---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, January 22, 2026, Vol. 29, No. 16

                           Headlines



A U S T R A L I A

CIVIL & CIVIC: Second Creditors' Meetings Set for Jan. 30
FLOOR CONSTRUCT: Second Creditors' Meeting Set for Jan. 28
GRIFFIN COAL: WA Extends Subsidy, Citing Energy Security
HEALTHSCOPE: Urges Lenders to Reject PE Bid for Sydney Hospital
KYWANNA ESTATE: Second Creditors' Meeting Set for Jan. 30

MILLCON PTY: First Creditors' Meeting Set for Jan. 30
ORSIMO INVESTMENTS: Second Creditors' Meeting Set for Jan. 29
PEOPLE FIRST: To Close 18 Sites Across Australia


C H I N A

CHINA VANKE: To Begin Partial Repayment on CNY1.1 Billion Bond
DALIAN WANDA: Moody's Lowers CFR to Ca, Outlook Remains Negative
RONSHINE CHINA: Posts CNY3.78BB in Contracted Sales for 2025
SEAZEN GROUP: To Sell Entire Stakes in Two Subsidiaries
SUNAC CHINA: Sunac Services Settles CNY26MM in Group Receivables



H O N G   K O N G

CHINA OIL: Moody's Rates New USD Bonds Ba3, Outlook Stable


I N D I A

ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
ALLIED ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
APEEJAY TEA: ICRA Withdraws D Rating on INR412cr Term Loan
ASR ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
BALAJI EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating

BOLA RAGHAVENDRA: CRISIL Lowers Long/Short Term Ratings to D
BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
BUDS TEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
CAIRO INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
COSMOS JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating

EASTERN HOME: CRISIL Lowers Rating on INR1cr Term Loan to B+
FASHION KNITS: CRISIL Moves D Debt Ratings to Not Cooperating
GOYAL CATTLE: CARE Keeps D Debt Rating in Not Cooperating Category
HANIEF MOTORS: ICRA Keeps B Debt Rating in Not Cooperating
JAYALAKSHMI CASHEW: CRISIL Cuts Rating on INR5cr Cash Loan to D

KAPOOR OIL: ICRA Keeps B Debt Ratings in Not Cooperating Category
MUKTESHWAR SUGAR: CARE Lowers Rating on INR25cr LT Loan to B+
MUSLIM ALI: CARE Keeps D Debt Ratings in Not Cooperating Category
NANDU CHEMICALS: CRISIL Lowers Rating on INR3.3cr Cash Loan to D
RAILTRACK CONCRETE: CRISIL Moves B+ Ratings to Not Cooperating

RG SHAH: CRISIL Lowers Rating on INR14cr Proposed Loan to B+
S. S. SEA FOOD: CRISIL Withdraws B+ Rating on INR5.9cr LT Loan
S. S. SEA: CRISIL Withdraws B Rating on INR7.5cr Term Loan
SAMRAT ELECTRONICS: CARE Keeps B- Debt Rating in Not Cooperating
SHINOY HEALTH: CRISIL Moves B Debt Ratings to Not Cooperating

SMRITY PAPER: CRISIL Lowers Rating on INR5cr Cash Loan to B+
VIGNESWARA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating


N E W   Z E A L A N D

AGB SOLUTIONS: Court to Hear Wind-Up Petition on Feb. 11
ALLIANCE FRANCAISE: Creditors' Proofs of Debt Due on March 6
CORNERSTONE DEMOLITION: Creditors' Proofs of Debt Due on Feb. 17
CULLINAN PROJECTS: Court to Hear Wind-Up Petition on Feb. 24
MECHANICAL PROMOTIONS: Commences Wind-Up Proceedings



S I N G A P O R E

1AXIS LEASING: Court Enters Wind-Up Order
AECO PROJECT: Impetus Corporate Appointed as Liquidator
AKIRA CORPORATION: Creditors' Meetings Set for Feb. 2
DASIN RETAIL: Maybank Applies to Place Trustee-Manager Under JM
VALENTI PTE: Court Enters Wind-Up Order

WAROENG LABANA: Court to Hear Wind-Up Petition on Jan. 30

                           - - - - -


=================
A U S T R A L I A
=================

CIVIL & CIVIC: Second Creditors' Meetings Set for Jan. 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Civil & Civic
Holdings Pty Ltd, Civil & Civic Corporation Pty Ltd, Civil And
Civic Management Pty Ltd, and Civil & Civic Group Pty Ltd has been
set for Jan. 30, 2026, at 10:30 a.m., 11:00 a.m., 11:30 a.m., and
12:30 p.m., respectively, via Teams Videoconferencing.

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. 29, 2026 at 4:00 p.m.

Bradd William Morelli and Peter John Moore of Jirsch Sutherland
were appointed as administrators of the company on Dec. 15, 2025.


FLOOR CONSTRUCT: Second Creditors' Meeting Set for Jan. 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of Floor Construct
Pty Limited has been set for Jan. 28, 2026, at 10:00 a.m. at the
offices of Bernardi Martin, at 195 Victoria Square, in Adelaide,
SA.

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. 28, 2026 at 9:00 a.m.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of the company on Nov. 5, 2025.

GRIFFIN COAL: WA Extends Subsidy, Citing Energy Security
--------------------------------------------------------
Reuters reports that the state government of Western Australia
committed on Jan. 21 to a five-year extension of a subsidy to the
private Griffin Coal company, which supplies the private Bluewaters
power station.

Reuters relates that the state said the extension would help secure
power supplies during the transition to cleaner sources of energy,
although it planned to shut the state-owned Muja coal station by
2030.

It has provided AUD308 million ($206 million) since 2022 to keep
Griffin's Ewington Mine running, Reuters notes. The agreement, set
to end this July, will now run until 2031 but state Premier Roger
Cook said the subsidy would be "significantly" reduced.

Reuters says the government will report more detailed costs to the
state parliament later in the year.

The state's Chamber of Minerals and Energy called the decision
pragmatic and said coal remained important in the state's grid,
which is not connected to the national power network, according to
Reuters.

Reuters adds the Australian Energy Market Operator (AEMO) has
forecast a small power shortfall in the state of 50 megawatts in
the 2025-2026 period in its latest analysis of mid-2025, although
longer term the picture is more complex given the uncertainty
around closure of large-scale coal- and gas-fired generation. The
AEMO report was clear more capacity must be procured before the end
of the decade.

                         About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
https://griffincoal.com.au/ -- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

Griffin Coal went into receivership in September 2022 owing close
to AUD1.5 billion to creditors.


HEALTHSCOPE: Urges Lenders to Reject PE Bid for Sydney Hospital
---------------------------------------------------------------
The Australian Financial Review reports that Healthscope's
management team has urged the distressed healthcare group's lenders
to reject a private equity offer for Sydney's Prince of Wales
Private Hospital, a prestigious private hospital popular with
celebrities, which they argue undervalues the prized asset by more
than AUD100 million.

The Financial Review relates that Pacific Equity Partners (PEP) is
closing in on a deal to buy the eastern suburbs hospital where
television stars, sporting heroes and the wealthy go to have babies
or undergo complex surgery, sources familiar with the sale process
but not authorised to speak publicly said.

Celebrity couples who have had babies in the hospital's marquee
maternity unit include Merivale owner Justin Hemmes and his former
partner Kate Fowler; radio host Kyle Sandilands and his wife Tegan
Kynaston; and Melbourne Cup winner Kerrin McEvoy and his partner
Cathy.

According to the Financial Review, Healthscope chief executive Tino
La Spina and finance chief Jeff Sells briefed the hospital
operator's lending syndicate on Jan. 13, when they reiterated their
pitch to keep the distressed company's remaining assets together as
a not-for-profit entity - a proposal Healthscope's management has
been pushing unsuccessfully since last year.

In a presentation to more than 50 people on the call, they valued
Prince of Wales Private Hospital at more than AUD240 million -
about double what PEP was offering, the sources said, the Financial
Review relays. PEP owns Healthe Care, a big private hospital
operator.

However, other sources said Healthscope's valuation was way off the
mark and key lenders, including London's Polus Capital Management
and Los Angeles-based Canyon Partners, were not unhappy with PEP's
offer. The Financial Review says receivers McGrathNicol are
expected to decide on PEP's offer by the end of the month.

The Financial Review says the dispute over Prince of Wales'
valuation highlights tension between Healthscope management,
bidders, lenders and hospital landlords over how much the remaining
unsold hospitals are worth and who should be allowed to own them.

If PEP is successful, it completes the sale of Healthscope's
so-called "crown jewels" - the most profitable hospitals that were
directly owned by the operator and seen as the easiest transactions
to complete, the Financial Review states. There would still be 31
hospitals up for sale, although they are likely to fetch lower bids
and some could close if they cannot find a buyer.

McGrathNicol last month rejected an offer by Catholic healthcare
provider Calvary Health to buy 12 Healthscope hospitals owned by
Canada's Northwest Healthcare Properties, arguing the offer was too
low, the Financial Review recalls.

The Financial Review relates that sources said the Calvary offer
valued the whole portfolio at up to AUD140 million in total, a
fraction of the price Healthscope received for its more profitable
facilities.

