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260121.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, January 21, 2026, Vol. 29, No. 15 Headlines A U S T R A L I A ARCHITECTURAL ENGINEERING: 2nd Creditors' Meeting Set for Jan. 28 AUSTRALIAN PACIFIC: Ignored Findings on Whistleblower's Allegations BIOV8 PTY: Second Creditors' Meeting Set for Jan. 27 COUNTRY WIDE: First Creditors' Meeting Set for Feb. 2 GREVILLE 162: Second Creditors' Meeting Set for Jan. 27 PAYFURL PTY: Second Creditors' Meeting Set for Jan. 28 SECRET INT'L: More Than 100 Jobs Saved as Jeweller Finds New Owner C H I N A JINGBO TECHNOLOGY: Reports $815K Q3 Loss; Management Eyes Financing JINGRUI HOLDINGS: Hong Kong Court Orders Liquidation of Builder TONGWEI CO: Expects to Post CNY9 to CNY10 Billion Net Loss in 2025 H O N G K O N G OCEAN EMPIRE: High Court Declares Food Chain Founder Bankrupt VAST LUCK: High Court Enters Order to Wind Up Taipan Bakery I N D I A A TO Z LOGISTICS: CRISIL Keeps B Debt Ratings in Not Cooperating ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating ADITHI AUTOMOTIVES: CRISIL Keeps D Ratings in Not Cooperating AITA FILLING: CRISIL Keeps B+ Debt Rating in Not Cooperating ALIENT CERAMICS: CRISIL Keeps B Debt Ratings in Not Cooperating AMBOOTIA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating AMRUTA HATCHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating ANMOL STEEL: Liquidation Process Case Summary ANNAPURNA SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating ARIEX ISPAT: CRISIL Keeps B- Debt Ratings in Not Cooperating ARIHANT ELASTOPLAST: CRISIL Keeps B+ Ratings in Not Cooperating ARISE AUTOMOTIVES: CRISIL Cuts Rating on INR24cr Loan to B+ ARVIND GREEN: CRISIL Keeps B Debt Rating in Not Cooperating ASHA RAM: CRISIL Keeps D Debt Rating in Not Cooperating Category ATMIYA ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating BALAJI AGROTECH: CRISIL Keeps B Debt Rating in Not Cooperating BARNALA STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating BEN & GAWS: CRISIL Keeps B+ Debt Ratings in Not Cooperating BHOMIA BUTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating BINDU FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating BIRTHPLACE HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating CELEBRITY BREWERIES: CRISIL Keeps B Ratings in Not Cooperating CELEBRITY CORPORATE: CRISIL Keeps D Ratings in Not Cooperating CHALLA CHLORIDES: CRISIL Keeps B- Debt Ratings in Not Cooperating CHARMS CHEM: CRISIL Keeps D Debt Ratings in Not Cooperating CHENDHOOR MURUGHAN: CRISIL Lowers Rating on INR198cr LT Loan to B DEVA DRILL: CRISIL Lowers Rating on Long/Short Term Ratings to D DOVE AIRLINES: Voluntary Liquidation Process Case Summary EMINENT TRADE: CRISIL Keeps B Debt Ratings in Not Cooperating GARG EQUIPMENT: CRISIL Reaffirms B+ Rating on INR10.33cr Loan MANSI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating MDH TRUCKS: CARE Keeps C Debt Rating in Not Cooperating Category MG AUTOMOTIVES: CRISIL Keeps B Debt Rating in Not Cooperating PAI VISTA: CRISIL Lowers Rating on INR27.25cr Term Loan to D PVSRSN ENTERPRISE: Insolvency Resolution Process Case Summary SARVALOKA SERVICES: Insolvency Resolution Process Case Summary SIR SHADI: CRISIL Keeps C Debt Ratings in Not Cooperating Category SUDARSHAN TECHNO: CRISIL Withdraws B+ Corporate Credit Rating THAKUR V. S.: CRISIL Reaffirms B Rating on INR6.5cr Cash Loan VICEROY HOTELS: CRISIL Cuts Rating on INR10.23cr Term Loan to D VIDARBHA INDUSTRIES: NCLAT Upholds Adani Power's Acquisition of Co. M A L A Y S I A PERAK CORP: Bursa Approves Regularisation Plan to Lift PN17 Status N E W Z E A L A N D CHOICEKIDS CHILDCARE: Court to Hear Wind-Up Petition on Feb. 4 HIGHBRITE LIMITED: Court to Hear Wind-Up Petition on Feb. 3 REVIVAL PAINTING: Creditors' Proofs of Debt Due on March 16 SNAP CLEANING: Creditors' Proofs of Debt Due on Feb. 27 SOUTHERN TRANSPORT: Creditors' Proofs of Debt Due on Feb. 20 S I N G A P O R E AMBER FARMS: Creditors' Meeting Set for Jan. 26 CHG MANAGEMENT: Court to Hear Wind-Up Petition on March 17 JV AUTOPARTS: Creditors' Meeting Set for Jan. 29 ONE JUNIPER: Court to Hear Wind-Up Petition on March 17 YELLOW STAR: Creditors' Proofs of Debt Due on Feb. 19 - - - - - ================= A U S T R A L I A ================= ARCHITECTURAL ENGINEERING: 2nd Creditors' Meeting Set for Jan. 28 ----------------------------------------------------------------- A second meeting of creditors in the proceedings of Architectural Engineering Pty Limited, trading as Ferro Finestra; By Vincenzo; Bronze Brass Windows & Doors Australia; Panorama BYV, has been set for Jan. 28, 2026, at 11:00 a.m. at Shop 68/10 Carrington Rd, in Marrickville, NSW and 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. 27, 2026 at 4:30 p.m. Danny Vrkic & Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Dec. 15, 2025. AUSTRALIAN PACIFIC: Ignored Findings on Whistleblower's Allegations ------------------------------------------------------------------- ABC News reports that a whistleblower raised the possibility that senior managers may have overseen a decision to award their own companies multi-million-dollar contracts at a controversial Australian coal mine, which has since collapsed into insolvency. The Dartbrook coal mine in the NSW Hunter Valley is a joint venture between ASX-listed Australian Pacific Coal (AQC) and privately-owned Tetra Resources. The ABC understands AQC engaged an external firm to forensically investigate after receiving a complaint about the relationship between the mine and key executives at its joint venture partner, Tetra. The ABC relates that the investigators' report, carried out by financial firm Mcgrath Nicol by examining the mine's finances between January 2022 and June 2024, has never been made public. AQC commissioned the report after a whistleblower raised concerns about "a number of related parties . . . benefiting as preferred suppliers", concerns which the report's authors also held after investigating the mine. It made damning findings of apparent conflicts of interest by senior managers, which were expressed as "preliminary findings," the ABC relays. Dartbrook was revived at the end of 2024 after sitting disused for decades, but in July plunged into administration and receivership due to defaulting on a AUD202 million loan, the ABC notes. A further AUD5 million is owed to unsecured creditors, including local operators who sadi they face bankruptcy if they cannot recoup their lost funds, while two-thirds of the mine's workforce has been cut. The then-AQC chief executive Ayten Saridas, who declined to be interviewed by the ABC, said she resigned in late 2024 because she felt the report's findings were ignored. "I raised my significant concerns in respect of governance, operational and financial management matters of the Dartbrook Mine with the Operator and the Board of AQC on multiple occasions," she said in a statement. She said she had "made the decision to step down" after "escalating" her concerns, but believed these fell on deaf ears. Despite the report's preliminary findings, AQC appears not to have taken any action, the ABC says. Less than a year after the report's release, the Dartbrook mine has financially imploded, and receivers plan to put the site into care and maintenance if buyers are not found, adds the ABC. About Australian Pacific Coal Headquartered in Brisbane, Australia, Australian Pacific Coal Limited (ASX:AQC) -- http://www.aqcltd.com/site/content/-- acquires, explores for, and develops thermal and metallurgical coal prospects in Australia. The Dartbrook Mine is owned and operated by an unincorporated joint venture (the Dartbrook Joint Venture) between Australian Pacific Coal Limited (via a wholly owned subsidiary, AQC Dartbrook Pty Ltd) and Tetra Resources (via Tetra Dartbrook Pty Ltd). Tetra Resources owns and manages the appointed operator of the Dartbrook Mine, Dartbrook Operations Pty Ltd and related entities. On July 3, 2025, Richard Hughes and Timothy Heenan of Deloitte SRT Pty Ltd were appointed joint and several voluntary administrators of the following Operatorentities: * Dartbrook Operations Pty Ltd; * Dartbrook Services Pty Ltd; * Dartbrook Commercial Pty Ltd; and * Dartbrook Assets Pty Ltd. Following the appointment of the Administrators, Vitol Asia Pte Ltd as secured creditor to the Dartbrook Joint Venture, advised that events of default had occurred under the secured financing facilities it has provided and, as a result, have accelerated repayment of those facilities and, as part of enforcement of their security, have appointed Benjamin Campbell and David McGrath of FTI Consulting joint and several Receivers and Managers of the secured property of the Dartbrook Mine. This includes all of the shares in, and property of, AQC Dartbrook Pty Ltd, and moneys of the Company in certain reserve accounts (but not of any other property of the Company). BIOV8 PTY: Second Creditors' Meeting Set for Jan. 27 ---------------------------------------------------- A second meeting of creditors in the proceedings of BIOV8 Pty Limited has been set for Jan. 27, 2026, at 2:00 p.m. via Microsoft Teams Meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 26, 2026 at 4:00 p.m. Liam Bellamy, John Kukulovski and Domenic Calabretta of Mackay Goodwin were appointed as administrators of the company on Sept. 23, 2025. COUNTRY WIDE: First Creditors' Meeting Set for Feb. 