Ca' Corporate Family Rating LONGI GREEN: Warns of Another Full-Year Loss in 2025 XIBEI: To Shut Third of Outlets After Pre-Made Food Controversy H O N G K O N G RENCO HOLDINGS: Hong Kong Court Enters Winding-Up Order I N D I A AMAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category ANANTHA PVC: CARE Keeps D Debt Ratings in Not Cooperating Category ANISHA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating BHUMIKA EGG: CARE Keeps B- Debt Rating in Not Cooperating Category FIRST RELIABLE: CARE Keeps B- Debt Rating in Not Cooperating G. PARANDHAMAIAH: CARE Keeps B- Debt Rating in Not Cooperating G. SIVAIAH: CARE Keeps B- Debt Rating in Not Cooperating Category GALAXY CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating GANAPATHI STONE: CARE Keeps B- Debt Rating in Not Cooperating GARG STEELS: CARE Keeps B- Debt Rating in Not Cooperating Category HERITAGE WORLD: CARE Keeps C Debt Rating in Not Cooperating INDUSTRIAL PERFORATION: CARE Keeps D Ratings in Not Cooperating INTERNATIONAL AGRICULTURAL: CARE Cuts Rating on ST Loan to D JASBIR SINGH: CARE Keeps B Debt Rating in Not Cooperating Category JYOTI INDUSTRIAL: CARE Keeps B+ Debt Rating in Not Cooperating MAA MAHARANI: CARE Keeps D Debt Rating in Not Cooperating Category NEUEON TOWERS: CARE Keeps D Debt Ratings in Not Cooperating PATEL PHOSCHEM: CARE Keeps D Debt Rating in Not Cooperating PRASADHINI ENTERPRISES: CARE Keeps B- Rating in Not Cooperating RAVINDRA KUMAR: CARE Keeps C Debt Rating in Not Cooperating SUBHASH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating SUBRAMANYESWARA POLYMERS: CARE Keeps B- Rating in Not Cooperating TEZPUR INSTITUTE: CARE Lowers Rating on INR10.95cr LT Loan to D TIRUPUR TEXTILES: CARE Lowers Rating on INR57.91cr LT Loan to B- VARDHMAN SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating VIDHATA ASSOCIATES: CARE Keeps B- Debt Ratings in Not Cooperating WHITEFIELDS APPAREL: CARE Keeps D Debt Ratings in Not Cooperating M A L A Y S I A MMM GROUP: Submits New PN17 Plan to Avoid Delisting N E W Z E A L A N D DEAL BUSTERS: Court to Hear Wind-Up Petition on Feb. 23 FOREST PARK: Creditors' Proofs of Debt Due on Jan. 27 PB11 NZ: Creditors' Proofs of Debt Due on Feb. 6 RUBY: Closes Auckland CBD Store After 24 Years SUREWOOD CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 19 W A STROUD: Creditors' Proofs of Debt Due on Feb. 12 S I N G A P O R E ABA PRESTIGE: Court to Hear Wind-Up Petition on Jan. 30 FOCUS COMPUTER: Commences Wind-Up Proceedings SYBEX ACQUISITION: Creditors' Proofs of Debt Due on Feb. 11 THEME A: Commences Wind-Up Proceedings USPP WOODLANDS: Commences Wind-Up Proceedings S O U T H K O R E A [] SOUTH KOREA: Begins Special Oversight; To Restructure KFCC S R I L A N K A SRI LANKA INSURANCE: Fitch Affirms 'CCC+' IFS Rating - - - - - ================= A U S T R A L I A ================= 1DERFUL PTY: First Creditors' Meeting Set for Jan. 28 ----------------------------------------------------- A first meeting of the creditors in the proceedings of 1derful Pty Ltd and The 1derful Group Pty Ltd will be held on Jan. 28, 2026, at 2:30 p.m. via virtual meeting. Rajiv Goyal and Damien Mark Hodgkinson of Olvera Advisors were appointed as administrators of the company on Jan. 15, 2026. GRAM CONSTRUCTIONS: First Creditors' Meeting Set for Jan. 30 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Gram Constructions Pty Ltd will be held on Jan. 30, 2026, at 12:00 p.m. via Microsoft Teams. David Henry Sampson at BPS Recovery was appointed as administrator of the company on Jan. 19, 2026. HEALTHSCOPE NEWCO: Mater Group Buys Hospital on the Gold Coast -------------------------------------------------------------- Michael Smith at The Australian Financial Review reports that Queensland's Mater Group has bought Gold Coast Private Hospital from distressed owner Healthscope, which is selling its portfolio of hospitals after it fell into receivership last year. The Financial Review relates that Mater, Queensland's largest Catholic not-for-profit hospital group and a major provider of maternity services in the state, did not say how much it paid for the 331-bed hospital, which was one of Healthscope's biggest hospitals. It is the fifth sale out of a portfolio of 37 being overseen by receiver McGrathNicol, which seeks to recoup some of the company's AUD1.6 billion debt. According to the Financial Review, Mater chairman Patrick Brady said the purchase would provide long-term security for the hospital's 1400 employees and the continuation of private maternity services at the Southport hospital. Mater already owns 11 hospitals in Queensland. "The costs of constructing new hospitals are significant - Mater's new Springfield hospital will cost more than AUD450 million and is around half the size of Gold Coast Private Hospital – so this purchase represents an exceptional expansion strategy for Mater," the report quotes Mr. Brady as saying. Mater said the hospital, which opened in 2016, cost AUD230 million to build. Another AUD50 million was spent on its expansion in 2018. Ramsay Health Care last month agreed to pay AUD251 million for National Capital Private Hospital in Canberra, while Catholic healthcare provider Calvary bought the Hobart Private Hospital and the Holmesglen Private Hospital in Melbourne, the Financial Review recalls. Healthscope's receivers last year agreed to hand back the 494-bed Northern Beaches Private Hospital in Sydney to the NSW government in a AUD190 million deal. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MATHERS HYDRAULICS: First Creditors' Meeting Set for Jan. 29 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Mathers Hydraulics Technologies Pty Ltd will be held on Jan. 29, 2026, at 10:00 a.m. via virtual meeting. Terrence John Rose and Anne Meagher of SV Partners were appointed as administrators of the company on Jan. 16, 2026. MEDICAL DATA: Second Creditors' Meeting Set for Jan. 27 ------------------------------------------------------- A second meeting of creditors in the proceedings of Medical Data Services Pty Ltd has been set for Jan. 27, 2026, at 11:00 a.m. at the offices of TI Group (NSW) Pty Ltd, at Level 1, 17 Brookhollow Avenue, in Norwest, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 26, 2026 at 4:00 p.m. Darrin Paine of TI Group (NSW) was appointed as administrator of the company on Dec. 22, 2025. PLEASANT STATE: Cleaning Product Startup to Shut Down After 6 Years ------------------------------------------------------------------- David Adams at SmartCompany reports that Australian sustainable cleaning product startup Pleasant State will close its doors after six years in operation, as cost-of-living pressures force environmentally-conscious consumers to make tough spending decisions. Founded in 2020 by Ami Bateman and Sian Murray, Pleasant State provides alternatives to traditional cleaning products and household sprays. Instead of relying on single-use plastics, Pleasant State offers refillable glass spray bottles and concentrated cleaning product bars, which dissolve in tap water. Alongside fellow cleaning product disruptor Zero Co, Pleasant State won over consumers in the early days of the COVID-19 pandemic, SmartCompany says. After raising nearly AUD90,000 through Indiegogo in late 2020, Pleasant State followed up with a Birchal crowdfunding round worth AUD1.06 million in 2023, according to SmartCompany. The innovative startup also earned plaudits from Prime Minister Anthony Albanese and former New Zealand Prime Minister Jacinda Ardern. But in a statement provided to SmartCompany on Jan. 13, Ms. Bateman and Ms. Murray said the business faced multiple challenges in the past 18 months. Tightening consumer budgets challenged its core customer base, they said, as their preference for environmentally-conscious products faced off against lower-cost alternatives. "There's a growing disconnect between conscious consumers and economic reality," SmartCompany quotes Ms. Murray as saying. "People want to make better choices, but households are under pressure, and the cost of producing responsibly hasn't come down. "At the same time, there's been an influx of low-cost cleaning alternatives that replicate the idea of refillable cleaning without the same efficacy or ethics." Internally, growing operating costs challenged the business. "While we're incredibly proud of the impact Pleasant State has made, in this chapter and in this market, we haven't been able to make the model work long term," said Ms. Murray. SmartCompany relates that Ms. Bateman said the business explored partnership and restructuring opportunities, but a general meeting of shareholders resolved that Pleasant State should wind down. "This has been the hardest decision we've ever had to make," she said. "We are deeply disappointed with this outcome, but we're confident that we're doing the right thing for our shareholders and the long-term integrity of the business." The business will