In its bid to keep the remaining assets together and avoid hospital
closures, Healthscope management is arguing that the cost of
transitioning the lower-value hospitals to new owners would be
greater than what bidders were willing to pay, notes the report.

Five of Healthscope's most profitable hospitals have now been sold,
the Financial Review notes. Queensland Catholic not-for-profit
group Mater Health on Jan. 20 announced it has acquired
Healthscope's Gold Coast Private Hospital.

In late December, Ramsay Health Care bought Canberra's National
Capital Private Hospital for AUD251 million, while Calvary bought
the Hobart Private Hospital in Tasmania and the Holmesglen Private
Hospital in outer Melbourne, the Financial Review notes.

The NSW government last year agreed to pay AUD190 million to take
back full control of Healthscope's Northern Beaches Hospital.

Most of the unsold assets are owned by Toronto-listed Northwest
Healthcare Properties Real Estate Investment Trust and property
funds controlled by David Di Pilla's HMC Capital. HMC has said it
is talking to alternative operators, but has not said who they are,
the Financial Review adds.

                         About Healthscope

Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.

On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.

Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.

According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.


KYWANNA ESTATE: Second Creditors' Meeting Set for Jan. 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Kywanna Estate
Pty Ltd ATF Kywanna Estate Unit Trust has been set for Jan. 30,
2026, at 10:00 a.m. via Teams Videoconferencing.

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. 29, 2026 at 4:00 p.m.

Bradd William Morelli and Peter John Moore of Jirsch Sutherland
were appointed as administrators of the company on Dec. 15, 2025.


MILLCON PTY: First Creditors' Meeting Set for Jan. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Millcon Pty
Ltd will be held on Jan. 30, 2026, at 10:00 a.m. via Teleconference
Only.

David Ingram of I & R Advisory was appointed as administrator of
the company on Jan. 20, 2026.


ORSIMO INVESTMENTS: Second Creditors' Meeting Set for Jan. 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Orsimo
Investments Pty Ltd (In Its Own Right And ATF The Ritz Family
Trust) has been set for Jan. 29, 2026, at 10:00 a.m. via
virtually.

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. 28, 2026 at 4:00 p.m.

David Coyne of BRI Ferrier was appointed as administrator of the
company on Dec. 17, 2025.


PEOPLE FIRST: To Close 18 Sites Across Australia
------------------------------------------------
ABC News reports that People First Bank will close 18 sites across
Australia, including several in regional towns.

Customers who rely on in‑person banking are scared they will lose
access and community connection.

According to the ABC, People First Bank last week said 12 former
Heritage Bank branches, three People's Choice Credit Union sites
and three agency locations would close from 4:00 p.m. on March 12,
2026.

In Queensland, branches will close at Millmerran, Oakey,
Pittsworth, Toowoomba Range, Wilsonton, Hervey Bay, Kawana Waters,
Kippa‑Ring, Coomera, Tweed Heads and Runaway Bay.

One branch will close in New South Wales at Macquarie Park, one in
Victoria at Caroline Springs, and two in South Australia at
Millicent and Blackwood.

Agency sites will also close at Laidley, Goondiwindi and
Maryborough.

People First Bank chief customer officer Maria‑Ann Camilleri told
the ABC that the decision was difficult and based on "rapidly"
changing consumer habits.

"Most of our customers are using card payments, ATMs, internet
banking or our app for their day‑to‑day banking needs," the ABC
quotes Ms. Camilleri as saying.  "That means less than 1 per cent
of our transactions now occur in branch."

The ABC relates that Ms. Camilleri said affected staff would be
offered an alternative role and there would be no job cuts, and
rejected claims the bank had broken its merger promise.

"We did make a commitment that there would be no branch closures as
a result of the merger, and we've met that commitment," she said,
notes the report. "These closures are based on low usage and a
significant shift towards digital banking."




=========
C H I N A
=========

CHINA VANKE: To Begin Partial Repayment on CNY1.1 Billion Bond
--------------------------------------------------------------
Wataru Suzuki at Nikkei Asia reports that China Vanke is set to
begin partial repayment of its debt this month after obtaining
bondholder approval to delay a large portion of it.

According to Nikkei Asia, Vanke said in a filing to the Hong Kong
stock exchange on Jan. 21 that it had received approval to repay
40% of an onshore bond due in 2028, which carries a put option
allowing creditors to demand repayment of the principal on Jan. 22.
The option was exercised on about 94% of the CNY1.1 billion ($160
million) note.

Under the proposal, repayment of the remaining 60% will be delayed
by a year, Nikkei Asia relates. Another proposal to extend the
grace period until late April was rejected.

Nikkei Asia notes that the repayment would mark Vanke's first bond
principal repayment since it initially proposed a debt repayment
extension in November. The move eases near-term default risks, as
state-owned Shenzhen Metro Group, its top shareholder, shows no
sign of willing to extend further financial support amid the
country's property downturn.

Nikkei Asia says Vanke initially sought to delay repayment of the
entire principal of the CNY1.1 billion bond for a year, before
adding the sweetened proposals a day before voting was due to
begin.

"There is no incremental impact to Vanke's current rating from this
news," Nikkei Asia quotes Rebecca Tang, director of APAC corporate
ratings at Fitch Ratings, as saying. She said the restricted
default rating on Vanke is based on another CNY2 billion onshore
bond that matured on Dec. 15.

Nikkei Asia relates that the grace period for that bond and another
CNY3.7 billion bond has been extended, with bondholders met on Jan.
21 to vote on a new set of proposals, including a similar plan to
repay 40% of the principal by the end of the grace period.

Vanke has another CNY11 billion in capital market debt maturing
between April and July, according to Fitch. New home sales dropped
for a fourth straight year in 2025, and analysts said there are
little signs of a major turnaround this year without fresh
government support.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.

Fitch Ratings, on Dec. 24, 2025, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong  Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.

S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27, 2025.



DALIAN WANDA: Moody's Lowers CFR to Ca, Outlook Remains Negative
----------------------------------------------------------------
Moody's Ratings has downgraded Dalian Wanda Commercial Management
Group Co., Ltd.'s (DWCM) corporate family rating to Ca from Caa2.

At the same time, Moody's have downgraded the following ratings to
C from Ca:

-- Wanda Commercial Properties (HK) Co. Limited's (Wanda HK) CFR;
and

-- The senior unsecured ratings on the bonds issued by Wanda
Properties Global Co. Limited.

Moody's have maintained the negative outlooks on all entities.

Wanda Properties Global Co. Limited is a wholly-owned subsidiary of
Wanda HK. The rated bonds are guaranteed by Wanda HK and supported
by deeds of equity interest, purchase undertakings and keepwell
deeds between DWCM, Wanda HK and the bond trustee.

"The rating downgrade with a negative outlook reflects DWCM's weak
liquidity and high default risk over the next 6-12 months,
following the maturity extensions for several USD bonds. The rating
action also reflects Moody's expectations of weak recovery
prospects for the company's creditors," says Daniel Zhou, a Moody's
Ratings Assistant Vice President and Analyst.

RATINGS RATIONALE

Moody's expects DWCM to face high default risk over the next 6-12
months, due to its weak liquidity and persistently constrained
financial flexibility. This is reflected by the company's maturity
extension on three USD bonds since late 2023.

DWCM faces sizable debt maturities in 2026, including the partial
redemption of USD400 million USD bond whose maturity was extended
to February 2028 recently.

While DWCM has raised funds through asset disposals to address some
debt servicing needs, the scale and timing of further fundraising
activities remain highly uncertain. This reflects the continued
weak market sentiment and DWCM's still weak funding access.

DWCM's Ca CFR further considers the weak recovery prospect for the
company's creditors in a default scenario.

The downgrade of Wanda HK's ratings to C follows that of its parent
DWCM, reflecting Wanda HK's weak liquidity and low recovery level.

In terms of environmental, social, and governance (ESG) factors,
DWCM's and Wanda HK's governance risk assessment reflects their
weak financial and liquidity management, as indicated by DWCM's
high default risk.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of DWCM's rating is unlikely given the negative
outlook.

However, positive rating momentum could develop if DWCM improves
its liquidity position materially and repays its maturing debt
obligations on time.

Moody's could downgrade DWCM's rating if the recovery prospects for
its creditors deteriorate.

An upgrade of Wanda HK's ratings is also unlikely, given the
negative outlook.

However, positive rating momentum could emerge if DWCM's rating is
upgraded and Wanda HK's standalone credit profile improves.

The principal methodology used in rating Dalian Wanda Commercial
Management Group Co., Ltd. was REITs and Other Commercial Real
Estate Firms published in May 2025.

DWCM's Ca CFR is below the scorecard-indicated outcome of Ba3. The
CFR reflects the company's weak liquidity profile, high default
risk and low recovery prospects of its creditors. It also reflects
DWCM's high governance and contagion risks associated with the
parent, Dalian Wanda Group Co., Ltd.

Wanda HK's C CFR is below the scorecard-indicated outcome of Caa1.
This reflects its weak liquidity and low recovery prospects of its
creditors.