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Country Wide Asphalt Pty Ltd will be held on Feb. 2, 2026, at 11:00 a.m. via video conference. Shaun Matthews, Stephen Earel and Matthew Sweeny of Cor Cordis were appointed as administrators of the company on Jan. 20, 2026. GREVILLE 162: Second Creditors' Meeting Set for Jan. 27 ------------------------------------------------------- A second meeting of creditors in the proceedings of Greville 162 Holdings VIC Pty Ltd (Trading name: Rossi Bar) has been set for Jan. 27, 2026, at 11:00 a.m. via Microsoft Teams Meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 26, 2026 at 4:00 p.m. Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on Dec. 11, 2025. PAYFURL PTY: Second Creditors' Meeting Set for Jan. 28 ------------------------------------------------------ A second meeting of creditors in the proceedings of Payfurl Pty Ltd has been set for Jan. 28, 2026, at 10:30 a.m. via 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. 27, 2026 at 4:00 p.m. Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were appointed as administrators of the company on Dec. 11, 2025. SECRET INT'L: More Than 100 Jobs Saved as Jeweller Finds New Owner ------------------------------------------------------------------ News.com.au reports that more than 100 jobs have been saved after collapsed Australian jeweller Secrets Shhh was purchased by a new owner. In a massive update, Secret International Pty Limited and its subsidiaries have confirmed binding documentation for the sale of the business and assets to Amaar Jewels LLC, news.com.au relates. Amaar Jewels is a United Arab Emirates-headquartered high-end jewellery group. According to the report, FTI Consulting senior managing director Kelly Trenfield said the majority of retail stores will transfer to the new buyer, preserving employment for more than 100 staff members. "This transaction represents a significant milestone in securing the ongoing operation of the Secrets Shhh brand and provides a strong foundation for its continued presence and growth across the Australian retail market," news.com.au quotes Ms. Trenfield as saying. Secrets Shhh is known for its affordable jewellery range as an alternative to luxury items - selling sustainably-sourced, laboratory grown and simulated diamond alternatives across Australia. According to news.com.au, the new owners said they plan to build on the brands foundations and expand the product range through new collections and designs for the lab-grown diamond jewellery maker. Amaar Jewels said they will develop the brand over time, enhance the retail experience and eventually expand into international markets, leveraging the global experience and supply-chain capabilities of the business. FTI Consulting acknowledged the co-operation of employees, landlords, suppliers and other stakeholders throughout the sale process, news.com.au adds. About Secrets Shhh Australia-based Secrets International sells sustainably sourced, laboratory grown and simulated diamond alternatives nationally through an online channel and 23 boutique stores. On Dec. 10, 2025, Kelly-Anne Trenfield and John Park and Kate Warwick of FTI Consulting were appointed as administrators of Secrets International and its subsidiaries, Secrets Wholesale, Secrets Shhh, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing. ========= C H I N A ========= JINGBO TECHNOLOGY: Reports $815K Q3 Loss; Management Eyes Financing ------------------------------------------------------------------- Jingbo Technology, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $815,416 for the three months ended November 30, 2025, compared to a net loss of $726,432 for the three months ended November 30, 2024. For the nine months ended November 30, 2025, the Company reported a net loss of $2,010,615, compared to a net loss of $6,203,946 for the same period in 2024. Net revenues for the three months ended November 30, 2025 and 2024, were $358,111 and $784,206, respectively. For the nine months ended November 30, 2025 and 2024, the Company had net revenues of $1,201,424 and $1,488,982, respectively. As of November 30, 2025, the Company had $12,241,667 in total assets, $37,913,700 in total liabilities, and $25,672,033 in total stockholders' deficit. Going Concern: As disclosed based on financial statements, the Company incurred net loss of $2,010,615 during the nine months ended November 30, 2025. As of November 30, 2025, the Company had total deficit of $37,305,032 and had working capital deficit of $7,074,016. The Company incurred net loss of $6,016,408 during the year ended February 28, 2025. As of February 28, 2025, the Company had total deficit of $35,326,578 and had working capital deficit of $6,584,506. Accordingly, management has determined there is substantial doubt about its ability to continue as a going concern. Management efforts: No doubt, management is trying to stabilize its flight. Management will implement strategies and plans to grow the Company's business and generate substantial revenue, and take further measures to control operating costs. Management is trying to alleviate the going concern risk through the following sources: * Equity financing to support its working capital; * Other available sources of financing (including debt) from banks and other financial institutions; and * Financial support and credit guarantee commitments from the Company's related parties. Based on the considerations, management is of the opinion that the Company will probably not have sufficient funds to meet its working capital requirements if the Company is unable to obtain additional financing. There is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonably terms, or at all. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4x4erw6d About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. JINGRUI HOLDINGS: Hong Kong Court Orders Liquidation of Builder --------------------------------------------------------------- Bloomberg News reports that Hong Kong's High Court ordered the liquidation of developer Jingrui Holdings, making it the latest defaulted Chinese builder to be wound up in the city amid China's years-long property crisis. Bloomberg relates that the ruling from judge Jonathan Harris was handed down on Jan. 15 following a hearing last October. China Citic Financial AMC International Holdings filed the winding-up petition against Jingrui in October 2024 as part of its efforts to recover debts. Bloomberg notes that the liquidation order underscores the perils developers continue to face as China remains mired in a deep property slump. Among them, China Vanke, the last major Chinese developer to stave off debt failure so far, is under mounting strain from nearly US$50 billion in interest-bearing liabilities. Vanke rushed to find cash to meet bond repayments in December after a key state-owned shareholder scaled back support, triggering a cascade of default tests. While many defaulted developers are wrapping up their restructurings, others are still facing liquidation risks as creditors grow weary of drawn-out debt talks, Bloomberg states. Aside from Jingrui, eight of China's 30 major builders that have defaulted on US dollar debt have received liquidation orders, including China South City Holdings, which was liquidated in August last year. Shanghai-based Jingrui, which has residential projects across China, suspended payment for some US dollar notes in February 2023, Bloomberg recalls. As of the end of June, the company had CNY15.9 billion in outstanding borrowings but only CNY231 million in cash on hand, according to its latest financial report. The wind-up petition relates to an around US$108 million loan plus accrued interest and penalties, of which Jingrui is the guarantor, according to an exchange filing cited by Bloomberg. Jingrui Holdings Limited operates as a real estate developer. The Company mainly develops residential properties. Jingrui Holdings also engages in building decoration, property management, and other related services. TONGWEI CO: Expects to Post CNY9 to CNY10 Billion Net Loss in 2025 ------------------------------------------------------------------ Bloomberg News reports that Tongwei Co. said on Jan. 18 that it's likely to post a net loss of CNY9 billion to CNY10 billion in 2025, compared with CNY7.04 billion net loss a year earlier. Bloomberg relates that the company said its polysilicon segment achieved operating profit in the second half along with rising prices, but increasing costs of key materials such as silver still brought "significant" operating pressures. Tongwei Co.,Ltd engages in the production and distribution of feed products in China and internationally. The company offers fish feed, pig feed, poultry feed and freshwater and aquatic feed; aquatic products; breeding and seedling cultivation; production, wholesale and retail of veterinary drugs, feed pharmaceutical additives; slaughter and processing of fish, pig, duck food and sales of fresh fish. It also produces and sells polysilicon and monocrystalline silicon, polyvinyl chloride and its series products, and caustic soda and ancillary products. In addition, the company operates in monocrystalline and polycrystalline silicon wafers, solar cells, solar cell modules, solar heat pipes, solar water heaters, hot water systems and solar thermal application products; and sale of photovoltaic equipment and technical consultation, as well as provides solar power generation and related services. ================= H O N G K O N G ================= OCEAN EMPIRE: High Court Declares Food Chain Founder Bankrupt ------------------------------------------------------------- South China Morning Post reports that Hong Kong's High Court on Jan. 19 declared Siu Chor-kee, a co-owner of the 33-year-old Ocean Empire Food Shop, bankrupt after he confirmed that he would not oppose the order. The