260202.mbx

260202.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, February 2, 2026, Vol. 29, No. 23 Headlines A U S T R A L I A AFG 2024-1: S&P Raises Class F Notes Rating to BB- (sf) BEARE GROUP: Second Creditors' Meeting Set for Feb. 6 CHESTERFIELD PROJECTS: First Creditors' Meeting Set for Feb. 5 CYPRUS HOLDINGS: Cyprus Community of Sydney Dispute Heads to Court ESSENTIAL FACILITIES: Second Creditors' Meeting Set for Feb. 6 FOX IN THE BOX: Second Creditors' Meeting Set for Feb. 9 S.S.S. PROPERTY: First Creditors' Meeting Set for Feb. 5 SYDNEY DISTILLING: Enters Into Voluntary Administration C H I N A CHINA VANKE: Expects to Post US$11.8 Billion Loss for 2025 CHINA WATER: S&P Affirms 'BB+' LT ICR on Broader Tariff Hikes WINGTECH TECHNOLOGY: Sees Wider Loss Amid Row Over Dutch Chipmaker I N D I A AGROMARK FOODS: CRISIL Withdraws B- Rating on INR30cr Cash Loan GAJANAN SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating GEMINI ENTERPRISES-HYDERABAD: CRISIL Keeps D Rating in Not Coop. HANUMAN PULSES: CRISIL Keeps D Debt Rating in Not Cooperating HOTEL HORIZON: NCLT OKs Oberoi Realty Consortium's INR9.2-bln Plan MACHHI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating MAHADEV IRON: CRISIL Keeps B- Debt Ratings in Not Cooperating NIRMAL LIFESTYLE: Insolvency Resolution Process Case Summary PARAMOUNT WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating PRIME TECHNOPLAST: CRISIL Keeps D Debt Rating in Not Cooperating PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating ROSY HOSIERY: CRISIL Keeps D Debt Rating in Not Cooperating S.K. SHOE: CRISIL Keeps D Debt Ratings in Not Cooperating Category SARASWATI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating SATYAM GREEN: CRISIL Keeps D Debt Rating in Not Cooperating SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating SHRIMATI POORNA: CRISIL Keeps D Debt Rating in Not Cooperating SHYAM FIBERS: CRISIL Keeps D Debt Ratings in Not Cooperating SHYAMALI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating SIDDHI VINAYAK: CRISIL Keeps D Debt Ratings in Not Cooperating SIKKIM FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating SIR. M. VISVESVARAYA: CRISIL Keeps D Ratings in Not Cooperating SIVA FOODS: CRISIL Lowers Rating on INR12cr Cash Loan to D SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating N E W Z E A L A N D BROADCAST MEDIA: Court to Hear Wind-Up Petition on Feb. 5 CHANCE VOIGHT: Investment Director Pushes for Workers' Pay Cuts HAYES MASONRY: Placed in Receivership MENDER CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 24 SOUNDHOMES NZ: Creditors' Proofs of Debt Due on March 3 WAIRARAPA DREAM: Creditors' Proofs of Debt Due on March 6 S I N G A P O R E AVANT PROTEINS: Creditors' Meeting Set for Feb. 13 BLACKGOLD NATURAL: Creditors OK Revised Restructuring Proposal CHA SHOP: DHA+ pac Appointed as Liquidators EM (FAR EAST): Court Enters Wind-Up Order ENTERPRIZE ENERGY: Court to Hear Wind-Up Petition on Feb. 6 GAMCON BUILDERS: Court to Hear Wind-Up Petition on Feb. 13 NANYANG OPTICAL: To Appoint Liquidators on Feb. 13 - - - - - ================= A U S T R A L I A ================= AFG 2024-1: S&P Raises Class F Notes Rating to BB- (sf) ------------------------------------------------------- S&P Global Ratings raised its ratings on five classes of Australian prime residential mortgage-backed securities (RMBS) that Perpetual Corporate Trust Ltd. issued as trustee for AFG 2024-1 Trust in respect of Series 2024-1. At the same time, S&P affirmed its ratings on two classes. The rating actions reflect S&P's view of the credit support available, which is sufficient to withstand the stresses it applies. Credit support comprises note subordination for all rated notes, lenders' mortgage insurance covering 14.3% of the loans in the pool, and excess spread, if any. The overall credit quality of the underlying collateral pool as of Dec. 31, 2025, continues to improve, with weighted-average seasoning of 44.4 months and a weighted-average effective loan-to-value ratio of 67.1%. These positive factors lower its expectation of loss. As of Dec. 31, 2025, loans more than 30 days in arrears represent 1.9% of the pool, with 1.5% being loans in arrears for more than 90 days. Additionally, there have been no losses to date. The transaction's cash flows support the timely payment of interest and ultimate repayment of principal to the rated classes of notes under our rating stress assumptions. S&P believes the various mechanisms to support liquidity within the transaction, including a liquidity reserve equal to 1.0% of the aggregate outstanding amount of the notes, subject to a floor of A$750,000, and the principal draw function are sufficient to ensure timely payment of interest. The transaction includes step down conditions that allow the transaction to switch to a pro rata payment structure. However, the unrated class G notes are excluded from the pro rata repayment and therefore the rated notes will continue to benefit from the credit support buffer provided by the nonamortizing class G notes even if the pro rata conditions are met. Ratings Raised AFG 2024-1 Trust In Respect Of Series 2024-1 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A (sf) Class D: to A (sf) from BBB (sf) Class E: to BBB- (sf) from BB (sf) Class F: to BB- (sf) from B (sf) Ratings Affirmed AFG 2024-1 Trust In Respect Of Series 2024-1 Class A1-L: AAA (sf) Class A2: AAA (sf) BEARE GROUP: Second Creditors' Meeting Set for Feb. 6 ----------------------------------------------------- A second meeting of creditors in the proceedings of Beare Group Pty Ltd has been set for Feb. 6, 2026, at 10:00 a.m. at the offices of SV Partners, at 22 Market Street, in Brisbane, QLD, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 5, 2026 at 4:00 p.m. Anne Meagher at SV Partners was appointed as administrator of the company on Dec. 22, 2025. CHESTERFIELD PROJECTS: First Creditors' Meeting Set for Feb. 5 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Chesterfield Projects Pty Ltd will be held on Feb. 5, 2026, via teleconference facilities. Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed as administrator of the company on Jan. 28, 2026. CYPRUS HOLDINGS: Cyprus Community of Sydney Dispute Heads to Court ------------------------------------------------------------------ Dimitri Kallos at Neos Kosmos reports that the controversy surrounding the Cyprus community of Sydney has continued, with some members having now lodged an application to the Federal Court seeking to restore Cyprus Community of N.S.W (Holdings) Limited to member control. According to Neos Kosmos, the application was lodged by Dr Con Costa concerns the Holdings entity, a company linked to the Cyprus Community of NSW Limited and shares the same member base, but which remains an independent entity. The application expresses concern with Cyprus Holdings having been put into administration in September 2025, just as the Cyprus Community of NSW had been in 2024. Like with the Cyprus Community of NSW, the administrators are Morgan Kelly and David Kennedy from Ernst and Young Australia. In a statement provided to Neos Kosmos, Dr. Costa confirmed that the proceedings have now commenced with expectations the case will be heard in court in February. Neos Kosmos relates that the statement makes allegations that Cyprus Holdings was bankrupted without due process to its members. According to Neos Kosmos, Dr. Costa's statement also alleges that "in the week prior to Cyprus Holdings being placed into administration: - the directors of Cyprus Holdings used Cyprus Holding's position as the largest creditor of Cyprus Community to approve a multimillion-dollar remuneration for the Administrators, and - the Administrators advanced a deed of company arrangement which handed 'day to day' management of Cyprus Community back to the directors - subject to the Deed of Company Arrangement." The statement claims that the process of insolvency "is being abused to deny members their rights". Neos Kosmos reached out to administrator Morgan Kelly from Ernst and Young Australia, who stated that they could not comment on the matter whilst the litigation is in progress. ESSENTIAL FACILITIES: Second Creditors' Meeting Set for Feb. 6 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Essential Facilities Services Australia (EFS) Pty Ltd has been set for Feb. 6, 2026, at 11:00 a.m. via teleconference only. 