DWCM develops and operates commercial properties in China. Wanda HK
is the primary offshore funding and investment platform for DWCM.

RONSHINE CHINA: Posts CNY3.78BB in Contracted Sales for 2025
------------------------------------------------------------
TipRanks reports that Ronshine China Holdings Limited reported
unaudited operating statistics showing contracted sales of
approximately CNY285.4 million in December 2025, with a contracted
gross floor area of about 26,745 square meters and an average
selling price of roughly CNY10,671 per square meter.

For the full year ended Dec. 31, 2025, the group recorded aggregate
contracted sales of around CNY3.78 billion on 334,843 square meters
of contracted gross floor area, at an average selling price of
approximately CNY11,281 per square meter.

According to TipRanks, the company emphasized that these figures
are preliminary, unaudited indicators intended solely for
investors' reference and urged caution in relying on them for
investment decisions.

                        About Ronshine China

Ronshine China Holdings Limited is an investment holding company
principally engaged in the development of properties. The Company
is involved in the sale of properties, construction contracting
businesses and rental of properties. The Company invests in
basements, residential properties, commercial properties, hotels
and office properties, among others. Its properties include First
City Rongxin Super Star City Phase I, First City Rongxin Super Star
City Phase III, Rongxin Spanish, Broad View, David City, Lan County
and The White House, among others. The Company operates businesses
in Chinese cities, including Shanghai, Hangzhou, Fuzhou, Xiamen and
Zhangzhou, among others.

As reported in the Troubled Company Reporter-Asia Pacific on July
13, 2022, Moody's Investors Service has downgraded Ronshine China
Holding Limited's corporate family rating to Ca from Caa1, and the
company's senior unsecured ratings to C from Caa2. The outlook
remains negative.

The negative outlook reflects Moody's view that the recovery
prospects for Ronshine's creditors could weaken further.

Ronshine announced on July 10, 2022 that it had missed an interest
payment on its 8.1% senior notes due June 2023 after the expiration
of a 30-day grace period. It also missed an interest payment on its
7.35% senior notes due December 2023, which became due or payable
on June 15, 2022.


SEAZEN GROUP: To Sell Entire Stakes in Two Subsidiaries
-------------------------------------------------------
Futu, citing Gelonghui, reports that Seazen Group said on Jan. 20,
that SRCIM (a wholly-owned subsidiary of the company) entered into
Share Transfer Agreement A and Share Transfer Agreement B with the
buyer, Jinfeng Capital Holdings.  According to these agreements,
SRCIM conditionally agreed to sell, and the buyer conditionally
agreed to purchase, the entire issued share capital of Target
Company A, New City Jin Feng Asset Management, and Target Company
B, New City Jin Feng Securities, for consideration of HKD25.23
million and HKD62.82 million, respectively.

Upon completion of the disposal, the target companies will no
longer be subsidiaries of the company, and the financial
performance, assets, and liabilities of each target company will no
longer be consolidated into the group's financial statements, Futu
relates.

According to Futu, the directors believe that the disposal will
enable the group to optimize its resources and streamline its
structure, especially considering that the target companies have no
significant business operations and recorded an overall loss for
the year ended Dec. 31, 2024, and only minimal profits for the year
ended Dec. 31, 2025. The disposal will allow the group to allocate
its financial resources to its core business operations as a
property developer or to other future business developments.

                        About Seazen Group

Seazen Group operates primarily in residential development in
China. The company was founded in 1996 by its former chairman, Wang
Zhenhua, who is its key shareholder.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
25, 2025, S&P Global Ratings assigned its 'B-' long-term issue
rating to the proposed U.S. dollar-denominated senior unsecured
notes that Seazen Group Ltd. and Seazen Holdings Co. Ltd. will
unconditionally and irrevocably guarantee. New Metro Global Ltd., a
special purpose financing vehicle of Seazen Group, will issue the
notes.


SUNAC CHINA: Sunac Services Settles CNY26MM in Group Receivables
----------------------------------------------------------------
TipRanks reports that Sunac Services Holdings has entered into a
series of debt settlement agreements with affiliated companies
under Sunac Group, under which it will acquire car parking spaces
and other properties in Shanghai and Guangzhou in lieu of cash to
settle outstanding receivables.

TipRanks relates that the transactions, valued at approximately
CNY26.26 million, are classified as connected transactions under
Hong Kong listing rules due to Sunac China's roughly 49% stake in
the company; they are subject to reporting, announcement and annual
review requirements but are exempt from circular issuance and
independent shareholders' approval, streamlining the process of
converting receivables into property assets while staying within
regulatory thresholds.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its US$9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.

Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.




=================
H O N G   K O N G
=================

CHINA OIL: Moody's Rates New USD Bonds Ba3, Outlook Stable
----------------------------------------------------------
Moody's Ratings has assigned a senior unsecured rating of Ba3 to
the proposed USD bonds to be issued by China Oil and Gas Group
Limited (COG, Ba3 stable).

The outlook on COG is stable.        

COG intends to use the net proceeds for refinancing and general
corporate purposes.

RATINGS RATIONALE

Moody's expects that the proposed issuance will not materially
increase COG's debt because of the small issuance size relative to
COG's existing debt base, and the proceeds would be used in
refinancing existing indebtedness of COG.

The rating on the bonds is in line with COG's Ba3 corporate family
rating (CFR), reflecting its pari passu ranking with all other
unsecured and unsubordinated indebtedness of the company, and its
manageable structural subordination risks. Most of the debts are
borrowed at the holding company level, with holding company level
claim/total consolidated claim was about 63% as of year-end 2024.

COG's Ba3 CFR reflects its steady but slower growth in gas sales
volumes over the next two to three years, supported by positive
industry policies. In addition, likely lower capital spending in
new projects would enable the company to deleverage.

The CFR also considers the company's (1) high risk appetite
including its investments in its associates, namely Shandong
Shengli and Sino Director, (2) overseas upstream operations, and
(3) weak liquidity at the holding company.

In terms of environmental, social and governance (ESG) factors,
Moody's Ratings considers COG's governance risk to be high,
considering its previous investment as well as the delay in
publishing its FY2023 annual results.

COG's stable rating outlook reflects Moody's expectations that the
company will maintain a stable financial profile and keep its
upstream operations at a manageable scale. Liquidity at both the
consolidated and holding company level, and the remaining corporate
governance issues are manageable at its current rating level.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward rating pressure could emerge over time if COG establishes a
proven track record with timely cost pass-through for its city gas
projects; shows increased diversification in revenue, such that
Qinghai province contributes to less than 30% of its total revenue;
and strengthens its corporate governance framework, including
resolving the shareholder loan with its associates, as well as
higher transparency and internal controls on related party
transactions with other investments undertaken by its chairman.

Financial metrics indicative of an upgrade include its retained
cash flow (RCF)/debt above 18% and Moody's-adjusted funds from
operations (FFO) interest coverage above 4.5x on a sustained basis,
both calculated with full consolidation of Shandong Shengli.

The rating could be downgraded if COG's corporate governance risks
are heightened, including a substantial increase in loans to Sino
Director and/or other associates. Other factors that could result
in a rating downgrade include a significant increase in the risks
associated with COG's overseas upstream operations, aggressive
debt-funded expansion projects or acquisitions, adverse regulatory
changes, or additional funding support to its upstream business and
its associates. Weak liquidity will also trigger a downgrade.

Financial metrics indicative of a downgrade include RCF/debt
falling below 13% and FFO interest coverage staying below 3.0x on a
sustained basis, with full consolidation of Shandong Shengli, while
liquidity at the holding company level remains weak.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2024.

There is a two-notch difference between the final rating assigned
and the scorecard outputs under the primary methodology. The
downward adjustment takes into consideration the rating constraints
that are not considered in the grid, such as the elevated corporate
governance concerns associated with investments and loans to
associate(s); increased business risks after the BEI acquisition,
especially amid the currently volatile oil prices; the presence of
considerable minority interests and liquidity at the holding
company level; and the high geographic concentration risk of the
piped gas business.

China Oil and Gas Group Limited (COG) engages in the piped city gas
business, as well as the transportation and distribution of
compressed natural gas (CNG) and liquefied natural gas (LNG). The
company expanded its footprint to oil and gas production in Canada
in July 2014.



=========
I N D I A
=========

ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Adams Marketing Pvt. Ltd.in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         0.83      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        24.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Adams Marketing
Pvt. Ltd.'s performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Adams Marketing Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2007, through the merger of two proprietorship
firms - Adams Motors and Adams Electronics -Adams Marketing Pvt.
Ltd. primarily deals in electronic consumer durable goods such as
televisions, washing machines, refrigerators, air conditioners, and
laptops. AMPL is the authorized dealer of reputed consumer durable
players, including Samsung India Pvt. Ltd., Voltas Limited, Sony
India Pvt. Ltd., and Mitsubishi Electric India Pvt. Ltd., among
others. It currently operates through its 12 multi-brand showrooms
across West Bengal. The company also has a central warehouse
located at Benaras Road, Biradingi, West Bengal, for inventory
storage and distribution across all its stores.