Post notes that the popular chain, which operated more than 30 branches in its heyday, closed its remaining seven outlets in May last year and left about 100 unpaid workers in limbo. Its founders Siu and Choi Wong-hoe said they had spent more than HK$30 million in personal funds to make up for the company's losses since the outbreak of the Covid-19 pandemic, but they had no choice but to shut down the business due to "the extremely severe operating environment," the Post relays. According to the Post, Ocean Empire International Limited, the restaurant's parent company, was fined HK$66,000 earlier this year after admitting to 33 charges of defaulting on wages owed to 10 employees. The wages owed totalled more than HK$562,000. Siu and Choi are awaiting trial after pleading not guilty to the same offences, the Post adds. Ocean Empire International Ltd. provides chinese food. The Company retail sales prepared, congee foods, and drinks for on-premise consumption. VAST LUCK: High Court Enters Order to Wind Up Taipan Bakery ----------------------------------------------------------- South China Morning Post reports that a Hong Kong court has ordered the winding-up of a bakery chain and declared a co-founder of a now-closed congee restaurant group bankrupt, highlighting the plight of the local retail and catering sectors amid shifting consumer patterns. The Post relates that the High Court on Jan. 19 granted a petition to liquidate Vast Luck Company Limited, the parent company of Taipan Bread & Cakes, after the firm failed to repay a debt of an unspecified sum despite repeated requests. Recognised as a top Hong Kong brand for its invention of "snow skin" mooncakes, Taipan shut down all its branches in June last year after 41 years in business, leaving more than 200 workers seeking help from labour authorities over HK$32 million (US$2.7 million) in unpaid wages, severance payments and other debts, the Post recalls. According to the Post, Taipan faced a mass boycott by mainland Chinese retailers after the People's Daily, the Communist Party mouthpiece, slammed the son of the bakery's founder for supporting the city's anti-government protests in 2019. The Post relates that the bakery was acquired in 2021 by businessman Ricky Liu Chi-keung, who spoke of his patriotism on state media in an attempt to re-establish business ties across the border. However, the chain still struggled through a prolonged downturn that also rocked the wider retail sector. The Post says the Labour Department has levelled a total of 103 charges against Liu, Vast Luck and two of its subsidiaries over HK$1.31 million in unpaid wages owed to Taipan employees. The case will be heard at Kowloon City Court in March. ========= I N D I A ========= A TO Z LOGISTICS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A to Z Logistics Limited (ATZL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 27.5 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATZL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ATZL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATZL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATZL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2004 as a private limited company and reconstituted as a closely held public limited company with the current name on April 4, 2013, ATZL provides logistic services (on a contract basis) such as cargo transportation to customers across India. Operations are managed by Mr. Sanjeev Jindal, Mr. Sita Ram Jindal, and Ms. Sunita Jindal. ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Abhay Nutrition Private Limited (ANPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 85 CRISIL D (Issuer Not Cooperating) Pledge Loan 50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 11 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 22 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ANPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ANPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ANPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ANPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ANPL was incorporated in 2008 and is promoted by the Mantri family. The company processes cotton and other seeds for extracting oil and producing fortified de-oiled cakes. It has its manufacturing units in Jalna and Dhulia in Maharashtra. The day-to-day operations are currently managed by Mr. Ashish Mantri. ADITHI AUTOMOTIVES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Adithi Automotives Private Limited (AAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Cash 6 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with AAPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAPL continues to be 'Crisil D Issuer not cooperating'. AAPL is an authorized dealer for Ashok Leyland owned and managed by Mr. Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. It has 8 showrooms in Hospet, Belgaum and Hubli. Bellary (Karnataka) based, AAPL was incorporated in the 2012. The company is engaged in trading, repairing of light commercial vehicles and trading of spare parts. AITA FILLING: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Aita Filling Station (AFS) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.8 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AFS for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AFS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AFS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AFS continues to be 'Crisil B+/Stable Issuer not cooperating'. AFS was set in 2013, it operates fuel pump in Uttarakhand. It is an Indian oil petrol pump. AFS is owned & managed by Sandeep Singh Negi. It has a single petrol pump unit in Pauri, uttrakhand. ALIENT CERAMICS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alient Ceramics Private Limited (ACPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.52 Crisil B/Stable (Issuer Not Cooperating) Working Capital Facility 5.50 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2013 in Morbi, Gujrat, ACPL manufactures and exports an assortment of digital wall tiles. AMBOOTIA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ambootia Tea Exports Private Limited (ATEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Credit Limit Under 5 CRISIL D (Issuer Not Gold Card Cooperating) Credit Limit Under 5 CRISIL D (Issuer Not Gold Card Cooperating) Foreign Bill 15 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 50 CRISIL D (Issuer Not Cooperating) Packing Credit 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATEPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ATEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATEPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2009 and promoted by Mr. Sanjay Prakash Bansal, ATEPL, based in Kolkata (West Bengal), trades in organic Darjeeling teas and other inorganic varieties of teas in the international and domestic markets. The company had taken over the business of Tea Group Exports, a proprietorship concern formed by Mrs. Reena Bansal (wife of Mr. Bansal) in 2010-11. Mr. Bansal has been engaged in the tea business for almost three decades. The group is vertically integrated, with the promoters cultivating and processing organic Darjeeling tea and Assam tea, and trading in tea in the export and domestic markets. The group deals in 67 varieties of tea and has 87 brands. AMRUTA HATCHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amruta Hatcheries & Foods (AHF) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.00 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Cash Credit Limit 2.95 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 3.05 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AHF for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AHF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AHF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AHF continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2012, AHF is engaged in the poultry and hatchery business. It is owned and managed by Ms Bindu Sharad Bharsakle. Currently, the firm has capacity of breeding 5 lakh chicks per year. ANMOL STEEL: Liquidation Process Case Summary --------------------------------------------- Debtor: Anmol Steel Processors Private Limited D-15, M.I.D.C., Industrial Area, Taloja, Navi Mumbai – 410208, Maharashtra Liquidation Commencement Date: December 16, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: CA. Kamal Kumar Jadwani Flat No. 605, Wing-B, Sadguru Complex II (A-B), Film City Road, Goregaon East, Adjacent to Satellite, Tower, Mumbai, 400063 Email id: kamaljadwani@gmail.com Office 10, Centre Point, 1st Floor, World Trade Centre, Centre-1 Building, Cuffe Parade, Mumbai, M.H., 400005 Email: cirp.asppl@gmail.com Last date for submission of claims: February 4, 2026 ANNAPURNA SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Annapurna Seeds & Farms (ASF) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.37 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 1.13 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ASF for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASF continues to be 'Crisil B/Stable Issuer not cooperating'. ASF was established as a proprietorship in 1991 by Mr Venugopal Reddy. It grades, processes and packages paddy seeds at its plant in Warangal, Telangana. ARIEX ISPAT: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ariex Ispat Private Limited (AIPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 4.50 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. AIPL was set up by the Ramlavat family in 2012 in Himatnagar, Gujarat. It manufactures mild steel square bars, flat bars, angle bars, channel bars, and section bars, in various sizes. It began commercial operations in February 2014. ARIHANT ELASTOPLAST: CRISIL Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arihant Elastoplast Private Limited (AEPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 2.