hold a closing-down sale, with the founders saying clearing out stock, instead of writing it off, fits with Pleasant State's sustainable ethos. Pleasant State will cease trading on January 27, SmartCompany adds. SECRETS INTERNATIONAL: Second Creditors' Meeting Set for Jan. 23 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of: - Secrets International Pty Ltd; - Secrets Wholesale Pty Ltd; - Secrets Shhh Pty Ltd; - Secrets Shhh Leasing Pty Ltd; - Secrets Shhh Franchising Pty Ltd; - Secrets Shhh Retail Leasing Pty Ltd; - Secrets Online Pty Ltd; - Simudia Pty Ltd; and - Secrets Leasing Pty Ltd 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 11:00 a.m. Kelly-Anne Trenfield and John Park and Kate Warwick of FTI Consulting were appointed as administrators of the company on Dec. 10, 2025. SENDLE: Investor Wrote Holdings Down to Zero Weeks Before Closure ----------------------------------------------------------------- SmartCompany reports that Touch Ventures, which invested more than AUD36 million into Sendle over several years, wrote down the value of its stake to nil in the weeks before the logistics startup's abrupt closure. SmartCompany relates that the downgrade, revealed publicly on Jan. 14, sheds light on how one of Sendle's major financial backers responded to worrying claims about its new merger partner. Touch Ventures (formerly AP Ventures), which led the logistics startup's AUD45 million Series C round in 2021, was already pessimistic about its holdings. Some follow-on financing rounds, which Touch Ventures did not participate in, had diminished the value of its Sendle holdings in the case of a liquidity event, SmartCompany says. Combined with Touch Venture's sanguine outlook for the Sendle business, the investor valued its Sendle stake at nil in June 2025. SmartCompany notes that change came in August, when Sendle merged with US logistics businesses FirstMile and ACI Logistix to form the new parent company FAST Group. The FAST Group merger, which promised to expose Sendle to a truly global e-commerce delivery network, saw Touch Ventures briefly revalue its stake in the newly formed business to AUD1.4 million (US$900,000). But concerns raised by fellow Sendle-slash-FAST Group investor Federation Asset Management in December appeared to dash those hopes. Federation Asset Management last month froze a fund with major FAST Group holdings, after claiming discrepancies in ACI Logistix's disclosures. Those claims rattled Touch Ventures and sent its reported holdings back to zero, SmartCompany states. "Touch Ventures has written down its minority investment position in FAST Group (previously Sendle) to nil . . . to reflect the current publicly available commentary around the business," it wrote. "Touch Ventures has not participated in any follow-on round since 2023, and has consequently continued to be diluted as an investor in the company." Sendle closed suddenly on Jan. 11, giving Australian customers just hours' notice that their parcels would not be picked up from Jan. 12. According to SmartCompany, the business is now stuck in a cross-continental quagmire, with investors seeking answers and reassurances from the collapsed FAST Group and its participants. "As a co-shareholder, Federation is in the same boat as other investors dealing with the issues at Fast Group," a spokesperson told SmartCompany on Jan. 15. Prior to its closure, Federation had "injected emergency capital and brought about management changes to try and resolve a series of issues post the merger," they said, SmartCompany relays. "Federation is now pursuing recoveries for investors," the spokesperson added. Meanwhile, countless small business customers are still left in the dark, SmartCompany reports. A parcel delivery service for small businesses offering door-to-door shipping with free pickup or dropoff options and tracking included. Australia-based Sendle Pty. Ltd. operated as a courier and integrated express package distribution company. The Company offered door-to-door time-definite delivery of shipments for business-to-business needs. ========= C H I N A ========= CHINA OIL: S&P Rates Proposed USD-Denominated Sr. Unsec. Notes 'BB' ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term issue rating to U.S. dollar-denominated senior unsecured notes that China Oil and Gas Group Ltd. (COGG) proposes to issue. The rating on the notes is subject to its review of the final terms and conditions. S&P said, "We equalize the issue rating with the issuer credit rating on COGG (BB/Stable/--). This is because we do not see material subordination risk in the capital structure. The China-based gas distribution company had a priority debt ratio of 36% as of Dec. 31, 2024, below our 50% threshold for notching down an issue rating." The rating equalization also reflects the fact that the proposed debt is not contractually subordinated. The notes are subject to early redemption under certain events, including change of control. They are also subject to certain covenants, including fixed charge coverage ratio (EBITDA over interest and dividends) of not less than 2.5x. COGG intends to use the net proceeds to repay existing offshore debt, including a cash tender offer for U.S. dollar-denominated senior notes due in June 2026. S&P expects COGG to maintain its gas sales volumes and prudent capital expenditure over the next 12-18 months. The company's dollar margin will likely stabilize owing to effective cost passthrough. This will translate into a ratio of funds from operations to debt of 20%-23% over 2025-2027. HILONG HOLDING: Moody's Withdraws 'Ca' Corporate Family Rating -------------------------------------------------------------- Moody's Ratings has withdrawn the Ca corporate family rating of Hilong Holding Limited (Hilong). Prior to the withdrawal, the outlook on the rating was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Hilong Holding Limited is an integrated oilfield equipment and services provider. Its three main businesses are oilfield equipment manufacturing and services, oilfield services and offshore engineering services. The company listed on the Hong Kong Stock Exchange in 2011. Its chairman and founder Mr. Jun Zhang is its controlling shareholder, with a 48.9% equity interest as of June 2025. LONGI GREEN: Warns of Another Full-Year Loss in 2025 ---------------------------------------------------- Bloomberg News reports that Longi Green Energy Technology Co. warned it may report another loss in 2025, following a prolonged downturn that's continued to weigh on the sector. The company expects a full year net loss of about CNY6 billion to CNY6.5 billion for the period ended December, according to preliminary results released Jan. 18 on the Shanghai Stock Exchange, Bloomberg relays. This compares with the CNY8.6 billion deficit in the year ended December 2024, it said. Bloomberg relates that Longi attributed the loss to the persistently low product prices and cost pressures, including the "sharp increase" in silver and polysilicon prices in the fourth quarter, which weighed on its operations. According to Bloomberg, China's solar power industry has been struggling with overcapacity and intense competition, as well as the surging cost of silver, a key component in solar cell production. Sentiment towards the sector has gradually improved following a recent government campaign to address these issues across several industries, but the positive impact is most evident in polysilicon, a crucial upstream material used in solar panels. Longi - the largest solar-panel maker in China by market capitalisation - is poised for an earnings recovery this year, as the solar industry swings to an upcycle, according to Bloomberg Intelligence analysts Chia Chen and Henik Fung. Bloomberg says price competition is easing under the government's campaign, while overcapacity is improving as solar firms cut capital spending and consolidation picks up. "These factors support a healthier market balance and higher solar-panel prices starting 2026," they said in a note. Longi's plan to transition to affordable base metals from silver in the second quarter should also strengthen margins in the long term, they added. Bloomberg adds that the company had previously posted a smaller loss in the third quarter, after taking multiple cost reduction measures. Chairman Zhong Baoshen said in September that the company was "confident" it would return to breaking even in its core business in the fourth quarter, Bloomberg recalls. About LONGi Green LONGi Green Energy Technology Co., Ltd. manufactures solar energy products. The Company produces monocrystalline silicon ingots, monocrystalline silicon wafers, semiconductor materials, solar cells, and other products. LONGi Green Energy Technology mainly operates businesses in China. XIBEI: To Shut Third of Outlets After Pre-Made Food Controversy --------------------------------------------------------------- Yicai