ALLIED ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Allied Energy
Systems Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        16.50      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term         9.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Allied Energy
Systems Private Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Allied Energy Systems Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2005, Allied Energy Systems Private Limited is
primarily engaged in designing fabrication and erection of
Deaerators for boilers which are used in industries like Chemicals,
Power, Petrochem, Fertilizer, Sugar, Paper etc. The company is also
engaged in manufacturing steel fabricated products like Pressure
Vessels, Heat Exchangers, and Evaporators etc. The company has two
manufacturing facilities in Bhiwadi, Rajasthan with a total annual
capacity of 75,000MT.


APEEJAY TEA: ICRA Withdraws D Rating on INR412cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Apeejay Tea Limited (ATL) at the request of the company and based
on the No Objection Certificate/No Due Certificate/Closure
certificate received from its bankers. ATL's gross bank loans have
reduced from INR620 crores in FY2023 to INR29 crores as on December
2025.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-         135.00       [ICRA]D; ISSUER NOT
   Fund based                      COOPERATING; Withdrawn
   Cash Credit

   Long-term-         412.00       [ICRA]D; ISSUER NOT
   Fund based                      COOPERATING; Withdrawn
   Term Loan                        
                      
   Long Term/          39.00       [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                     COOPERATING; Withdrawn
   Fund Based-                     
   Cash Credit                     

   Long Term/          38.25       [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                     COOPERATING; Withdrawn
   Unallocated                     

   Short-term-         33.75       [ICRA]D; ISSUER NOT
   Fund based                      COOPERATING; Withdrawn
   Cash Credit                     

Apeejay Tea Limited is a subsidiary of the Kolkata-based Apeejay
Surendra Group, a prominent Indian conglomerate with diversified
interests in shipping, hospitality, real estate, and retail. At
present, the company focuses on the sales and distribution of
premium packet tea, coffee, and other beverages under the "Flurys"
brand. Recently, Apeejay Tea Limited exited the bulk tea segment by
divesting all 17 of its tea estates. The proceeds from this
divestment were used to repay outstanding loans and reduce overall
gross bank debt.



ASR ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of ASR Engineering & Projects
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        147.68     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         13.42     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
   limits                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding ASR Engineering &
Projects Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with ASR Engineering & Projects Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

ASR Engineering & Projects Limited (Formerly Saisudhir
Infrastructures Limited) is incorporated in 1999 and the company is
ISO 9001:2000 certified. SSIL has an expertise in water supply &
waste water treatment segment. The projects executed are in the
field of water distribution networks, sewerage treatment plants
etc. Over the past 3-4 years, the company has diversified into
other business segments like- solid waste management plants, power
transmission and sub-stations, solar power projects, building
construction and irrigation projects. Furthermore, SSIL has
diversified its scope of activities to other electrical works and
the installation of the pump systems. SSIL is promoted by Mr. D.
Shreedhar Reddy of Hyderabad and apart from the promoters, Private
Equity players have invested in the company and hold about 32% of
the shareholding.


BALAJI EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Balaji
Educational and Cultural Trust (BECT) in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/          3.41       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Fund Based                     Rating Continues to remain
   Proposed                       under issuer not cooperating
   Unallocated                    category
   Limits

   Long Term-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Overdraft                      to remain under 'Issuer Not
   Facilities                     Cooperating' category


   Long Term-          2.59       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding BECT's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with BECT, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Balaji Educational and Charitable Trust (BECT) was formed in March
2013 by Mr. Radheshyam Heda and the members of his family for
imparting education. The trust operates an engineering college in
the name of Jain College of Engineering and Research (JCER) and
offers civil, computer science, electronics and communication and
mechanical engineering courses. The college is approved by AICTE
(All India Council for Technical Education) and is affiliated to
VTU (Visvesvaraya Technological University). Along with the
engineering college, the trust also operates a school in the name
of Jain Heritage School (JHS) which offers education from Nursery
to Class V and is affiliated to CBSE (Central Board of Secondary
Education). The school and the engineering college started
operations from the academic year 2017-18 and 2018-19 respectively.
Both the school and college are located in Belgaum, Karnataka.


BOLA RAGHAVENDRA: CRISIL Lowers Long/Short Term Ratings to D
------------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank facilities of
Bola Raghavendra Kamath and Sons Pvt Ltd (BRKSPL) to 'Crisil
D/Crisil D' from 'Crisil BB-/Stable/Crisil A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         Crisil D (Downgraded from
                                     'Crisil BB-/Stable')

   Short Term Rating       -         Crisil D (Downgraded from
                                     'Crisil A4+')

The downgrade reflects the delay in debt servicing by BRKSPL on
account of tight liquidity.

The company has not disclosed these delays in the no-default
statement it has provided.

The company faces intense competition in the cashew industry and is
susceptible to volatility in cashew prices. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of BRKSPL.

Key Rating Drivers - Weaknesses

* Delay in debt servicing: BRKSPL has delayed its debt obligation
due in December 2025 because of weak liquidity. The company's
packing credit facility is overdue beyond 30 days.

* Exposure to intense competition in the cashew processing
industry: Low entry barriers have led to fragmentation in the
cashew processing business. The intense competition between
organised and unorganised players constrains the profitability and
scale of operations of all the players.

* Susceptibility to volatility in cashew prices: Cashew prices are
highly volatile. Kernel prices are determined by buyers and brokers
in line with the prevailing demand-supply scenario. BRKSPL protects
its operating margin by procuring raw cashew nuts at low rates
during the crop season based on prevailing prices and the
management's expectations of further price movements.

Key Rating Drivers - Strengths

* Extensive industry experience of the promoters: The promoters
have experience of more than six decades in the cashew industry.
This has given them an understanding of the market dynamics and
enabled them to establish relationship with suppliers and
customers.

Liquidity Poor

Bank limit utilisation was high at 98.11% on average for the 12
months through October 2025. The promoters are likely to extend
support in the form of equity and unsecured loans to meet working
capital requirement and debt obligations.

Rating Sensitivity Factors

Upward factor

* Track record of timely debt servicing for 90 days or more
* Sustenance of profitability and operating revenue along with
improved working capital cycle
* Improvement in the financial risk profile

Established in 1958, BRKSPL processes and trades in cashew nuts,
raw cashew nuts, cashew nut shell liquid (CNSL), coffee beans. The
company is based in Kukkundoor (Karnataka) and has installed
capacity to process 12,000 tonne per annum of raw cashew. BRKSPL is
owned and managed by Mr Bola Raghavendra Kamath and family.


BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Brainer Infra LLP (BILLP) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding BILLP's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with BILLP, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first phase
of the project, BILLP is developing a Low-Income Group
(LIG)-category residential complex comprising sixteen towers
divided into 320 flats spread over 2.60 acres of land with saleable
area of 2.32 lakh square feet (lsf).


BUDS TEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Buds Tea Industries Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        12.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Buds Tea
Industries Limited's performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Buds Tea Industries Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Buds Tea Industries Limited was established in the year 2006 and is
engaged in manufacturing CTC variety of tea. The plant is located
near Jalpaiguri, West Bengal.


CAIRO INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short -Term ratings of Cairo
International in the 'Issuer Not Cooperating' category. The rating
are denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.61      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/        15.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Fund Based-                  remain under 'Issuer Not
   Cash Credit                  Cooperating' Category

   Short-term         0.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Continues to remain under the
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Cairo
International's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Cairo International, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Cairo International is a partnership firm which was formed in
December 2003 and is engaged in manufacturing of readymade garments
such as shirts, trousers and T-shirts and also in fabric trading.
The readymade garments are retailed in the domestic as well as in
export markets mostly under the in-house brands Dash and Cairo. The
partners, Mr. Lalit Agarwal and his wife Mrs. Rekha Agarwal have
more than two decades of experience in the readymade garments
industry and are actively involved in the day-to-day operations of
the firm. The partners were earlier engaged in garment
manufacturing through another partnership firm Dwarka Men's Wear;
however, after the split with other partners, Mr. Lalit Agarwal and
Mrs. Rekha Agarwal opened a new partnership firm Cairo
International to carry out similar line of business.


COSMOS JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Cosmos Jewellers Private
Limited (CJPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding CJPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with CJPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Cosmos Jewellers Private Limited (CJPL), incorporated in 2011, is
engaged in the manufacturing, wholesale and retail sales of gold
and diamond. CJPL has presence largely in gold jewellery, and its
customers are primarily wholesalers and retailers based in New
Delhi. The company was acquired by the promoters of Delhi based
Shree Raj Mahal Group, which is engaged in the manufacturing,
wholesale and retail sales of gold and diamond jewellery for more
than two decades.