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 Feb. 5, 2026 at 4:00 p.m. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Dec. 22, 2025. FOX IN THE BOX: Second Creditors' Meeting Set for Feb. 9 -------------------------------------------------------- A second meeting of creditors in the proceedings of Fox in the Box Pty Ltd, trading as Fat Bob's Bar and Grill, has been set for Feb. 9, 2026, at 10:00 a.m. via Microsoft Teams Meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 6, 2026 at 4:00 p.m. Stephen Dixon of HM Advisory was appointed as administrator of the company on Dec. 23, 2025. S.S.S. PROPERTY: First Creditors' Meeting Set for Feb. 5 -------------------------------------------------------- A first meeting of the creditors in the proceedings of S.S.S. Property Group Pty Ltd will be held on Feb. 5, 2026, at 11:00 a.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, VIC, and via virtual meeting technology. Daniel Peter Juratowitch and Shaun Matthews of Cor Cordis were appointed as administrators of the company on Jan. 23, 2026. SYDNEY DISTILLING: Enters Into Voluntary Administration ------------------------------------------------------- Boutique Sydney rum maker Sydney Distilling Co Pty Ltd, trading as Brix Distillers, has entered into Voluntary Administration, appointing Ben Carson and Richard Stone from RSM Australia Partners as Joint and Several Voluntary Administrators on January 21, 2026. The award-winning business was founded in 2017 and operated Australia's first dedicated craft rum distillery, with a cellar door and bar in Surry Hills. RSM Australia Director Ben Carson said administrators were currently exploring all available options, including the sale of business assets or recapitalisation through a deed of company arrangement (DOCA), to maximise the return for creditors and the opportunity for the continuation of the brand and business. "As Administrators, our priority is to explore every available option to achieve the best possible outcome for not only creditors, but for a legacy Australian distillery brand – including pursuing a sale of the business and its assets" Mr. Carson said. "We are currently speaking to a number of parties who have expressed interested in the future of this premium craft rum brand and business. "We are greatly encouraged by the interest shown in the brand and available assets and are hopeful of executing a sale or entering into a DOCA." Mr. Carson also noted that the Company has one of the largest private inventories of Australian rum in the country which is appealing to both wholesalers and parties wishing to take on the distillery and brand. Administrators have written to creditors to advise them of their appointment and the date of first creditor meeting, to be held on February 3. Interested parties should reach out to the Administrators as a sales process is underway and non-binding indicative offers will ideally be received over the course of the next 10 days. Interested parties who require further information can contact the Administrators on 02 8226 4500. ========= C H I N A ========= CHINA VANKE: Expects to Post US$11.8 Billion Loss for 2025 ---------------------------------------------------------- Nikkei Asia reports that China Vanke on Jan. 30 said it expects to book a net loss of CNY82 billion ($11.8 billion) for 2025, widening from CNY49.48 billion in 2024 and underscoring the scale of the Chinese real estate crisis. The Nikkei relates that the loss would be one of the industry's biggest in recent years, although not quite on the scale of the most staggering figures. Defunct giant Evergrande reported a CNY476.03 billion loss for 2021, while Foshan-based Country Garden posted a CNY178.4 billion loss for 2023. Evergrande was delisted from the Hong Kong Exchange last year, while Country Garden is in the midst of a $14 billion debt restructuring effort. According to the the Nikkei, Vanke avoided a default last week after its state-owned shareholder, Shenzhen Metro Group, agreed to provide a CNY2.36 billion loan to help pay back part of a pair of bonds. But the company's future remains uncertain, as it faces another wave of debt maturing between April and July. The Nikkei relates that the company said in a stock exchange filing that it "still faces severe challenges, and its operating performance will continue to be under pressure." "Looking ahead, the company will go all out to improve operations," Vanke said. "The entire company will unite its efforts to systematically resolve risks, overcome difficulties, and help the company emerge from the downturn as soon as possible." In China, developers often sign sales agreements with homebuyers before construction begins, but the payments are recognized as revenue at a later date. Vanke said settlement profits in 2025 were generated from projects sold in 2023 and 2024, as well as the inventory of completed and near-completed properties in 2025. However, the company said, "The relatively high land acquisition costs of these projects led to a substantial decrease in total settlement gross profit during the reporting period," the Nikkei relays. Vanke said it delivered 117,000 homes last year but did not disclose contracted sales, a key source of cash flow. The figure was 246.02 billion yuan in 2024. The Nikkei adds that the company also explained that it was hit by new provisions for credit and asset impairments, operating business losses and large-scale asset and equity transactions that were priced below book value. Full financial accounts are expected to be published in April. Separately, Vanke announced that trading of six bonds will be suspended on Feb. 2, due to changes in how they are traded, the Nikkei reports. 