Global reports that Xibei, a restaurant chain known for its northwestern Chinese cuisine, will close about a third of its outlets following a public controversy over the use of pre-cooked food, China Newsweek reported, citing founder Jia Guolong. Xibei will close 102 of its restaurants in a single sweep, the report said on Jan. 17. Last month, a source at the Beijing-based business told Yicai that customer traffic had plunged 45 percent at the worst point. "We're definitely losing money right now," the person said. "The pressure on cash flow is immense." According to Yicai, the crisis began last September when Luo Yonghao, an online influencer with millions of followers, dined at a Xibei restaurant. "Almost all pre-made dishes. Still so expensive. Disgusting!," Luo wrote of his visit, sparking consumer concerns and a debate about food transparency. While insisting that initial food processing was done in a central kitchen, Xibei nonetheless suffered a drop in customer traffic, shrinking its revenues and denting its plans to go public this year, Yicai notes. In the wake of the storm, Xibei has tried to turn the situation around. It had begun making dumplings, lamb skewers, and some soups freshly to order by late September, and cut the price of 30 to 40 dishes by an average of about 20 percent in November. Yicai says Xibei also launched a customer recovery initiative, offering incentives ranging from a "CNY100 [USD14.35] voucher with any in-store purchase" to "spend CNY50, get CNY50 free" promotions, as well as daily half-price dishes on food delivery platforms. New national standards for pre-cooked meals have passed review, an expert involved in drafting them said to Yicai in September. For the first time, whether and how restaurants use pre-made dishes will be subject to information disclosure requirements. "The standards primarily focus on defining the product and setting food safety indicator requirements," the person said. ================= H O N G K O N G ================= RENCO HOLDINGS: Hong Kong Court Enters Winding-Up Order ------------------------------------------------------- TipRanks reports that Renco Holdings Group Limited has seen all director powers terminated by a High Court winding-up order, with control of its affairs, business and property transferred to court-appointed liquidators acting as agents of the company. According to TipRanks, the company has announced that the High Court ordered the appointment of Osman Mohammed Arab and Wong Kwok Keung of Acclime Corporate Advisory (Hong Kong) Limited as joint and several liquidators and authorised representatives effective Dec. 10, 2025, alongside a change of its principal place of business and contact details to Acclime's offices, while trading in its shares remains suspended since January 2025 and will continue until further notice, leaving shareholders to seek professional advice on the implications of the winding-up order. Based in Central, Hong Kong, Renco Holdings Group Limited, an investment holding company, manufactures and sells printed circuit boards. The company operates through three segments: Manufacturing, Treasury Investments, and Financial Services. It is also involved in the investment and trading of securities; fund investments and related activities; provision of financial assistance, advisory on securities, asset management, information system management and investment advisory, financial assistance; and consultancy and corporation solution services; and equity and debt investments. It operates in the People's Republic of China, Singapore, Malaysia, Germany, Poland, other European countries, the United States, Korea, Japan, and internationally. ========= I N D I A ========= AMAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amar Cottex Private Limited (ACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL 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 Rajkot-based ACPL was incorporated in March 2011, by Mr Nilesh Devjibhai Sakhiya and Mr Naranbhai Karsanbhai Ramani as a private limited company. ACPL is engaged in the cotton ginning and pressing activity and started commercial production from November 2011. Mr Jayraj Vekariya is managing the overall business operation of ACPL. ACPL has installed capacity of 6,800 metric tonnes per annum (MTPA) as on March 31, 2015, for cotton bales at its sole manufacturing facility located at Rajkot (Gujarat). ANANTHA PVC: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Anantha PVC Pipes Private Limited (APPPL) continue 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 Short Term Bank 7.00 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 13, 2024, placed the rating(s) of APPPL under the 'issuer non-cooperating' category as APPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025, October 19, 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 Anantha PVC Pipes Private Limited (APPPL), incorporated in 2006, is part of Nandyal (Andhra Pradesh) based Nandi Group of companies. Promoted by Mr. Sajjala Sreedhar Reddy, APPPL is engaged in the business of manufacturing of rigid Polyvinyl Chloride (PVC) pipes and fittings (installed capacity of 12,800 MTPA) at its facilities located at Hampapuram (Andhra Pradesh). The products are widely used in irrigation, telecommunication, potable water supplies, electrical industry, construction industry, sewerage and drainage etc. Besides, the company is also engaged in trading of resins and chemicals. ANISHA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anisha Enterprises (AE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 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 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 Anisha Enterprises (AE) was established and started the commercial operations in the year May 2017 by Mr. Srimannarayana as a proprietorship concern. Initially, the firm was engaged in the business of trading of Tobacco, Pulses and Shrimp. At present the firm is engaged in the wholesale and retail trading of different kinds of pulses and shrimp. The firm generates 95% of the revenue from the trading of pulses and remaining 5% from sale of shrimp. The firm sells both pulses and shrimp in the states of Andhra Pradesh and purchases the same from the farmers located around Prakasham district, Andhra Pradesh. BHUMIKA EGG: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhumika Egg Educing Valley (BEEV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.06 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 24, 2024, placed the rating(s) of BEEV under the 'issuer non-cooperating' category as BEEV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEEV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 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 Bhumika Egg Educing Valley (BEEV) was established in 2012 as a proprietorship firm by Mrs Sarita Chowdhary. However, the commercial operations commenced from April, 2013. BEEV is engaged in poultry farming business at its poultry farm located in Bhiwani, Haryana. The firm has total installed capacity of about 8,40,000 layer birds per batch as on March 31, 2016. The firm sells eggs mainly to retailers located in Haryana and Punjab. The main raw materials for feeding the chicken are maize, soyabean and defatted rice bran which are procured majorly from suppliers based in Uttar Pradesh, Bihar and Haryana while the 1 day old chicks are procured from Skylark Hatcheries Private Limited. FIRST RELIABLE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of First Reliable Industries (FRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.17 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 10, 2024, placed the rating(s) of FRI under the 'issuer non-cooperating' category as FRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025 and November 15, 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 First Reliable Industries (FRI) is a partnership firm established in November-2016. It has set up a unit for manufacturing of Polypropylene (PP) and High-Density Polyethylene (HDPE) based woven sack bags and fabrics which find application in packaging for various industries like chemicals, fertilizers etc. The manufacturing unit is located at Khanna, Punjab. G. PARANDHAMAIAH: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G. Parandhamaiah and Company Cotton Ginning Mills (GCCGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 14, 2024, placed the rating(s) of GCCGM under the 'issuer non-cooperating' category as GCCGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCCGM 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: Stable G. Parandhamaiah and Company Cotton Ginning Mills (GCCGM) was established in 1973 as a partnership firm and promoted by Gorantla Punnaiah and his family members. The firm is engaged in manufacturing of cotton lint and seeds. The manufacturing unit is spread in total area 11 acres located at Ganapavaram, Guntur (Andhra Pradesh). GCCGM purchases raw cotton from farmers located in and around Guntur. The firm sells the cotton lint and seeds to the customers within Andhra Pradesh. G. SIVAIAH: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G. Sivaiah and G. Padmaja (GGP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 14, 2024, placed the rating(s) of GGP under the 'issuer non-cooperating' category as GGP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GGP 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: Stable G. Sivaiah and G. Padmaja (GGP) were established as a partnership concern in 2007 by Mr. G. Sivaiah and G. Padmaja in Koppal district, Karnataka. The firm is engaged in rearing of chicks for production of eggs and culling. The chicks are purchased from the local suppliers in Koppal. GALAXY CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Galaxy Construction and Contractors Private Limited (GCCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 11, 2024, placed the rating(s) of GCCPL under the 'issuer non-cooperating' category as GCCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2025, November 6, 2025, November 16, 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 the year 2001, GCCPL is promoted by Mr. Deepak Gugale and Mr. Amit Thepade. The company is engaged in the civil construction of commercial and residential projects and undertakes project on contract basis for various customers including government, semi-government and private entities. GANAPATHI STONE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ganapathi Stone Crusher (GSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 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 15, 2024, placed the rating(s) of GSC under the 'issuer non-cooperating' category as GSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSC 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 Ganapathi Stone Crusher is a proprietorship firm incorporated in 2005 by Mr. S.T Ramesh. The firm is engaged in civil contractor work mainly in construction of roads in and around Bengaluru region. The firm has a stone crusher unit with crushing capacity of 1000 tons per day and 10 acres of quarries in Bangalore rural area. The firm also has a Concrete Batch Mix Plant and cement batch plant at Ganakal and Devarabisanahalli of Bangalore. GARG STEELS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Garg Steels (Jalandhar) (GS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 11 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 23, 2024, placed the rating(s) of GS under the 'issuer non-cooperating' category as GS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 8, 2025, November 18, 2025 and November 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable GS, established in 2005, is a partnership firm being looked after by Mr Suresh Garg, Mr Amit Garg and Mrs Shruti Garg who share profit and loss equally. The firm is engaged in the trading of steel products (CR coils, HR Coil, HR Sheets, HR Plates, GP Sheets, etc.), which find their application in steel and allied products industry. HERITAGE WORLD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Heritage World School (HWS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 23, 2024, placed the rating(s) of HWS under the 'issuer non-cooperating' category as HWS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HWS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 8, 2025, November 18, 2025 and November 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Heritage Education & Human Welfare Society is incorporated under the society registration act 1860. The society is establishing a senior secondary school in the name of Heritage World School at Chandauli, Varanasi. The school is being promoted by Sri Lal Ji Rai, Sri Pankaj Rai, Smt Divya Rai and they are having experience in health care industry for more than two decades. Heritage group is one of the leading groups in Varanasi from last 20 years in Health Care and Construction Industry. The health care business is looked after by and Dr. Anshuman Rai, whereas real estate sector is being looked after by Shri Pankaj Rai. Heritage group is running a multi-specialty hospital i.e. Heritage hospital ltd in Lanka, Varanasi (Uttar Pradesh). INDUSTRIAL PERFORATION: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Industrial Perforation (India) Private Limited (IPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 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 12, 2024, placed the rating(s) of IPPL under the 'issuer non-cooperating' category as IPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Industrial Perforation (India) Private Limited (IPPL) was initially set up as a partnership firm, “Industrial Perforation” in 1981 by two friends Shri Ashis Kumar Saha and Smt. Alpana Kundu of Kolkata, West Bengal. Subsequently, the firm was reconstituted as Private Limited Company in 1991 with its name changed to the current one. Since inception, IPPL has been engaged in manufacturing and supply of steel cable trays, power transmission cable trays, earthling materials and accessories for power transmission and distribution companies. The company primarily focuses on specialty cable trays, which are designed as per the customer's specifications and are largely order-driven. The manufacturing facilities of IPPL is located in Kolkata (unit-I at Dum Dum R.N. Guha Road and Unit-II at Ganganagar, Katakhal). INTERNATIONAL AGRICULTURAL: CARE Cuts Rating on ST Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Tezpur Institute of Medical Sciences Private Limited (TIMES), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 3.52 CARE D Downgraded from CARE BB; bank facilities Stable Short-term 67.50 CARE D Downgraded from CARE A4+; bank facilities Stable Rationale and key rating drivers Revision in the ratings assigned to the bank facilities of IAPPL factors in delays in debt servicing identified during CARE Ratings Limited (CareEdge Ratings) due diligence. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Satisfactory track record of timely repayment and servicing of debt obligations for a continuous period of 90 days. Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: As per the lender feedback obtained as part of the due diligence exercise conducted by CareEdge Ratings, there have been overdue for a period of more than 30 days in the packing credit facility availed by IAPPL. The packing credit facility was availed by the company basis an order from the parent company for supply to USA. The shipments to the parent were delayed post the evolving operating scenario arising out of the imposition of the tariff by the USA and hence this created a liquidity strain on IAPPL. * Moderate scale of operations with volatile profit margins: The company's revenue increased to INR158.16 crore in FY25 from INR127.68 crore in FY24, supported by higher export demand for gherkins. PBILDT margins declined to 5.48% (PY: 8.04%) due to higher raw material costs. Profitability has shown fluctuations over the years, and maintaining current levels will be an important monitorable. Since the company derives most of its revenue from processed gherkins, performance remains subject to seasonality and agricultural output. * Client concentration risk: The revenue of the company is entirely generated by way of export sales to countries like Canada, Germany, Netherlands, USA and Japan. Further, the top five customers of IAPPL constitute almost around 75-80% of the revenue, of which around 60% of the sales is to the parent company of the group, Marcatus QED INC, Canada. This keeps the revenue concentration high. * Highly competitive and seasonality associated with agro-based business: The gherkins industry is highly fragmented and there is strong competition from both organized as well as unorganized players in the domestic industry. This apart, the company could face competition from other gherkin-exporting nations like Germany and Turkey in the global market. The yield from cultivation can vary depending on changes in the climatic conditions impacting the material availability. Key strength * Experienced management team and long track record of the group: IAPPL has been operating since 1998 and engaged in processing and selling of Gherkins and other vegetables. The company was acquired by M/s. Marcatus QED INC (MQED), Canada during 2011 which is one of the established agro food players in the globe. MQED is operating since 2001 with a track record of more than two decades of operations and is one of the major gherkins and other agro based products traders in western and other European countries. Currently IAPPL managed by the directors Somanna Kaveriappa Mukkatira, Ajay Kumar Kanhangad Madathil and Alok Aurovillian ably assisted by a team of well qualified and experienced professional. Liquidity: Poor The liquidity is poor marked by overdue in packing