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AEPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AEPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2007, AEPL manufactures luggage bags. The company is promoted by Mr. Sanjay Jain and is based in Haridwar, Uttarakhand. ARISE AUTOMOTIVES: CRISIL Cuts Rating on INR24cr Loan to B+ ----------------------------------------------------------- Crisil Ratings has downgraded its rating on the long-term bank loan facilities of Arise Automotives Pvt Ltd (AAPL) to 'Crisil B+/Stable' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 24 Crisil B+/Stable (Downgraded Funding Facility from 'Crisil BB-/Stable') The rating downgrade reflects the decline in AAPL's operating margin to 2.59% in fiscal 2025 from 3.93% in fiscal 2024 (which was lower than expected). Liquidity is stretched, as indicated by bank limit utilisation at 98-99% during the three months through November 2025. Continued underperformance in operating profit could further strain the company's liquidity position. Ability to improve operating margin remains monitorable. The rating reflects AAPL's exposure to intense competition, modest financial risk profile and limited pricing power. These weaknesses are partially offset by the extensive experience of the promoters in the automotive dealership business and the moderate scale of operations of the company. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of AAPL. Key Rating Drivers - Weaknesses * Exposure to intense competition: The automotive sector is highly fragmented with several players in the mini, compact, mid-sized, executive, premium and luxury passenger car segments. AAPL faces intense competition from dealers of other leading automotive manufacturers as well as the unorganised used car market. * Modest financial risk profile: The financial risk profile is constrained by high gearing and total outside liabilities to tangible networth ratio, which were at 3.21 times and 3.1 times, respectively, as on March 31, 2025 (3 times and 2.88 times, respectively, as on March 31, 2024). Dependence on working capital debt to support operations has resulted in high leverage. Networth was modest INR13.66 crore as on March 31, 2025 (INR13.42 crore as on March 31, 2024). Improvement in the capital structure will remain a key rating sensitivity factor. Debt protection metrics are subdued, as reflected in interest coverage and net cash accrual to total debt ratio of 1.29 times and 0.02 time, respectively in fiscal 2025 (1.62 times and 0.05 time, respectively, in fiscal 2024). * Limited pricing power with the principal: AAPL is dependent on the performance of the principal, Hyundai Motor India Ltd (HMIL; rated at Crisil AAA/Stable/ Crisil A1+), and has limited power to negotiate on pricing and other terms of the dealership. Furthermore, the appointment of new dealers by the principal within the same area could adversely impact the operating performance of AAPL. Key Rating Drivers - Strengths * Extensive experience of the promoters: Longstanding presence of the promoters in the automotive dealership business has helped the company maintain healthy relationships with customers and the principal, HMIL. AAPL also benefits from the leading market position of HMIL. The business risk profile of AAPL should remain strong, backed by robust demand for passenger vehicles. * Moderate scale of operations: Revenue is moderate and increased at a compound annual growth rate of 12% in the three fiscals through 2025. Over 90% of the revenue comes from the sale of cars and nearly 10% from spares and services. Improvement in revenue, with increasing contribution from the spares and services segment, thereby supporting the operating margin, remains monitorable. Liquidity Stretched Bank limit utilisation was high at 97.85% on average for the 12 months through November 2025. Cash accrual, expected over INR1.4 crore per annum, will barely cover yearly term debt obligation of over INR1.1 crore over the medium term. The current ratio was 1.20 times as on March 31, 2025. Outlook Stable Crisil Ratings believes AAPL will continue to benefit from the extensive experience of its promoters and established relationship with clients. Rating Sensitivity Factors Upward factors * Increase in revenue and improvement in operating margin to 3-4%, leading to higher cash accrual * Improvement in the liquidity profile with moderation in average bank limit utilisation Downward factors * Decline in revenue below INR100 crore or significant fall in profitability, leading to lower cash accrual * Stretch in the working capital cycle or large, debt-funded capital expenditure, weakening the financial risk profile and liquidity. AAPL was incorporated in 2013 and is an authorised dealer of HMIL's passenger vehicles. The company operates six showrooms cum service centers at Tengpora, Batmaloo (Srinagar), Sangrama Sopore, Bumhama Kupwara and Handwara in Jammu and Kashmir. Omar Ismaiel Beigh and Altaf Hussain Beigh are promoters. ARVIND GREEN: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Arvind Green Infra Private Limited (AGIPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 27 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AGIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AGIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AGIPL continues to be 'Crisil B/Stable Issuer not cooperating'. AGIPL was incorporated in 2015, engaged in operating wind power plant at Karur. APIPL is owned & managed by Mr. M Balachander and Mr. Aravind. ASHA RAM: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Asha Ram Tek Ram Educational Trust (ARTRET) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ARTRET for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ARTRET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARTRET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARTRET continues to be 'Crisil D Issuer not cooperating'. ARTRET, registered in 2011, operates Asha Jyoti Vidyapeeth School in Faridabad (Haryana). The school is affiliated to the Central Board of Secondary Education. Mr Satyavir Dagar and Mrs Prem Lamba are the key promoters. ATMIYA ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Atmiya Engineering and Plastics (AEP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.40 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.43 CRISIL D (Issuer Not Cooperating) Working Capital 5.17 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with AEP for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AEP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AEP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AEP continues to be 'Crisil D Issuer not cooperating'. AEP, established in 1999, is based in Vadodara. It is promoted by Mr. Nimesh Patel. The firm manufactures plastic parts for air-coolers. BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Balaji Agritrade Private Limited (BAPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAPL continues to be 'Crisil D Issuer not cooperating'. BAPL's primary business is trading of agro commodities. It deals in the SriGanga Nagar, Rajasthan. However, in fiscal 2017, BAPL undertook a project to build a private mandi, Balaji Agritrade. The purpose of establishing mandi is to support the farmers to sell their crop. BALAJI AGROTECH: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Balaji Agrotech (BA) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BA for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BA continues to be 'Crisil B/Stable Issuer not cooperating'. BA was set up in 2013 as a partnership between Ms Deepti P Avadhut, Mr Ramgonda R Patil, Mr Annaso S Patil, Mr Shital S Patil, Mr Vinit P Gadde, and Mr Gundhar Patil. This Sangli-based firm undertakes trading and also operates a cold storage facility for resins, turmeric, and spices. BARNALA STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Barnala Steel Industries Private Limited (BSIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL D (Issuer Not under Letter Cooperating) of Credit Cash Credit 13 CRISIL D (Issuer Not Cooperating) Cash Credit 46.42 CRISIL D (Issuer Not Cooperating) Cash Credit 0.58 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BSIL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BSIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BSIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BSIL, incorporated in 1994, manufactures thermo-mechanically treated bars, mild-steel tor bars, coils, wire rods, and other steel rolled products. The company has a manufacturing plant in Muzaffarnagar (Uttar Pradesh) with installed capacity of 150,000 tonnes per annum. BSIL is promoted by two brothers, Mr. Sajid Mian Nasir and Mr. Hamid Mustafa, along with a family friend, Mr. Ameed Ahmed Khan. BEN & GAWS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ben & Gaws Private Limited (BAGPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable (ISSUER NOT COOPERATING) Cash Credit 2 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Working 7 CRISIL B+/Stable (ISSUER NOT Capital Facility COOPERATING) Working Capital 5 CRISIL B+/Stable (ISSUER NOT Loan COOPERATING) Crisil Ratings has been consistently following up with BAGPL for obtaining information through letter and email dated December 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of BAGPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BAGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAGPL continues to be 'Crisil B+/Stable Issuer not cooperating'. BAGPL was incorporated in 2016. BAGPL manufactures storage tanks(i.e. hopper bottom silo, flat bottom silo, water tank, ss tank, liquid tank ), chain conveyor, nozzle & flanges, overhead walkway, perforated sheet, handrail & railings, steel ducting, profiled sheet, cable tray, gratings and other MS structure. BAGPL is located at New Delhi. BAGPL is managed by Mr. Ankur Gupta and Mr. Dwaipayan Dutta. BHOMIA BUTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhomia Buttons Private Limited (BBPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Long Term Loan 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BBPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BBPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2002, BBPL is promoted by Mr Sandeep Jain. The company, based in Bahadurgarh, Haryana, manufactures standard and customised buttons, hangers and labels. BINDU FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bindu Food Processors Private Limited (BFPPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.22 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 1 CRISIL B+/Stable (Issuer Not Loan Cooperating) Crisil Ratings has been consistently following up with BFPPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BFPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BFPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BFPPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1997, BFPPL was promoted by Mr Inder Raj Agrawal and his cousins, Mr Hanuman Sahay Agrawal and Mr Anil Agrawal. The company operates a 21,300 MT cold storage unit (primarily for storing potatoes) in Paschim Medinipur. It also provides funding to farmers against the potatoes stored. Post-acquisition in 2015, operations are managed by Mr Supreme Lodha and Mr Rajendra Kumar Agrawal. BIRTHPLACE HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Birthplace Healthcare Private Limited (BHPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.5 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1.1 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.4 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BHPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BHPL continues to be 'Crisil B/Stable Issuer not cooperating'. Promoted in 2011 by Mr Tarun Siripurapu and his family, BHPL provides healthcare in the obstetrics and gynaecology segment, through its 25-bed hospital, The Birthplace. The hospital is located in Hyderabad, and commenced commercial operations in 2013. CELEBRITY BREWERIES: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Celebrity Breweries Private Limited (CBPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.2 Crisil B/Stable (Issuer Not Cooperating) Proposed Term Loan 0.25 Crisil B/Stable (Issuer Not Cooperating) Term Loan 27 Crisil B/Stable (Issuer Not Cooperating) Term Loan 38.55 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CBPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CBPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2006 and promoted by Mr Upendra Kumar, Mr Devendra Prasad Sinha and Mr Binod Kumar, CBPL has set up a beer manufacturing facility in Hooghly, West Bengal, which began commercial production in February 2017. The company manufactures beer for SABMiller and UBL under contract manufacturing for sale across eastern India. CBPL manufactures 650 ml and 500 ml bottles and cans of beer for SABMiller and UBL. CELEBRITY CORPORATE: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Celebrity Corporate Club (CCC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CCC for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CCC continues to be 'Crisil D Issuer not cooperating'. Set up in 2010 by Mr Kangeyan, CCC runs a club in Chennai which has three branches in Tamil Nadu. CHALLA CHLORIDES: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Challa Chlorides Private Limited (CCPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 2.43 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 1.57 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CCPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CCPL continues to be 'Crisil B-/Stable Issuer not cooperating'. CCPL was incorporated in 1994 and is promoted by Mr C.R.K. Chowdhary and Mr. C Karuna Sree. Based in Telangana it manufactures bulk drugs. CHARMS CHEM: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Charms Chem Private Limited (CCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.0 CRISIL D (Issuer Not Cooperating) Inland/Import Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Proposed Fund- Based Bank Limits 1.09 CRISIL D (Issuer Not Cooperating) Term Loan 0.55 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CCPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2001, CCPL manufactures herbal extracts and phytochemicals which find application in oncology drugs and nutraceutical products. The company is promoted by Mr. Milind Honavar and Mrs. Sangeeta Honavar, and its manufacturing units are located in Kurkumbh and Jejuri near Pune (Maharashtra). CHENDHOOR MURUGHAN: CRISIL Lowers Rating on INR198cr LT Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Chendhoor Murughan Yarn Tex India Private Limited (CMYTIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 198 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with CMYTIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CMYTIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CMYTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CMYTIPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Incorporated in 2018, CMYTIPL is engaged in the business of manufacturing of yarn such as viscose, cotton, tensil and yarns of different counts The company is promoted by Mr. K. Subramani and Mr. S. Sakthivel and is based out of Tamil Nadu. DEVA DRILL: CRISIL Lowers Rating on Long/Short Term Ratings to D ---------------------------------------------------------------- Crisil Ratings has downgraded the ratings on the bank facilities of Deva Drill Tech India Limited (DDTIL) to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil BB+/Stable/Crisil A4+ Issuer Not Cooperating'. The rating downgrade reflects the delays in the repayment obligations on term loans for the month of December 2025. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4+ ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DDTIL for obtaining information through emails dated September 5, 2025, November 25, 2025, January 14, 2026. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DDTIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DDTIL is consistent with 'Assessing Information Adequacy Risk.' DDTIL was incorporated on September 29, 1987, by the promoter, Mr Mohan Kumar AV Iyengar. The company manufactures specialty chemicals required in different facets of the crude oil industry, such as drilling, cementation, workover, production and transportation. Its facility is in Mahad, Maharashtra. RBPL, established in 2020 also located in Mahad, is a wholly owned subsidiary of DDTIL and manufactures 15,000 drums per month. DOVE AIRLINES: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Dove Airlines Private Limited Ramkrishna Chambers 72 Shakespeare, Sarani Kolkata, West Bengal 700017 Liquidation Commencement Date: January 5, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Mr. Pranab Kumar Chakrabarty 72/9, Saikh Para Lane, Howrah-711103 Telephone Number: 9831207932 E-mail: dove2026@rediffmail.com Last date for submission of claims: February 4, 2026 EMINENT TRADE: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eminent Trade & Export Private Limited (ETEPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 0.97 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 3.03 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ETEPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ETEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ETEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ETEPL continues to be 'Crisil B/Stable Issuer not cooperating'. ETEPL, established in September 2013 at Bhubaneswar, trades in bitumen, and manufactures and sells aluminium foils and containers. Mr Ashish Kumar Agarwal, Mr Karun Agarwal, and Mr Dhiraj Goyal are the promoters. GARG EQUIPMENT: CRISIL Reaffirms B+ Rating on INR10.33cr Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Garg Equipment (GE). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.50 Crisil B+/Stable (Reaffirmed) Proposed Term Loan 5.17 Crisil B+/Stable (Reaffirmed) Term Loan 10.33 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the modest scale of operations, exposure to cyclicality in end-user industries, and the highly leveraged capital structure of the firm. These weaknesses are partially offset by the extensive experience of the promoters in the construction material industry and the healthy debt protection metrics of the firm. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of GE. Key rating drivers: Weaknesses * Modest scale of operations: Though revenue rose to INR13.57 crore in fiscal 2025, from INR12.15 crore in fiscal 2024, the firm operates on a modest scale. Sustained growth in scale and receipt of large orders remain critical. * Exposure to cyclicality in end-user industries: The firm caters to the real estate, construction and infrastructure industries, whose performance is strongly correlated to the overall macroeconomic indicators, and hence, tends to be cyclical. The construction sector remains exposed to economic recession or any other disruption, leading to delay or cancellation of projects. * Leveraged capital structure: Networth was low at INR5.84 crore as on March 31, 2025, leading to gearing and total outside liabilities to tangible networth ratios of 2.37 times and 4.63 times, respectively, as on the same date. The capital structure should improve with accretion to reserve and absence of any large debt-funded capital expenditure (capex) plan for the medium term. Key rating drivers: Strengths * Extensive experience of the promoters: Longstanding presence in the construction material industry has enabled the promoters to gain a strong understanding of market dynamics and maintain healthy relationships with suppliers and customers. * Healthy debt protection metrics: Debt protection metrics remained comfortable, despite high leverage, due to moderate profitability. Interest coverage and net cash accrual to total debt ratios stood at 3.94 times and 0.28 time, respectively, for fiscal 2025, and may remain steady over the medium term. Liquidity Stretched Bank limit utilisation averaged around 63.12% for the 12 months ended November 30, 2025. Expected cash accrual of INR3.5-5 crore may be just sufficient to cover the term debt obligation of INR2.5-3.5 crore over the medium term. Current ratio was low at 0.54 time as on March 31, 2025. Outlook Stable Crisil Ratings believes GE will continue to benefit from the extensive experience of its promoters and established relationships with clients in the construction material industry. Rating sensitivity factors Upward factors: * Significant revenue growth of 25% or more and steady operating margin of over 30%, leading to higher cash accrual * Improvement in the financial risk profile, along with adequate liquidity Downward factors: * Decline in revenue and profitability, leading to net cash accrual lower than INR3 crore * Any unexpected debt-funded capex, weakening the capital structure * Significant capital withdrawal leading to depletion of networth and weakening the financial risk profile GE was formed as a proprietorship in 2020, and reconstituted as a partnership firm in 2021. The firm is owned and managed by Mr Abhishek Garg and Mr Amulya Garg. It provides construction equipment such as cranes and forklifts on lease and hire to the real estate, construction and infrastructure industries. MANSI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mansi International Private Limited (MIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 24, 2024, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 9, 2025, September 19, 2025, September 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: Not applicable Mansi Traders was established in 2010 as a proprietorship concern by Ms. Mansi Doshi. Later, it was converted into private limited company in 2012 under the name Mansi International Private Limited (MIPL). The company is mainly engaged in trading of dry fruits such as almonds, raisins and pistachios and spices such as cloves, star anise seed, dry ginger and cinnamon. MDH TRUCKS: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of MDH Trucks Private Limited (MTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; 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 11, 2024, placed the rating(s) of MTPL under the 'issuer non-cooperating' category as MTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, MDH Trucks Private Limited (MTPL) was incorporated in the year 2011 as a Private Limited Company by Mr.S.MD.Naveed (Managing Director) and Mrs. S.Feroza (Director). The operation of the company started in the year 2012. The company is an authorized dealer of Tata Motors Limited. The Company is engaged in sale of new vehicles and spare parts as well as servicing of vehicles. The vehicles sold by MTPL are small commercial vehicles (Tata Ace, Tata Magic, Tata xenon etc.), medium and heavy vehicles (Star bus, City ride, LPT'S etc.). MG AUTOMOTIVES: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MG Automotives (Bus and Coach) Private Limited (ALMA) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ALMA for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ALMA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALMA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ALMA continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in September 2004, ALMA, promoted by the Kamat family, undertakes fabrication of bus bodies and special-purpose vehicles such as ambulances, delivery vans, defence/army vehicles, and other custom-designed vehicles. The company's fabrication unit is at Belgaum. PAI VISTA: CRISIL Lowers Rating on INR27.25cr Term Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long-term bank facilities of Pai Vista Hotels Pvt Ltd (PAVHPL) to 'Crisil D' from 'Crisil B+/Stable'. The downgrade reflects the delay in servicing debt on account of stretched liquidity. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 5.9 Crisil D (Downgraded from Overdraft 'Crisil B+/Stable') facility Term Loan 15 Crisil D (Downgraded from 'Crisil B+/Stable') Term Loan 12.37 Crisil D (Downgraded from 'Crisil B+/Stable') Term Loan 27.25 Crisil D (Downgraded from 'Crisil B+/Stable') Term Loan 14.63 Crisil D (Downgraded from 'Crisil B+/Stable') The company also has a weak financial risk profile and is exposed to risk related to cyclicality in the hospitality industry. However, PAVHPL benefits from the extensive experience of its promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PAVHPL. Key Rating Drivers - Weaknesses * Weak financial risk profile: Negative networth limits the company's financial flexibility and restricts the cushion available in case of any adverse conditions or downturn in the business. * Vulnerability to cyclicality in the hospitality industry: The hotel industry remains vulnerable to changing trends in the domestic and global economies. Entities that have high financial leverage are more vulnerable to cyclicality, given their fixed financial commitments. Key Rating Drivers - Strengths * Extensive experience of the promoters: The four-decade-long experience of the promoters in the hotel and resorts industry, their strong understanding of market dynamics and established relationships with suppliers and customers will continue to support the business. Liquidity Poor Current ratio is estimated to be weak at 0.59 time as on March 31, 2025. The promoters are likely to extend equity and unsecured loans to help meet working capital requirement and debt obligation. Rating sensitivity factors Upward factors * Track record of timely debt servicing for 90 days or more * Growth in revenue or operating margin leading to higher net cash accrual * Improvement in the financial risk profile, especially liquidity Incorporated in 2008 and promoted and managed by Mr Jagannath V Pai, Ms Shantha J Pai, Ms Sangeetha A Pai and Mr Ajay J Pai, PAVHPL has two convention halls under the name, Pai Vista. PVSRSN ENTERPRISE: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: PVSRSN Enterprise Private Limited Flat No 101, Plot No 9, Sri Tulasi Homes, Arora Colony, Banjara Hills, Hyderabad, Telangana, India - 500034 Insolvency Commencement Date: December 19, 2025 Estimated date of closure of insolvency resolution process: June 17, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Murali Prasad Nalam Villa 67, Road 3, Dollar Meadows, Ambitus School Road, Near DRK Engineering College, Bowrampet, Hyderabad, Telangana, 500043 Email: pvs.cirp@gmail.com Last date for submission of claims: January 2, 2026 SARVALOKA SERVICES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sarvaloka Services-On-Call Private Limited Registered Office: GMCC Group's No. L-371, 5th Main, Sector 6, HSR Layout, Bangalore - 560102, Karnatakа Correspondence Address: 102, Golden Square, Eden Park, No.20, Vittal Mallya Road, Bengaluru, Karnataka-560001 Insolvency Commencement Date: January 7, 2026 Estimated date of closure of insolvency resolution process: July 5, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Rakesh Kumar Jain E-205, Basement, Greater Kailash Part-II, New Delhi-110048 Email: sirshree.rakesh@gmail.com Email: cirp.sarvaloka@gmail.com Last date for submission of claims: January 21, 2026 SIR SHADI: CRISIL Keeps C Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sir Shadi Lal Enterprises Limited (SSLEL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 41 CRISIL C (Issuer Not Cooperating) Cash Credit 30 CRISIL C (Issuer Not Cooperating) Proposed Long Term 9 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 5 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 1.45 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 25 CRISIL C (Issuer Not Bank Loan Facility Cooperating) SEFASU Loan 3.97 CRISIL C (Issuer Not Cooperating) SEFASU Loan 14.58 CRISIL C (Issuer Not Cooperating) Working Capital 70 CRISIL C (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SSLEL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSLEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSLEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSLEL continues to be 'Crisil C Issuer not cooperating'. Crisil Ratings has taken a note of the recent announcement dated 2nd January 2026 made by the company regarding the scheme of amalgamation between Triveni Engineering & Industries Limited, SSLEL and Triveni Power Transmission Limited. Under this scheme, Triveni Engineering & Industries Limited and SSLEL will be amalgamated into the resultant entity Triveni Power and Transmission Limited. The petition for the same is listed for hearing on 5th February 2026. Scheme of amalgamation of companies will be