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

                     A S I A   P A C I F I C

          Tuesday, February 3, 2026, Vol. 29, No. 24

                           Headlines



A U S T R A L I A

APABLAZ PTY: First Creditors' Meeting Set for Feb. 10
HUNTER WIDE: First Creditors' Meeting Set for Feb. 9
MATHERS HYDRAULICS: Second Creditors' Meeting Set for Feb. 9
MCCALL PATTERN: McGrathNicol Appointed as Liquidators
OPEN PROJECTS: Queensland Construction Firm Enters Liquidation

PLENTI PL 2026-1: Moody's Gives (P)B2 Rating to AUD10.80MM F Notes
SENSAND OPERATIONS: First Creditors' Meeting Set for Feb. 9
SOUZA ASSOCIATES: Rodgers Reidy Appointed as Administrator
TRITON BOND 2026-1: S&P Puts Prelim B (sf) Rating to Class F Notes


C H I N A

CHINA EVERGRANDE: PAG, State Firm Eye Property Management Business
GEELY AUTOMOBILE: Moody's Alters Outlook on 'Ba1' CFR to Positive


I N D I A

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
ABHIGNA RICE: CARE Keeps B- Debt Ratings in Not Cooperating
ADITYA COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
ADITYA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
AJIT AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category

AJNARA INDIA: Proposals/EoIs for Anjara Ambrosia Project Sought
ALLFLEX PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
AMARNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
ASHA ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating

AYAN FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
BASU & CO: CARE Keeps D Debt Ratings in Not Cooperating Category
BISI ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
BUDAKIA MINERALS: CARE Keeps D Debt Rating in Not Cooperating
C-TECH ENGINEERS: CARE Moves D Debt Ratings to Not Cooperating

COMMERCIAL CARRIERS: CARE Keeps D Debt Rating in Not Cooperating
FOUNTAIN IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
HM DIGITAL INDIA: Voluntary Liquidation Process Case Summary
ICOAT PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating

MODEL RAG: CARE Keeps B- Debt Rating in Not Cooperating Category
PACHIMATLA MANOJ: CARE Keeps B- Debt Rating in Not Cooperating
QUALPACK: CARE Keeps C Debt Rating in Not Cooperating Category
REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
SADASHIVA OIL: CARE Keeps B- Debt Rating in Not Cooperating

SRINIVASA DELINTERS: CARE Keeps B- Debt Rating in Not Cooperating
STAN CARS: Insolvency Resolution Process Case Summary
TOKUTEN DEVELOPMENT: Voluntary Liquidation Process Case Summary
VIVEK AGROTECH: CARE Lowers Rating on INR13.64cr LT Loan to B-


N E W   Z E A L A N D

HAWKES BAY: Creditors' Proofs of Debt Due on March 10
KIWI CABS: Creditors' Proofs of Debt Due on Feb. 27
MST BUILDING: Court to Hear Wind-Up Petition on Feb. 24
OPTIMISE TRAFFIC: Blacklock Rose Appointed as Receivers
RICE BOWL: Wellington Hospo Business to Close Doors This Month

TUFF LOGGING: Court to Hear Wind-Up Petition on Feb. 5


S I N G A P O R E

ASCENDAS FRASERS: Creditors' Proofs of Debt Due on March 2
HSD ENGINEERING: Placed Under Provisional Liquidation
JUNIPER BIOLOGICS: Hearing on Judicial Management Bid on Feb. 12
NUTRYFARM INTERNATIONAL: Judicial Manager Seeks Court Amendments
RED KITCHEN: Court Enters Wind-Up Order

SEA HUB: First Creditors' Meeting Set for Feb. 12

                           - - - - -


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

APABLAZ PTY: First Creditors' Meeting Set for Feb. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Apablaz Pty
Ltd, trading as 'Salon 7 Hair and Beauty' Formerly Trading As 'Brow
Lash N Beauty', will be held on Feb. 10, 2026, at 11:00 a.m. at the
offices of Level 16/90 Collins St., in Melbourne, VIC.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Jan. 29, 2026.


HUNTER WIDE: First Creditors' Meeting Set for Feb. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Hunter Wide
Civil Pty Ltd will be held on Feb. 9, 2026, at 11:00 a.m. at Level
9, 66 Clarence Street, in Sydney, NSW, and via virtual meeting
technology.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Jan. 28, 2026.


MATHERS HYDRAULICS: Second Creditors' Meeting Set for Feb. 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Mathers
Hydraulics Technologies Pty Ltd has been set for Feb. 9, 2026, at
10:00 a.m. via teleconference.

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. 8, 2026 at 4:00 p.m.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of the company on Jan. 16, 2026.


MCCALL PATTERN: McGrathNicol Appointed as Liquidators
-----------------------------------------------------
Kathy Sozou & Jason Preston of McGrathNicol on Feb. 2, 2026, were
appointed as liquidators of McCall Pattern Service Pty Ltd and
Simplicity Pty Ltd.

OPEN PROJECTS: Queensland Construction Firm Enters Liquidation
--------------------------------------------------------------
Skynews.com.au reports that an established south-east Queensland
construction firm has been placed into liquidation, bringing an
abrupt end to operations and leaving more than 75 staff out of
work.

According to the report, Open Projects Group entered liquidation
earlier last week, with employees notified of the company's
collapse via an email from director Kane McCarthy.

In the message, Mr. McCarthy apologised to staff and stressed the
decision was not a reflection of their performance, Skynews.com.au
relays.

"I'm deeply sorry that this is how things have ended," he wrote.

"This outcome is not a reflection of your work or commitment, and I
regret the impact this situation has had on you and your families."


Skynews.com.au relates that Mr. McCarthy told employees that
control of the business had now passed to external administrators.


"From this point forward, (liquidators) will be responsible for
managing the business closure and all employee entitlements," he
said.

He also paid tribute to staff, crediting them for the company's
success over more than a decade of operation.