EASTERN HOME: CRISIL Lowers Rating on INR1cr Term Loan to B+
------------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank facilities of
Eastern Home Industries (EHI) to 'Crisil B+/Stable/Crisil A4' from
'Crisil BB-/Stable/Crisil A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          12        Crisil A4 (Downgraded from
   Credit                            'Crisil A4+')

   Foreign Discounting      2        Crisil A4 (Downgraded from
   Bill Purchase                     'Crisil A4+')

   Working Capital          1        Crisil B+/Stable (Downgraded
   Term Loan                         from 'Crisil BB-/Stable')

The downgrade in the rating reflects the weakening in the overall
credit profile of the firm, Revenues of the firm are expected to
decline by around 45-50% in fiscal 2026 y-o-y from revenues of
INR57.9 in fiscal 2025 due to the firm's high exposure from US and
the subsequent impact of the imposition of tariffs by the US
administration on India which has led to subdued demand. The firm
derived around 50% of its revenues from US in fiscal 2025, and with
the imposition of tariff, and the inability of the firm to pass
down the increased tariff to its customers, the revenues of the
firm are expected to decline. Further, with lower scale of
operations, the inventory has piled up marked by inventory of
around INR31-32 crore as on 30th September 2025 (Rs 12.7 as on
March 31st, 2025) which has been supported through stretch in
creditors. This would further lead to stretch in capital structure.
Liquidity is also further expected to be stretched marked by high
bank limit utilization and cash accruals will be tightly matched
against the repayment obligation.

The ratings reflect the decline in scale of operations, firm's
working capital-intensive operations and below average financial
profile. These weaknesses are partially offset by the extensive
experience of the partners in the home furnishings industry.

Analytical approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of EHI.

Unsecured loan of INR0.9 crore as on March 31, 2025, from group
companies is treated as debt.

Key rating drivers - Weaknesses

* Decline in scale of operations: The scale of operations has
remained stable in the range of INR57-58 crore for the past 2
fiscals ended 2025. However, due to imposition of tariffs by US
administration on India, the scale of operations of the firm have
been affected in fiscal 2026. While the firm clocked revenue of
around INR20 crore till November 2025, the scale is expected to
decrease by 45-50% in fiscal 2026 as compared to 2025 levels due to
subdued demand. Improvement in scale of operations will remain a
key monitorable over the medium term.

* Working capital-intensive operations: Gross current assets were
at 120-125 days as on March 2025, led by substantial inventory of
85-90 days and receivables of around 21 days. However, the working
capital cycle is further expected to stretch given the piled up
inventory of around INR31-32 crore as on September 2025 (Rs 12.7 as
on March 31st, 2025) and low sales expected in the second half of
fiscal 2026 due to the imposition of tariffs by US administration.
The GCA is expected to stretch and reach to around 300-350 days
marked by piled up inventory of 250-300 days for the year ending
March 31, 2025. This increase in inventory is expected to be funded
through stretch in creditors.

* Below average financial profile: EHI's capital structure is
leveraged due to moderate networth of INR9.8 crore as on March 31,
2025, because of regular capital withdrawals (Rs 1.4 crore in
fiscal 2025), and high reliance on external debt and creditors to
support working capital management. The gearing and total outside
liabilities to adjusted networth (TOLANW) ratio were at 2.0 times
and 3.0 times, respectively, as on March 31, 2025. TOLANW is
further expected to stretch due to increased reliance on creditors
and debt to support the working capital requirement and would
continue to remain a key monitorable. Debt protection metrics
remains moderate with interest coverage of around 2.0 times for
fiscal 2025, however, the same is expected to decline due to
decline in scale of operations while leverage continues to remain
high.

Key rating drivers - Strengths

* Extensive experience of the partners in the home furnishings
industry: The key partner, Mr Zafar Ansari, has over four decades
of experience in carpet manufacturing and has been associated with
reputed brands such as IKEA for more than 16 years.

The firm has onboarded customers like Ferm Living (Denmark), John
Lewis (UK), Rusta (Sweden) which will help the firm in healthy
revival in scale of operations in the medium term. Crisil Ratings
believes the key partner's extensive experience will continue to
assist EHI as it looks to acquire new customers.

Liquidity Poor

Bank limit was fully utilised for the 12 months through October
2025. Annual cash accrual is expected at INR15-75 lakh over the
medium term which is insufficient to meet yearly term debt
obligation of INR30-45 lakh. The current ratio was 0.8 times on
March 31, 2025. Need-based support in case of any exigency from
partners and related entities will continue to support liquidity.
The firm had cash and bank balance of around INR3.9 crore as on
March 31, 2025, of which majority was lien marked.

Outlook Stable

Crisil Ratings believes EHI will continue to benefit from the
extensive experience of its partners.

Rating Sensitivity Factors

Upward factors

* Improvement in the working capital cycle along with improvement
in inventory levels leading to strengthening of liquidity with
working capital limits utilised below 90% on a sustained basis

* Substantial improvement in the scale of operations with sustained
margins, leading to higher-than-expected cash accrual

Downward factors

* Further decline in revenue or operating margin below 4%, or large
capital withdrawal leading to lower than expected cash accruals.

* Further stretch in the working capital cycle weakening the
financial risk profile and liquidity

EHI was set up as a sole proprietorship firm in 2010 and
reconstituted as a partnership firm in 2012. Based in Bhadohi,
Uttar Pradesh, it manufactures carpets, rugs and druggets for
global markets.


FASHION KNITS: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Fashion Knits (FK) to 'Crisil D/Crisil D Issuer not cooperating'.


                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Packing Credit       22.5       Crisil D (Issuer Not
                                   Cooperating; Rating Migrated)

   Standby Line          2         Crisil D (Issuer Not
   of Credit                       Cooperating; Rating Migrated)

Crisil Ratings has been consistently following up with FK for
obtaining information through letter and email dated December 10,
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 FK, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FK is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, Crisil Ratings has migrated the ratings on bank
facilities of FK to 'Crisil D/Crisil D Issuer not cooperating'.  

FK was established in 1991. FK is engaged in manufacturing of
knitted garments which includes converting fabric into grey cloth,
dyeing fabrics and stitching. FK's manufacturing facility is
located in Tiruppur, Tamil Nadu. FK is a part of R. R. Group. The
firm outsources dyeing to its group company - R R Dyeing. FK is
owned & managed by R. Ramu and R.P. Rajee.


GOYAL CATTLE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Cattle Feed Industries (GCFI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 19, 2024, placed the rating(s) of GCFI under the
'issuer non-cooperating' category as GCFI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GCFI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 5, 2025, October 15, 2025, October 25, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Goyal Cattle Feeds Industries (GCFI) was established in 1990 as a
proprietorship entity by Mr. Rajendra Agarwal. Since its inception,
the entity has been engaged in processing of pulses like Rahar Dal,
Matar Dal and trading of Masur dal, Moong Dal. The processing plant
of the entity is located at Raipur, Chhattisgarh with a processing
capacity of 12000 metric ton per annum.


HANIEF MOTORS: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Hanief Motors in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Hanief Motors's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Hanief Motors, ICRA has been trying to seek information from
the entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Hanief Motors was incorporated in 1980 as a partnership firm by Mr
Abdul Rahim, having a bicycle outlet. In 1981, the name was changed
from 'National Cycle Works' to 'Hanief Motors' by Mr. Mohammad
Hanief, son of Mr. Rahim. The firm is the authorized dealer for
Yamaha Motors Limited for sale of motor-cycles, mopeds and scooters
along with Spare & Services in 4 locations in the state of J&K-
Srinagar, Anantnag, Pulwama and Sangrama. The company also deals in
agri-equipments and gensets, and also has a Panasonic store in
Srinagar.


JAYALAKSHMI CASHEW: CRISIL Cuts Rating on INR5cr Cash Loan to D
---------------------------------------------------------------
Crisil Ratings has downgraded the rating on Jayalakshmi Cashew
Exports (JCE) to 'Crisil D/Issuer Not Cooperating' from 'Crisil
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     Crisil B+/Stable ISSUER NOT
                                     COOPERATING)

   Long Term Loan         0.37       Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     Crisil B+/Stable ISSUER NOT
                                     COOPERATING)

   Long Term Loan         2.63       Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     Crisil B+/Stable ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with JCE for
obtaining information through emails dated March 12, 2025 and
January 16, 2026 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-cooperation
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 JCE, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, Crisil Ratings has downgraded the
rating to 'Crisil D/Issuer Not Cooperating' from 'Crisil B+/Stable
Issuer Not Cooperating'. As per information available in the public
domain, there remains delinquency in company accounts and clarity
about the same from the management and bankers is continuing to
remain awaited.

Established in 2005, JCE is a proprietorship firm, established by
Mr Pankajakshan Pillai and his son Mr Manoj Pillai, and is engaged
in the processing of raw cashew nuts and sales of cashew kernels.
The total capacity is around 250 bags per day. The firm is based
out of Kollam, Kerala.


KAPOOR OIL: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Kapoor Oil Industries in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.40       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          6.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Kapoor Oil
Industries's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Kapoor Oil Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Kapoor Oil Industries was incorporated in July 2006 as partnership
firm promoted by Mr. Babubhai Patel and other seven partners.
Initially, the firm was engaged in the business of crushing of
cottonseeds. Later in FY 2013, the firm has commenced ginning and
pressing of raw cotton to produce cotton bales and cottonseeds. The
firm is currentl owned by 12 partners wherein six partners namely
Mr. Amrutbhai Patel, Mr. Dahyabhai Patel, Mr. Chunilal Patel, Mr.
Rameshbhai Patel, Mr. Rashikbhai Patel and Mr. Popatbhai Patel
manage the firm. The account and finance function of the firm is
handled by Mr. Manojbhai Patel, a son of Mr. Popatbhai Patel.


