260204.mbx

260204.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, February 4, 2026, Vol. 29, No. 25 Headlines A U S T R A L I A AFG 2026-1: S&P Assigns Prelim B (sf) Rating to Class F Notes KK PRESS: Publishing House Enters Liquidation LIBERTY FUNDING 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes LINKED SUPPORT: First Creditors' Meeting Set for Feb. 9 MA SERVICES: Second Creditors' Meeting Set for Feb. 9 ONKAR GROUP: Goes Into Liquidation, Owes Creditors More Than AUD2MM PREMIER STOCK: First Creditors' Meeting Set for Feb. 12 REDEMPTION SERVICES: First Creditors' Meeting Set for Feb. 11 SAPPHIRE XXXIV 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes TKM PROPERTY: Second Creditors' Meeting Set for Feb. 9 B A N G L A D E S H PADMA BANK: Remains Insolvent Despite BDT700cr State Investment C H I N A WEST CHINA CEMENT: S&P Puts Prelim B Rating to USD Sr. Unsec. Notes I N D I A ANDHRA PRADESH: ICRA Keeps D Debt Rating in Not Cooperating ANJANEYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating BVL INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating CAPSTONE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating CHVV SUBBA: ICRA Keeps B+ Debt Rating in Not Cooperating Category DEV COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ECOMAISTER BEADS: Voluntary Liquidation Process Case Summary GLOBAL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating GREEN VALLEY: CRISIL Keeps B Debt Ratings in Not Cooperating HABIB COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating HARMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating HELION ADVISORS: Voluntary Liquidation Process Case Summary HERO ELECTRIC: CRISIL Keeps D Debt Ratings in Not Cooperating HETFY SOFTWARE: CRISIL Keeps B Debt Rating in Not Cooperating HOUSE OF PLASTIC: ICRA Keeps B+ Debt Rating in Not Cooperating JASSMINE ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating K B SPONGE: Insolvency Resolution Process Case Summary KAVALI MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating LOANTAP CREDIT: CRISIL Keeps D Debt Rating in Not Cooperating RUBBER PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating S. S. T. PACKAGING: CRISIL Keeps D Ratings in Not Cooperating SHRIMATI URMILA: CRISIL Keeps C Debt Rating in Not Cooperating SMAAASH LEISURE: NCLT Admits Company Into Insolvency SRAVANI RAW: CRISIL Keeps B- Debt Ratings in Not Cooperating SUKHMANI SHIKSHAN: CRISIL Keeps B Debt Rating in Not Cooperating SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating SUSHIL KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating SWASTI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating SYNDICATE JEWELLERS: CRISIL Keeps D Rating in Not Cooperating TOPLON INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating VASUNDHARA SEAMLESS: Insolvency Resolution Process Case Summary VEERA BRAHMENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating [] INDIA: To Introduce IBC Amendment Bill in Budget Session N E W Z E A L A N D BLAIR STREET: Creditors' Proofs of Debt Due on March 2 BNS CO: Court to Hear Wind-Up Petition on Feb. 11 HBS INTERIOR: Commences Wind-Up Proceedings PARURU TRANSPORT: Court to Hear Wind-Up Petition on March 24 SMOKIN' QUE: Event Slump, Weak Sales Push Company Into Liquidation VVP TRANSPORT: Creditors' Proofs of Debt Due on Feb. 29 WINE GRENADE: Callaghan Innovation Loan Unpaid; NZD475,000 Owed [] NEW ZEALAND: 2025 Company Failures at Highest Level in 15 Yrs. S I N G A P O R E AMBER FARMS: Kroll Pte Appointed as Liquidators AP SG 3: Creditors' Proofs of Debt Due on March 2 DASIN RETAIL: Court to Hear Judicial Management Bid on March 9 GLOBAL MACHINERY: Court Enters Wind-Up Order HEDOSOPHIA SERVICES: Creditors' Proofs of Debt Due on March 2 - - - - - ================= A U S T R A L I A ================= AFG 2026-1: S&P Assigns Prelim B (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight of the nine classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for AFG 2026-1 Trust in respect of Series 2026-1. The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio and believe the credit support is sufficient to withstand the stresses it applies. The credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 12.5% of the portfolio. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the principal draw function, the provision of a liquidity facility, and the provision of an extraordinary expense reserve. S&P said, "We have assessed the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. The transaction documents for the bank account and liquidity facility include downgrade remedy language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned AFG 2026-1 Trust in respect of Series 2026-1 Class A1-S, A$236,000,000: AAA (sf) Class A1-L, A$439,000,000: AAA (sf) Class A2, A$41,000,000: AAA (sf) Class B, A$17,400,000: AA (sf) Class C, A$8,200,000: A (sf) Class D, A$3,200,000: BBB (sf) Class E, A$2,700,000: BB (sf) Class F, A$800,000: B (sf) Class G, A$1,700,000: Not rated KK PRESS: Publishing House Enters Liquidation --------------------------------------------- Christopher Kelly at ragtrader.com.au reports that Australian publishing house KK Press has called in the liquidators, marking an end to fashion and lifestyle magazines T: Australia and Cosmopolitan Australia. Lindsay Stephen Bainbridge and Timothy James Bradd from Pitcher Partners have been named as liquidators, ragtrader.com.au discloses. KK Press was founded in late 2020 by Katarina Kroslakova after five years of leading The New York Times. In 2024, her company secured rights to relaunch Cosmopolitan in Australia, but that was then wrapped up in January this year, a few weeks before the overarching company called in the liquidators, according to the report. ragtrader.com.au relates that Ms. Kroslakova shared the news in a LinkedIn post, saying that despite the closure, her publishing house is ending on a high. "In just seven months, Cosmopolitan Australia became the most widely read Women's Lifestyle Magazine," ragtrader.com.au quotes Ms. Kroslakova as saying. "T Australia achieved 25 per cent year-on-year readership growth, a remarkable achievement in a highly competitive market. "My team not only brought nostalgia back, we energised the sector. When we launched, the excitement and support from the media industry and readers was like anything I've experienced before. I will treasure it forever. But it's not easy." According to the report, Ms. Kroslakova said "cash flow was brutal", which had led to the decision to wrap up the business. But she made a plea to the industry and consumers, saying it must thrive. "If we lose magazines, we lose more than just the publications themselves; we lose voices, culture, and the stories that shape who we are," she noted. KK Press' collapse and the wrap-up of T: Australia and Cosmopolitan Australia also follow a raft of collapses across the fashion industry in recent years, including Bondi-based resortwear label Le Salty, Jeanswest, Ally Fashion, Harrolds and Queensland-based activewear brand Exotic Athletica, ragtrader.com.au notes. LIBERTY FUNDING 2026-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Liberty Funding Pty Ltd in respect of Liberty Series 2026-1. Issuer: Liberty Funding Pty Ltd in respect of Liberty Series 2026-1 AUD300.00 million Class A1a Notes, Assigned (P)Aaa (sf) AUD550.00 million Class A1b Notes, Assigned (P)Aaa (sf) AUD108.00 million Class A2 Notes, Assigned (P)Aaa (sf) AUD11.00 million Class B Notes, Assigned (P)Aa2 (sf) AUD13.00 million Class C Notes, Assigned (P)A2 (sf) AUD2.00 million Class D Notes, Assigned (P)Baa2 (sf) AUD12.00 million Class E Notes, Assigned (P)Ba2 (sf) AUD2.00 million Class F Notes, Assigned (P)B2 (sf) The AUD2.00 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of June 2025, Liberty had total receivables of AUD14.8 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the notes; -- The liquidity facility in the amount of 1.50% of the note balance subject to a floor of AUD1,000,000; -- The experience of Liberty as the servicer; and -- The presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from credit strengths such as subordination to the Class A notes in excess of the Moody's individual loan analysis (MILAN) Stressed Loss. However, around 27.5% of the loans in the portfolio are to self-employed borrowers, which is a credit challenge. Moody's MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 3.8%. Moody's median expected loss for this transaction is 0.7%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The notes benefit from a guarantee fee reserve available to cover losses arising from the portfolio and shortfalls in interest payments on the notes. Unfunded at closing, the reserve will build up through the trapping of excess spread up to a maximum of AUD3,000,000, equivalent to 0.30% of the initial invested amount of the notes. -- The notes will be initially repaid sequentially. The Class A1 to Class F Notes will start receiving their pro-rata share of principal collections if certain step down conditions are satisfied on or after the payment date in September 2027. The step down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class A2 Notes at least doubling since closing. While the Class G Notes do not receive principal payments until the other notes are fully repaid, once the step down conditions are satisfied, their pro-rata share of principal collections will be allocated in a reverse sequential order, starting from the Class F Notes. The principal paydown will revert to sequential pay once the aggregate invested amount of all notes is less than or equal to 10.0% of the aggregate initial invested amount of all notes on the issue date, or following the payment date in March 2030. Key pool features are as follows: -- The portfolio has a relatively low weighted average scheduled LTV ratio of 64.0%. -- The portfolio has a weighted-average seasoning of 24.5 months. -- Around 27.5% of the loans in the portfolio were extended to self-employed borrowers. -- Based on Moody's classifications, 15.9% of the loans in the portfolio were extended on an alternative documentation basis. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. LINKED SUPPORT: First Creditors' Meeting Set for Feb. 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Linked Support Solutions Pty Ltd will be held on Feb. 9, 2026, at 11:00 a.m. via Zoom virtual meeting technology. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Jan. 28, 2026. MA SERVICES: Second Creditors' Meeting Set for Feb. 9 ----------------------------------------------------- A second meeting of creditors in the proceedings of MA Services Property Group Pty Ltd has been set for Feb. 9, 2026, at 3:00 p.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 6, 2026 at 4:00 p.m. Jason Tracy and Glen Kanevsky of Alvarez & Marsal Australia were appointed as administrators of the company on Dec. 23, 2025. ONKAR GROUP: Goes Into Liquidation, Owes Creditors More Than AUD2MM ------------------------------------------------------------------- Herald Sun reports that Onkar Group, trading as Bakeology, collapses into liquidation, leaving creditors more than AUD2 million out of pocket. In September last year, the company and its sole director was convicted and fined AUD1.43 million following the fatigue-related death of a delivery driver, Dandenong Star Journal reported. Onkar pleaded guilty at Wangaratta County Court to recklessly placing a person at a workplace in danger of serious injury. In August 2022, the 27-year-old driver's van drifted into the path of an oncoming truck at Kialla West, south of Shepparton. He had been 12 hours into an overnight shift delivering baked goods to Albury and other locations in Victoria's north, according to Dandenong Star Journal. Prior to the incident, he'd performed the same 796-kilometre delivery run for 17 consecutive nights, according to WorkSafe investigators. Most of the shifts exceeded 12 hours, without adequate breaks of time between shifts, WorkSafe told the court. The company and its director Maninder Singh Nagi, 48 also both pleaded guilty to failing to provide a safe workplace and failing to ensure people other than employees weren't exposed to risk, Dandenong Star Journal added. PREMIER STOCK: First Creditors' Meeting Set for Feb. 12 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Premier Stock Feeds (Aust) Pty. Limited ATF Premier Stock Feeds Unit Trust will be held on Feb. 12, 2026, at 11:00 a.m. via virtual meeting. Adam Edward Farnsworth of Farnsworth Carson was appointed as administrator of the company on Feb. 2, 2026. REDEMPTION SERVICES: First Creditors' Meeting Set for Feb. 11 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Redemption Services Pty Ltd will be held on Feb. 11, 2026, at 11:00 a.m. via Teleconference only. Mohammad Najjar of anguard Insolvency Australia was appointed as administrator of the company on Feb. 1, 2026. SAPPHIRE XXXIV 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee of Sapphire XXXIV Series 2026-1 Trust. Sapphire XXXIV Series 2026-1 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also consider the counterparty exposure to Bank of America, N.A., Australian Branch (BANA) as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. We have derived our rating on BANA from our 'A+/Stable/A-1' ratings on the parent entity. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Sapphire XXXIV Series 2026-1 Trust Class A1S, A$437.50 million: AAA (sf) Class A1L, A$562.50 million: AAA (sf) Class A2, A$105.00 million: AAA (sf) Class B, A$59.37 million: AA (sf) Class C, A$44.38 million: A (sf) Class D, A$20.00 million: BBB (sf) Class E, A$10.00 million: BB (sf) Class F, A$6.25 million: B (sf) Class G1, A$2.50 million: Not rated Class G2, A$2.50 million: Not rated TKM PROPERTY: Second Creditors' Meeting Set for Feb. 9 ------------------------------------------------------ A second meeting of creditors in the proceedings of TKM Property Pty Ltd has been set for Feb. 9, 2026, at 11:00 a.m. via Teleconference facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 6, 2026 at 4:00 p.m. Timothy Cook of Balance Insolvency was appointed as administrator of the company on Dec. 23, 2025. =================== B A N G L A D E S H =================== PADMA BANK: Remains Insolvent Despite BDT700cr State Investment --------------------------------------------------------------- The Business Standard reports that private commercial Padma Bank, formerly known as Farmers Bank, has remained insolvent for years, with over 90% default loans causing suffering for depositors and losses for state-owned banks against investments of over BDT700 crore. During a presentation in September 2025, the bank sought liquidity support of BDT3,500 crore from the Bangladesh Bank as part of its strategic plan to make it operational, the report recalls. In its last attempt after the regime change, the Bangladesh Bank discussed with the finance ministry the bank's merger with state-owned banks but did not receive any formal response. The Business Standard relates that the corruption-riddled Padma Bank, which is a de facto government bank with 68% shares held by four state-owned banks