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. CHINA WATER: S&P Affirms 'BB+' LT ICR on Broader Tariff Hikes ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on China Water Affairs Group Ltd. (CWA). At the same time, S&P affirmed the 'BB+' long-term issue rating on the company's senior unsecured notes. S&P said, "The stable rating outlook reflects our expectations that CWA will continue to focus on its core water business in China with stable profitability over the next 12-18 months. We also believe the company will reduce its capex as planned, which will help it to gradually deleverage. "CWA financials have fallen short of our previous expectations as a slowdown in water connections and delayed tariff adjustments drag on its operating profits and leverage ratios. "We expect CWA's credit metrics to gradually recover over the next two to three years on the back of accelerating water tariff adjustments since 2025, as well as the company's efforts to reduce capital expenditure (capex) and cut costs. These factors should outweigh shrinking earnings contributions from connection revenues. "CWA's financials have weakened amid a delay in tariff adjustment and a slowdown in new connections. We forecast that the company's ratio of funds from operations (FFO) to debt will further decrease to about 11% in fiscal 2025 (ending March 2026) from 11.8% in fiscal 2024, mainly due to slower-than-expected water tariff hikes as well as persistent weakness in new connections. "The ongoing slowdown in property construction activities across China will likely further weigh on CWA's water connection business, which we project could decline by 20%-25% annually in fiscals 2025 to 2027. "Partially tempering such financial risk is the company's management of capex and financing costs. We expect CWA's FFO to debt to moderately recover to 12%-13% over fiscal 2026-2027, at the higher end of the current financial profile level." More supportive water tariff regulations should support a recovery in water supply margins. Local governments in lower-tier cities have become more willing to approve water tariff hikes since 2025. This followed the State Council's policy directives to improve pricing mechanisms for public utilities in April 2025, as well as the tariff hike approvals in key cities such as Shenzhen and Nanjing. In the first half of fiscal 2025, CWA secured approvals for nine water supply projects, a significant increase from just two approvals in the whole of fiscal 2024. S&P said, "We now expect CWA to achieve an average water tariff increase of 2%-3% per year through fiscal 2027, contributing to a moderate recovery in water supply margins. Such a recovery should gradually outweigh the effects of a decline in connection revenues as the company's reliance on connections diminishes. We expect water connections will contribute about 10%-15% of CWA overall profits in fiscal 2025 to 2027, down from 20%-25% over the past three years. "Substantial capex cuts should support debt reduction. We expect CWA's debt levels to have peaked in fiscal 2024 and to decline gradually over the forecast period. A weak property market in China has diminished the need for CWA's front‑loaded water infrastructure investment. In conjunction with the company's proactive approach to balance sheet management and reducing debt, its capital spending is now concentrated only on essential maintenance and upgrades. "With this strategy shift, we project CWA's capex will decline to HK$2 billion in fiscal 2025, and further down to HK$1.5 billion a year in fiscals 2026-2027, a substantial decrease from HK$5 billion in fiscal 2023 and HK$3 billion in fiscal 2024." Nevertheless, slower collection of receivables could drag on CWA's operating cash flow and partially offset its deleveraging efforts. Its accounts receivable turnover has lengthened to about 140 days in the first half of fiscal 2025, from 87 days in fiscal 2023. This is due to delayed payments from various local governments on water supply construction and wastewater treatment projects. This situation will likely persist over the next couple of years, in S&P's view, until government fiscal constraints ease. Actively managing financing costs. The company has been optimizing its funding mix by increasing the portion of cheaper offshore renminbi-denominated debt and deploying cross-currency swaps to further increase its renminbi debt exposure. The strategy also reduces currency mismatches between its borrowings and operations. For onshore debt, CWA is also refinancing higher-cost onshore debt with lower-yield alternatives, thereby further cutting its interest burden. With this, S&P expects CWA's overall funding costs to fall to 4.8%-5.2% in fiscals 2025 to 2027, from 6.0% in fiscal 2024, or interest cost savings of Chinese renminbi (RMB) 200 million to RMB400 million per year. A strategic realignment will moderate growth in pipeline direct drinking water. CWA is currently streamlining its operations by divesting from underperforming ventures outside of its core concession areas. While a more conservative investment strategy will slow revenue growth to 5%-10% annually over the next three years, S&P views this as credit positive due to less investment needs and improved operating profitability of the segment. S&P said, "The stable rating outlook on CWA reflects our expectation that the company will continue to focus on its core water business in China and maintain stable profitability over the next 12-18 months. We also expect CWA to reduce its capex as planned, which would help the company to gradually lower its total debt." S&P could lower the rating if CWA's ratio of FFO to debt falls to significantly below 11% on a sustained basis. This could happen if: -- The company is unable to effectively implement its plan to reduce capex and instead aggressively expands via debt-funded acquisitions or raises its annual capex plans; -- Its core water supply business deteriorates materially due to insufficient cost pass-through; or -- Its water connection revenue falls significantly short of S&P's expectations, or accounts receivables rise substantially due to delayed payments from local governments on construction contracts. An upgrade of CWA is unlikely over the next 12-18 months. S&P could upgrade CWA if it maintains a ratio of FFO to debt at above 25% on a sustainable basis. This could be caused by: -- Continued improvement in CWA's core water-supply business through volume growth or tariff hikes that are higher than our expectations; -- Further deleveraging through disciplined financial management and additional equity financing; and -- Material earnings contribution from its pipeline-distributed potable water business. WINGTECH TECHNOLOGY: Sees Wider Loss Amid Row Over Dutch Chipmaker ------------------------------------------------------------------ South China Morning Post reports that Wingtech Technology, the Chinese owner of chipmaker Nexperia, is expected to post a loss of between CNY9 billion (US$1.3 billion) and CNY13.5 billion in 2025, owing to the Dutch government's takeover of the semiconductor firm, the Shanghai-listed company said in a statement on Jan. 30. The Post relates that Wingtech said that its authority over the chipmaker continues to be "temporarily restricted" since the October 7 ruling of the Dutch Enterprise Chamber, a special division of the Amsterdam Court of Appeal, remained in place, despite the government's suspension of its September 30 order to seize control of Nexperia. On November 19, the Dutch government suspended its invocation of the Goods Availability Act, a Cold War-era law used to seize control of Nexperia's European operations, "as a show of goodwill," the Post recalls. Beijing had said the move was a "first step in the right direction". "During the reporting period, the company expects to recognise a significant amount of investment losses and asset impairment losses, which will have a substantial impact on the company's performance for the 2025 financial year," Wingtech said in the