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260205.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 Thursday, February 5, 2026, Vol. 29, No. 26 Headlines A U S T R A L I A AQC DARTBROOK: Second Creditors' Meeting Set for Feb. 9 DARTBROOK OPERATIONS: Second Creditors' Meeting Set for Feb. 10 EBALANCE.COM PTY: First Creditors' Meeting Set for Feb. 10 EQUILIBRIUM MANUFACTURING: DBA Advisory Appointed as Administrator FRP DEVELOPMENTS: Second Creditors' Meeting Set for Feb. 10 PLENTI PL 2024-1: Moody's Raises Rating on Class F Notes from Ba1 REX AIRLINES: Impacted Regional Airports Eligible for Funding C H I N A AIXIN LIFE: Yao-te Wang Exits Board; Removed From Officer Positions COUNTRY GARDEN: Posts RMB2.21BB in Contracted Sales for January NAM TAI: MRI Moores Rowland Raises Going Concern Doubt SUN ART: CEO Vanishes After Two Months on the Job XCHANGE TEC: Onestop Assurance PAC Raises Going Concern Doubt [] Over 70% of Mainland-Listed Builders Expect Losses for 2025 I N D I A AGS TRANSACT: Extends Resolution Plan Submission Deadline to Feb 9 BLISS HOUSE: Insolvency Resolution Process Case Summary BRIDGE CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating CIAN HEALTHCARE: Completes Corporate Insolvency Resolution Process DEMAC TECHNOLOGIES: Insolvency Resolution Process Case Summary HARIKA CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating HVR INDUSTRIES: CRISIL Lowers Rating on INR3cr Cash Loan to B JAGAT RADHA: CRISIL Keeps B Debt Rating in Not Cooperating JAI MAA: CRISIL Keeps D Debt Ratings in Not Cooperating Category JEWEL OVERSEAS:Liquidation Process Case Summary KENZ INN: CRISIL Keeps B Debt Ratings in Not Cooperating Category KRISH FASHIONS: Insolvency Resolution Process Case Summary MANAV RICE: CRISIL Keeps B Debt Rating in Not Cooperating MEDIOINT LIFESCIENCE: Insolvency Resolution Process Case Summary MONGA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating MURLI DRAPES: CRISIL Keeps B Debt Ratings in Not Cooperating NARAYAN INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating NIKKI STEELS: CRISIL Keeps B Debt Rating in Not Cooperating RAJESH HOUSING: CRISIL Keeps D Debt Rating in Not Cooperating SACHIN REALTY: CRISIL Assigns B+ Rating to INR10cr Long Term Loan SHAHWAR MOTIVES: CRISIL Keeps B Debt Rating in Not Cooperating SHELAR AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating SUKRA JEWELLERY: CRISIL Keeps B Debt Rating in Not Cooperating SUN BLUES: CRISIL Keeps B Debt Rating in Not Cooperating Category SUPRITHA CASHEW: CRISIL Keeps B Debt Rating in Not Cooperating SUVI INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating TIGER TANNING: CRISIL Keeps B Debt Ratings in Not Cooperating TINY TOTS: CRISIL Keeps B Debt Rating in Not Cooperating Category TRIUMPH AUTO: CRISIL Keeps B Debt Rating in Not Cooperating TRIVENIMUDRAI PROJECT: Insolvency Resolution Process Case Summary VARIETY LUMBERS: CRISIL Assigns B+ Rating to INR3.5cr Cash Loan VASUNDHARA MERCHANTS: CRISIL Keeps B Rating in Not Cooperating ZONASHA ESTATES: CRISIL Keeps B Debt Rating in Not Cooperating N E W Z E A L A N D FOX'S HAWKER: Mount Maunganui Restaurant Closes Up, In Liquidation GRACEPARK HOLDING: Court to Hear Wind-Up Petition on Feb. 20 INTERCEPT (2021): Simon Dalton Appointed as Receiver and Manager JLX2024 LIMITED: Creditors' Proofs of Debt Due on March 2 MENZIES AVIATION: Former Employee Seeks Liquidation of Company PARURU TRANSPORT: Court to Hear Wind-Up Petition on March 24 SPACETECH NZ: Creditors' Proofs of Debt Due on Feb. 27 S I N G A P O R E ENERGE ASIA: Court Enters Wind-Up Order HUEY TIAN: Court Enters Wind-Up Order SOCIAL ROOM: Court Enters Wind-Up Order TIPSY BIRD: Court Enters Wind-Up Order TT INTERNATIONAL: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= AQC DARTBROOK: Second Creditors' Meeting Set for Feb. 9 ------------------------------------------------------- A second meeting of creditors in the proceedings of AQC Dartbrook Pty Ltd and AQC Dartbrook Management Pty Ltd has been set for Feb. 9, 2026, at 3:00 p.m. via virtual facilities. 