and the Investment Corporation of Bangladesh (ICB), failed to merge despite multiple attempts since 2021. The state-owned banks, including Sonali Bank, Janata Bank, Agrani Bank and Rupali Bank, and the ICB, which represent the board of Padma Bank, are now in trouble due to their non-performing investment, the report notes. The bank has been running with negative equity of BDT4,533 crore as of June 2025, according to a presentation the board recently made to the Bangladesh Bank, The Business Standard relays. The Business Standard says negative shareholder equity for a bank means its total liabilities exceed its total assets, signalling balance-sheet insolvency. This critical state indicates that if all assets were liquidated, the bank could not repay all its depositors and creditors, reflecting extreme financial distress and potential bankruptcy. When asked whether the Bangladesh Bank has any plan to resolve the Padma Bank crisis, Governor Ahsan H Mansur said the issue is "extremely sensitive" as a large volume of deposits remains trapped and ordinary people are suffering, The Business Standard reports. He said resolving a bank requires a large amount of money, with each case potentially needing between BDT5,000 crore and BDT10,000 crore, which is not easy to arrange immediately. According to The Business Standard, Mansur said Padma Bank has submitted a viability plan claiming it can survive, but the central bank has asked for proof of its viability. "The reality is that when a bank's non-performing loans exceed 70%, it becomes almost impossible [for it] to turn around," he said, adding that this reality is being considered in ongoing high-level discussions. He said Padma Bank is not alone, noting that several other banks are in a similar position and have effectively become de facto state-owned banks as the government invested in them after their collapse. "In that reality, treating them as state-owned banks and merging them with other state-owned banks remains a discreet solution under consideration," The Business Standard quotes Mansur as saying. Mansur said, "Bangladesh Bank could technically proceed very quickly, but since the bank is state-owned, the decision rests with the government." He said written approval from the finance ministry and adherence to specific procedures are required, adding that Bangladesh Bank's authority over state-owned banks is limited compared to private banks due to the reality of dual governance. Talking to The Business Standard, Sonali Bank Managing Director Md Shawkat Ali Khan, who is also chairman of Padma Bank as a strategic investor, said they too are waiting for a government decision. Referring to the recent presentation on a strategic recovery plan, he said the Bangladesh Bank did not give any decision on the liquidity support they had sought. He said the bank is not operational as it is not receiving new deposits, The Business Standard relays. Moreover, it cannot repay previous depositors, which has eroded customer confidence and could affect the wider banking industry. The bank has been paying salaries and office rent from loan recoveries, he added. "A bank cannot operate in this manner and that the government needs to make a decision." He said investor banks are in trouble due to their non-performing investment in Padma Bank. They will soon sit with the government to decide how to reflect it on their balance sheets, as such investments require provisioning, The Business Standard relates. He said they are aware of unofficial discussions between the Bangladesh Bank and the finance ministry over a possible merger with state-owned banks but have received no confirmation. He said the main challenge to merging Padma Bank lies in its non-performing employees, adding that merging all its staff into a state-owned bank would not be viable. In this situation, the board has instructed management to cut non-performing employees, reduce salaries and close rented offices to lower operating costs, he added. ========= C H I N A ========= WEST CHINA CEMENT: S&P Puts Prelim B Rating to USD Sr. Unsec. Notes ------------------------------------------------------------------- S&P Global Ratings assigned its 'B' preliminary issue rating to U.S. dollar-denominated senior unsecured notes that West China Cement Ltd. (WCC) proposes to issue. The issuer intends to use the proceeds from the notes to repay notes due in July 2026, of which US$200 million remains outstanding, and for working capital needs. S&P said, "Our 'B+' preliminary issuer credit rating on WCC and the 'B' preliminary issue rating are conditional and will be finalized upon successful issuance of U.S. dollar-denominated notes with a maturity of three years or more and the company repaying the remaining notes due in July 2026. "The final rating on the notes will also depend on our receipt and review of all final documentation and final terms of the transaction. The preliminary rating should therefore not be construed as evidence of the final rating. "We rate the notes one notch lower than the issuer credit rating on WCC (B+(prelim)/Stable/--) to reflect subordination risk." Assuming successful issuance of US$300 million senior unsecured notes and repayment of the US$200 million notes due in 2026, the company's priority debt will continue to account for more than 50% of its consolidated total debt. Our threshold for notching down the issue rating is a priority debt ratio of 50%. S&P said, "The stable outlook on the issuer credit rating reflects our expectation that WCC will remain a small to midsize cement producer with diversified operations in China and Africa over the next one to two years. It also reflects our view that the company's increased overseas production will drive earnings and cash flow, which will be sufficient to cover capital expenditure needs during the period. Therefore, the debt-to-EBITDA ratio will likely improve to 3.0x-4.0x over this period, from 4.4x-5.4x in 2023-2024. "We also expect WCC to manage execution and operational risks of its overseas projects in the following two years." ========= I N D I A ========= ANDHRA PRADESH: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the debenture programme of Andhra Pradesh Power Finance Corporation Limited (APPFCL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4,053.30 [ICRA]D; ISSUER NOT COOPERATING; Non-convertible Rating continues to remain under Debentures (NCD) 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding APPFCL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Andhra Pradesh Power Finance Corporation Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. APPFCL was incorporated in July 2000 by the GoAP with the main objective of providing debt and equity funding to enterprises engaged in the power sector in the state. It is registered as a non-banking financial company with the Reserve Bank of India. ANJANEYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Anjaneya Exports - Tirupur (SAE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 1.5 CRISIL D (Issuer Not Discounting Cooperating) Facility Export Packing 3.5 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 0.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAE for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAE continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1997 as a partnership firm, SAE manufactures and exports readymade garments. Its manufacturing facility is based out of Tirupur, Tamil Nadu. BVL INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Bvl Infrastructure Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 23.