MUKTESHWAR SUGAR: CARE Lowers Rating on INR25cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mukteshwar Sugar Mill Limited (MSML), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          25.00       CARE B+; Stable; ISSUER NOT
                                   COOPERATING; Downgraded from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) has been seeking
information (including No Default Statement) from MSML to monitor
the rating vide e-mail communications dated January 6, 2026,
January 5, 2026, December 30, 2025, December 26, 2025 among others
and numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE Ratings Limited
(CareEdge Ratings) has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Limited
(CareEdge Ratings)'s opinion is not sufficient to arrive at a fair
rating. The ratings on MSML's bank facilities will now be denoted
as 'CARE B+; Stable; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of Mukteshwar Sugar
Mill Limited (MSML) have been revised on account of
non-availability of requisite information. The ratings of MSML
remained constrained on account of its moderate scale of
operations, leveraged Capital structure and weak debt coverage
indicators, Working capital intensive nature of operations,
Cyclicality, seasonality and agro-climatic risk associated with the
sugar industry, Regulated nature of sugar business.

The ratings, however, derives strength from moderate profitability,
experienced management with long track record and
established presence of the company, Location of the Plant in a
sufficient cane availability zone.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers

At the time of last rating on February 6, 2025 the following were
the rating strengths and weaknesses.

Key weaknesses

* Moderate scale of operations: MSMLs scale of operations remained
moderate marked by TOI stood at INR123.72 crore in FY24 as against
INR134.92 crore in FY23. The decline in the same due to lower sales
of the sugar produced during the ongoing sugar season. However, the
same has been sold in the subsequent months which results in MSML
achieved net sales of INR104.57 crore during 9MFY25. Nevertheless,
operations continue to remain moderate with tangible net worth
stood at INR24.44 crore as on March 31, 2024,
which limits its financial flexibility to meet any exigency. The
TOI is expected to increase during FY25 primarily on the back of
higher revenue generation during 9MFY25 along with expected
satisfactory sugar production during current sugar season.

* Leveraged Capital structure and weak debt coverage indicators:
Capital structure continued to remain leveraged in past owing to
low tangible net worth base and high debt levels. The capital
structure marked by overall gearing improved slightly to 3.27x as
on March 31, 2024, vis-à-vis 3.95x as on March 31, 2023 on account
of proportionately higher increase in the tangible net worth base
against increase in the total debt. The total debt of INR79.91
crore as on March 31, 2024 (vis-à-vis INR64.39 crore as on March
31, 2023) comprised of working capital borrowings (including cash
credit, pledge loan and H&T loans) of INR61.89 crore and unsecured
loans from promoters of INR17.67 crore. The capital structure is
expected to improve in absence of any debt funded capital
expenditure planned in the near to medium terms.
The debt coverage indicators remained moderate but have
deteriorated due to an increase in debt levels, which in turn
raised interest costs. Consequently, the interest coverage ratio
declined to 3.85x in FY24 from 6.30x in FY23. However, with a
significant increase in Gross Cash Accruals (GCA), the total debt
to GCA ratio improved to 8.53x in FY24 compared to 9.48x in FY23.

* Working capital intensive nature of operations: Operations of
MSML are highly working capital intensive marked by funds blocked
in inventory as sugar production is concentrated between November
to May and sales happens throughout the year. Inventory holding
period increased to 249 days in FY24 from 141 days in FY23 on
account of pile up of inventory during year end due to quota system
in sugar sale. Further, company receives advance payment from its
majority customers. However, total net debtors of INR15.62 crore
stood for more than 6 months pertaining to outstanding with its
African group entity viz. Salima Sugar Company Limited. As informed
by management, the same are recoverable in nature and yearly ~Rs.5
crore recovered from it. Further company receives limited credit
period of around two months from sugarcane suppliers. Due to
increase in collection period as well as inventory holding days
operating cycle increased to 237 days in FY24 which was primarily
funded through working capital limits.

* Cyclicality, seasonality and agro-climatic risk associated with
the sugar industry: Sugarcane is the key raw material used for the
manufacturing sugar and sugar-related products. The availability
and yield of sugarcane depend on factors like rainfall, temperature
and soil conditions, demand-supply dynamics, government policies
etc. The production of sugarcane and hence sugar is cyclical in
nature. The cyclical and seasonal nature of the industry has
significant impact on the profitability and sustainability of sugar
mills.

* Regulated nature of sugar business: The industry is cyclical by
nature and is vulnerable to the government policies for various
reasons like its importance in the Wholesale Price Index (WPI) as
it is classified as an essential commodity. The government on its
part resorts to various regulations like fixing the raw material
prices in the form of State Advised Prices (SAP) and Fair &
Remunerative Prices (FRP). All these factors impact the cultivation
patterns of sugarcane in the country and thus affect the
profitability of the sugar companies.

Key strengths

* Experienced management with long track record and established
presence of the company: MSML is promoted by Mr. Sachin Nikam
(founder & promoter). Presently, the company is spearheaded by Mr.
Sachin Nikam as Chairman and Mr. Prashant M Sharma as the Managing
Director (MD). Mr. Sachin Nikam has a rich experience in operating
sugar production unit of over two decades. The overall operations
of MSML are managed by second line of management including
qualified engineers, agricultural and finance officers for
operations of the partially integrated sugar factory. Further, Mr.
Sachin Nikam is also associated with a group company viz. Ulka
Industries Private Limited (UIPL) which is engaged in manufacturing
and set up of sugar mill plant.

* Location of the Plant in a sufficient cane availability zone: The
sugar factory of MSML is located in village Damori BK, Taluka
Gangapur, Aurangabad, Maharashtra. The command area of MSML
comprises of total irrigated land under sugar cultivation of about
4,840 hectares. This sugarcane availability fares well with MSML's
crushing capacity of 2500 Metric tonnes of sugarcane crushing per
day (TCPD) with expected operations working at 120 to 170 season
days. Also, the region has moderate recovery rate on account of
favourable climatic conditions for growing  sugarcane. Sustained
availability of sugarcane for crushing remains vital for sugar
production.

* Moderate Profit margins: The profit margins remained moderate
marked by PBILDT margin stood in the range of 8.45% to 10.77%
during FY21 to FY24. The PBILDT margin has improved from 8.45% in
FY23 to 10.77% in FY24 owing to an increase in the sales
realization against sugar on the back of increase in the sugar
prices across domestic market. In line with improvement in the
PBILDT margin, the PAT margin has also improved to 4.63% in FY24
from 2.00% in FY23. The absolute PBILDT and PAT has increased to
INR13.33 crore and INR5.72 crore in FY24 respectively as against
INR11.39 crore and INR2.70 crore in FY23. The profit margins
expected to remain at the similar levels in the near to medium term
on account of regulated nature of sugar industry.

Assumptions/Covenants: Not Applicable

MSML was incorporated in January 2017 to undertake sugar & sugar
related production business with its operational facility located
in Gangapur, Aurangabad (Maharashtra). Presently, the company is
spearheaded by Mr. Sachin Nikam as Chairman and Mr. Prashant M
Sharma as the Managing Director (MD). MSML's sugar mill plant has
installed capacity of 3500 tons of cane crushed per day (TCD).


MUSLIM ALI: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Muslim Ali
(MA) continue to remain in the 'Issuer Not Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 18, 2024, placed the rating(s) of MA under the
'issuer non-cooperating' category as MA had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MA continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 4, 2025, October 14, 2025, October 24, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Muslim Ali was established in 1970 by Mr. Muslim Ali with an
objective to enter into undertaking infrastructure and civil
construction business. Since its inception, the entity has been
engaged in civil construction business in the segment like PWD
projects, water supply projects, irrigation projects etc. Mr.
Muslim Ali (Proprietor) has around 48 years of experience in civil
construction industry, looks after the day to day operations of the
entity.

NANDU CHEMICALS: CRISIL Lowers Rating on INR3.3cr Cash Loan to D
----------------------------------------------------------------
Crisil Ratings has downgraded the rating on Nandu Chemicals Private
Limited (NCPL) to 'Crisil D Issuer Not Cooperating' from 'Crisil
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.3        Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Cash          1.96       Crisil D (ISSUER NOT
   Credit Limit                      COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

   Term Loan              5.98       Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B/Stable ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with NCPL for
obtaining information through letter and email dated April 4, 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 NCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NCPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, Crisil Ratings has
downgraded the rating to 'Crisil D Issuer Not Cooperating' from
'Crisil B/Stable Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company accounts and clarity about the same from the management and
bankers is continuing to remain awaited.

NCPL, based in Hubballi (Karnataka), was incorporated by Mr
Ramanandan Hegde in 1986. It manufactures active pharmaceutical
ingredients (APIs), which find application in medicine, food and
beverage, confectionery, and laboratory chemical segments.
Installed capacity is 18 tonne per day.