statement. The projected loss would exceed the firm's CNY2.83 billion loss in 2024, the Post discloses. That would also mark a reversal of the trend in the first three quarters of 2025, when Wingtech reported a 265 per cent year-on-year increase in net profit to CNY1.51 billion, according to its third-quarter financial results published at the end of October. According to the Post, Wingtech had warned in the third-quarter results that the Dutch authorities' actions brought uncertainty on "whether the semiconductor business can maintain the strong momentum seen in the first three quarters". If Wingtech would not regain control over Nexperia before the end of 2025, the chipmaker could face "a temporary decline in revenue, profits and cash flow", it added. The Post says the simmering tension between Wingtech and Nexperia's head office underscores the complexity in resolving the two sides' dispute over the control of the Dutch chipmaker, which continues to threaten disruption in global car supply chains. The centrist Democrats 66 party leader Rob Jetten, who is poised to become the next Prime Minister of the Netherlands, on Jan. 30 presented the governing agreement that his party achieved with two centre-right parties, the Post relates. Under that agreement, the new Dutch government vowed to seize opportunities in the country's relationship with China wherever possible, while vowing to "act decisively" against the theft of Dutch intellectual property and unwanted interference in the Netherlands' critical infrastructure. The Enterprise Chamber, meanwhile, was currently determining whether it should order a formal investigation into the alleged mismanagement at Nexperia or overturn its earlier ruling. A verdict will be issued by February 11, the Post states. The Post relates that the chamber's initial ruling, issued shortly after the Dutch government took control of Nexperia, set off a months-long dispute over the chipmaker's future, heightening tensions with Beijing and putting European carmakers' supply chains at risk. During the Enterprise Chamber hearing earlier this month, lawyers representing Nexperia's head office and Wingtech sparred over the cause of the crisis, on whether ex-CEO Zhang Xuezheng planned to erode the chipmaker's operations in Europe, and to what extent the subsequent supply chain disruptions following his removal should be seen as retaliation. Wingtech Technology Co., Ltd. engages in electronics manufacturing, primarily smartphones, and also operates in the semiconductor and real estate sectors. ========= I N D I A ========= AGROMARK FOODS: CRISIL Withdraws B- Rating on INR30cr Cash Loan --------------------------------------------------------------- Crisil Ratings has upgraded its rating on the long term bank facilities of Agromark Foods Private Limited (AFPL) to 'Crisil B-/Stable' from 'Crisil D' and simultaneously withdrawn the rating on receipt of withdrawal request from client and no objection certificate from lenders. This is in line with the Crisil Ratings withdrawal policy. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil B-/Stable (Rating Upgraded and Withdrawn) Proposed Working 0.5 Crisil B-/Stable (Rating Capital Facility Upgraded and Withdrawn) Term Loan 119.5 Crisil B-/Stable (Rating Upgraded and Withdrawn) The rating action reflects AFPL's track record of timely servicing of debt obligation for over 90 days ending January 22, 2026. The rating reflects AFPL's susceptibility to fluctuations in raw material prices and modest financial risk profile. These weaknesses are partially offset by entrepreneurial experience of the promoter. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of AFPL to arrive at the rating. The unsecured loans of INR14.4 crore are treated as 75% equity and 25% debt as they are subordinated to bank debt, interest free and will remain in the business over the medium term. Key Rating Drivers - Weaknesses * Susceptibility to fluctuations in raw material prices: Profitability is susceptible to fluctuations in raw material prices. The prices of maize depend on demand-supply factors. Prices are volatile and can adversely affect the operating margin over the medium term. * Modest financial risk profile: Net worth of the company remains moderate as reflected in INR33 crore as on March 31, 2025. The capital structure remains leveraged, as reflected in gearing and total outside liabilities to adjusted networth (TOLANW) ratio was 4.3 times and 4.5 times, respectively, as on March 31, 2025, owing to moderate net worth and reliance on the external debt for setting up new ethanol plant. Debt protection metrics are expected to be modest, however, improve gradually on account of expected ramp up in the scale of operations and profitability levels. Overall financial risk profile is expected to be supported by steady accretion of reserves over the medium term. Key Rating Drivers - Strengths * Entrepreneurial experience of the promoter: The key promoter, Mr. Purushottam Hiray, has over a decade of experience in dealing in agriculture commodities such as maize and onion. It has provided him a strong understanding of the market and enabled him to establish healthy business relationships, which will provide the company a sustained supply of the key raw material, maize. Furthermore, daily operations are being handled by Mr Jalindra Dhumal who has more than two decades of experience in the alcohol beverage industry. Crisil Ratings believe that AFPL's business risk profile will continue to be supported by its promoters and management Liquidity Poor Average bank limit utilization was 88% for the 12 months through November 2025. Net cash accrual for fiscals 2026 and 2027 is expected to be over INR11-14 crore against debt obligation of INR11.6 crore for fiscal 2027. Need based support from the promoters in the form of Unsecured loans supports the overall liquidity. Cash and bank balance was INR6.5 lakh while current ratio was 1.38 times as on March 31, 2025. Outlook Stable Crisil Ratings believes that AFPL will benefit from ready demand for ethanol and experienced promoters and management over the medium term. Rating Sensitivity Factors Upward Factors * Timely ramp-up in scale of operations along with sustenance of healthy profitability, leading to high net cash accrual. * Sustained improvement in the financial risk profile such that interest coverage ratio remains at over 1.4 times on sustained basis. Downward Factors * Delay in ramping up scale of operations or lower than expected profitability leading to lower than expected Net cash accruals. * Stretched working capital cycle or higher than anticipated debt-funded capex leading to deterioration of the financial risk profile especially interest cover sustaining below 1 time. Incorporated in 2020, AFPL currently operates a 105 kilo litres per day (KLPD) maize-based ethanol plant along with a 2.5 MW captive power generation plant at Dhule, Maharashtra. The company is promoted by Mr Purushottam Dadaji Hiray and day-to-day operations are managed by Mr Jalindra. GAJANAN SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gajanan Solvex Limited (GSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Term Loan 16 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GSL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GSL continues to be 'Crisil D Issuer not cooperating'. Gajanan Oil Pvt Ltd (GOPL) is a part of the Gajanan group and is promoted by Mr Nitin Jadhav and his family. The company extracts soya and wash cotton seed oil, and refines soya, cotton and palm oils. GOPL was incorporated in December 2015 to undertake expansion of the brown field project acquired from Bhaskar Foods Pvt Ltd of the Dainik Bhaskar group. GSL is a closely held public-limited company set up in 2010. It extracts oil from cotton seeds and soya and also sells the by-products, husk, DOC and lint to varied industries. The company has its plant in Buldhana. Gajanan Industries Limited (GIL) is a closely held public-limited company set up in 2007. It refines cotton and soya oil into edible oil in its facility in Buldhana. NOAL is a traditional oil mill that manufactures edible oil. Gajanan Gangamai Industries LLP (GGIL) is a partnership concern incorporated in 2014 that extracts oil from soya seed and sells by-product, DOC, to varied industries. GGIL has its plant at Hingoli. The group is managed by Mr Nitin Jadhav and his family. GEMINI ENTERPRISES-HYDERABAD: CRISIL Keeps D Rating in Not Coop. ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Gemini Enterprises-Hyderabad (GE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GE for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GE continues to be 'Crisil D Issuer not cooperating'. Established as a proprietorship firm in 1999 by Mr. V Ramesh, GE is a primary distributor for HUL's products in Hyderabad. HANUMAN PULSES: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Hanuman Pulses (SHP) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SHP for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHP continues to be 'Crisil D Issuer not cooperating'. Established in 1985, SHP is a partnership firm engaged in processing and trading of pulses such as tur, chana and matar dal. The firm is promoted by Mr Ratan Jhawar and Mr Ramesh Jhawar and has a facility in Raipur. HOTEL HORIZON: NCLT OKs Oberoi Realty Consortium's INR9.2-bln Plan ------------------------------------------------------------------ InformistMedia.com reports that the Mumbai bench of the National Company Law Tribunal on January 29 approved the INR9.19-billion resolution plan of the consortium comprising Oberoi Realty Ltd., Shree Naman Developers Pvt. Ltd., and JM Financial Properties and Holdings Ltd. for Hotel Horizon Pvt. Ltd. "Accordingly, this tribunal is satisfied that the resolution plan is compliant with the provisions of the (Insolvency and Bankruptcy) Code and the CIRP (Corporate Insolvency Resolution Process) Regulations, is fair and equitable to all stakeholders, and meets the objective of maximisation of value and revival of the corporate debtor as a going concern," said the tribunal, InformistMedia.com relays. Hotel Horizon is involved in the business of construction, furnishing and carrying on the operations of hotels, restaurants, and cafes. The corporate debtor has a hotel by the name of "Hotel Horizon", located at Juhu Beach in Mumbai, which is currently non-operational. In 2024, the tribunal had admitted Assets Care & Reconstruction Enterprise Ltd.'s petition to start insolvency proceedings against Hotel Horizon, InformistMedia.com notes. The debt-ridden company had admitted dues of INR12.94 billion. The committee of creditors of Hotel Horizon approved the consortium's resolution plan with favourable votes in 2025. Oberoi Realty and its subsidiary companies are primarily engaged in real estate development activity operating in the Mumbai Metropolitan Region, focussed on premium development. While the company's focus is on residential projects, it has a diversified portfolio of projects across key segments of the real estate market including residential, office space and retail developments. Shree Naman Developers is the flagship company of Shree Naman Group, a renowned diversified conglomerate having presence in Mumbai and Goa. Shree Naman Developers is an established leader in the real estate industry with over two decades of experience and has developed landmark properties in Mumbai. JM Financial Properties is in the business to acquire, develop, take on exchange, lease or otherwise deal in sale of any movable or immovable property. MACHHI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Machhi Ram Kishan Chand Sidana (MRKCS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MRKCS for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MRKCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRKCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRKCS continues to be 'Crisil D Issuer not cooperating'. MRKCS, a partnership firm set up in 1983, mills and processes basmati rice, and caters to wholesalers and distributors, both in the domestic and export markets. The plant at Jalalabad (Punjab) has milling capacity of 4 tonne per hour. Mr Surinder Kumar and Mr Vimal Kumar manage the business. MAHADEV IRON: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahadev Iron and Steel Private Limited (MISPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 0.94 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MISPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MISPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Ghaziabad (Uttar Pradesh)-based MISPL was established in 1980 by Mr. Jugal Kishore Goel and Mr. Ajay Goel. It processes (including decoiling of thermo-mechanically treated bars and its cutting) and trades in steel, iron and its related products. NIRMAL LIFESTYLE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Nirmal Lifestyle Limited 3rd Floor, Multiplex Building, Nirmal Lifestyle L.B.B. Marg, Mulund (W), Mumbai, Maharashtra - 400080 Insolvency Commencement Date: January 8, 2026 (Order copy received on January 19, 2026) Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 18, 2026 Insolvency professional: Birendra Kumar Agrawal Interim Resolution Professional: Birendra Kumar Agrawal 402, Corporate Annexe, Sonawala Lane, Near Udyog, Bhawan, Goregaon East, Mumbai 400063 Maharashtra Email: bk@bhamaconsulting.com 1606, Corporate Annexe, Sonawala Lane, Near Udyog, Bhawan, Goregaon East, Mumbai 40063, Maharashtra Email: cirp.nirmalifestyle@gmail.com Last date for submission of claims: February 2, 2026 PARAMOUNT WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paramount Wheels Private Limited (PWPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20.75 CRISIL D (Issuer Not Cooperating) Drop Line 4.25 CRISIL D (Issuer Not Overdraft Facility Cooperating) Inventory Funding 5 CRISIL D (Issuer Not Facility Cooperating) Inventory Funding 10 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PWPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PWPL continues to be 'Crisil D Issuer not cooperating'. PWPL, incorporated in 2010, was promoted by Mr Sanjeev Arora and Mr Rajeev Arora. It is an authorised dealer of MSIL on Mira Bhayandar road near Mumbai for passenger cars manufactured by MSIL. It operates from four sales outlets located in Mira Road (parent outlet), Wada (extended outlet) and Dahisar (true value outlet) and has also commissioned a Nexa showroom in March 2017. Along with the sales outlets, the company also has four service outlets in Mira Road, Wada and Goregaon, one driving school outlet in Mira Road. In addition to sale of vehicles and spare parts, the company provides a diversified portfolio of value added services including insurance, registration, trade