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Bvl Infrastructure Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Bvl Infrastructure Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. BVL Infrastructure Private limited was incorporated in the year 2007, however it had been dormant all these years. During FY2016, the company has started the project for construction of granite processing unit at Ongole, Andhra Pradesh, spread over an area of 22.07 acres with overall production capacity of 26,00,000 sq ft./month. BIPL would be processing and exporting granite. The trail production has started in June 2017 and commercial production is expected to start in September 2017. The company is planning to process Black Galaxy, Jet Black, Steel Grey, Black Pearl, Moon White, River White, Iskon White variats of granite. BVL Infrastructure Private limited is a part of the BVL Group of Companies, conglomerate based in Ongole, Andhra Pradesh, India. The group has major presence in tobacco processing and export, construction, real estate and in granite quarrying, processing and exporting. CAPSTONE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Capstone Ceramic (India) Llp (Capstone) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.05 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.21 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Capstone's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Capstone, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in October 2017 as a green field project, Capstone Ceramic (India) LLP (Capstone) commenced commercial production in May 2018 with its product profile comprising of digitally printed ceramic wall tiles of 12"X18". The firm's manufacturing unit is located at Morbi, the ceramic tile manufacturing hub of Gujarat, and is equipped to manufacture 33,750 metric tonnes (MT) of tiles per annum. Capstone is promoted by Mr. Jayantilal Agola along with his relatives. The promoters have longstanding experience in the ceramic tiles industry by the virtue of their association with another ceramic products-oriented firm. CHVV SUBBA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of CHVV Subba Rao in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 10.00 [ICRA] A4; ISSUER NOT Non Fund Based COOPERATING; Rating continues To remain under 'Issuer Not Cooperating' category Long Term/ 11.00 [ICRA] B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding CHVV Subba Rao's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with CHVV Subba Rao, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. CH. V.V. Subba Rao was incorporated as a proprietorship concern in 1995 to undertake civi engineering projects pertaining to comprehensive protected water supply & sanitation (CPWS&S) in Andhra Pradesh. The works include laying of pipelines for water supply, tapping of surface water, construction of filtration plants for filtration of brackish water and fluoride water etc, construction of overhead tanks etc. The entity has executed projects for government of Andhra Pradesh under various schemes related to Andhra Pradesh Rural Water Supply & Sanitation (RWS&S) and Comprehensive Protected Water Supply Scheme (CPWS). The CPWS scheme comes under the purview of Rural Water Supply and Sanitation Department (RWSS) of the Government of Andhra Pradesh (AP). The scheme's objective was to ensure drinking water supply even in the interior habitations. A part of the scheme is funded by NABARD (National Bank for Agriculture and Rural Development). DEV COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Dev Cotton & Oil Industries (DCOI) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.21 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding DCOI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with DCOI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Dev Cotton & Oil Industries (DCOI) was established in February 2011 as partnership firm by Mr. Hareshbhai Ghodasara, Mr. Harshadbhai Ghodasara and Mr. Jaywantbhai Baraiya. During current fiscal i.e. FY 16, the firm underwent change in management as Mr. Harshadbhai Ghodasara voluntarily retired from the firm and five new partners were admitted. The firm is engaged in ginning and pressing of raw cotton and crushing of cottonseeds with a fleet of 30 jumbo ginning machines, one pressing machine (automatic) and 8 expellers having an installed capacity to produce 325 cotton bales, 5MT cottonseed oil and 55MT of cottonseed oil cake per day, equipments being operational for 24 hours. The firm has a group concern namely Shree Ramkrupa Pipe Products engaged in manufacturing of cement pipes. Mr. Hareshbhai Ghodasara is one of the partners' in firm. The firm is located at village Otara, Ta. Tankara, Dist. Rajkot. DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Divya Cotton in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 0.12 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Divya Cotton's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Divya Cotton, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2006, Divya Cotton is engaged in ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The plant of the firm is situated at Gondal, Rajkot (Gujarat). At present the plant of the firm is equipped with 12 ginning machines and one pressing machine. The total installed capacity of the firm is producing 180 bales per day. Currently, the firm is managed by Mr. Chandresh Thummar and Mr. Kalpesh Thummar. ECOMAISTER BEADS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Ecomaister Beads India Private Limited B-3, Vrindavan Colony, Bhagwanpur Dhimrapur Bypass Road, Raigarh 496001, Chhattisgarh Liquidation Commencement Date: October 17, 2025 Court: National Company Law Tribunal, Cuttack Bench The National Company Law Tribunal, Cuttack Bench has passed order for the appointment of the Liquidator of Ecomaister Beads India Private Limited on January 12, 2026 for liquidation under Section 33 of the Code. Liquidator: Deepak Kumar Jain Purnima, D-356/5 Tagore Nagar, Raipur, Chhattisgarh - 492001 Email: deepak1760@yahoo.com Last date for submission of claims: February 2, 2026 GLOBAL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Global Steel Company (GSC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 3 CRISIL D (Issuer Not Cooperating) Overdraft Facility 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GSC for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GSC continues to be 'Crisil D/Crisil D Issuer not cooperating'. GSC, set up as a proprietorship firm in 2009 by Mr. Rishi Agarwal, manufactures pre-engineered structures for the infrastructure industry. It is based in Hyderabad. GREEN VALLEY: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Green Valley Agro Products Private Limited (GVAPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.4 Crisil B/Stable (Issuer Not Cooperating) Term Loan 1.6 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GVAPPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GVAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GVAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GVAPPL continues to be 'Crisil B/Stable Issuer not cooperating'. GVAPPL, incorporated in 2010 by Mr Dhiraj Junghare, is based in Nagpur. The company cultivates and trades in oranges; it also sells paddy. From fiscal 2020, GVAPPL is also engaged in the cold storage business. HABIB COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Habib Cold Storage Private Limited (HCSPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Proposed Cash 1 Crisil B-/Stable (Issuer Not Credit Limit