"On a personal note, I want to thank every one of you sincerely,"
Mr. McCarthy wrote.

"The work delivered by Open Projects Group over the years was only
possible because of the people behind it.

"I'm proud of what we achieved together, and I'm genuinely grateful
for the effort, loyalty, and professionalism you brought to the
business."

Founded in 2008, Open Projects Group built a strong reputation as
one of the region's largest full-service shop-fitting and
construction businesses.

Its portfolio included high-profile hospitality and commercial
projects such as Jane's Rivertown Restaurant, the La Luna Beach
Club and works at the Gold Coast Turf Club.


PLENTI PL 2026-1: Moody's Gives (P)B2 Rating to AUD10.80MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Corporate Trust Limited in its
capacity as trustee of the Plenti PL & Green ABS Trust 2026-1.

Issuer: Perpetual Corporate Trust Limited in in its capacity as
trustee of the Plenti PL & Green ABS Trust 2026-1

AUD260.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD60.00 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD31.60 million Class B Notes, Assigned (P)Aa2 (sf)

AUD14.40 million Class C Notes, Assigned (P)A2 (sf)

AUD7.60 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.80 million Class E Notes, Assigned (P)Ba1 (sf)

AUD10.80 million Class F Notes, Assigned (P)B2 (sf)

AUD2.80 million Class G1 Notes is not rated by Moody's

AUD2.00 million Class G2 Notes is not rated by Moody's

Plenti PL & Green ABS Trust 2026-1 is a static cash securitisation
of personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti).

Plenti is an Australian non-bank lender providing consumer and
commercial loans, including unsecured personal loans, renewable
energy loans, secured auto loans and renewable BNPL contracts, to
prime borrowers in Australia. Plenti is a 100%-owned subsidiary of
Plenti Group Limited, established in 2014 and listed on the
Australian stock exchange. As of September 2025, Plenti has
originated circa AUD3.5 billion in personal and renewable energy
loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- Historical performance data. Plenti was established in 2014,
with significant origination growth beginning in 2015 for personal
loans, in 2017 for green personal loans and from 2021 onwards for
renewable energy buy-now-pay-later (BNPL) loans.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes (Class A1 and A1-G Notes). Once pro rata paydown conditions
are satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
distributions will revert to sequential. Initially, the Class A,
Class B, Class C, Class D, Class E and Class F Notes benefit from
20.0%, 12.1%, 8.5%, 6.6%, 3.9% and 1.2% of note subordination,
respectively.

-- The availability of excess spread over the life of the
transaction.

-- The liquidity facility in the amount of 1.5% of the rated note
balances, subject to a floor of AUD1.5 million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 4.5%, a
recovery rate of 10.0%, and a Aaa portfolio credit enhancement
("PCE") of 22.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by us to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 3.9%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 22.0% is broadly in line with other comparable
Australian personal loan and renewable energy ABS deals and is
based on Moody's assessments of the pool taking into account (i)
historical data variability, (ii) quantity, quality and relevance
of historical performance data, (iii) originator quality, (iv)
servicer quality, (v) certain pool characteristics, such as asset
concentration.

The key pool features are as follows:

-- The weighted average interest rate of the portfolio is 11.6%,
with interest rates ranging from 2.1% to 24.7%.

-- The weighted average Equifax credit score of the portfolio is
around 797.

-- The weighted average remaining term of the portfolio is 67.1
months. The weighted average seasoning of the initial portfolio is
2.6 months.

-- Renewable energy receivables constitute 17.7% of the portfolio,
of which 1.5% are green fixed interest-bearing loans and 16.2% are
BNPL loans. Renewable energy loans are extended to obligors for the
purchase and installation of residential renewable energy equipment
such as solar panels and home batteries. Renewable energy
receivables have historically displayed lower loss rates than other
personal loans.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.

SENSAND OPERATIONS: First Creditors' Meeting Set for Feb. 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sensand
Operations Pty Ltd will be held on Feb. 9, 2026, at 3:00 p.m. at
via virtual meeting only.

Garth O'Connor-Price & Laurence Fitzgerald of William Buck were
appointed as administrators of the company on Jan. 28, 2026.


SOUZA ASSOCIATES: Rodgers Reidy Appointed as Administrator
----------------------------------------------------------
Stuart George Reid of Rodgers Reidy (NT) Pty Ltd on Jan. 29, 2026,
was appointed as Administrator of Souza Associates Pty Ltd.

The Administrator may be reached at:

          Stuart George Reid
          C/-Rodgers Reidy (NT) Pty Ltd
          PO Box 37270
          Winnellie, NT 0820


TRITON BOND 2026-1: S&P Puts Prelim B (sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2026-1 Series 1.

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.

"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises mortgage lenders insurance
covering 10.4% of the loans in the portfolio as well as note
subordination for all rated notes.

"The various mechanisms to support liquidity within the
transaction, including an amortizing liquidity facility equal to
1.0% of the invested amount of all rated and class G notes, subject
to a floor of 0.10% of the initial invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under our stress assumptions to ensure timely
payment of interest."

An extraordinary expense reserve of A$150,000, funded from day one
by Columbus Capital Pty Ltd., is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

A fixed- to floating-rate interest-rate swap is provided by Westpac
Banking Corp. to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate RMBS, should any be
entered into after transaction close.

S&P's ratings also consider the legal structure of the trust, which
has been established as a special-purpose entity and meets its
criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Triton Bond Trust 2026-1 Series 1

  Class A1-MM, A$160.00 million: AAA (sf)
  Class A1-AU, A$590.00 million: AAA (sf)
  Class A1-5Y, A$100.00 million: AAA (sf)
  Class A2, A$88.00 million: AAA (sf)
  Class AB, A$18.50 million: AAA (sf)
  Class B, A$17.00 million: AA (sf)
  Class C, A$12.50 million: A (sf)
  Class D, A$4.80 million: BBB (sf)
  Class E, A$4.50 million: BB (sf)
  Class F, A$1.60 million: B (sf)
  Class G, A$3.10 million: Not rated




=========
C H I N A
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CHINA EVERGRANDE: PAG, State Firm Eye Property Management Business
------------------------------------------------------------------
Caixin Global reports that private equity firm PAG and state-owned
Guangdong Provincial Tourism Holdings Co. Ltd. have contacted the
liquidators of China Evergrande Group over a potential acquisition
of its property services unit.