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. Shaun Robert Fraser and Jonathan Philip Henry of McGrathNicol were appointed as administrators of the company on July 4, 2025. DARTBROOK OPERATIONS: Second Creditors' Meeting Set for Feb. 10 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Dartbrook Operations Pty Ltd, Dartbrook Assets Pty Ltd, Dartbrook Services Pty Ltd and Dartbrook Commercial Pty Ltd, has been set for Feb. 10, 2026, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 9, 2026 at 5:00 p.m. Richard John Hughes and Timothy Joseph Heenan of Deloitte were appointed as administrators of the company on July 3, 2025. EBALANCE.COM PTY: First Creditors' Meeting Set for Feb. 10 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of EBalance.Com Pty Limited will be held on Feb. 10, 2026, at 2:00 p.m. via Zoom. Scott Andersen and Nathan Lee Deppeler of Worrells were appointed as administrators of the company on Jan. 29, 2026. EQUILIBRIUM MANUFACTURING: DBA Advisory Appointed as Administrator ------------------------------------------------------------------ Atle Crowe-Maxwell of DBA Advisory on Feb. 3, 2026, was appointed as Administrator of Equilibrium Manufacturing Pty Ltd. The Administrator may be reached at: Atle Crowe-Maxwell DBA Advisory Unit 1, 4 Anzio Avenue Allambie Heights NSW 2100 FRP DEVELOPMENTS: Second Creditors' Meeting Set for Feb. 10 ----------------------------------------------------------- A second meeting of creditors in the proceedings of FRP Developments Pty Ltd has been set for Feb. 10, 2026, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 9, 2026 at 5:00 p.m. Stuart Otway and Alan Scott of SV Partners were appointed as administrators of the company on Jan. 5, 2026. PLENTI PL 2024-1: Moody's Raises Rating on Class F Notes from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on ten classes of notes from two Plenti PL & Green transactions. The affected ratings are as follows: Issuer: Plenti PL & Green ABS Trust 2024-1 Class B Notes, Upgraded to Aaa (sf); previously on Nov 25, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jun 23, 2025 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Jun 23, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to A2 (sf); previously on Jun 23, 2025 Upgraded to Baa1 (sf) Class F Notes, Upgraded to Baa2 (sf); previously on Jun 23, 2025 Upgraded to Ba1 (sf) Issuer: Plenti PL & Green ABS Trust 2024-2 Class B Notes, Upgraded to Aaa (sf); previously on Jul 31, 2025 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jul 31, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Jul 31, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to A3 (sf); previously on Jul 31, 2025 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Jul 31, 2025 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action was taken on the remaining rated classes of notes in the transactions as credit enhancement for these classes remains commensurate with the current ratings for the respective notes. Plenti PL & Green ABS Trust 2024-1 Following the January 2026 payment date, credit enhancement available for the Class C, Class D, Class E and Class F Notes has increased to 20.8%, 17.6%, 13.3% and 8.1% respectively, from 18.6%, 15.4%, 10.9% and 5.6% at the time of the last rating action in June 2025. Credit enhancement available for the Class B Notes has increased to 26.6% from 23.5% at the time of the last rating action in November 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the December 2024 payment date. Current outstanding notes balance as a percentage of the total closing notes balance was 35.6%. As of end-December 2025, 3.9% of the outstanding pool was 30-plus day delinquent, and 1.6% was 90-plus day delinquent. The deal has incurred 2.5% of gross losses (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 5.0% of the current pool balance (equivalent to 4.3% of the original pool balance) from the last rating action in June 2025. Moody's have lowered the Aaa portfolio credit enhancement to 22.0% from 24.5%. Plenti PL & Green ABS Trust 2024-2 Following the January 2026 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 24.7%, 18.2%, 14.6%, 10.0% and 4.8% respectively, from 22.8%, 16.6%, 13.1%, 8.7% and 3.6% at the time of the last rating action in July 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the September 2025 payment date. Current outstanding notes balance as a percentage of the total closing notes balance was 52.5%. As of end-December 2025, 2.4% of the outstanding pool was 30-plus day delinquent, and 0.7% was 90-plus day delinquent. The deal has incurred 1.1% of gross losses (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 4.5% of the current pool balance (equivalent to 3.5% of the original pool balance) from 6.6% of the outstanding pool balance (equivalent to 5.0% of the original pool balance) at the time of the last rating action in July 2025. Moody's have also lowered the Aaa portfolio credit enhancement to 22.0% from 24.5%. Moody's analysis has also considered various scenarios