finance and annual maintenance contracts. PRIME TECHNOPLAST: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Prime Technoplast Private Limited (PTPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PTPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PTPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007, PTPL manufactures PP bags. Mr. Mehtab Hussain manages the daily operations. The manufacturing facility is in Howrah, West Bengal. PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prompt Pulp and Fibers Private Limited (PPFPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 CRISIL C (Issuer Not Cooperating) Long Term Bank 5.25 CRISIL C (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PPFPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPFPL continues to be 'Crisil C Issuer not cooperating'. PPFPL was set up in 2006 by Mr. Anand Dayama, Mrs. Renu Agarwal, Mr. Vijay Agarwal, and their family members. The company manufactures tissue, napkin, and poster papers. It commenced operations in 2014 at its plant in Medak district, Telangana. RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Rajmoti Industries (SRI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21.25 CRISIL D (Issuer Not Cooperating) Cash Credit 34.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4.25 CRISIL D (Issuer Not Cooperating) Pledge Loan 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRI for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRI continues to be 'Crisil D Issuer not cooperating'. SRI, set up as a partnership firm in 1962, manufactures and trades in double-filtered and refined groundnut oil and other edible oils. The firm is promoted by Mr. Sameer Shah, Mr. Shyam Shah, and Mr. Bhavdeep Vajubhai Vala. ROSY HOSIERY: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rosy Hosiery Mills (RHL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RHL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RHL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RHL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RHL continues to be 'Crisil D Issuer not cooperating'. RHL is a Ludhiana based partnership firm established by Mr. Kewal Kalra and Mr. Krishna Rai in 1958. The firm is engaged in manufacturing of ready-made textile products like Leggings, fabrics lycra tops, sweaters etc. S.K. SHOE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of S.K. Shoe Fashion (SKSF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.00 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Working 2.84 CRISIL D (Issuer Not Capital Facility Cooperating) Term Loan 0.01 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKSF for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKSF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKSF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKSF continues to be 'Crisil D Issuer not cooperating'. Established in 2010, SKSF is a proprietorship firm of Mr. R Karthikeyan. The firm manufactures footwear. It undertakes sub-contracting work for footwear brands such as PA Footwear, Prime Shoes and Vistas Shoes. SARASWATI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saraswati Udyog India Limited (SUIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Cash Term Loan 40 CRISIL D (Issuer Not Cooperating) Inland/Import 10 CRISIL D (Issuer Not Letter of Credit Cooperating) Long Term Loan 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 13 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 2 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with SUIL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SUIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SUIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SUIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SUIL, incorporated in 1991, is engaged in manufacturing of coated duplex board which are used in packaging. The company manufactures these boards at its facility located in Namakkal, Tamil Nadu. The company is being managed by Mr. Balusamy.Anandan. SATYAM GREEN: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Satyam Green Energy (SGE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGE for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGE continues to be 'Crisil D Issuer not cooperating'. SGE, a proprietorship firm, was promoted by Mr. Sanjay Joshi for setting up a solar power project of 1.1-megawatt in Solapur, Maharashtra. SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Scorodite Stainless India Private Limited (SSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 23 CRISIL D (Issuer Not Cooperating) Letter of Credit 9 CRISIL D (Issuer Not Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2006, SSPL is promoted by the Rajasthan-based Sanghvi brothers. The activities were earlier being carried out under Sanghvi Metal Corporation, which was established in 1979. SSPL manufactures, trades in, and exports stainless steel, and duplex, super duplex, welded, and seamless carbon steel pipes, tubes, and 'U' tubes. SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of SDS Infratech Private Limited (SIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 11 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIPL continues to be 'Crisil D Issuer not cooperating'. SIPL, formed in 2008 and based in Delhi, undertakes real estate development. The company is promoted by Mr. Deepak Bansal. It is developing two residential projects, both under NRI residency, at Noida and Greater Noida. SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Senthil Kumar Textiles (SKT) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKT for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKT continues to be 'Crisil C Issuer not cooperating'. Established in June 2011, as a partnership firm. SKT is engaged in retailing of various international and domestic branded apparels and accessories. SKT is based in Tamil Nadu. SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of SGC Logistic Solutions Limited (SGCLSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGCLSL for obtaining information through letter and email dated December 05, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGCLSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGCLSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGCLSL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, SGCLSL is a company engaged in the transportation of beer and liquor. The company's headquarters are located in Delhi and has presence spread over to North East states, Bihar, West Bengal,Maharashtra, Gujarat, Rajasthan, Punjab, Haryana and agents all over India. SHRIMATI POORNA: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shrimati Poorna Devi Memorial Trust (SPDMT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPDMT for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPDMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPDMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPDMT continues to be 'Crisil D Issuer not cooperating'. SPDMT was set up in May 2015 by Mrs Deepti Rawat, Mr Toshit Rawat, and Mrs Lakshmi Rana to establish a nursing and paramedical college at Shankarpur village, District Dehradun. SHYAM FIBERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shyam Fibers continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.00 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.51 