Cooperating) Proposed Fund- 0.67 Crisil B-/Stable (Issuer Not Based Bank Limits Cooperating) Proposed Term Loan 4.33 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HCSPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HCSPL continues to be 'Crisil B-/Stable Issuer not cooperating'. HCSPL was incorporated in September 2004 by Mr. Mohd Umar Khan and his family for setting up a cold storage facility in Kannauj, Uttar Pradesh. The facility is built over a land of 2.5 acre and has a storage capacity of 1.08 lac quintal. The company is engaged in providing cold storage facility for potatoes to farmers and traders. The day-to-day operations are looked after by its promoters-directors Mr. Mohd Umar Khan, Mr. Mohd Yusuf Khan, and Mr. Iliyas Khan. The company is setting up a new cold storage facility, with a capacity of around 1.5 lac quintal, in Farrukhabad, Uttar Pradesh. HARMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings of Harman Agro in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.20 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Harman Agro's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Harman Agro, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in November 2015 as a partnership firm by Mr. Gurucharan Singh Chhabra and Mr. Gurdeep Singh Chhabra, Harman Agro is primarily into crushing of cotton to extract the cotton seed oil & cake. The plant located at Nalgonda, Telangana has an annual processing capacity of 20000 MT. In addition to oil extraction, the firm is also into trading cotton bales. HELION ADVISORS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Helion Advisors Private Limited 003, Classique Mansion, 6th Cross, HAL 2nd Stage, Bangalore - 560008 Karnataka, India Liquidation Commencement Date: January 19, 2026 Court: National Company Law Tribunal, Bengalaru Bench Liquidator: Srilakshmi Purushotham No. 41, Patalamma Temple Street, Basavanagudi, Near South End Circle, Bengaluru - 560004, Karnataka, India Tel: +91 99723 80635 Email: sri@gurujana.com Last date for submission of claims: February 18, 2026 HERO ELECTRIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hero Electric Vehicles Private Limited (HEVPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fund & Non Fund 72 CRISIL D (ISSUER NOT Based Limits COOPERATING) Fund & Non Fund 40 CRISIL D (ISSUER NOT Based Limits COOPERATING) Fund & Non Fund 92 CRISIL D (ISSUER NOT Based Limits COOPERATING) Non-Fund Based 60 CRISIL D (ISSUER NOT Limit COOPERATING) Proposed Long Term 50 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 2 CRISIL D (ISSUER NOT COOPERATING) Term Loan 30 CRISIL D (ISSUER NOT COOPERATING) Term Loan 4 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with HEVPL for obtaining information through letter and email dated December 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HEVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HEVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HEVPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HEVPL is the flagship company of the Hero Eco group (comprising HEVPL, Hero Exports and Hero Ecotech Ltd [both rated 'CRISIL BBB+/Stable/CRISIL A2']), held by Mr Vijay Munjal, Mr Naveen Munjal and Mr Gaurav Munjal. The company started developing electric vehicles more than a decade ago, and rolled out its first electric scooter in India in 2007. It targets low- and city-speed segments. The state-of-the-art manufacturing unit at Ludhiana (Punjab) has an installed capacity of 2,00,000 units per annum. HETFY SOFTWARE: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hetfy Software Solutions Llp (HSSL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Working Capital 0.5 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with HSSL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HSSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HSSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HSSL continues to be 'Crisil B/Stable Issuer not cooperating'. HSSL was incorporated as limited liability firm in 2018. HSSL provides platform management, product design, content creation, customer service, graphic design, and other support services to e-commerce platforms. HSSL is owned & managed by Mr. Suyog Desai & Ms. Nikita Desai. HSSL provides platform management, product design, content creation, customer service, graphic design, and other support services to e-commerce platforms. HOUSE OF PLASTIC: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of House of Plastic (HOP) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding HOP performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with House of Plastic, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1992, HOP is a DCA-cum-CS agent for CCVL and HPL and sells products such as PVC resins and other related plastic products in HDPE and LDPE in Kerala. The firm is promoted by the Kerala-based – Mr. P. J. Seejo and Mr. Philo, Jose who takes care of the day-to-day activity of the business and have been in trading of polymers for over two decades. JASSMINE ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Jassmine Enterprises in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' CategoryI The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jassmine Enterprises's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jassmine Enterprises, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The firm is engaged in the business of trading various types of fabrics (cotton and polyester fabrics), dress materials and readymade garments like salwar suits, shirts, and kids' garments. In the past two years, the major portion of the revenue has been generated from the trading of dress materials. The fabrics for trading are supplied by a few selected Mumbai based traders, who in turn procure them from fabric manufacturers in Surat and Bhiwandi. They are then sold to a handful of wholesalers located in Mumbai who in turn sell them to various apparel manufacturers across India and abroad. In the last two years, JE has exported readymade garments to the UAE, Hong Kong South Africa and Canada. The firm's overall customer and supplier profile remain concentrated. The procurement of fabrics is mostly order backed. However, the firm maintains an inventory of running items for around 45-50 days for faster order execution. K B SPONGE: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: K B Sponge Iron Limited 6-Lyons Range 4th Floor, Unit No-2, Kolkata - 700001, West Bengal, India Email: kbsponge@gmail.com Insolvency Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Sushanta Kumar Choudhury Interim Resolution Professional: Sushanta Kumar Choudhury 64, Hem Chandra Naskar Road, Beleghata, Kolkata - 700010 Email: sk.choudhury123@gmail.com cirp.kbsponge@gmail.com , Last date for submission of claims: February 11, 2026 KAVALI MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Issuer ratings of Kavali Municipality in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Kavali Municipality's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Kavali Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The KM, an urban local body (ULB) was constituted as a municipality in 1967 and is governed by the Andhra Pradesh State Municipalities Act 1965 (Act). It manages the municipal services of Kavali town, which is located in Nellore district of Andhra Pradesh. The KM covers an area of 60.09 sq. km. and serves a population of 0.97 lakh (as per Census 2011). Its main functions include water supply, solid waste management and construction, repair and maintenance of roads and streetlights in its