credit facility. The average utilization of working capital limits stood over the 95% for the past 12 months ended December 2025. IAPPL, based in Tamil Nadu, was originally incorporated on March 24, 1998, by Peter Uyitewaal, a Netherlands citizen, and later transferred to the Marcatus Group, Canada, in 2011. The company is engaged in processing and exporting gherkins, along with trading other vegetables such as baby corn, tomato, onion, red capsicum, jalapeño, pepper, and green chili. It has two wholly owned subsidiaries—IAP Farm Services Private Limited and Marcatus Speciality Foods Private Limited—primarily for raw material procurement. IAPPL operates as a 100% Export-Oriented Unit (EOU), exporting mainly to Canada, USA, Germany, Netherlands, and Japan. JASBIR SINGH: CARE Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jasbir Singh & Company (JSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.00 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 13, 2024, placed the rating(s) of JSC under the 'issuer non-cooperating' category as JSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSC 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 Gurgaon (Haryana) based, Jasbir Singh & Company (JSC) established in April 2015 as partnership concern by six partners namely Mr. Deepak Chaudhary, Mrs. Jasbir Singh, Mr. Rajender Singh, Mr. Dhiraj Sehrawat, Pankaj Chaudhary and Mr. Jai Prakash. They collectively look after the overall operations of the firm. The firm is engaged in retail sales of Indian made foreign liquor (IMFL), Country liquor and all kinds of wine and beer. Apart from retail sales the firm also sells the traded product to various hotels and bars in Gurgaon. JYOTI INDUSTRIAL: CARE Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jyoti Industrial Corporation (JIC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 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 January 2, 2025, placed the rating(s) of JIC under the 'issuer non-cooperating' category as JIC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JIC 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). Analytical approach: Standalone Outlook: Stable Established in the year 2000, Jyoti Industrial Corporation (JIC) is a Haryana based proprietorship firm. The firm has a long track record of over two decades in wholesale trading of iron and steel products. The firm is authorized dealer of three main suppliers namely, Posco India Processing Private Limited, Arcelor Mittal Nippon Steel Limited and Steel Authority Of India Limited and sell their products PAN India. JIC deals with multiple products including galvanized iron sheets, prepainted galvanised iron sheet (PPGI), galvanized plain skin pass iron sheet (GPSP), colour coated coils, HR coils etc. They have two units; one is in Mumbai and another unit is in Faridabad. The firm is spearheaded by Mr. Davinder Kalra, proprietor of the firm. He has experience of around two and half decades in the industry. MAA MAHARANI: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Maa Maharani Rice Mill (MMRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.07 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 15, 2024, placed the rating(s) of MMRM under the 'issuer non-cooperating' category as MMRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMRM 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 Maa Maharani Rice Mill (MMRM) was constituted as a partnership firm via partnership deed dated April 01, 2013. However, the firm is currently governed by the partnership deed dated August 31, 2016 and it is managed by Mr. Uma Shankar Singh, Mr. Avinash Singh and Mr. Arvind Kumar Singh. The firm has commenced operations from April 2014 onwards and it is into processing and milling of non-basmati rice. The manufacturing facility of the firm is located at Wazidpur, Bihar with an installed capacity of 38880 metric ton per annum. NEUEON TOWERS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Neueon Towers Limited (NTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,420.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 200.02 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 October 25, 2024, placed the rating(s) of NTL under the 'issuer non-cooperating' category as NTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 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 Neueon Towers Limited (erstwhile Sujana Towers Limited) (ISIN Number: INE333I01036) was established in April 2006 after demerger of Towers Division of Splendid Metal Products Limited (erstwhile Sujana Metal Products Limited), pursuant to the scheme of arrangement and amalgamation as approved by the High Court Andhra Pradesh. Neueon Towers Limited (NTL) is engaged in manufacturing of galvanized steel towers used in the power transmission and telecom tower sector. NTL was initially a part of the Sujana group, promoted by Y.S. Chowdhary who has more than 23 years of experience in steel products manufacturing and trading. The group has diversified business activity with presence in construction & structural steel, power transmission & telecom towers and allied services, energy (generation, distribution, green energy consulting and manufacture of energy saving LEDs), basic and urban infrastructure development, precision engineering components, domestic appliances and international trade. Neueon Towers Limited officially changed its name to Neueon Corporation Limited on September 2025. PATEL PHOSCHEM: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Patel Phoschem Limited (PPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.75 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 9, 2025, placed the rating(s) of PPL under the 'issuer non-cooperating' category as PPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 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 Udaipur (Rajasthan) based Patel Phoschem Private Limited (PPL) was incorporated in 2006 by Mr. Roop Lal Patel along with his family members. In April, 2014, the company changed its constitution from private limited to public limited. Initially, PPL was engaged in the business of executing turnkey projects related to installation of fertiliser plants which includes construction of plant to supply of machineries. Later, from September, 2012, PPL started production of SSP, GSSP and PA. PRASADHINI ENTERPRISES: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prasadhini Enterprises Private Limited (PEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.41 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of PEPL under the 'issuer non-cooperating' category as PEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Prasadhini Enterprises Private Limited (PEPL), incorporated in the year 2000, is operating a budget Hotel 'Airlines' in Mysuru, Karnataka. The company also has a retail property situated at Mysuru, Karnataka with total built up area of 55,000 sq. ft., which it has leased to Trinethra Superretail P Ltd. wholly owned subsidiary of Aditya Birla Retail Limited for running 'More Hypermarket' for period up to 2024. The company is promoted by Mr. M H Abhishek Hegde and Ms. Jayapadma Hegde, who are directors of the company. The directors have adequate knowledge and experience in the field of banking, law and business activities. RAVINDRA KUMAR: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ravindra Kumar Singh (RKS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of RKS under the 'issuer non-cooperating' category as RKS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RKS 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 Set up as a proprietorship firm in 2015, Ravindra Kumar Singh (RKS) is engaged in the construction of shopping mall cum commercial complex in Saharsa, Bihar. The project is expected to be operational from April, 2019. Mr. Ravindra Kumar Singh (aged 63 years), having over three decades of experience and looks after the overall management of the firm with adequate support from a team of experienced personnel. SUBHASH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Subhash Poultry Complex (SPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 2, 2024, placed the rating(s) of SPC under the 'issuer non-cooperating' category as SPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 18, 2025, October 28, 2025, November 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, Subhash Poultry Complex (SPC) was established in the year 2016 as a partnership firm and is promoted by Mr. Srinivasa Rao and his other family members. The partners of the firm have experience of more than a decade in the poultry business. The firm is engaged in farming of egg laying poultry birds (chickens) along with trading of eggs and cull bird. SUBRAMANYESWARA POLYMERS: CARE Keeps B- Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Subramanyeswara Polymers (SSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 