Caixin says the sale of the controlling stake in Evergrande
Property Services Group Ltd. represents a critical milestone in the
liquidation of the heavily indebted developer as administrators
seek to recover value for offshore creditors with claims totaling
$45 billion as of July 2025.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


GEELY AUTOMOBILE: Moody's Alters Outlook on 'Ba1' CFR to Positive
-----------------------------------------------------------------
Moody's Ratings has affirmed Geely Automobile Holdings Limited's
(Geely) Ba1 corporate family rating and revised its outlook to
positive from stable.

"The positive outlook reflects Moody's expectations that Geely's
strong sales momentum will continue from its solid performance in
2025, further expanding its operating scale and supporting higher
profit margins. These improvements are underpinned by Geely's
highly competitive products, which have enabled the company to gain
market share under the government's stimulus policies", says Daniel
Zhou, a Moody's Ratings Assistant Vice President and Analyst.

"Moody's expects the company will continue to adhere to its prudent
financial policy, enhance cost efficiency, and maintain low
leverage and very good liquidity while expanding its businesses,"
adds Zhou.

RATINGS RATIONALE

Geely's Ba1 rating reflects the company's competitive market
position in China's auto industry and its track record of
maintaining low leverage, very good liquidity and net cash acts as
a buffer against industry cyclicality.

However, Geely's rating also reflects the challenges posed by
intense competition in China's auto market, as well as the
investment requirements and execution risks linked to the company's
overseas market expansion.

Moody's expects Geely's total revenue to reach RMB330 billion in
2025, supported by a 39% year-on-year growth in total sales volume
to 3 million units. The impressive volume growth is driven by
robust demand for new energy vehicles (NEVs) under favorable
government stimulus policies and the company's highly competitive
products.

The successful launch of new models fueled explosive growth in
Geely's NEV sales, which registered an impressive 90% year-on-year
increase. In contrast to the broader market's 3.6% decline, Geely's
internal combustion engine (ICE) sales still grew by 3.8%. As a
result, the company's share in China's new-car sales rose to 8.8%
in 2025 from 6.9% in 2024.

The Chinese government's definition of NEVs includes battery
electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs)
and fuel-cell electric vehicles (FCEVs).

Moody's expects Geely's good sales momentum to continue in 2026,
with growth projected in the high-single digit percentage. The
above-market growth will be supported by an anticipated increase in
export sales and the continued rollout of new NEV models in the
domestic market throughout the year. Geely's diversified product
lineup, good brand recognition, and strong research and development
capabilities have enabled the company to gain share in a highly
competitive market.

Geely's profitability has also improved, with its adjusted EBIT
margin increased to 5.1% in the LTM June 2025 from 1.7% in 2024.
The margin improvement was driven by the company's enlarged
operating scale and improved unit economics, as well as cost
savings from operational synergies following assets integration.
Moody's expects the EBIT margin to remain in the mid-single digit
range for 2026 as these efficiencies will be sustained.

Geely completed the combination of ZEEKR and LYNK & CO and the
privatization of ZEEKR in 2025. The assets integration helped
reduce overlapping operating expenses and investments in research
and development, selling and distribution channels, and the
supply-chain operations.

Geely's leverage, as measured by adjusted debt/EBITDA, rose to 1.6x
in the LTM June 2025 from 0.8x in 2024, mainly due to additional
debt raised by ZEEKR to acquire LYNK & CO.

Moody's forecasts the company's leverage to decline to around 1.0x
in 2026, reflecting rising EBITDA as unit sales and revenue grow.
Moody's also expects Geely will utilize its strong cash balance to
reduce debt following the privatization of ZEEKR. As of June 30,
2025, the company's cash balance of RMB53 billion, well covered its
interest-bearing borrowings of RMB24 billion.

Geely's liquidity position is very good. As of June 30, 2025, its
reported net cash holdings, excluding restricted cash, totaled
RMB29 billion. The company has maintained a net cash position since
the end of 2012.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Geely has taken actions to mitigate environmental and social risks,
such as investing in the development of electric vehicles and
implementing sustainability initiatives throughout its operations.
Geely's governance risk reflects the company's high controlling
shareholder ownership of voting shares and the fact that a majority
of its board members are non-independent. However, these risks are
partially offset by its conservative financial strategy and robust
risk management, as demonstrated by its track record of low
leverage and net cash, along with the high credibility and strong
performance history of its management team.

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

Moody's will upgrade the rating if Geely continues to improve its
market share through the successful launch and sale of new models,
further enhances its geographic diversification, and consistently
upholds a prudent financial policy characterized by low debt
leverage and strong liquidity.

Credit metrics indicative of an upgrade include EBIT margin staying
above 3.0%, adjusted debt/EBITDA remaining below 2.5x, and
maintenance of a net cash position on a sustained basis.

A downgrade is unlikely given the positive outlook.

However, Moody's could revise the rating outlook to stable if the
company fails to expand its scale and increase market share; if
adjusted EBIT margin deteriorates and falls below 3% on a sustained
basis; if adjusted debt/EBITDA rises above 2.5x on a sustained
basis; or if the company loses its net cash position.

The principal methodology used in this rating was Automobile
Manufacturers published in October 2025.

Geely's Ba1 CFR is two notches below the scorecard-indicated
outcome of Baa2 for the LTM June 2025. The difference reflects the
intense competition in China's auto market and the execution risks
linked to the company's overseas market expansion.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. It develops, makes and
sells passenger vehicles that are sold in China and overseas. The
company is incorporated in the Cayman Islands and listed on the
Stock Exchange of Hong Kong.