RAILTRACK CONCRETE: CRISIL Moves B+ Ratings to Not Cooperating
--------------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of
Railtrack Concrete Products Private Limited (RCPPL) to 'Crisil
B+/Stable/Crisil A4 Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          1        Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             3.5      Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        2        Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital         0.5      Crisil B+/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with RCPPL for
obtaining information through letter and email dated January 6,
2026 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 RCPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities of RCPPL to 'Crisil B+/Stable/Crisil A4 Issuer not
cooperating'.  

Incorporated in July 2014 and promoted by Mr Sabyasachi Munshi,
RCPPL manufactures railway sleepers for the Indian Railways. Its
facility near Bihara railway station yard in Silchar, Assam, has
installed capacity of 192,000 sleepers per annum.


RG SHAH: CRISIL Lowers Rating on INR14cr Proposed Loan to B+
------------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank loan
facilities of RG Shah Infratech Private Limited to 'Crisil
B+/Stable/Crisil A4' from 'Crisil BB-/Stable/Crisil A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         21         Crisil A4 (Downgraded from
                                     'Crisil A4+')

   Cash Credit             6         Crisil B+/Stable (Downgraded
                                     from 'Crisil BB-/Stable')

   Proposed Fund-         14         Crisil B+/Stable (Downgraded
   Based Bank Limits                 from 'Crisil BB-/Stable')

The rating action reflects moderation in the business risk profile
of the company along with stretched liquidity.  

Company has reported lower than expected revenue of INR60 crore in
fiscal 2025 and as on H1FY26, revenue achieved is INR34.72 crores
and for full year FY26 also expected to be around same as FY25.
Further, company's working capital is stretched with gross current
assets of over 500 days. Order book outstanding is INR100 crores,
consisting of three orders which are yet to start, showing lower
revenue visibility.

The ratings continue to reflect moderate scale of operations in
intensely competitive industry and large working capital
requirements. These weaknesses are offset by extensive experience
of the company in the civil construction business.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of RG shah infratech private limited.

Unsecured loans of INR40.96 crores have been treated as debt.

Key Rating Drivers - Weaknesses

* Moderate scale of operations: Scale of operations is moderate
indicated by revenue of INR63.67 crore in fiscal 2025. The civil
construction industry is fragmented, resulting in intense
competition. Revenue depends on the ability to successfully bid for
tenders, as a large proportion of the business is tender based.

* Working capital intensive operations: Operations are working
capital intensive as reflected in the Gross current assets (GCAs)
of 501 days as on March 31, 2025, because of high debtors' days of
around 301 days. GCA days are expected to be around 600-650 days
over medium term. Improvement in working capital management will
remain a key monitorable over the medium term.

Key Rating Drivers - Strengths

* Extensive industry experience of the promoter: Mr Rajendra G Shah
(key promoter) has around two decades of experience. The group has
been successfully executing projects from Municipal Corporation of
Greater Mumbai (MCGM), with no significant time and cost overruns.
Benefits derived from the promoters' expertise, their strong
understanding of local market dynamics, and healthy relations with
suppliers and customers should continue to support the business.


* Comfortable capital Structure: The company has a moderate capital
structure as evidenced by estimated net-worth of INR43.61 Cr and
moderate gearing ratio at 1.16 times as on March 31,2025. The debt
protection metrics of the company are comfortable with interest
coverage ratio and net cash accruals to adjusted debt at 1.93 times
and 0.12 times as on March 31,2025. Sustenance of the capital
structure amidst significant capital withdrawals made by the
partners remains a key monitorable over the medium term

Liquidity Poor

Bank limit utilization is moderate at around 30 percent for the
past twelve months through November 2025.  Cash accruals are
expected to be over INR5-6 crore against INR0.50-0.60 crore over
the medium term. The current ratio is healthy at 1.56 times on
March 31, 2025.

Outlook Stable

Crisil Ratings believes the company will benefit from the extensive
experience of its promoters in the civil construction segment and
healthy order book

Rating sensitivity factors

Upward Factors:

* Significant increase in revenues by 20%-25% and sustenance of
operating margins resulting in higher cash accrual.
* Sustenance of financial risk profile
* Reduction in group exposure with timely repayments of loans and
advances from group entities leading to improvement in liquidity
profile of the firm

Downward Factors:

* Decline in revenues resulting in lower cash accruals of below
INR2.5 crores
* Any additional support in form of loans and advances to group
entities or debt-funded capex or further stretch in the working
capital cycle weakening the financial risk profile and liquidity

RG Shah Infratech Private Limited engaged in civil construction
works for Brihanmumbai Municipal Corporation (BMC) in Mumbai.


S. S. SEA FOOD: CRISIL Withdraws B+ Rating on INR5.9cr LT Loan
--------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
S. S. Sea Food (SSSF) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in line with Crisil Rating's policy on withdrawal of its rating
on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         10         Crisil A4/Issuer Not   
   Credit                            Cooperating (Withdrawn)

   Foreign Documentary     2         Crisil A4/Issuer Not
   Bills Purchase                    Cooperating (Withdrawn)

   Proposed Long Term      5.9       Crisil B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

   Term Loan               4.4       Crisil B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Working Capital         2.7       Crisil B+/Stable/Issuer Not
   Term Loan                         Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with SSSF for
obtaining information through letter and email dated December 10,
2024 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-cooperation 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 SSSF. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on SSSF is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSSF continues to be 'Crisil B+/Stable/Crisil A4
Issuer Not Cooperating'.

SSSF was established in 2019, it is located in West Bengal. SSSF is
owned & managed by Mr. Sankar Kumar Datta and Mr. Sankar Paul. SSSF
processes and sells frozen seafood products both in the domestic
and international markets.


S. S. SEA: CRISIL Withdraws B Rating on INR7.5cr Term Loan
----------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
S. S. Sea Food Private Limited (SSFPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in line with Crisil Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         2.5        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Packing Credit        20          Crisil A4/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan              7.5        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with SSFPL for
obtaining information through letter and email dated November 10,
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-cooperation 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 SSFPL. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on SSFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSFPL continues to be 'Crisil B/Stable/Crisil A4
Issuer Not Cooperating'.

SSFPL, incorporated in 2012 is located in Kolkata. SSSFPL is owned
& managed by Mr. Sankar Kumar Dutta and Mr. Sankar Pal. SSFPL
processes and exports seafood products such as fish and shrimps.


SAMRAT ELECTRONICS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samrat
Electronics (SE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 18, 2024, placed the rating(s) of SE under the
'issuer non-cooperating' category as SE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 4, 2025, October 14, 2025, October 24, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Established in 1996, Samrat Electronics (SE) was promoted as a
proprietorship firm by Mr. Girdhar Gwalani based out of Raipur,
Chhattisgarh. It distributes electronic consumer durables like Led
TV, AC, cooler, fridge, washing machines etc. in Raipur,
Chhattisgarh. Major principals of the firm include Daikin India
Private Limited, Mitsubishi Electric India Private Limited Haier
India Private Limited, Panasonic Appliances India Company Limited,
Blue Star among others. It has a showroom of 1000 square feet in
Raipur in addition to 5 stockyards. Presently, it has 600 dealers
spread in the state of Chhattisgarh.


SHINOY HEALTH: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shinoy
Health Care Private Limited (SHCPL) to 'Crisil B/Stable Issuer not
cooperating'.  

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.5        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Rupee Term Loan     16.5        Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with SHCPL for
obtaining information through letter and email dated January 5,
2026 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 SHCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHCPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of SHCPL to 'Crisil B/Stable Issuer not
cooperating'.  

Incorporated in 2021, SHCPL is setting up a unit in Gandhinagar,
Gujarat, for manufacturing pharmaceuticals for varied segments,
such as anti-diabetic, pain management, gastro, anti-fungal,
antimalarial, respiratory system, anti-bacterial and lipid
lowering. Its unit is expected to be commissioned in May 2025 and
will have annual capacity of 3,000 lakh pills/tablets.

The company is promoted by Mr Bhaveshkumar Vasu Patel, Mr
Janakkumar Hasmukhbhai Patel, Mr Viralkumar Hasmukhbhai Patel and
Ms Hiralben Bhaveshkumar Patel.


SMRITY PAPER: CRISIL Lowers Rating on INR5cr Cash Loan to B+
------------------------------------------------------------
Crisil Ratings has downgraded its rating on the long term bank
facilities of Smrity Paper Mills Private Limited (SPMPL) to 'Crisil
B+/Stable' from 'Crisil BB-/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         Crisil B+/Stable (Downgraded
                                     from 'Crisil BB-/Stable')

   Proposed Long Term      5         Crisil B+/Stable (Downgraded
   Bank Loan Facility                from 'Crisil BB-/Stable')

The downgrade in ratings reflects the decline in operating income
of the business to around INR21 crore in FY25 from INR29.7 crore in
FY24. Operating Margins of the business declined to FY25 was around
4.2% against around 5.6% in FY24. Moderation of the business risk
profile was driven by distribution of reading and writing materials
for free in the government schools by the state government which
led to overall decline in operating performance. Around INR18 crore
of revenue has been recorded in the books till December 2025, which
is expected to increase to around INR23 crore over the medium term.
Improvement in the business risk profile will remain a key rating
monitorable over the medium term. Liquidity profile remains
stretched with bank limit utilization of fund based limits being
high at 99.4% over the past twelve months ended December 25.