area. The municipality is divided into 40 municipal wards, and is governed by an elected body (council) headed by a Chairperson, while the Commissioner acts as the executive head, overseeing its everyday functioning. LOANTAP CREDIT: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating for the bank facilities of Loantap Credit Products Private Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Series A1 PTCs 4.79 Crisil D (SO) ISSUER NOT COOPERATING Rating continues at the same level Crisil Ratings has been consistently following up with Loantap for obtaining information through letter and email dated May 12, 2025, and a reminder email dated May 16, 2025, July 29, 2025 , August 28,2025, September 9,2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on the servicer reports, which restricts Crisil Ratings' ability to take a forward looking view on the transaction performance. Based on the last available information, the ratings on Series A1 pass-through certificates (PTCs) issued by 'InvoiceX 6 Trust' under a securitisation transaction backed by a replenishing pool of invoice financing receivables originated by Loantap Credit Products Private Limited (Loantap rated: 'Crisil BB/Stable/Issuer Not Cooperating') continues to be 'Crisil D (SO) Issuer Not Cooperating'. As per the initial rating term, the transaction was structured as a replenishment facility with a door-to-door tenure of 12 months, maturing on December 29, 2025. A trigger event occurred in June 2025, accelerating the loan's maturity from December 29, 2025 to November 29, 2025. Now as the transaction has passed its legal maturity date, the trustee has not initiated the withdrawal process as it is still awaiting a 'No Dues Certificate' from the investor. There is a principal outstanding of 3.92crs as of December 2025 payout with no cash collateral in the transaction since it was fully utilized in the month of October 2025. LCPPL, formerly known as Lotus Sree Filco Pvt Ltd (LSFPL) is a wholly owned subsidiary of LFTL. LFTL started as an online marketplace in May 2016, with focus on lending customised personal loan products to salaried customers. LCPPL was a registered company since 1996 but was dormant from 2010 until 2016. In 2016, LFTL acquired LSFPL with around 24% stake, which was later increased to 100% and started originating unsecured personal loans for salaried customers from July 2016 on its book. From April 2017, it started providing MSME financing to self-employed customers as well. The group had AUM of INR262 crore as on March 31, 2025, as against ~INR388 crore as on March 31, 2024. The group reported losses of ~INR18 crore on total income of INR67 crore in fiscal 2025, as against losses of INR13 crores on total income of INR68 crore in fiscal 2024. RUBBER PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of The Rubber Products Limited (RPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 1.25 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 3.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with RPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPL was originally set up by the late Mr. Narayan Shetty in 1966 and reconstituted as a public listed company with the present name in 1989. In 2006, the late Mr. Sadanand Shetty (friend of Mr. Narayan Shetty) acquired a majority shareholding in the company. RPL manufactures rubber products such as sheets, hoses, coated fabric, extruded rubber products, boats and jackets, mini water tanks (collapsible ponds), and inflammable storage spaces. Its overall operations are managed by Ms. Sucharita Hegde, daughter of Mr. Sadanand Shetty. S. S. T. PACKAGING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S. S. T. Packaging Private Limited (SSTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSTPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSTPL continues to be 'Crisil D Issuer not cooperating'. SSTPL was incorporated on January 12, 2016, by the promoter, Mr Tanmay Kumar. The company commenced operations from February 2018. It manufactures polystyrene-based disposable plastic glasses, cups, and similar products. The manufacturing facility is located in Govindpur, Kolkata, with a capacity of 8,500 tonne per annum. SHRIMATI URMILA: CRISIL Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shrimati Urmila Devi Mehgaiya Paropkari Trust (SUDMPT) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL A4 (Issuer Not Cooperating) Term Loan 1 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SUDMPT for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SUDMPT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SUDMPT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SUDMPT continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. SUDMPT, formed in 2003, were managing a veterinary college, Mahatma Gandhi Veterinary College, in Bharatpur (Rajasthan). Mr. B D Gupta is president of the college. However, the operations are suspended as the college has been derecognized in 2011. The trust is in the process of obtaining fresh recognition. SMAAASH LEISURE: NCLT Admits Company Into Insolvency ---------------------------------------------------- The Economic Times reports that the bankruptcy court has admitted Smaaash Leisure, a premium bowling and entertainment format operator, under the corporate insolvency resolution process (CIRP) in an application filed by JC Flowers Asset Reconstruction. According to ET, the company failed to repay its dues, leading to the application by JC Flowers Asset Reconstruction. The National Company Law Tribunal has appointed an interim resolution professional to manage the process. This development follows a loan default in December 2020. Smaaash Leisure Limited operates as an entertainment center. The Company offers bowling, cuisine, lounge, leisure, and other activities for birthday, kitty, and corporate parties. Smaaash Leisure serves customers in India. SRAVANI RAW: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sravani Raw & Boiled Rice Mill (SRBRM) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 2 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Cash 1 CRISIL B-/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SRBRM for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRBRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRBRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRBRM continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up in 2010, SRBRM is engaged in milling of raw and par-boiled rice. The firm is promoted by Mr.L.Durga Prasad and his family members. SUKHMANI SHIKSHAN: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sukhmani Shikshan Sansthan (SSS) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 13.4 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with SSS for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSS continues to be 'Crisil B/Stable Issuer not cooperating'. SSS, incorporated as a society is engaged in providing primary and secondary education through its school 'Kings & Queen World School' located at Bithoor Road, Kanpur (Uttar Pradesh). The society is managed by its key promoter Mr. Manminder Singh. SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sunshine Infra Engineers India Private Limited (SIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Bank Guarantee 40 CRISIL D (Issuer Not Cooperating) Proposed Long Term 105 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 5 CRISIL D (Issuer Not Facility Cooperating) Secured Overdraft 25 CRISIL D (Issuer Not Facility Cooperating) Secured Overdraft 5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SIPL