involving different mean default rate, portfolio credit enhancement and recovery rate to evaluate the resiliency of the notes ratings. These transactions are a cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. REX AIRLINES: Impacted Regional Airports Eligible for Funding ------------------------------------------------------------- National Tribune reports that regional and remote airports impacted by Rex Airlines' voluntary administration can now apply for a share in AUD5 million of funding under the Albanese Government's Regional and Remote Airport Support Program. With many of these airports being run by local councils, this program will help address the financial impact of unpaid claims. National Tribune says the support program will also reduce the likelihood of airport services suffering and ensure residents and ratepayers are not impacted. This is yet another demonstration of the Albanese Government's commitment to regional aviation. According to National Tribune, the government recognizes the critical role regional aviation plays in providing essential services such as health care, education and goods to Australia's regional and remote communities. This program follows the conclusion of the successful purchase of Rex (Regional Express Airlines) by Air T, with the government providing a new commercial loan of AUD60 million and the restructuring of AUD108 million in existing debt. Air T has agreed to a range of commitments aimed at preserving essential regional aviation connectivity, including returning more aircraft to service and increasing the frequency of profitable flights across the Rex network. Applications for the new program are open now and will close on March 17, 2026. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. In December 2025, Air T, an American aviation group, acquired 100% of the issued share capital in Rex via a deed of company arrangement, bringing to an end Rex's 16-month external administration and ensuring the continued operation of its regional business. ========= C H I N A ========= AIXIN LIFE: Yao-te Wang Exits Board; Removed From Officer Positions ------------------------------------------------------------------- AiXin Life International, Inc. disclosed in a regulatory filing that on January 27, 2026, the Board of Directors accepted the resignation of Mr. Yao-te Wang from his position as a director of the Company effective January 26, 2026. Concurrent with the acceptance of Mr. Wang's resignation from the Board, he was removed from all officer positions held in the Company or any of its subsidiaries. About AiXin Life International Sichuan Province, China-based AiXin Life International, Inc. is a Colorado holding company and conducts substantially all of its operations through its operating companies established in the People's Republic of China, or the PRC. The Company focuses on providing health and wellness products to the growing middle class in China. It currently develops, manufactures, markets, and sells premium-quality healthcare, nutritional products, and wellness supplements, including herbs and greens, traditional Chinese remedies, functional products such as weight management products, probiotics, foods, and drinks. The Company also provides advertising and marketing services to clients who engage us to market and distribute their products. As of September 30, 2025, the Company had $3,372,467 in total assets, $9,196,866 in total liabilities, and $5,824,399 in total stockholders' deficit. Irvine, California-based YCM CPA INC., the Company's auditor, issued a "going concern" qualification in its report dated May 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a working capital deficit as of December 31, 2024 and a net loss and negative cash flows from operations for the year ended December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. COUNTRY GARDEN: Posts RMB2.21BB in Contracted Sales for January --------------------------------------------------------------- TipRanks reports that Country Garden reported that in January 2026, the group, including its subsidiaries, joint ventures and associates, recorded unaudited contracted sales attributable to shareholders of about RMB2.21 billion, representing approximately 0.28 million square meters of gross floor area. TipRanks relates that the company emphasized that these preliminary figures are based on internal management information, may be subject to change once audited, and should not be taken as an indication of current or future performance, urging investors to exercise caution when dealing in its securities. Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. NAM TAI: MRI Moores Rowland Raises Going Concern Doubt ------------------------------------------------------ Nam Tai Property Inc. filed its annual report with the U.S. Securities and Exchange Commission for the fiscal years ended December 31, 2024, 2023, 2022 and 2021. The audited financial statements include a going-concern qualification from the Company's independent auditors, indicating substantial doubt about the Company's ability to continue operations. The opinion was issued by Singapore–based MRI Moores Rowland LLP, the Company's auditor since 2025. In its report dated January 14, 2026, attached to the Company's Form 20-F, the firm noted that as of December 31, 2024, the Company had net current liabilities of approximately $9 million, which indicates the existence of a material uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. The Company's ability to generate sufficient cash flows to meet its short-term operating needs and repay its outstanding loans depends on obtaining additional external financing, accelerating leasing activities at Nam Tai Inno Park, clearing the inventory at Nam Tai - Longxi, and disposing of the Nam Tai Wuxi property. According to the Company, such a "going concern" opinion could impair its ability to finance our operations through the sale of equity, incurring debt, or other financing alternatives. The Company reported net income from operations of $10.2 million in 2021, and net loss from operations of $15.7 million, $42.1 million and $19.5 million in 2022, 2023 and 2024, respectively. The Company may continue to incur losses in the future. Liquidity and Capital Resources The Company's primary sources of liquidity have been cash provided by operating activities, our cash and cash equivalents, long-term bank loans and short-term third party loans. In 2020, 2021, 2022, 2023 and 2024, net cash used in operating activities was $130.4 million, $65.8 million, $12.1 million, $32.3 million and $114.9 million respectively. As of December 31, 2020, 2021, 2022, 2023 and 2024, it had cash and cash equivalents of $61.0 million, $56.8 million, $21.6 million, $8.3 million and $26.9 million, respectively. -- In 2020, the Company obtained bank loans totaling $72.3 million at interest rates ranging from 6.07% to 7.40%. -- In 2021, it obtained a bank loan of $89.1 million at an interest rate of 6.0%. -- In 2022, it obtained shareholder loans of $18.8 million bearing interest rate at 10% per annum on the outstanding principal. -- In 2023, it obtained a third party loan of $6.3 million at interest rates ranging from 5% to 9%. -- In 2024, it obtained bank and third party loans of $24.7 million at interest rates ranging from 3.4% to 14.76%. -- In 2025, the Company refinanced our Nam Tai Technology Center property by securing a new 10-year construction loan of RMB 700 million from Shenzhen Rural Commercial Bank at a blended interest rate of approximately 4.7%. "This loan replaced a higher-cost RMB 450 million loan from the Bank of Guangzhou, for which we incurred a prepayment penalty of RMB 13.7 million. Additionally, we obtained a new loan of RMB 600 million with a blended all-in interest rate of 4.3% per annum, which replaced the loan we had taken out in 2024. Furthermore, we closed an eight-year mortgage loan of RMB 110 million with Shenzhen Rural Commercial Bank at a blended annual rate of about 4.4%. This mortgage is secured by our Nam Tai Inno Valley property located in the Baoan District of Shenzhen." During each of the years of 2020, 2021, 2022, 2023 and 2024, the Company's primary uses of cash were payments related to the development of our land parcels. "Our liquidity and our ability to continue as a going concern is dependent on various factors, to generate cash flows from operations and to arrange adequate financing arrangements to support our working capital requirements, and there are no assurances that we will be successful in our efforts to maintain a sufficient cash balance, report profitable operations in the future or pay our debts as they fall due, any of which could impact our ability to continue as a going concern. Any such inability to continue as a going concern may result in our shareholders losing their entire investment." A full text copy of the Company's report is available at https://tinyurl.com/3fwx8cjn About Nam Tai Property Nam Tai Property Inc., a Company incorporated in the British Virgin Islands and governed by BVI law, owns certain subsidiaries, which