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

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aastha
HI-Tech Storage Llp (AHSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 10, 2024, placed the rating(s) of AHSL under the
'issuer non-cooperating' category as AHSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AHSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 26, 2025, November 5, 2025, November 15, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013 by
Mr. Deepakkumar Vaswani, Mr. Baldevji Thakor, Mr. Kiritkumar
Dhanesinh Chauhan, Mr. Narendrapalsinh Joddha, Mr. Janeshbhai
Patel, Mr. Harichandrasinh Bhati and Mr. Samirkumar Patel. AHSL's
commercial operations started from April 2015 and FY16 was its
first full year of operations. AHSL was set up to provide cold
storage facilities at Banaskatha (Gujarat) with total installed
capacity of 9000 MTPA (Metric Tonnes Per Annum) as on March 31,
2016. The main objective of setting up AHSL is to preserve potatoes
and other vegetables for longer duration. The plant is located at
ban (Gujarat) which is one of the major Potatoes growing area
region in Gujarat.


ABHIGNA RICE: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Abhigna
Rice & Paraboiled Industries (ARPI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Abhigna Rice and Paraboiled Industries (ARPI) was established in
December 2010, as a partnership firm by Mr. M. Kondaiah (Managing
Partner) and other partners. ARPI is engaged in milling and
processing of rice. The rice milling unit of the firm is owned by
ARPI located at Thatikonda Village, Mahabubnagar. Apart from rice
processing, the firm is also engaged in selling off byproducts such
as broken rice, husk and bran.


ADITYA COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aditya Cold
Storage (ACS) continues to remain in the 'Issuer Not Cooperating'
category.


                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank         10        CARE B-; Stable; ISSUER NOT
   Facilities                       COOPERATING; Rating continues
                                    to remain under ISSUER NOT
                                    COOPERATING category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Andhra Pradesh based, Aditya Cold Storage (ACS) was established in
2012 and promoted by Mr. K. Ravi Kumar and Mr K. Anil Kumar. The
firm is engaged in providing cold storage facilities i.e, for
preserving agricultural products like pulses, chillies, grains,
etc. at Vellaturu (V), Ponnalur (M), Kandukur, Prakasam Dist., and
Andhra Pradesh. The major customers of the firm include its
associate concern (Aditya Traders), farmers and local traders. 50%
of the capacity is used to store the goods from its associate
concerns and the remaining is used to store the goods belonging to
the local farmers. The cold storage capacity is 5000 tonnes.


ADITYA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aditya
Traders (AT) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Andhra Pradesh based, Aditya Traders (AT) was established in 2010
and promoted by Mr. Konjeti Ravi Kumar (Managing Partner) and Mr.
Konjeti Anil Kumar (Partner) both are qualified graduates. AT is
engaged in trading of spices like chillies, stemless chillies, dry
chillies, etc. The firm procures the different varieties of
chillies like stemless chillies, dry chillies, from Karnataka,
Telangana, and Andhra Pradesh. The firm sells its products to
customers located at Kerala, Tamil Nadu, Kolkata and Mumbai etc.


AJIT AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ajit Agro
Industries Raichur (AAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.40       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not applicable

Raichur (Karnataka) based Ajit Agro Industries (AAI) was
established in 2017 and is promoted by Mr. Aditya Kothari, Managing
Partner. The commercial operations of the firm started in May 2019.
The firm has nine partners. The Partners of the firm have more than
a decade of experience in the Agro Industry. AAI is engaged in
processing and selling of rice. The rice processing unit of the
firm is located at Raichur, Karnataka. Apart from rice processing,
the firm is also engaged into selling by-products such as broken
rice and rice bran. The main input, paddy, is majorly procured from
paddy merchants and farmers located in Andhra Pradesh and Karnataka
region. The firm sells rice and other by-products to the rice
dealers located in Karnataka, Maharashtra and Tamil Nadu.


AJNARA INDIA: Proposals/EoIs for Anjara Ambrosia Project Sought
---------------------------------------------------------------
An invitation for submission of proposal/EoI for Interim
Finance/Developer Partner (DM) for completion of project "Anjara
Ambrosia" of Ajnara India Limited, which is under Corporate
Insolvency Resolution Process, disclosed that the last day for
receipt of proposals/EoI was January 20, 2026.

The Date of Opening proposals received was set for January 21,
2026, while the Date of Issue of Provisional list of entities who
submitted their proposal/EoI was January 22, 2026.

A joint meeting of stakeholders of project Ambrosia to discuss the
received proposals followed on January 27, 2026.


ALLFLEX PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Allflex
Plastics LLP (APL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.94       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of APL under the
'issuer non-cooperating' category as APL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in December 2014, Allflex Plastics LLP (APL) was
promoted by Mr. Kamlesh Thakkar and Mr. Rushab Thakkar for setting
up a manufacturing unit of flex banner. After successfully setting
up its plant, the firm has commenced its manufacturing operations
from April 2016. Prior to manufacturing operations, the firm was
dealing with securities trading. The manufacturing facility of the
firm is located at Howrah, West Bengal with aggregate installed
capacity of 14400 pieces of flex banner per annum.


AMARNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amarnath
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.45       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 12, 2024, placed the rating(s) of AE under the
'issuer non-cooperating' category as AE had failed to provide
information for monitoring of the rating for the rating exercise as
agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 28, 2025, November 7,
2025, November 17, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Amarnath Enterprises (AE) was established in the year 2008 by Mr.
P. NageswaraRao and his brothers. AE is engaged in hospitality
services like lodging, restaurant and conference hall facility. AE
is running a restaurant located in Dwarakanagar, Vishakapatnam in
the name of "Hotel Quality Inn BezKrishnaa" franchisee of Choice
Hospitality India Private Limited under the brand name 'Quality'.
Choice Hospitality India Pvt. Ltd. was established in 1987 with the
objective of setting up first class, midmarket franchised hotels in
metropolitan and secondary cities. The brands of Choice Hotels in
India are Quality, Comfort, Sleep Inn, Clarion and Cambria Suites.


ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arya Motors
(AM) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 9, 2024, placed the rating(s) of AM under the
'issuer non-cooperating' category as AM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 25, 2025, November 4, 2025, November 14, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in August 1994, Arya Motors (AM) is an authorized
dealer for TVS Motor Company and Tractors and Farm Equipment
Limited (TAFE) for two-wheeler, tractors, spares & accessories in
Berhampur (Odisha). Currently, the firm has two showrooms cum
workshop. AM is promoted by Mr. Ranjit Kumar Panda, Mr. Rajanikanta
Mohapatra, Mr. Sivaram Mohapatra and Mr. Ranjan Kumar Panda. Mr.
Sivaram Mohapatra (aged, 87 years), having around five decades of
experience in the automobile industry, looks after the day to day
operations of the firm. He is supported by other partner Mr. Ranjit
Kumar Panda, Mr. Rajanikanta Mohapatra, Mr. Ranjan Kumar Panda and
a team of experienced professionals.



ASHA ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Asha
Enterprise Siliguri (AE) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.65       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 23, 2024, placed the rating(s) of AE under the
'issuer non-cooperating' category as AE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 8, 2025, November 18, 2025 and November 28, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Asha Enterprise was established as a partnership firm in February
2015 by Mr. Kedar Somani, Mr. Bineet Somani, Mr. Amit Somani and
Mrs. Asha Somani. AE runs a hotel (Hotel Saffrom Crest) in
Siliguri, a famous tourist destination of West Bengal. The hotel
consists of 61 rooms, food & beverages outlets, banquet halls,
conferencing facilities and other recreational facilities. The
hotel spread with an area of 76 katthas (basement+ 6 floors)
equipped with state-of-the-art technology and well qualified &
experienced staffs. The firm has commenced operations from January
2018 and the average occupancy rate was around 80%
during FY19.


AYAN FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ayan Foods
(AF) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 9, 2024, placed the rating(s) of AF under the
'issuer non-cooperating' category as AF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 25, 2025, November 4, 2025, November 14, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

AF was established in June 2015 as a proprietorship entity by Mr.
Anurag Agarwal to setup a rice milling plant at Raipur,
Chhattisgarh. The entity has started its commercial operations from
February 2016.The entity has been engaged in milling and processing
of non-basmati rice. The manufacturing facility of the company is
located at Devendra Nagar, Raipur in Chhattisgarh.


BASU & CO: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Basu & Co
Road Contractors Private Limited (BCRCPL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category
  
Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 20, 2024, placed the rating(s) of BCRCPL under the
'issuer non-cooperating' category as BCRCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BCRCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 5, 2025, November 15, 2025 and November 25, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

BCRCPL incorporated in July 4, 2002, was promoted by the Basu
family of Kolkata, with Mr. Pradip Kumar Basu being the main
promoter. BCRCPL is primarily engaged in the construction of roads
for entities like Hooghly Highway Division, Govt. of West Bengal,
PWD Roads Dept. Govt. of West Bengal, Westinghouse Saxby Farmer
Ltd, Govt. of West Bengal, Kolkata Municipal Development Authority,
Govt. of West Bengal etc. BCRCPL is a Govt. contractor and the
operation of the company is based in West Bengal. In 2008, BCRCPL
took over the operations of Basu & Co., a proprietorship firm set
up in 1985 and belonging to the promoter of the company.


BISI ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bisi
Engineering (BE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 18, 2024, placed the rating(s) of BE under the
'issuer non-cooperating' category as BE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 3, 2025, November 13, 2025 and November 23, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Bisi Engineering (BE) was established as a proprietorship firm in
2010 by Mr. Sukanta Bisi. The firm has been engaged in repair &
maintenance of erector and special class boiler with its registered
office located at Sambalpur, Odisha. The firm has started
commercial operations from August, 2010 onwards.



BUDAKIA MINERALS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Budakia
Minerals LLP (BML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 13, 2024, placed the rating(s) of BML under the
'issuer non-cooperating' category as BML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 29, 2025, November 8, 2025, November 18, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Budakia Minerals LLP (BML) is a limited liability partnership firm,
incorporated on December 5, 2018 and promoted by Mr. Amit Agarwal,
Shri John Martin Lamurong and Khasi Ispat Private Limited. The
entity is setting up an industrial unit of capacity 200 TPD for
manufacturing of quicklime at a cost of INR35.00 crore, which is to
be funded through a term loan of INR19.50 crore from NEDFi and
balance of INR15.50 crore through promoter's contribution. Going
forward, the entity has plans to manufacture
hydrated lime, precipitated calcium carbonate and activated calcium
carbonate.


C-TECH ENGINEERS: CARE Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
C-Tech Engineers Private Limited (CTEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            9.00       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/           6.42       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating moved to
   Bank Facilities                 ISSUER NOT COOPERATING category
                                   
   Short Term           9.58       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) has been seeking
information from CTEPL to monitor the ratings vide e-mail
communications dated December 5, 2025, December 9, 2025, December
15, 2025, December 23, 2025, and January 6, 2026, etc. and numerous
phone calls. However, despite repeated requests, CTEPL has not
provided the requisite information for monitoring the rating.

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

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

The ratings assigned to the bank facilities of CTEPL factors in
delays in servicing of its debt obligations during April 2025 as
per the no default statement (NDS) received for the month. The
rating action is in line with CareEdge Ratings' policy on default
recognition.

Analytical approach: Standalone

Detailed description of key rating

At the time of last rating on May 7, 2025, following were the
rating strengths and weaknesses.