was set up in 2010 by Smt. Lalitha Kumari and her business associates. The company undertakes integrated projects for construction of concrete and asphalt roads, including installation of streetlights. It also undertakes projects involving resurfacing of roads. The company is based in Hyderabad (Telangana), and caters to state government entities in South India. SUSHIL KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sushil Kumar Munish Kumar (SKMK) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Warehouse Receipts 10 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKMK for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKMK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKMK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKMK continues to be 'Crisil B/Stable Issuer not cooperating'. Based in Hissar (Haryana), SKMK is engaged in trading of cotton bales. The firm was incorporated in 2005 as a partnership firm by partners Mr.Sushil Kumar and his son, Mr. Munish Kumar. SWASTI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swasti Traders continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 13 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Swasti Traders for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Swasti Traders, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Swasti Traders is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Swasti Traders continues to be 'Crisil D/Crisil D Issuer not cooperating'. Swasti Traders trades in tiles such as glazed and polished vitrified tiles. The firm started operations on April 1, 2021, and it is owned and managed by Ashvinbhai S Patel from Sabarkanta, Gujarat. SYNDICATE JEWELLERS: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Syndicate Jewellers Private Limited (SJPL; part of the Syndicate group) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 62 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SJPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2001 and promoted by Mr Rajendra Tosawad and Mr Amar Singh Tosawad, SJPL retails gold and diamond ornaments, premium watches, platinum jewellery, and other lifestyle items. SJ, a proprietorship firm of Mr Rajendra Tosawad, has been operating a jewellery showroom in Bhubaneswar since 1988. TOPLON INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Toplon Industries Private Limited (TIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TIPL continues to be 'Crisil D Issuer not cooperating'. TIPL is setting up a manufacturing unit in Kathua (Jammu and Kashmir) for grinding PET from PET bottles and scrap. The proposed capacity of the facility is 3,000 kilogram per hour. The company is promoted by Mr Daljit Singh Rana and Mr Kush Aggarwal. VASUNDHARA SEAMLESS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Vasundhara Seamless Stainless Tubes Private Limited 9-B, 9th Floor B.D. Patel House, Naranpura Road, Naranpura, Ahmedabad, Gujarat, India, 380014 Insolvency Commencement Date: August 22, 2024 (Intimation received on August 23, 2024) Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 19, 2026 Insolvency professional: Sachin Naveen Sinha Interim Resolution Professional: Sachin Naveen Sinha N-203, Parshwanath Metro City, Near H.B. Kapdia School, Sakar Street, T.P. 44, Chandkheda, Ahmadabad - 382424, Gujarat Email: sachinsinhaassociates@gmail.com c/o Adv. Yashoaj Guglani, Chamber No. 120, C.K. Daphtary Lawyers Block, Supreme Court of India, Delhi - 110001 Email: cirp.vasundhara2024@gmsil.com Last date for submission of claims: February 3, 2026 VEERA BRAHMENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Veera Brahmendra Swamy Spinning Mills Private Limited (SVPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.50 CRISIL D (Issuer Not Cooperating) Working Capital 7.51 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SVSSMPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVSSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVSSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVSSMPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, SVSSMPL manufactures cotton yarn. The unit has 13,416 spindles and is located in the Guntur district of Andhra Pradesh. The company was incorporated by Mr. Chundi Thirupathaiah; however, it was eventually sold off to Mr. G Sundararamaiah in March 2013. [] INDIA: To Introduce IBC Amendment Bill in Budget Session ----------------------------------------------------------- The Economic Times reports that the Central government is set to introduce the Insolvency and Bankruptcy Code amendment Bill during the second half of the Budget session starting March 9, news agency PTI quoted Finance Minister Nirmala Sitharaman as saying. ET relates that the parliamentary committee has submitted its report as far as proposed legislation with respect to Insolvency and Bankruptcy Code (IBC) is concerned, she said during an interaction with the media a day after presenting Budget 2026-27 in the Lok Sabha. According to ET, the Amendment Bill was first introduced in the last session of Lok Sabha on August 12, 2025 and was thereafter referred to a select committee of the Lok Sabha ("Select Committee"). "I expect, subject to conditions, to table the Insolvency and Bankruptcy Code (Amendment) Bill in the second half of Budget session starting March 9 incorporating suggestion of the committee," the Finance Minister, who also holds the Corporate Affairs Ministry portfolio, said. Under the last Budget, Sitharaman proposed that an Integrated Technology Platform will be set up for improving the outcomes under the Insolvency and Bankruptcy Code (IBC), thereby ensuring the consistency, transparency, timely processing and better oversight for all stakeholders, ET says. She highlighted that IBC had already resolved more than 1,000 companies, resulting in direct recovery of over 3.3 lakh crore to creditors. She further proposed that appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up the insolvency resolution. ET adds that Financial Services Secretary M Nagaraju earlier said that the IBC has been a game-changer and has transformed the insolvency landscape by fostering transparency, accountability and efficiency in corporate dispute resolution and laying the foundation of a more resilient and robust economy. Sitharaman also stated that the strategic disinvestment of IDBI Bank is on track, and the pace of PSU stake sale will set the direction of non-tax revenues, as quoted by PTI, relays ET. "Despite these achievements, several challenges still remain, which include timelines of resolutions and liquidations, resulting in value deterioration, low realisations to creditors and capacity constraints at National Company Law Tribunal (NCLT)," he said at an event organised by IBBI and Insol India. ===================== N E W Z E A L A N D ===================== BLAIR STREET: Creditors' Proofs of Debt Due on March 2 ------------------------------------------------------ Creditors of Blair Street Limited, Jaxon Security Limited and Purple Moon Limited 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. 23, 2026. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach BNS CO: Court to Hear Wind-Up Petition on Feb. 11 ------------------------------------------------- A petition to wind up the operations of BNS Co Limited will be heard before the High Court at Auckland on Feb. 11, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 28, 2025. The Petitioner's solicitor is: Gareth Neil Meredith Connell Level 7 8 Hardinge Street Auckland 1010 HBS INTERIOR: Commences Wind-Up Proceedings ------------------------------------------- Members of HBS Interior Lining Limited and Waris Enterprises Limited on Jan. 27, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 PARURU TRANSPORT: Court to Hear Wind-Up Petition on March 24 ------------------------------------------------------------ A petition to wind up the operations of Paruru Transport Limited will be heard before the High Court at Rotorua on March 24, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 17, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton SMOKIN' QUE: Event Slump, Weak Sales Push Company Into Liquidation ------------------------------------------------------------------ Brett Kerr-Laurie at The Press reports that a big drop in event spending and an under-performing restaurant have sunk a "low and slow" barbecue specialist a year after it expanded. The Smokin' Que operated its namesake catering truck and restaurant Embers and Ashes in Christchurch before it was placed into voluntary liquidation on January 27, according to The Press. A NZD250,000 shortfall to more than 30 creditors is predicted, including Ashburton District Council, AiBDTen Hospitality, employees, and director Glenn Wayne Manning. In his first report, liquidator Brenton Hunt said the company's restaurant in Addington "never traded as well as expected" after it opened in late 2024, while mobile sales declined, The Press discloses. "With the slow-down in the economy the spend from events drastically reduced in the last 12 months," the report said. "Payments to [the] landlord had fallen behind and they eventually issued a Property Law Act notice for unpaid rents." The Smokin' Que owed staff NZD30,000, unsecured creditors NZD150,000 and general secured creditors NZD152,000, the report, as cited by The Press, revealed. It owed Inland Revenue just NZD3500. According to The Press, Mr. Hunt said the company had restaurant and catering equipment to be sold, as well as three vehicles and two trailers which had "significant finance" owing. The company bank account was in overdraft, but it did not appear the shareholder's account was overdrawn. Payment to any creditor was "looking unlikely", Mr. Hunt said in the report, The Press relays. Embers and Ashes sold burgers, tacos and pies on its menu, with prices around NZD20, according to its website, while a full rack of ribs was NZD75. The Smokin' Que truck offered a similar menu at markets and events around Aotearoa. It also catered private functions, including weddings. VVP TRANSPORT: Creditors' Proofs of Debt Due on Feb. 29 ------------------------------------------------------- Creditors of VVP Transport Limited, Earth Insulation & Building Limited, Pannill Ventures Limited, Torbay Supermarkets Limited and Meelissa.MS Limited are required to file their proofs of debt by Feb. 29, 2026, to be included in the company's dividend distribution. VVP Transport commenced wind-up proceedings on Jan. 19, 2026. Earth Insulation & Building commenced wind-up proceedings on Jan. 20, 2026. Pannill Ventures and Torbay Supermarkets commenced wind-up proceedings on Jan. 22, 2026. Meelissa.MS Limited commenced wind-up proceedings on Jan. 27, 2026. The company's liquidator is: Pritesh Patel Patel & Co. PO Box 23296 Manukau City Auckland 2241 WINE GRENADE: Callaghan Innovation Loan Unpaid; NZD475,000 Owed --------------------------------------------------------------- Anne Gibson at NZ Herald reports that Wine Grenade, a much-hailed Auckland-founded wine technology innovation business, is being liquidated after its director told the accountants of "irrecoverable failure of the IT infrastructure". The company failed to meet its obligations to Callaghan Innovation, an initial report said, NZ Herald relays. A NZD475,000 amount is owed to unsecured creditors, NZ Herald adds. Wine Grenade has commercialized a piece of technology that enables winemakers to mature their wines without the need of oak barrels. Kristal Pihama and Leon Francis Bowker of KPMG were appointed joint and several liquidators of the company by the High Court of New Zealand at Auckland on Dec. 11, 2025. [] NEW ZEALAND: 2025 Company Failures at Highest Level in 15 Yrs. ----------------------------------------------------------------- Interest.co.nz reports that company failures hit a 15-year high in New Zealand last year, according to credit bureau Centrix. In Centrix's latest monthly Credit Indicator report, chief operating officer Monika Lacey said the rising liquidations "underscore ongoing financial strain across parts of the economy, as well as the IR's ongoing crackdown on outstanding debts," Interest.co.nz relates. However, Ms. Lacey said despite this broad rise, there are signs of resilience in some sectors. In terms of the detail, business liquidations saw the sharpest rises in hospitality (+50%), retail trade (+34%) and transport (+27%), "highlighting ongoing financial stress in these sectors despite improving credit conditions," according to Interest.co.nz. Construction (+13%), manufacturing (+12%) and property/rental (+17%) also recorded higher liquidations, even as credit defaults declined and average credit scores improved in many areas. Interest.co.nz says construction remains the leading contributor to company liquidations, with 751 firms liquidated in 2025, although this did represent just 0.9% of all registered construction companies. Second highest number of liquidations was in the hospitality sector ranks, where there were 376 liquidations, "reflecting ongoing financial pressure in the industry". "Despite these increases, early signs of improvement are emerging, with liquidation trends easing in six of the 19 industry sectors," Interest.co.nz quotes Ms. Lacey as saying. "Notable improvements are being seen in agriculture, wholesale trade, and information media and telecommunications services." ================= S I N G A P O R E ================= AMBER FARMS: Kroll Pte Appointed as Liquidators ----------------------------------------------- James Alexio and Karnjote Singh S/O Jarmal Singh of Kroll Pte. Limited on Jan. 26, 2026, were appointed as liquidators of Amber Farms Pte Ltd. The liquidators may be reached at: James Alexio Karnjote Singh S/O Jarmal Singh Kroll Pte. Limited 1 Raffles Place, #29-01 One Raffles Place Tower 1 Singapore 048616 AP SG 3: Creditors' Proofs of Debt Due on March 2 ------------------------------------------------- Creditors of AP SG 3 Pte. Ltd. and AP SG 4 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. 26, 2026. The company's liquidator is: Kasturi Majumdar c/o Maples Fiduciary Services (Singapore) 1 Raffles Place #36-01 One Raffles Place Singapore 048616 DASIN RETAIL: Court to Hear Judicial Management Bid on March 9 -------------------------------------------------------------- A petition to place the operations of Dasin Retail Trust Management Pte. Ltd. under Judicial Management will be heard before the High Court of Singapore on March 9, 2026, at 10:00 a.m. Malayan Banking Berhad, Singapore Branch filed the petition against the company on Jan. 15, 2026. The Petitioner's solicitors are: Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989 GLOBAL MACHINERY: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Jan. 23, 2026, to wind up the operations of Global Machinery Supply Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HEDOSOPHIA SERVICES: Creditors' Proofs of Debt Due on March 2 ------------------------------------------------------------- Creditors of Hedosophia Services (Singapore) 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. 28, 2026. The company's liquidator is: Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***