4, 2024, placed the rating(s) of SSP under the 'issuer non-cooperating' category as SSP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 20, 2025, October 30, 2025, November 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kurnool (Andhra Pradesh) based Sri Subramanyeswara Polymers (SSP) is a partnership concern and was established in the year 2007 by Mr. G. Suryanarayana Reddy along with his family members. SSP is engaged in manufacturing of PP Woven Sacks in different sizes and colours as per customer specifications. The product finds its application in business segments like food grains packaging and cement industry. The firm currently has an installed capacity of manufacturing 84 million bags per annum. The day to day operations of the firm are taken care by the partners Mr. G. Suryanarayana Reddy, Mrs. G. Venkata Lakshmamma and Mr. G. Sudheer Reddy. TEZPUR INSTITUTE: CARE Lowers Rating on INR10.95cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Tezpur Institute of Medical Sciences Private Limited (TIMES), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 10.95 CARE D Downgraded from CARE BB; bank facilities Stable Long-term/ 2.00 CARE D/CARE D Downgraded from Short-term CARE BB; Stable/CARE A4 bank facilities Rationale and key rating drivers Revision in the ratings assigned to bank facilities of TIMES considers delay in interest servicing of term loan availed from North Eastern Development Finance Corporation Limited (NEDFi) in the past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. Negative factors: Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: There was a delay in interest servicing of term loan availed from NEDFi in the past. Liquidity: Poor The liquidity of the company is marked poor on account of the delay in interest servicing of term loan availed from NEDFi. TIMES was incorporated in 2012 having its registered office in Tezpur, Assam. It was set up with the objective of providing medical facilities including nursing homes and hospitals. The hospital holds accreditation from National Accreditation Board for Hospitals and Healthcare Providers (NABH). Dr. Satyajit Borah, Dr. Rup Baruah, Dr. Sushil Barhoi and Dr. Bhabani Bhuyan are the promoters of the company. The hospital is running with 130 beds having 7 beds dedicated to the Intense Care Unit (ICU), and 5 beds for High Dependency Unit (HDU). Besides, the hospital has 8 well equipped operation theatres. TIRUPUR TEXTILES: CARE Lowers Rating on INR57.91cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Tirupur Textiles Private Limited (TTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.91 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from TTPL to monitor the ratings vide e-mail communications dated December 4, 2025, January 6, 2026 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, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on TTPL's bank facilities will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING. 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 have been revised on account of non-availability of requisite information due to non- cooperation by Tirupur Textiles Private Limited (TTPL) with CARE's efforts to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. The rating assigned to the bank facilities of (TTPL) is constrained by small scale of operations, weak debt coverage indicators, and customer concentration risk. The rating is further constrained by operating in a highly fragmented industry with exposure to raw materials prices and elongated operating cycle. The rating, however, derives strength from vast experience of the promoters in the textile industry and availability of inhouse captive power. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on November 19, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Small scale of operations and declining scale of operations: TTPL, established in 1956, is engaged in manufacturing of cotton hosiery yarn with 60 counts. Despite long vintage, the company's scale of operation remained in the range of INR100.00 crore to INR150.00 crore. In FY24, TOI declined by 37% to INR63.76 crore (PY: INR100.86 crore) due to industry slowdown and availability of cheaper yarns in the market. In 7m FY25 the company generated income of INR10.00 crore. * Concentrated customer profile in a competitive and fragmented industry: The company derives over 84% (PY: 52%) of TOI in FY24 from single customer, with whom the company has relationship for more than 2 decades. The cotton spinning industry in the country is highly fragmented, characterized by a wide range of organized and unorganized players, which adds to the competitive landscape and market dynamics. * Moderate capital structure and weak debt coverage indicators: Against the net worth base of INR64.12 crore the company has an outstanding debt level of INR78.33 crore, with an overall gearing of 1.22x as on March 31, 2024, compared to 1.26x as on March 31, 2023. The net worth was INR11.94 crore as on 31 March 2020 which improved to INR78.33 crore as on March 31, 2024, due to accretion of profit, aided profit from sales of land from FY21 to FY23. The debt coverage indicator marked by Total debt/GCA stood weak at 42.92x in FY24 (PY: 44.71x) * Inherent volatility associated with prices of raw material: The profitability of spinning mills is largely influenced by the prices of cotton and cotton yarn, which are affected by factors such as the area under cultivation, monsoon conditions, and the international demand-supply situation. The cotton textile industry is inherently prone to the volatility in cotton and yarn prices. Also, the company is engaged in manufacturing cotton yarn which is highly fragmented industry due to presence of large number of organized and unorganized players in the industry resulting in huge competition. The PBILDT margin has been varying in the range of 6.43% to 26.07% over the past four years ended FY24. Key strengths * Promoter's extensive industry experience and established track record of the company: TTPL is a family-owned business with a legacy spanning over seven decades in the cotton spinning industry. The company is currently managed by S. Vijaykrishna, the Managing Director, who holds a Diploma in Textile Technology and boasts over four decades of industry experience. Leveraging the promoter's vast industry knowledge and well-established presence, TTPL has successfully forged long-standing relationships with both its suppliers and customers. * Benefit derived from captive power: TTPL has an installed capacity of 12MW of windmill power. The power generated through windmill unit is partly used for captive power consumption which helps to meet with around 85% of the total power needs and remaining is sold to the state electricity board. TTPL incorporated in 1956 at Tirupur, Tamil Nadu, is engaged in the manufacturing of cotton hosiery yarn. The company managed by S. Vijaykrishna who is a 3rd generation entrepreneur. The company has total installed capacity of 59,712 spindles and manufactures hosiery yarn with an average count of 60s. The major customer is based in Mumbai which contributed to more than 80% of the topline and the other customers are based in and around Tirupur, Tamil Nadu. VARDHMAN SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vardhman Spinners (VS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.87 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 January 07, 2025, placed the rating(s) of VS under the 'issuer non-cooperating' category as VS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 23, 2025, December 3, 2025, January 8, 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: Stable Vardhman Spinners (VS), based in Panipat, Haryana was established in May 2009 as a partnership firm. The firm is currently being managed by Mr. Ajay Kumar Jain, Mr. Hemant Kumar Jain, Ms. Shashi Jain and Ms. Dipty Jain as its partners. The firm is currently engaged in manufacturing of mink blankets and Upper shoe material at its manufacturing facility located in Panipat. The firm undertakes in-house dyeing and stitching of these blankets. The firm is also into trading of grey fabric with local procurement and sale of the same. VIDHATA ASSOCIATES: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vidhata Associates (VA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 11.00 CARE B-/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 13, 2024, placed the rating(s) of VA under the 'issuer non-cooperating' category as VA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025, October 19, 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 Gandhinagar-based (Gujarat) Vidhata Associates (VA) was established in May 1986, as a Vidhata Enterprise. Subsequently, it changed its name to VA in 2005. VA is a partnership firm engaged into civil construction business. VA is 'AA' class contractor registered with Road and Building Department (Govt. of Gujarat) and works generally on government contract of Roads and Building Department, Project Implementation Unit and Gujarat Council of Primary Education Department of Govt. of Gujarat. Mr Rajnikant Patel, a key partner of the firm has more than three decades of experience in the similar line of business. WHITEFIELDS APPAREL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Whitefields Apparel (WA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.35 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 2, 2024, placed the rating(s) of WA under the 'issuer non-cooperating' category as WA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WA 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 Whitefields Apparel (WA) was established in April 2011 as a proprietorship concern by Mrs. Kalpana Anand, daughter of Mr. K. P. Ramasamy, the Chairman of K.P.R. Mill Limited. WA is a Tirupur-based firm engaged in manufacture and export of knitted garments. =============== M A L A Y S I A =============== MMM GROUP: Submits New PN17 Plan to Avoid Delisting --------------------------------------------------- John Lai at theedgemalaysia.com reports that MMM Group Bhd, formerly known as Asia Media Group Bhd, has unveiled a fresh regularisation plan following Bursa Malaysia's approval of its appeal against delisting. Its second new regularisation plan since falling into PN17 in 2019, the plan comprises fundraising exercises - a rights issue with warrants and a private placement - alongside a RM16 million acquisition, theedgemalaysia.com relates. Announced on Jan. 16, the new proposal includes a 10-for-1 share consolidation, a private placement of about 9.34 million shares, and a renounceable rights issue of up to 323.75 million new shares with free detachable warrants, according to theedgemalaysia.com. These measures form part of a capital restructuring aimed at restoring compliance with Bursa's Main Market listing requirements. On a full subscription basis, the rights issue is expected to raise about RM38.85 million. Grand Portfolio Sdn Bhd, controlled by Chen Jui-Liang, has undertaken to subscribe for at least 108.33 million rights shares, theedgemalaysia.com notes. Grand Portfolio currently holds 12.51% of MMM Group and is projected to increase its stake to 30.81% after the exercise. Incorporated in 2021, Grand Portfolio previously built up its stake in MMM Group through direct market acquisitions. theedgemalaysia.com relates that together with the private placement, the MMM group expects to raise a total of RM39.97 million - RM38.85 million from the rights issue and RM1.12 million from the placement. The company said the revised plan will supersede all previously announced proposals as it seeks to strengthen its balance sheet and operational footing. From the funds raised, MMM Group plans to acquire EDSB Outdoor Sdn Bhd for RM16 million, through a combination of cash and new shares. Established in 1997 and headquartered in Petaling Jaya, EDSB Outdoor is a player in Malaysia's outdoor advertising industry, providing billboard and out-of-home media solutions nationwide. The company is owned by Chong Yoke Lai and Gan Soon Choon. As part of the acquisition terms, the vendors have jointly guaranteed that EDSB will achieve an audited profit after tax (PAT) of RM2 million for each of the financial years ending Dec 31, 2026, 2027, and 2028, amounting to a total guaranteed PAT of RM6 million. MMM Group also intends to invest RM12.16 million to convert EDSB's static billboards into digital formats, while allocating RM3 million to repay borrowings and RM5.61 million for working capital. Subject to approvals and barring unforeseen circumstances, MMM Group expects to complete the proposed regularisation plan by the second half of 2026. M&A Securities has been appointed as the principal adviser for MMM Group's proposed regularisation plan, as well as the placement agent for the private placement and underwriter for the rights issue with warrants, theedgemalaysia.com discloses. About MMM Group MMM Group Bhd (formerly Asia Media Group Bhd) is a digital out-of-home Transit TV company. The Company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises. Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru. The company slipped into PN17 status in October 2019 after its shareholders' equity fell to less than 25% of its issued capital. In August last year, its external auditor Messrs CAS Malaysia PLT highlighted a material uncertainty related to a going concern in its financial statements for the financial year ended March 31, 2021. ===================== N E W Z E A L A N D ===================== DEAL BUSTERS: Court to Hear Wind-Up Petition on Feb. 23 ------------------------------------------------------- A petition to wind up the operations of Deal Busters Limited will be heard before the High Court at Hamilton on Feb. 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 3, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FOREST PARK: Creditors' Proofs of Debt Due on Jan. 27 ----------------------------------------------------- Creditors of Forest Park Development Limited are required to file their proofs of debt by Jan. 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 17, 2025. The company's liquidators are: Stephen White Janet Sprosen c/o PwC PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 PB11 NZ: Creditors' Proofs of Debt Due on Feb. 6 ------------------------------------------------ Creditors of PB11 NZ Limited are required to file their proofs of debt by Feb. 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 25, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 RUBY: Closes Auckland CBD Store After 24 Years ---------------------------------------------- Sam Smith at Stuff.co.nz reports that fashion label Ruby is closing its Auckland CBD store after 24 years, citing safety concerns among the reasons to shut up shop. Opened in 2002, the High St store was the clothing brand's first, and it has since hosted 140 seasonal collections. According to Stuff, Ruby general manager Emily Miller-Sharma said on social media that January 31 will be their last day, calling the decision to move on from their original store "the end of an era". She said the central city has had a "rough" time, noting that CRL construction has made it difficult for people to navigate. "We've held on in High St, in part because of the significance of it being our first IRL store, and also because we believe in what the city will be. "The fact is though, High St is not the right home for us anymore." Ms. Miller-Sharma added that there were "genuine and ongoing safety concerns" for the store's team members, while another nearby retailer was looking to expand their operation, making it the "perfect" opportunity for them to leave, Stuff relays. Despite the decision to move on from their High St location, Ms. Miller-Sharma said this was not entirely Ruby's goodbye to the city centre. "We will be back once we have found the right space for our new central home," Stuff quotes Ms. Miller-Sharma as saying. "I'm a city gal. I live in the central city, and I love wandering around and seeing the glimmers of what the city will be. It's right on the cusp! And its so exciting." Ruby has other Auckland stores in Ponsonby and Newmarket, as well as in Hamilton, Wellington, Mt Maunganui, and Christchurch. SUREWOOD CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 19 ---------------------------------------------------------------- A petition to wind up the operations of Surewood Construction Limited will be heard before the High Court at Auckland on Feb. 19, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 6, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 W A STROUD: Creditors' Proofs of Debt Due on Feb. 12 ---------------------------------------------------- Creditors of W A Stroud Limited are required to file their proofs of debt by Feb. 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 14, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= ABA PRESTIGE: Court to Hear Wind-Up Petition on Jan. 30 ------------------------------------------------------- A petition to wind up the operations of ABA Prestige Pte. Ltd. will be heard before the High Court of Singapore on Jan. 30, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Jan. 5, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FOCUS COMPUTER: Commences Wind-Up Proceedings --------------------------------------------- Members of Focus Computer (S) Pte Ltd on Jan. 9, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ellyn Tan Huixian Forvis Mazars Consulting 135 Cecil Street, #10-01 Philippine Airlines Building Singapore 069536 SYBEX ACQUISITION: Creditors' Proofs of Debt Due on Feb. 11 ----------------------------------------------------------- Creditors of Sybex Acquisition Private Ltd. are required to file their proofs of debt by Feb. 