Key weaknesses

* Delay in debt servicing: As per the NDS received for April 2025,
there were delays in servicing the debt obligations related to Term
Loan, Packing Credit and Purchase Finance facilities availed by
CTEPL.

Liquidity: Poor

The liquidity position continues to remain poor marked by delay in
debt servicing, near full utilization of working capital limits,
and low cash balance.

Incorporated in April 2001, C-Tech Engineers Private Limited
(CTEPL) is engaged in manufacturing of high precision machine
components including fasteners, earth moving equipment, flanges,
valves, bushes and more. These components are primarily used in
construction equipment, mining, agriculture, automobiles and other
machineries. Currently, company has two manufacturing units with a
completely owned land and buildings, with a total manpower of 210
people.


COMMERCIAL CARRIERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Commercial
Carriers Limited (CCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.99       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 23, 2024, placed the rating(s) of CCL under the
'issuer non-cooperating' category as CCL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 8, 2025, November 18, 2025, November 28, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Commercial Carriers Ltd. (CCL) was started as a partnership firm in
1978 by Mr. D.N. Mallick and Mrs. Supti Mallick of Guwahati. In
March 1993, the company was incorporated as a private limited
company and subsequently, in April 2012, it was reconstituted as
public limited company with its name changed to the current one.
The company is engaged in the business of surface transportation &
logistics. It offers services like transportation of various
regular consignments; containerize transportation, transportation
of various types of odd size consignment etc., for different major
industrial houses. Currently, about 80% of business is generated
through own fleet of vehicles and for balance, the company resorts
to hired vehicles. Further, it has developed strong client
relationship with many reputed private and public sector entities
over the years.


FOUNTAIN IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fountain
Imports Private Limited (FIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Analytical approach: Standalone

Outlook: Not applicable

Incorporated in November 2011, Fountain Imports Private Limited
(FIPL) by Mr. Bhawanji Jeram Mewawala. The company has commenced
operations from October 2012. FIPL is engaged in trading of dry
fruits and agricultural products (viz. coco, sugar and others).
FIPL is part of Fountain Group which was established in 1922 by
late Mr. Bhawanji Jeram Mewawala after whom Mr. Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company
namely, Fountain Dry Fruit Store Limited.


HM DIGITAL INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: HM Digital India Private Limited
        Bhive 11 Coworks, Building No. 94,
        Ishwar Nagar, Shambhu Dayal Bagh, Baghpur,
        Okhla Phase-III, South Delhi, India 110020

Liquidation Commencement Date: January 7, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Yatin Sharma
     PPC 182, DLF Park Place, DLF Phase 5,
            Sector 54,Gurgaon 122009(Haryana)
            Email: hmdigitalvolliq@gmail.com
            Number: +91 9810162206

Last date for
submission of claims: February 6, 2026


ICOAT PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ICoat
Projects Private Limited (IPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 12, 2024, placed the rating(s) of IPPL under the
'issuer non-cooperating' category as IPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. IPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 28, 2025, October 8, 2025, October 18, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Icoat Projects Private Limited (IPPL) was incorporated in the year
2007 (erstwhile Icoat technologies India Pvt. Ltd, the company's
name has changed to current nomenclature IPPL in 2012). IPPL was
managed by Mrs Pranitha Kumari and Mr D.Vishnu Vardhan Reddy.
However, the company has been liquidated and sold as a going
concern to Shri Ballari Srinivas Rao. The company is engaged in the
trading of modular wall panels and ceiling panels and also provides
erection and installation works for transmission
towers and substations within the range of 33kv to 132kv.
Furthermore, the company also undertakes electrical works for
commercial buildings government while participating in tenders.


LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Enterprises (SLE) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 13, 2024, placed the rating(s) of SLE under the
'issuer non-cooperating' category as SLE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SLE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 29, 2025, November 8, 2025, November 18, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Sri Laxmi Enterprises (SLE) has been incorporated by Mr Om Prakash
Agarwal and his family members in the year 2003. The firm is
engaged in cotton ginning and pressing with installed capacity of
750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh and
Tamil Nadu.


MODEL RAG: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Model Rag
Exports (MRE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 12, 2024, placed the rating(s) of MRE under the
'issuer non-cooperating' category as MRE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MRE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 28, 2025, November 7, 2025, November 17, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Guntur based, Model Rag Exports (MRE) was established in the year
2012 as a proprietorship concern by Mr. Shabbir Ahamad Shaik, is an
authorized licensed holder from Government of Andhra Pradesh for
processing and selling of Virginia tobacco and Burley tobacco. The
firm purchases the raw material i.e., Wet Virginia tobacco through
the competitive bidding process conducted by Tobacco Board (TB) at
Andhra Pradesh. MRE will process and sells the tobacco leaves to
the customers located at USA, Dubai, Egypt.


PACHIMATLA MANOJ: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pachimatla
Manoj Kumar (PMK) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.28       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 12, 2024, placed the rating(s) of PMK under the
'issuer non-cooperating' category as PMK had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PMK continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 28, 2025, November 7, 2025, November 17, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Pachimatla Manoj Kumar is a proprietorship firm and is involved in
construction of rural warehouse in 6.035-acre land along with
railway siding at Nagireddypalli, Bhongir, Telangana, with a
storage capacity of 16,500 MT of food grains or other materials.
The construction of the warehouse units is part of total warehouse
complex with an aggregate capacity of around 100,000 MT, which are
held by the promoter and other family members. The firm is
primarily promoted by Mr. Pachimatla Manoj Kumar and 4 other
partners belonging to his family. Mr Pachimatla and other members
of his family have experience in the field of agricultural. The
firm has an arrangement with Telangana State Warehousing
Corporation Hyderabad, through which Food Corporation of India
(FCI) will use the storage space for distribution of food grains
and other items. The company completed the project and achieved
commercial operations on October 1, 2021.