own and operate commercial real estate projects across the People's Republic of China. Those subsidiaries currently maintain two industrial complex projects, with one in Guangming, Shenzhen and one in Bao'an, Shenzhen. As of December 31, 2024, the Company had US$453.6 million in total assets, US$281.3 million in total liabilities, and US$172.3 million in total shareholders' equity. SUN ART: CEO Vanishes After Two Months on the Job ------------------------------------------------- Caixin Global reports that Sun Art Retail Group Ltd. said it has not been able to get in touch with its CEO Li Weiping, who took the helm two months ago, adding to the uncertainty surrounding the struggling supermarket chain. Caixin relates that the Hong Kong-listed owner of RT-Mart said in a filing on Feb. 4 that Li's unavailability is unrelated to its business or operations, which remain normal. Chairman Julian Juul Wolhardt, who is also a co-founder of DCP Capital, will temporarily oversee its daily management, the company said. Sun Art Retail Group Limited, an investment holding company, operates brick-and-mortar stores and online sales channels in the People's Republic of China. The company operates hypermarkets, super stores, and membership stores under RT-Mart, RT-Super, and M-Club names. It also provides consulting, investment, procurement centre, wholesaling, and retailing services. XCHANGE TEC: Onestop Assurance PAC Raises Going Concern Doubt ------------------------------------------------------------- XChange TEC.INC. filed its annual report with the U.S. Securities and Exchange Commission for the fiscal year ended September 30, 2025. The audited financial statements include a going-concern qualification from the Company's independent auditors, indicating substantial doubt about the Company's ability to continue operations. The opinion was issued by Singapore–based Onestop Assurance PAC, the Company's auditor since 2023. In its report dated January 14, 2026, attached to the Company's Form 20-F, the firm noted that: * the Company had accumulated deficits of RMB 4,605,215,000 and RMB 3,856,801,000 as of September 30, 2025, and 2024, respectively. * net cash used in operating activities from continuing operations amounted to RMB 11,698,000, RMB 8,955,000, and RMB 22,178,000 for the years ended September 30, 2025, 2024, and 2023. * as of September 30, 2025, and 2024, current liabilities exceeded current assets by RMB 909,308,000 and RMB 1,271,179,000, respectively. The Company generated a net loss of RMB71.3 million (US$9.8 million) in FY 2023, a net loss of RMB226.8 million (US$32.3 million) in FY 2024 and a net loss of RMB748.4 million (US$105.1 million) in FY 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. On December 28, 2023, the Group consummated an acquisition of 100% equity interest in Alpha Mind at consideration of US$180,000. The purchase price is payable in the form of promissory note. The Notes have a maturity of 90 days from the closing date, an interest rate at an annual rate to 3% per annum and will be secured by all of the issued and outstanding equity of the Alpha Mind and all of the assets of the Alpha Mind, including its consolidated entities. On June 6, 2024, the Company and Burgeon Capital agreed to settle all outstanding principal amount and accrued interest under the Note with a total amount of US$27,342 by issuance of Class A ordinary shares. On June 30, 2025, the Company and MMTEC, Inc. agreed to extend the maturity date of the outstanding Note and accrued but unpaid interest to date to December 31, 2025, and if the Notes have an outstanding balance on the maturity date, the maturity date will be automatically extended to the end of following year. The Group intends to meet the cash requirements through issuance of ordinary shares. On October 26, 2022, the Company's Form F-3 to offer up to a total amount of $300 million was declared effective. The Company plans to raise funds under the Form F-3 to support the Company's operations. As of the date of this annual report, approximately $285 million remains available for future issuance. The Company plans to utilize this remaining capacity to raise capital to support its operations. There is a risk that Management plan cannot alleviate the substantial doubt of the Group's ability to continue as a going concern. There can be no assurance that the Group will be successful in achieving its strategic plans, that the Group's future capital raises will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. Should there be any