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.09 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Shyam for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Shyam, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Shyam is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Shyam continues to be 'Crisil D Issuer not cooperating'. Established in 2005, Shyam gins and presses cotton. It is a sole proprietorship firm owned by Mr. Sumit Agrawal and is managed by him with the help of his brother, Mr. Shyam Agrawal. The firm operates a cotton-ginning and-pressing unit at Borad village in Nandurbar district (Maharashtra) with total installed capacity of around 250 cotton bales per day. Its capacity was enhanced through the setting up of a new ginning unit, which commenced operations in November 2014. SHYAMALI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shyamali Cold Storage Private Limited (SCSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.45 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.80 CRISIL D (Issuer Not Cooperating) Working Capital 0.75 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SCSPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCSPL continues to be 'Crisil D Issuer not cooperating'. SCSPL, incorporated in 2005, is engaged in the business of providing cold storage services to the potato farmers and traders. The company is owned by West Bengal based Rudra family. GCSPL's cold storage, having storage capacity of about 2 lakh quintal. The facility is located in Burdwan district of West Bengal. SIDDHI VINAYAK: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Siddhi Vinayak Alloys (SVA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.4 CRISIL D (Issuer Not Cooperating) Term Loan 4.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVA for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVA continues to be 'Crisil D Issuer not cooperating'. SVA was set up as a partnership firm of Mr Jigar Patel and his family, in September 2014. The Mehsana (Gujarat)-based firm has been formed to manufacture mild steel castings for engineering companies. SIKKIM FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sikkim Ferro Alloys Limited (SFAL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SFAL for obtaining information through letter and email dated December 12, 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 SFAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SFAL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SFAL was founded in 1998 by Mr Kamlesh Kanungo, a first-generation entrepreneur. The company trades in ferroalloys, steel scrap, and related products. It has also undertaken factory dismantling and ship breaking to generate and sell scrap. Mr. Kanungo also established Trisons Impex (rated 'CRISIL D Issuer not cooperating') as a sole proprietorship firm in 2001; the firm operates in the same line of business. Mr. Kanungo oversees the operations of the two entities. The Kanungo family has various business interests, such as real estate development and movie production. SIR. M. VISVESVARAYA: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sir. M. Visvesvaraya Education Trust (SMVET) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 14.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SMVET for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMVET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMVET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMVET continues to be 'Crisil D/Crisil D Issuer not cooperating'. SMVET was established in 1983 in Karnataka. Mr P Sadasivan and the late Mrs M Baby were the founder-trustees. The trust runs a medical college, Sri Rajiv Gandhi College of Dental Sciences and Hospital, an engineering college, Rajiv Gandhi Institute of Technology, and a 120-bed hospital. SIVA FOODS: CRISIL Lowers Rating on INR12cr Cash Loan to D ---------------------------------------------------------- Crisil Ratings has downgraded the rating of Siva Foods Impex Private Limited (SFIPL) to 'Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Long Term Loan 3.75 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Proposed Cash 5 Crisil D (ISSUER NOT Credit Limit COOPERATING; Downgraded from Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SFIPL for obtaining information through email dated Jan 22, 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 SFIPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFIPL 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. SFPL, promoted by Mr G. Sivakumar had been set up as partnership firm, Siva Traders, in 2005; this firm was reconstituted as a private limited company with the current name and incorporated in 2014. The company, based in Tiruchirappalli, Tamil Nadu, and processes raw cashew nuts. SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Sudama Cotton Ginning and Processing Factory (SCG) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCG for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCG continues to be 'Crisil D Issuer not cooperating'. SCG was established by Mr Suresh Kumar and Mr Ashwini Kumar in 1987, and is based in Punjab. It manufactures cotton bales, cotton seed oil, and cotton oil cakes. It sells cotton bales to spinning mills and local traders in Punjab. It has already started operations of mustard oil processing in April 2016. ===================== N E W Z E A L A N D ===================== BROADCAST MEDIA: Court to Hear Wind-Up Petition on Feb. 5 --------------------------------------------------------- A petition to wind up the operations of Broadcast Media Limited will be heard before the High Court at Christchurch on Feb. 5, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 19, 2025. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch CHANCE VOIGHT: Investment Director Pushes for Workers' Pay Cuts --------------------------------------------------------------- Jake Kenny at Stuff.co.nz reports that a controversial investment director is styling himself "NZ's Donald Trump" and calling for his employees to return to work on reduced pay, while investors who handed over millions to his firm wait to see if their money will ever be returned. Bernard Whimp is the man behind the Chance Voight group - 27 companies under the same umbrella that purport to earn returns on investments from ordinary people, Stuff notes. Six of the companies were placed into interim liquidation by the High Court late last year. According to Stuff, the Financial Market Authority (FMA) applied for the liquidations as it investigated Chance Voight, Whimp and associated entities. The probe relates to concerns around poorly kept books and potential insolvent trading. Stuff previously reported that Chance Voight had received about NZD45 million from more than 100 investors over the past four years, many of whom are elderly. Two investors have since told Stuff they handed over huge chunks of their life savings and have little faith in getting it back. About Chance Voight Chance Voight provided financial services, investments (including property investments), and other financial products. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 16, 2025, the Financial Markets Authority (FMA) said it is investigating Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group. Following the FMA seeking appointment of interim liquidators over six Chance Voight entities, the Court has appointed Malcolm Hollis, John Fisk and Lara Bennett of PwC New Zealand as interim liquidators over the 6 entities with effect from Dec. 10, 2025. The interim liquidation comprises the following entities: - Chance Voight Investment Corporation Limited - Chance Voight Investment Partners Limited - CVI Securities Limited - CVI Financial Limited - CVI Partners Mortgage Fund Limited - CVI Partners Mortgage Income Fund Limited HAYES MASONRY: Placed in Receivership ------------------------------------- Steven Khov and Kieran Jones of Khov Jones on Jan. 23, 2026, were appointed as Receivers and Managers of Hayes Masonry Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 MENDER CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 24 -------------------------------------------------------------- A petition to wind up the operations of Mender Construction Limited will be heard before the High Court at Auckland on Feb. 24, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 1, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SOUNDHOMES NZ: Creditors' Proofs of Debt Due on March 3 ------------------------------------------------------- Creditors of Soundhomes NZ Limited are required to file their proofs of debt by March 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 27, 2026. The company's liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 WAIRARAPA DREAM: Creditors' Proofs of Debt Due on March 6 --------------------------------------------------------- Creditors of Wairarapa Dream Clean Limited, Itile NZ Limited and Elite Brick And Blocks Limited are required to file their proofs of debt by March 6, 2026, to be included in the company's dividend distribution. Wairarapa Dream Clean commenced wind-up proceedings on Jan. 22, 2026. Itile NZ commenced wind-up proceedings on Jan. 26, 2026. Elite Brick and Blocks commenced wind-up proceedings on Jan. 27, 2026. The company's liquidator is: Heath Gair Palliser Insolvency Level 2 40 Lady Elizabeth Lane Wellington ================= S I N G A P O R E ================= AVANT PROTEINS: Creditors' Meeting Set for Feb. 13 -------------------------------------------------- Avant Proteins Pte. Ltd. will hold a meeting for its creditors on Feb. 13, 2026, at 10:00 a.m., via virtual conference. 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 or confirm the appointment of Joint and Several Liquidator(s) by members of the Company; c. to resolve that the Joint and Several Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by them as Joint and Several Liquidators of the Company, with such bank as the Joint and Several Liquidators see fit; d. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as provisional liquidators of the Company on Jan. 26, 2026. BLACKGOLD NATURAL: Creditors OK Revised Restructuring Proposal -------------------------------------------------------------- TipRanks reports that BlackGold Natural Resources Limited, currently under judicial management in Singapore, has secured unanimous creditor approval for a revised restructuring proposal submitted by PT Rajawali Artha Global. Following this endorsement, the High Court has extended the company's judicial management period and the Judicial Manager's term by six months from Jan. 24, 2026 to July 23, 2026, providing additional time to implement the approved proposal and potentially stabilise the company's financial position and outlook for stakeholders, TipRank relates. BlackGold Natural Resources Limited (SGX:41H) is a Singapore-based, Indonesia-focused coal mining investment holding company that focuses on supplying coal to power plants in Riau, Sumatra. Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as Judicial Manager of Blackgold Natural Resources Limited on Jan. 26, 2024. CHA SHOP: DHA+ pac Appointed as Liquidators ------------------------------------------- Mr. Don M Ho and Mr. David Ho Chjuen Meng, of M/s DHA+ pac on Jan. 23, 2026, were appointed as liquidators of The Cha Shop Pte. Ltd. and Animal Infirmary Pte. Ltd. The liquidator may be reached at: Don M Ho David Ho Chjuen Meng M/s DHA+ pac 9 Raffles Place #08-04 Republic Plaza Singapore 048619 EM (FAR EAST): Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Jan. 23, 2026, to wind up the operations of EM (Far East) Holdings Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Lin Yueh Hung Mr. Goh Wee Teck c/o RSM SG Corporate Advisory 8 Wilkie Road #03-08, Wilkie Edge Singapore 228095 ENTERPRIZE ENERGY: Court to Hear Wind-Up Petition on Feb. 6 ----------------------------------------------------------- A petition to wind up the operations of Enterprize Energy Group Pte. Ltd., Enterprize Energy Formosa Pte. Ltd. and Enterprize Star Dragon Pte. Ltd. will be heard before the High Court of Singapore on Feb. 6, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Jan. 12, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 GAMCON BUILDERS: Court to Hear Wind-Up Petition on Feb. 13 ---------------------------------------------------------- A petition to wind up the operations of Gamcon Builders Pte. Ltd. will be heard before the High Court of Singapore on Feb. 13, 2026, at 10:00 a.m. Anext Bank Pte. Ltd. filed the petition against the company on Jan. 22, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 NANYANG OPTICAL: To Appoint Liquidators on Feb. 13 -------------------------------------------------- Channel News Asia reports that Nanyang Optical will be appointing liquidators at a meeting on Feb. 13, according to a notice filed in the government gazette. Published on Jan. 26, the notice said the meeting of the creditors will be held at 2:30 p.m. on Zoom, and those attending would receive a full statement of the company's affairs, a list of creditors and the estimated amounts of their claims, CNA relates. On its website, Nanyang Optical lists six outlets, one each at Northpoint City, Stars of Kovan, Parkway Parade, The Clementi Mall, Junction 8 and Wisma Atria. The outlet at Wisma Atria is branded as Alexis Eyewear Boutique. Four stores will be closed as part of the liquidation process, according to a report in The Business Times, CNA relays. The stores at Junction 8 and The Clementi Mall, which are under franchise arrangements, will continue operating. When contacted by CNA, managing director Bernard Yang declined to comment, citing the ongoing voluntary liquidation process. In December, Nanyang Optical posted on social media that its Stars of Kovan outlet was short on manpower and would serve customers by appointment only. Its Northpoint City outlet opened in May last year. The brand previously told CNA that it had been hit by a double whammy of sluggish sales and rising operational costs, including rent. At the time, Mr. Yang said the company had to make difficult choices at its Marine Parade outlet, including cutting the hours of its part-time staff and downsizing its unit, CNA recalls. He noted that rent always rises, and consumers' spending habits have changed. He also observed that customers were comfortable purchasing spectacles overseas and through e-commerce platforms. CNA adds that Mr. Yang then said the company would focus on growing its e-commerce platform and could adopt a "hybrid retail" model in future. Nanyang Optical was founded in 1960 after beginning as a lens grinding workshop in Geylang in the 1950s. ********* 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 ***