QUALPACK: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Qualpack
(QUAL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of QUAL under the
'issuer non-cooperating' category as QUAL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. QUAL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Vadodara (Gujarat) based QUAL was established in September 2017.
Mr. Paragkumar Suthar, Ms. Kamal Suthar, Ms. Nipa Mistry and Mr.
Utsav Mistry are the key partners of QUAL; however overall
operations will be managed by Mr. Paragkumar Suthar and Mr. Utsav
Mistry. QUAL was implementing a green field project for
manufacturing of corrugated boxes with a total project cost of
INR12.97 crore, which is proposed to be funded through debt-equity
mix of 2.99:1 times. The firm had incurred around 23% of the
project cost till September 18, 2018, while the commercial
operations were expected to commence from January, 2019 with
an installed capacity of 24,000 metric tonne per annum (MTPA) for
manufacturing corrugated boxes. Hariom Minerals (Engaged into the
business of minerals), Quality quartz (Engaged into the business of
minerals), Kamal roadlines (Engaged into the business of
transportation) and Quality send (Engaged into the business of
minerals) are group entities having operational track record of
more than a decade.


REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reddy and
Reddy Motors (RRM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.10       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had vide its press release
dated November 25, 2024, placed the rating(s) of RRM under the
'issuer non-cooperating' category as RRM had failed to provide
information for monitoring of the rating agreed to in its Rating
Agreement. RRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 11, 2025, October 21, 2025, October 31, 2025 among others.


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

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

Analytical approach: Standalone

Outlook: Not Applicable

Reddy & Reddy Motors (RRM) is a partnership firm, incorporated in
February 2010 by Mr. G. Ramakrishna Reddy, Mr. G. Venkata Reddy and
Mr. Srirama Reddy. Mr. G Ramakrishna Reddy is the Managing Partner
of the firm. RRM is authorized dealer of Maruti Suzuki India
Limited (MSIL) based in Eluru (Andhra Pradesh). It started its
operations in June 2010 with a showroom in Eluru. RRM belongs to
Reddy and Reddy Group which has diverse interests including trading
of prawns feed, authorized dealership of MSIL and Hero Motors and
is also engaged in button manufacturing business.


SADASHIVA OIL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sadashiva
Oil Industries (SOI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.85       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 13, 2024, placed the rating(s) of SOI under the
'issuer non-cooperating' category as SOI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SOI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 29, 2025, November 8, 2025, November 18, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Telangana Based, Sadashiva Oil Industries (SOI) was established in
the year 2015 and promoted Mr. Umapathi and their relatives. The
firm is engaged in manufacturing of cotton oil and cotton cake by
crushing cotton seeds. The firm purchases its raw material from
local suppliers in Hyderabad and converts them into oil and cakes
used in poultry farms for feeding purposes. The firm supplies its
finished products of cotton oil and cotton cake to the local
customers located in Telangana.


SRINIVASA DELINTERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Srinivasa Delinters (SSD) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 12, 2024, placed the rating(s) of SSD under the
'issuer non-cooperating' category as SSD had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSD continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 28, 2025, November 7, 2025, November 17, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Sri Srinivasa Delinters (SSD) is an Andhra Pradesh based firm,
which was established as sole proprietorship firm in 1985 by Mr. K.
Ravindra Babu. Later in the year 2001 it was converted into
partnership firm in which Mr. K. Ravindra Babu, Mr. Y. V. Prasad,
Mrs.Y. Sridevi and Mr.Ch. Raghunada Rao are the partners. The firm
is engaged in delinting of cotton seeds with an installed capacity
of 100 tonnes per day. The firm purchases cotton seeds from the
local ginning mills and undertakes delinting activity at its plant
located at Guntur (Andhra Pradesh). SSD majorly sells delinted seed
which is used as animal feed to its customers in the states of
Haryana and Rajasthan. It also sells delinted seed to customers in
other states of India.


STAN CARS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Stan Cars Private Limited
58, PKT-E, SECTOR -1, Bawana DSIIDC,
        New Delhi, Delhi, India, 110039

Insolvency Commencement Date: January 8, 2026

Estimated date of closure of
insolvency resolution process: July 7, 2026

Court: National Company Law Tribunal, New Delhi Bench Court-II

Insolvency
Professional: Parminder Singh Bhullar
       E-10/313, Mangal Puri Gali,
              Ghanupur Road, Khandwala, Near Water Tank,
              Amritsar- 143105, Punjab
              Email: advocate.psb@gmail.com

              Plot No. D-190, 3rd Floor, Sector-74,
              Industrial Area, Phase-8B, SAS Nagar,
              Mohali-160071, Punjab
              Email: stancarcirp@gmail.com
  
Last date for
submission of claims: January 22, 2026


TOKUTEN DEVELOPMENT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Tokuten Development Services India Private Limited
E-13/29, First Floor,
        Harsha Bhawan Connaught Place,
        New Delhi-110001

Liquidation Commencement Date: December 29, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Shailesh Chandra Ojha
            Flat No. 101 UGF, Plot No. 28A-28B
     Extn 1 Sewak Park, Dwarka More,
            Adjacent NSIT, North West,
            National Capital Territory of Delhi 110059
            Email: vl.tokuten@gmail.com
            Email:ipscojha@gmail.com
            Contact No: +91 9868067652
  
Last date for
submission of claims: January 28, 2026


VIVEK AGROTECH: CARE Lowers Rating on INR13.64cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vivek Agrotech Private Limited (VAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.64       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 28, 2024, placed the rating(s) of VAPL under the
'issuer non-cooperating' category as VAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 14, 2025, October 24, 2025, November 3, 2025 among others.

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

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

The ratings assigned to the bank facilities of VAPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Vivek Agrotech Private Ltd (VAPL) was incorporated in February 2006
by the Agrawal family of Raipur, Chhattisgarh. From February 2016,
the company has started commercial operation of its rice bran oil
extraction unit at Dhamtari, Chhattisgarh, with an installed
capacity of 75,000 metric tonnes per annum (MTPA). The key promoter
of VAPL, Mr. Shyam Kumar Agrawal, is having around three decades of
experience in edible oil industry through his associate concern M/s
PBS Oil Industries Ltd which is into rice bran oil extraction and
refinery business. Mr Agrawal looks after the overall management of
the company supported by the other directors.