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 12, 2026. The company's liquidator is: Mr. Lai Kuan Loong, Victor CitadelCorp Services 20 Collyer Quay, #11-07 Singapore 049319 THEME A: Commences Wind-Up Proceedings -------------------------------------- Members of Theme A Investment Holdings Pte. Ltd. on Jan. 8, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 USPP WOODLANDS: Commences Wind-Up Proceedings --------------------------------------------- Members of USPP Woodlands Pte. Ltd. on Jan. 8, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring Services 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 ===================== S O U T H K O R E A ===================== [] SOUTH KOREA: Begins Special Oversight; To Restructure KFCC ------------------------------------------------------------- Chosun Biz reports that the Ministry of the Interior and Safety, the Financial Services Commission, the Financial Supervisory Service, and the Korea Deposit Insurance Corporation (KDIC) will jointly begin special oversight, including restructuring of the Korean Federation of Community Credit Cooperatives (KFCC). According to Chosun Biz, the Financial Services Commission said on Jan. 18 that since December last year through June this year it has been running a special prudential management period to improve the KFCC's management performance. The financial authorities and others will continuously check management conditions during this period, including arrears rates and deposits-liquidity, losses, and restructuring of insolvent cooperatives. They plan to assign prudential improvement targets by region and by cooperative and guide underperforming ones to meet management performance through on-site inspections, meetings with management, and obtaining letters of commitment. Chosun Biz says the financial authorities and others also launched a special management task force (TF). The TF is composed of core personnel from four institutions: the Ministry of the Interior and Safety (MOIS)'s Regional Finance Support Division, the Financial Services Commission (FSC)'s mutual finance institutions team, the Financial Supervisory Service (FSS)'s Small and Medium Finance Supervision Department and Examination Department 2, and the KDIC's Financial Stability Office. The KFCC merged 42 cooperatives from the July 2023 withdrawal incident through the end of last year, Chosun Biz notes. The financial authorities and others said they plan to use MOIS's prompt corrective actions and other active supervisory tools to restructure insolvent cooperatives more quickly. Chosun Biz adds that MOIS and the financial authorities also decided to greatly expand joint examinations to strengthen prudential management and supervision. The number of cooperatives subject to examination will increase from 32 last year to 57 this year. During the special management period in the first half of this year alone, they plan to jointly examine 35 cooperatives. ================= S R I L A N K A ================= SRI LANKA INSURANCE: Fitch Affirms 'CCC+' IFS Rating ---------------------------------------------------- Fitch Ratings has affirmed Sri Lanka Insurance Corporation General Limited's (SLIC General) 'CCC+' Insurer Financial Strength (IFS) Rating and 'A+(lka)' National IFS Rating. The Outlook on the National IFS Ratings is Stable. Fitch typically does not assign Outlooks to issuers with a rating of 'CCC+' or below. The ratings reflect SLIC General's 'Favourable' company profile and high investment and asset risk, driven by exposure to sovereign-related investments. The ratings also factor in the insurer's adequate capital position and weak underwriting performance in recent periods. Key Rating Drivers 'Favourable' Company Profile: Fitch regards SLIC General's company profile as 'Favourable' because of a 'Favourable' business profile and 'Neutral' corporate governance compared with other insurers in Sri Lanka. The business profile is supported by its substantive business franchise, large domestic operations and wide distribution network. SLIC General's market share rose to 19.4% in 2024 (2023: 18.9%), based on Fitch's calculations using regulatory market data, making it the largest primary non-life insurer in Sri Lanka. Limited Flood-Related Losses: Fitch expects insurance losses arising from flooding linked to Cyclone Ditwah to have a limited impact on SLIC General's credit profile. Non-motor losses are largely mitigated by the company's low retention levels and strong reinsurance protection, while exposure to catastrophe losses remains constrained by excess-of-loss arrangements. Higher motor claims and reinsurance reinstatement premiums may pressure underwriting profitability in 2025, but these are manageable within existing earnings and capital buffers. Improving Underwriting: Fitch said, "We expect underwriting profitability to improve gradually from current levels, supported by growth in the lower-claim motor and fire/engineering segments. However, near-term pressure on underwriting profitability will persist due to flood-related losses and also the impact of the government's directive to remit 100% of motor insurance strike, riot, civil commotion and terrorism (SRCCT) premiums to another state-owned insurer, National Insurance Trust Fund Board (BBB(lka)/Stable)." SLIC General's combined ratio rose slightly to 102% in 1H25 (2024: 100%), driven by an increase in the expense ratio to 48% from 43% in 2024. The combined ratio also improved in 2024 (2023: 106%) on reduced claims in the medical and motor segments. Underwriting profitability has been weak since 2022, driven by inflationary pressures, rising administrative costs and increased claim costs due to higher spare part prices and medical costs from the depreciation of the Sri Lankan rupee. The three-year average combined ratio (2022-2024) was 104%. Motor Drives Premium Growth: Gross written premiums (GWP) grew by 10% in 1H25, driven primarily by 18% growth in motor insurance following the relaxation of motor imports in 2025. SLIC General is the market leader for motor insurance in the non-life insurance industry. The GWP mix remained concentrated in motor insurance at 58% (non-motor 42%) in 1H25, although management aims to increase the contribution from non-motor lines such as fire and engineering for earnings diversification. Satisfactory Regulatory Capital Position: The regulatory risk-based capital ratio stood at 277% at end-December 2024 and 298% at end-1H25, well above the regulatory minimum of 120% and on a par with other non-life insurers. However, Fitch assessed SLIC General's Fitch Prism Global score as 'Weak' at end-2024 due to its high investment risk. High Exposure to Sovereign Assets: Sri Lanka's weak sovereign credit quality continues to exacerbate the investment and liquidity risk of domestic insurers such as SLIC General, despite the recent sovereign upgrade in December 2024. SLIC General's Fitch-calculated risky-asset ratio was high at 326% at end-1H25 (2024: 371%). Fitch scores its investment and asset risk at 'ccc+' on the international scale, reflecting its high exposure to sovereign and sovereign-related assets. The investment portfolio remains dominated by fixed-income securities, comprising mostly government securities and corporate debt, and equity investments. Its foreign-currency assets, mostly bank deposits and unit trust investments, were about 13% of invested assets at end-1H25. SLIC General's former non-core holdings are held by investment holding company Sri Lanka Insurance Corporation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IFS Rating - Significant weakening in SLIC General's business profile, for instance due to a weaker franchise, smaller operating scale or higher business risk; - Rising investment and asset risks, including a downgrade of the ratings of financial institutions or the sovereign, which account for a large share of SLIC General's investment portfolio. National IFS Rating - Sustained weakness in financial performance; - Deterioration in the risk-based capital ratio to below 200% for a sustained period; - Rising investment and asset risks, including a downgrade of the ratings of financial institutions or the sovereign, which account for a large share of SLIC General's investment portfolio. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IFS Rating - Further improvement in the company profile, including a greater operating scale and stronger market position; - Significant reduction in SLIC General's investment and asset risks for a sustained period. National IFS Rating - An improvement in the risk-based capital ratio to well above 260% while maintaining the combined ratio at below 98%; - Further improvement in the company profile, including a greater operating scale and stronger market position; - Significant reduction in SLIC General's investment and asset risks for a sustained period. ********* 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 ***