executed, once the necessary approvals from NCLT are received. SSLEL was established in 1933 by Mr. Shadi Lal. The company manufactures sugar and alcohol at its facilities in Shamli, Uttar Pradesh. It is listed on the Bombay Stock Exchange. SUDARSHAN TECHNO: CRISIL Withdraws B+ Corporate Credit Rating ------------------------------------------------------------- Crisil Ratings has withdrawn its corporate credit rating of Sudarshan Techno Solution Private Limited (STSPL) at the request of the company. The rating action is in line with Crisil Ratings' policy on withdrawal of its ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Credit - Crisil B+/Stable (ISSUER NOT Rating-LT COOPERATING; Rating continues at the same level and Withdrawn) Crisil Ratings has been consistently following up with STSPL for obtaining information through letter and email dated October 9, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STSPL. This restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on STSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the corporate credit rating of STSPL continues to be 'Crisil B+/Stable Issuer Not Cooperating'. STSPL was incorporated in 2018. It is a wholesaler and distributor of IT peripherals, engineering and technology related products, safety and security equipment, such as unmanned aerial vehicles (UAVs), drone cameras, power products and accessories. It is based in Mumbai and promoted by Mr Suman Hirji Mota, Mr Hiten Kunvarji Gala and Mr Saurabh Suman Mota. THAKUR V. S.: CRISIL Reaffirms B Rating on INR6.5cr Cash Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facilities of Thakur V. S. Bidi Works, Poona (TBWP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 3.77 Crisil B/Stable (Reaffirmed) Working Capital Term Loan 0.73 Crisil B/Stable (Reaffirmed) The rating continues to reflect the firm's below-average financial risk profile, large working capital requirement and exposure to volatile raw material prices, regulatory risks and intense competition. These weaknesses are partially offset by the extensive experience of the partners in the bidi industry and their funding support. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TBWP. Unsecured loan (INR8.78 crore as on March 31, 2025) extended by the partners has been treated as 75% equity and 25% debt. This is because the loan bears a nominal interest and may be retained in the business over the medium term. Key rating drivers - Weaknesses * Below-average financial risk profile: Financial risk profile is likely to remain constrained by adverse cash accrual amid negative profitability. Gearing stood high at 2.3 times and total outside liabilities to adjusted networth ratio at 8.07 times as on March 31, 2025. Debt protection metrics were muted due to negative operating profitability in fiscal 2025. * Large working capital requirement: Gross current assets were sizeable at 212 days as on March 31, 2025, due to huge inventory (tendu patta and tobacco) of 171 days and moderate receivables of 27 days. The working capital cycle is likely to remain stretched and will be closely monitored. * Exposure to volatile raw material prices, regulatory risk and intense competition: Sales and profitability are susceptible to the availability of tobacco and tendu patta and intense competition from other bidi manufacturers and substitute products such as cigarettes. Amid prevailing supply shortage of tendu patta, and hence price volatility, operating performance remains monitorable. Furthermore, the firm is exposed to changes in government regulations. Key rating drivers - Strengths * Extensive experience and funding support of the partners: Benefits from the five-decade-long experience of the partners, their strong understanding of the market dynamics, healthy relations with customers and suppliers, and timely, need-based unsecured loans should continue to support the business risk profile. Liquidity Stretched Bank limit utilisation was high at 88.97% on average for the 12 months through November 2025. Cash accrual is expected at INR0.35-0.60 crore per annum, barely sufficient to meet the yearly debt obligation of INR0.30-0.50 crore over the medium term. Current ratio stood at 1.13 times on March 31, 2025. The partners are likely to continue extending need-based funds to aid operations. Outlook Stable TBWP will continue to benefit from the extensive experience and funding support of its partners. Rating sensitivity factors Upward factors * Substantial and sustainable increase in revenue and operating margin, leading to cash accrual over INR1 crore per annum * Improvement in the working capital cycle and capital structure Strengthening of liquidity Downward factors * Continued fall in revenue or operating margin, resulting in further decline in networth and gearing rising above 3 times * Further stretch in the working capital cycle or deterioration of liquidity Set up in 1999 as a partnership firm by Mr Vijaykumar S Thakur and Mr Parikshat V Thakur, Pune-based TBWP manufactures bidis for the Rajasthan, Uttar Pradesh, Gujarat and Madhya Pradesh markets under the Langar and Taurus brands. VICEROY HOTELS: CRISIL Cuts Rating on INR10.23cr Term Loan to D --------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the bank facilities of Viceroy Hotels (VH) to 'Crisil D' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10.23 Crisil D (Downgraded from 'Crisil BB-/Stable') Term Loan 0.42 Crisil D (Downgraded from 'Crisil BB-/Stable') Term Loan 2.31 Crisil D (Downgraded from 'Crisil BB-/Stable') Term Loan 0.87 Crisil D (Downgraded from 'Crisil BB-/Stable') The downgrade reflects delays in debt servicing on account of weak liquidity. The company has not disclosed these delays in the no-default statement it has provided. The ratings reflect the extensive industry experience of the partners of VH. These strengths are partially offset by the geographic concentration in revenue profile and weakened financial risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of VH. Key Rating Drivers - Weaknesses * Vulnerability to cyclicality in the hospitality industry: The hotel industry is vulnerable to changes in the domestic and international economies. Typically, the industry follows a six-year cycle. Companies which have a high financial leverage are more vulnerable to cyclicality due to their fixed financial commitments. * Weakened financial risk profile: The financial risk profile of the firm is marked by a weak capital structure and moderate debt protection metrics. Networth was about INR6.09 crore as on March 31, 2025. Gearing was significantly high at 5.54 times as on March 31, 2025, driven by large debt. Debt protection metrics are also moderate as reflected in interest coverage and net cash accrual to total debt ratios of 3.16 times and 0.10 time, respectively, in fiscal 2025. Key Rating Drivers - Strengths * Extensive industry experience of the partners: The partners have experience of over four decades in the hotels and resorts industry. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. Liquidity Poor Bank limit utilisation is high at around 99.6 percent for the past 12 months ended Dec 2025. Current ratio are low at 0.74 times on March 31, 2025. Cash accruals are expected to be around INR4.2 – INR5 Crore against repayment obligations of INR4 Crore in the medium term. Rating Sensitivity Factors Upward factors * Track record of timely debt servicing for at least over 90 days * Improvement in scale of operations and operating margins leading to higher cash accruals Set up in 2005, VH is engaged in the operation of 3 three-star hotels, which are self-owned and managed under the brand name The President Hotel. All three hotels are located in Karnataka—Bengaluru ( Jayanagar, Kumara Park) and Hubbali. VH is owned and managed by Mr Jagannath V Pai and family. VIDARBHA INDUSTRIES: NCLAT Upholds Adani Power's Acquisition of Co. ------------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has upheld the acquisition of Vidarbha Industries Power by Adani Power Ltd (APL), India's largest private thermal power producer. ET relates that the NCLAT has confirmed the Mumbai-bench of NCLT's order, which, on June 18, 2025, approved the INR4,000-crore resolution plan of the Adani Group firm. A two-member bench also dismissed the two petitions filed against the NCLT approval by Western Coalfields and Pradeep Sot, an employee of debt-ridden Vidarbha Industries Power. According to ET, the appellate tribunal said objections raised by the petitioners lacked merit and did not disclose any violation of the provisions of the Insolvency & Bankruptcy Code. The resolution plan by Adani Power was compliant with applicable statutory requirements, and the CoC had exercised commercial discretion in a fair and lawful manner, it added. ". . . we are of the view that no grounds have been made out to interfere with the order impugned approving the resolution plan submitted by respondent No 2 (Adani Power)," the NCLAT said in its 18-page judgement passed on January 16, ET relays. ET says counsel appearing for Western Coalfields alleged that approval of Adani Power's resolution plan is not in accordance with the provisions of IBC. It is submitted that the CoC has approved the resolution plan after expiry of 180 days without seeking any extension from the NCLT. It further alleged that the original resolution plan was modified by the SRA (Adani Power) after expiry of 180 days on April 1, 2025, and the modified plan was approved by the CoC on the same day, ET relays. The Committee of Creditor (CoC) never passed a resolution for seeking extension of the period of CIRP beyond 180 days, and