The financial risk profile has remained stable marked by gearing of
around 0.45 times and interest coverage of around 2.7 times in
FY25.

The rating continues to reflect the extensive experience of the
promoters in the rice milling industry and moderate financial risk
profile. These strengths are partially offset by exposure to modest
scale of operations and susceptibility to cyclicality in the paper
industry.

Analytical Approach

Crisil Ratings has treated SPMPL as a standalone entity.

Key Rating Drivers - Weaknesses

* Modest scale of operations: SPMPL's revenue remained modest at
around INR21.8 crore in FY25 against around INR30 crore in FY24.
Topline of the business till December 2025 was around INR18 crore
and the same is expected to increase to around INR23-25 crore in
FY26. However, modest scale of operations restricts bargaining
power, pricing, and scalability. Significant ramp up in scale of
operations remains a key monitorable for the medium term.

* Susceptibility to cyclicality in the paper industry: Price of
paper, which is a commoditised product, tends to fluctuate sharply
and adversely affects the profitability of paper manufacturers.
Demand for paper is linked to the level of economic activity.
Hence, downturns or fluctuations in the demand-supply balance may
result in volatility in realisations. As such, operating margins of
the company declined to 4.20% in FY2025 as against 5.60% in FY2024.
Ability of the company to pass on increase in raw material prices
to customers will remain a key monitorable.

Key Rating Drivers - Strengths

* Extensive experience of the promoter: Presence of over 10 years
in the paper industry has enabled the promoter to establish healthy
relationships with customers and suppliers.  The extensive
experience of the promoters and their healthy relationships with
customers will continue to support the business.

* Moderate financial risk profile: Networth expected at INR7.6
crore and gearing comfortable at 0.46 time as on March 31, 2025.
Total outside liabilities to tangible networth (TOLTNW) ratio was
around 1.05 times as on the same date. Debt protection metrics were
healthy, as reflected in estimated interest coverage and net cash
accrual to total debt ratios of around 2.72 times and 0.18,
respectively, in fiscal 2025. The financial risk profile will
improve over the medium term in the absence of debt-funded capital
expenditure, supported by higher profit and accretion to reserve.

Liquidity Stretched

Bank limit utilisation is high at 99% for the past twelve months
ended December 25. Cash accruals are expected to be around INR75
lakhs against no major term debt obligation over the medium term.

Current ratios are moderate at 1.12 times on March 31, 2025.

Outlook Stable

Crisil Ratings believes SPMPL will continue to benefit from the
extensive experience of its promoters.


Rating sensitivity factors

Upward factors:

* Substantial growth in scale of operations to over INR28 crore and
sustenance of operating profitability at over 5% leader to higher
net cash accruals on a sustained basis.

* Sustenance of healthy financial risk profile

Downward factors:

* Major debt-funded capex, weakening the financial risk profile
leading to gearing of more than 3 times

* Decline in revenue and modest operating margins, resulting in
lower than expected accruals

Incorporated in 2002 in Bihar, SPMPL is promoted by Mr Shambhu
Kumar Sinha. The company manufactures writing and printing paper.


VIGNESWARA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sri
Vigneswara Constructions (SSVC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of SSVC under the
'issuer non-cooperating' category as SSVC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSVC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 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

Sri Sri Vigneswara Construction (SSVC) was established in the year
2004 as a partnership firm by Mr. V Ramanjaneya Reddy and his
family members. The firm is engaged in execution of civil
construction works and undertakes construction, excavation, roads,
infrastructural works and other civil works projects awarded by the
Public Works Department (PWD, Andhra Pradesh) and the firm assigns
the same to sub-contractors. The firm is registered as a special
class contractor from Irrigation & CAD (PW) Department, Government
of Andhra Pradesh for execution of civil works. Currently, the firm
executes for Public Works Department
(PWD), Irrigation & CAD (PW) CPWD, Roads & buildings (R & B), Zilla
Parishad, APSRTC, Municipal Corporation among others.




=====================
N E W   Z E A L A N D
=====================

AGB SOLUTIONS: Court to Hear Wind-Up Petition on Feb. 11
--------------------------------------------------------
A petition to wind up the operations of AGB Solutions Limited will
be heard before the High Court at Auckland on Feb. 11, 2026, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 16, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


ALLIANCE FRANCAISE: Creditors' Proofs of Debt Due on March 6
------------------------------------------------------------
Creditors of Alliance Francaise De Hamilton Incorporated are
required to file their proofs of debt by March 6, 2026, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 10, 2026.

The company's liquidators are:

          Paul Thomas Manning
          Thomas Lee Rodewald
          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


CORNERSTONE DEMOLITION: Creditors' Proofs of Debt Due on Feb. 17
----------------------------------------------------------------
Creditors of Cornerstone Demolition Limited are required to file
their proofs of debt by Feb. 17, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 19, 2026.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


CULLINAN PROJECTS: Court to Hear Wind-Up Petition on Feb. 24
------------------------------------------------------------
A petition to wind up the operations of Cullinan Projects Limited
will be heard before the High Court at Auckland on Feb. 24, 2026,
at 10:00 a.m.

M & L Linings Limited filed the petition against the company on
Oct. 22, 2025.

The Petitioner's solicitor is:

          Craig Raymond Andrews
          McVeagh Fleming, Lawyers
          Level 9
          188 Quay Street
          Auckland


MECHANICAL PROMOTIONS: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Mechanical Promotions Limited and Maori And Pasifika
Support Services Limited on Jan. 16, 2026, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




=================
S I N G A P O R E
=================

1AXIS LEASING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 16, 2026, to
wind up the operations of 1axis Leasing & Rental Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



AECO PROJECT: Impetus Corporate Appointed as Liquidator
-------------------------------------------------------
Ms. Chan Li Shan of Impetus Corporate Advisory on Dec. 29, 2025,
was appointed as liquidator of Aeco Project Services Pte Ltd.

The liquidator may be reached at:

          Ms. Chan Li Shan
          c/o Impetus Corporate Advisory
          11 Collyer Quay
          #16-02, The Arcade
          Singapore 049317


AKIRA CORPORATION: Creditors' Meetings Set for Feb. 2
-----------------------------------------------------
Akira Corporation Pte. Ltd. and Furniture & Furnishings Pte. Ltd.
will hold a meeting for its creditors on Feb. 2, 2026, at 3:00 p.m.
and 4:00 p.m., respectively, via audio-visual conference tool.

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.

Muk Siew Peng of ClearView Associates was appointed as provisional
liquidator of the Company on Jan. 19, 2026.


DASIN RETAIL: Maybank Applies to Place Trustee-Manager Under JM
---------------------------------------------------------------
The Business Times reports that Maybank has applied to place the
trustee-manager of Dasin Retail Trust under judicial management.

In a bourse filing on Jan. 16, the trustee-manager said it received
legal notice that Maybank had filed the application in the High
Court on Jan. 15, BT relates.

According to BT, the trustee-manager noted that once the court
assigns a case number to Maybank's initial application, the bank
intends to file a further summons to place the manager under
interim judicial management.

Earlier this month, four subsidiaries of Dasin Retail Trust's
trustee-manager received court summonses over breaches of the
Companies Act, recalls BT.

Dasin Retail Trust has had its units suspended from trading on the
Singapore Exchange since July 21, 2025, after the trustee-manager
announced that it could not comply with listing rules that require
the timely release of financial results and the holding of annual
general meetings (AGMs).

Since the third quarter of 2023, the management team of Dasin
Retail Trust's China subsidiaries had stopped providing key
financial documents, such as accounting schedules, balances and
transactions with related parties, according to BT.

As a result, the trust has not published audited financial
statements or held AGMs since the financial year ended Dec. 31,
2021.

BT relates that the trust warned in July 2025 that its assets were
at "significant risk" and were "subject to significant impairment"
due to a series of developments involving its China subsidiaries.

These included suspicious fund transfers, unauthorised lease
agreements, diverted rental income and breaches of loan
agreements.

BT adds that the trustee-manager said on Jan. 16 that it will make
further announcements if there are material developments that
warrant disclosure.

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd. ("Trustee-Manager").  The Trustee-Manager's
key objectives are to provide Unitholders of Dasin Retail Trust
with an attractive rate of return on their investment through
regular and stable distributions to Unitholders and to achieve
long-term sustainable growth in DPU and net asset value per Unit,
while maintaining an appropriate capital structure for Dasin Retail
Trust.


VALENTI PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 9, 2026, to
wind up the operations of Valenti Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

          Oon Su Sun
          c/o Finova Advisory  
          182 Cecil Street
          #23-02, Frasers Tower
          Singapore 069547  

WAROENG LABANA: Court to Hear Wind-Up Petition on Jan. 30
---------------------------------------------------------
A petition to wind up the operations of Waroeng Labana Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 30, 2026,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 7, 2026.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555



                           *********


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 ***