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

HAWKES BAY: Creditors' Proofs of Debt Due on March 10
-----------------------------------------------------
Creditors of Hawkes Bay Wine Investments Limited, Te Awanga Estate
Limited and Portside Wines Limited are required to file their
proofs of debt by March 10, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 23, 2026.

The company's liquidators are John Fisk and Richard Nacey of PwC
PwC Auckland.


KIWI CABS: Creditors' Proofs of Debt Due on Feb. 27
---------------------------------------------------
Creditors of Kiwi Cabs Limited are required to file their proofs of
debt by Feb. 27, 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:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


MST BUILDING: Court to Hear Wind-Up Petition on Feb. 24
-------------------------------------------------------
A petition to wind up the operations of MST Building & Renovation
Limited will be heard before the High Court at Auckland on Feb. 24,
2026, at 9:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 21, 2025.

The Petitioner's solicitor is:

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


OPTIMISE TRAFFIC: Blacklock Rose Appointed as Receivers
-------------------------------------------------------
Benjamin Francis and Garry Whimp of Blacklock Rose Limited on Jan.
28, 2026, were appointed as receivers and managers of Optimise
Traffic Solutions Limited.

The receivers and managers may be reached at:

          Benjamin Francis
          Garry Whimp
          C/- Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


RICE BOWL: Wellington Hospo Business to Close Doors This Month
--------------------------------------------------------------
Stuff.co.nz reports that after 17 years, the current owners of Rice
Bowl Burger Bar in Newtown are shutting up shop, posting on
Facebook that February will be their last month of business. The
shop first opened in the 1970s.

"We thank you all for your continued love and support over the last
17 years," the post read.

No reason has been given for the closure; however, in April 2025,
owner Wawa Shen told Stuff that they had "lost a few regulars" due
to newly installed cycle lanes outside the shop.

Cycleways have replaced around 165 car parks between Newtown and
the city, a move that has already seen other businesses in the area
shut up shop.

According to Stuff, Ms. Shen said she had recouped some of the loss
by offering more promotions and working harder.

At the same time, Ms. Shen admitted that times were tough, noting
that people were spending less and that ingredients were more
expensive.

She also said that takings were down, but it was difficult to tell
what was behind that: higher costs, or a lower turnover, Stuff
adds.


TUFF LOGGING: Court to Hear Wind-Up Petition on Feb. 5
------------------------------------------------------
A petition to wind up the operations of Tuff Logging & Haulage
Limited will be heard before the High Court at Gisborne 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:

          Tara Nicola Carr
          Legal Services
          55 Featherston Street (PO Box 895)
          Wellington 6011




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

ASCENDAS FRASERS: Creditors' Proofs of Debt Due on March 2
----------------------------------------------------------
Creditors of Ascendas Frasers Pte. Ltd. are required to file their
proofs of debt by March 2, 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:

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


HSD ENGINEERING: Placed Under Provisional Liquidation
-----------------------------------------------------
Yee Kit Hong and Seah Chee Wei of Kit Yee & Co on Jan. 26, 2026,
was appointed as provisional liquidator of HSD Engineering Pte
Ltd.

The liquidator may be reached at:

          Seah Chee Wei
          Yee Kit Hong  
          Kit Yee & Co
          c/o 10 Eunos Road
          #13-06 Singapore Post Centre
          Singapore 408600  


JUNIPER BIOLOGICS: Hearing on Judicial Management Bid on Feb. 12
----------------------------------------------------------------
A petition to place the operations of Juniper Biologics Pte. Ltd.
under Judicial Management will be heard before the High Court of
Singapore on Feb. 12, 2026, at 10:00 a.m.

Sea Healthcare Fund VCC filed the petition against the company on
Jan. 20, 2026.

The Petitioner's solicitors are:

          Focus Law Asia LLC
          16 Raffles Quay
          #21-01, Hong Leong Building
          Singapore 048581


NUTRYFARM INTERNATIONAL: Judicial Manager Seeks Court Amendments
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TipRanks reports that NutryFarm International's Judicial Manager
has filed a summons with the Singapore High Court to amend its
earlier application for the company's discharge from judicial
management, seeking to add protections and cost provisions as the
process moves forward.

TipRanks relates that the amendments request abridgment of time for
service if needed, preservation of the Judicial Manager's equitable
lien over all books and assets of the company and its subsidiaries
until court‑approved remuneration and expenses are fully paid,
and recognition that the costs of this application be treated as
judicial management expenses payable from company assets,
clarifying the treatment of professional fees and safeguards as the
restructuring nears a potential exit from court supervision.

                           About NutryFarm

NutryFarm International Limited (SGX:AZT) operates as a holding
company. The Company, through its subsidiaries, manufactures and
develops nutritional and herbal supplement products.

As reported in the Troubled Company Reporter-Asia Pacific on June
30, 2022, the High Court of Singapore has granted an application to
place Nutryfarm International under judicial management.  

Chan Yee Hong of Nexia TS Risk Advisory has been appointed as the
company's judicial manager.

According to The Business Times, the application for judicial
management was filed by Nutryfarm's creditor, Corpbond IV Ltd, on
May 10, 2022, following a spate of legal events regarding
Nutryfarm's loans owed to Corpbond.


RED KITCHEN: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on Jan. 23, 2026, to
wind up the operations of Red Kitchen Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


SEA HUB: First Creditors' Meeting Set for Feb. 12
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A first meeting of the creditors in the proceedings of Sea Hub
Tankers Pte. Ltd will be held on Feb. 12, 2026, at 10:30 a.m. via
via video-conference and/or tele-conference.

Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore were
appointed as administrators of the company on Feb. 12, 2026.



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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.



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