RP, by way of an affidavit dated April 2, 2025, after expiry of 185 days, filed the modified resolution plan. This was refuted by the counsel of S&A Law Offices, which was representing Adani Power, the Successful Resolution Applicant (SRA), ET states. They submitted that the resolution plan was approved by the CoC and the NCLT in compliance with Section 30 (2) of the IBC. While counsel for the RP supported the NCLT order and submitted that the resolution plan was approved in the 10th CoC Meeting of Vidarbha Industries held on February 19, 2025, and February 21, 2025, which was well within the 180-day period, according to ET. The CIRP (corporate insolvency resolution process) of Vidarbha Industries Power was commenced on September 30, 2024. A 180-day period was to continue till March 28, 2025, and well within the said period. ET relates that the NCLAT said, "Approved resolution plan having already been submitted before the NCLT on March 11, 2025, by the application of RP, no violation of timelines can be contended". Vidarbha Industries owns a 600-megawatt thermal power plant in Nagpur. =============== M A L A Y S I A =============== PERAK CORP: Bursa Approves Regularisation Plan to Lift PN17 Status ------------------------------------------------------------------ The Edge Malaysia reports that Bursa Malaysia on Jan. 19 approved Perak Corp Bhd's proposed regularisation plan, paving the way for the Practice Note 17 (PN17) company to advance its multi-part restructuring to restore its financial viability and uplift its financially-troubled status. The approval is subject to standard conditions, including compliance with listing requirements, obtaining all requisite authority approvals, securing shareholder approval at a general meeting, and incorporating comments in the shareholder circular, according to Perak Corp's bourse filing, The Edge relays. According to The Edge, the regularisation plan, outlined by Perak Corp in February last year, consist of a capital reduction, a joint development project, MYR89.6 million in land sales, a MYR40.38 million entitlement from an existing joint development, and a preference share issuance to restructure debts. The capital reduction involves cancelling MYR185 million of its MYR272.77 million share capital to offset accumulated losses of MYR177.35 million as at end-September 2024. The Edge relates that Perak Corp also entered into a joint venture with major shareholder Perak State Development Corp (PKNP) in January 2025 to co-develop the Silver Valley Technology Park Industrial Hub in Hulu Kinta. As for the land-sale component, the company is disposing of 424.7 acres in Bernam Timor for MYR89.6 million, comprising 73.14 acres to Makmur Impian Property Sdn Bhd for MYR21.13 million and 351.56 acres to Tanjung Malim Hi-Tech Park Sdn Bhd for MYR68.44 million. The regularisation plan also include its MYR40.38 million entitlement via a supplemental agreement with PKNP and Uni-Poh Construction Works Sdn Bhd for the development of 56.3 acres of Teluk Dalam land, The Edge relays. The Edge adds that to settle debts under a court-approved scheme of arrangement, Perak Corp plans to issue up to 39.73 million redeemable preference shares series B (RPS-B) at MYR1 each to unsecured scheme creditors. The RPS-B carry a five-year tenure, a 2% preferential dividend, and are non-convertible. Remaining outstanding debts after issuance will be fully waived, reflecting a MYR357.6 million haircut against the company's MYR379.34 million verified debt. Perak Corp had earlier issued two other preference share series — 20.9 million RPS-A1 and 14.91 million RPS-A2 — in January 2022 to CIMB Bank Bhd and Affin Islamic Bank Bhd as part of debt-settlement arrangements. The company expects to utilise MYR129.95 million in proceeds from settlement entitlements and land disposals to redeem existing preference shares, fund sewerage treatment works at Bandar Meru Raya, and support working capital needs, The Edge says. About Perak Corp Perak Corporation Berhad is an investment holding company. The Company, through its subsidiaries, develops integrated privatized project, operates multipurpose port facilities, sells and leases port related land. Perak Corp. also develops tourism project, operates in property investment and development, manages hotel, distributes water supply, and provides transport and travel services. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 14, 2020, Perak Corp Bhd -- whose Movie Animation Park Studios (MAPS) theme park in Ipoh was closed in January 2020 until further notice -- has lapsed into Practice Note 17 (PN17) status. The state-owned firm told the stock exchange on Feb. 11 that it is now regarded a PN17 company, arising from the default in payment and its inability to declare solvency. This comes after the group defaulted on another repayment of principal, this time in respect of the Musharakah Mutanaqisah Term Financing-I and Tawarruq Revolving Credit-i of up to MYR100 million granted by Affin Islamic Bank Bhd. ===================== N E W Z E A L A N D ===================== CHOICEKIDS CHILDCARE: Court to Hear Wind-Up Petition on Feb. 4 -------------------------------------------------------------- A petition to wind up the operations of Choicekids Childcare Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:00 a.m. Peter Michael Gordon Brown & Others filed the petition against the company on Oct. 3, 2025. The Petitioner's solicitor is: Grove Darlow & Partners Level 9 2 Commerce Street Auckland HIGHBRITE LIMITED: Court to Hear Wind-Up Petition on Feb. 3 ----------------------------------------------------------- A petition to wind up the operations of Highbrite Limited will be heard before the High Court at Wellington on Feb. 3, 2026, at 10:00 a.m. Flexicommercial Limited filed the petition against the company on Nov. 7, 2025. The Petitioner's solicitor is: Simpson Grierson, Solicitors Level 27 88 Shortland Street Auckland REVIVAL PAINTING: Creditors' Proofs of Debt Due on March 16 ----------------------------------------------------------- Creditors of Revival Painting Limited are required to file their proofs of debt by March 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 16, 2026. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery & Insolvency (Auckland) PO Box 3678 Auckland 1140 SNAP CLEANING: Creditors' Proofs of Debt Due on Feb. 27 ------------------------------------------------------- Creditors of Snap Cleaning Services Limited (trading as Snap Cleaning), HBC Holdings Limited (trading as The Pottery Experience) and Emmajy Limited are required to file their proofs of debt by Feb. 27, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on Jan. 12, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 SOUTHERN TRANSPORT: Creditors' Proofs of Debt Due on Feb. 20 ------------------------------------------------------------ Creditors of Southern Transport & Cartage Limited are required to file their proofs of debt by Feb. 20, 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: Pritesh Patel Patel & Co. PO Box 23296 Manukau City Auckland 2241 Email: pritesh@patelandco.co.nz ================= S I N G A P O R E ================= AMBER FARMS: Creditors' Meeting Set for Jan. 26 ----------------------------------------------- Amber Farms Pte. Ltd. will hold a meeting for its creditors on Jan. 26, 2026, at 4:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. CHG MANAGEMENT: Court to Hear Wind-Up Petition on March 17 ---------------------------------------------------------- A petition to wind up the operations of CHG Management Pte. Ltd. will be heard before the High Court of Singapore on March 17, 2026, at 2:30 p.m. Envy Asset Management Pte. Ltd., Envy Global Trading Pte. Ltd. as well as Bob Yap Cheng Ghee, Tay Puay Cheng and Toh Ai Ling filed the petition against the company on Dec. 18, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 JV AUTOPARTS: Creditors' Meeting Set for Jan. 29 ------------------------------------------------ JV Autoparts Pte. Ltd. will hold a meeting for its creditors on Jan. 29, 2026, at 11:30 a.m., via Zoom Platform. Agenda of the meeting includes: a. to lay an account before the creditors showing how the winding up has been conducted and an explanation of the account; b. to appoint a Committee of Inspection, if deemed necessary; c. to approve the Final Statement of Account, provisions for finalization expenses, and the application to the Court for the release of the Liquidators, and the dissolution of the Company; and d. to appoint solicitors to assist the Liquidators; and e. Any other business. The company's liquidators may be reached at: Don M Ho David Ho Chjuen Meng c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 ONE JUNIPER: Court to Hear Wind-Up Petition on March 17 ------------------------------------------------------- A petition to wind up the operations of One Juniper Management Pte. Ltd. will be heard before the High Court of Singapore on March 17, 2026, at 2:30 p.m. Envy Asset Management Pte. Ltd., Envy Global Trading Pte. Ltd. as well as Bob Yap Cheng Ghee, Tay Puay Cheng and Toh Ai Ling filed the petition against the company on Dec. 18, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 YELLOW STAR: Creditors' Proofs of Debt Due on Feb. 19 ----------------------------------------------------- Creditors of Yellow Star Investment 3 Pte. Ltd. are required to file their proofs of debt by Feb. 19, 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: Mr. Paresh Tribhovan Jotangia Ms. Ho May Kee c/o Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 ********* 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 ***