unforeseen circumstances which may prevent the successful completion of the plans, the Group will be required to reduce certain discretionary spending, which would have a material adverse effect on the Group's financial position, results of operations, cash flows, and ability to achieve its intended business objectives. Management believes that the planned equity financing will be sufficient to fund operations. A full text copy of the Company's report is available at https://tinyurl.com/3kbr79xu About XChange TEC.INC Shanghai, China-based XChange TEC.INC, through its subsidiaries and consolidated variable interest entities, operates insurance agency and insurance technology business. The insurance agency is PRC-licensed and operates nationwide in the PRC with a wide range of insurance products underwritten by major insurance companies, including industry leading and/or state-owned property and casualty insurance companies as well as certain regional property and casualty insurance companies in the PRC. The insurance technology business is focused on operating and developing insurance technology in the PRC, including developing SaaS platform to connect consumers and underwriting support. As of September 30, 2025, the Company had US$9.7 million in total assets, US$133.4 million in total liabilities, and US$123.6 million in total shareholders' deficit. [] Over 70% of Mainland-Listed Builders Expect Losses for 2025 -------------------------------------------------------------- Yicai Global reports that more than 70 percent of property developers listed in the Chinese mainland said they expect to have lost money last year amid the ongoing downturn in China's real estate market. Yicai says the net loss at China Vanke, which recently avoided a debt default, likely expanded 66 percent to CNY82 billion (USD11.8 billion) in 2025, the Shenzhen-based firm announced on Jan. 30. That is the worst red ink among the 49 of 65 mainland-listed developers that have warned of losses. Together, the 65 likely lost between CNY164 billion and CNY202.2 billion (USD23.6 billion and USD29.1 billion) last year, Yicai discloses. Yicai relates that Shenzhen-based Vanke attributed its earnings deterioration to a sharp drop in revenue recognized from projects, low gross profit margins, and an increase in business risk exposure, adding that it also made provisions for credit and asset impairments. According to Yicai, Vanke is one of five developers expecting a loss in excess of CNY10 billion (USD1.4 billion). China Fortune Land Development predicts between CNY16 billion and CNY24 billion, Greenland Holdings between CNY16 billion and CNY19 billion, Shenzhen Overseas Chinese Town between CNY13 billion and CNY15.5 billion, and Gemdale from CNY11.1 billion to CNY13.5 billion. Jinke Property Group had the highest expected net profit at CNY30 billion to CNY35 billion, Yicai notes. But the bulk of that came from a one-off debt restructuring gain of between CNY68 billion and CNY70 billion, rather than from operations. China's property market has been in a slump since 2022, Yicai states. Last year, sales fell 8.7 percent to around CNY8.4 trillion (USD1.2 trillion) and sank 12.6 percent to 881 million square meters, according to data from the National Bureau of Statistics. The resale market bounced back last month, with the floorage of pre-owned houses sold in 13 key cities, including Beijing and Shenzhen, jumping 33 percent from a year earlier and 16 percent from December, Yicai relays citing statistics from research institute China Residence Information Circle, offering tentative signs of a broader market stabilization. ========= I N D I A ========= AGS TRANSACT: Extends Resolution Plan Submission Deadline to Feb 9 ------------------------------------------------------------------ ScanX reports that AGS Transact Technologies Limited has announced an extension in the deadline for resolution plan submissions under its ongoing Corporate Insolvency Resolution Process (CIRP). The company informed stock exchanges on Feb. 3, 2026 about this significant development in its insolvency proceedings. ScanX relates that the deadline for prospective resolution applicants to submit their resolution plans has been extended to Feb. 9, 2026. This extension comes following specific requests received from potential applicants and has been formally approved by the Committee of Creditors. Brijendra Kumar Mishra, serving as the Interim Resolution Professional for AGS Transact Technologies Limited, communicated this extension to both BSE Limited and National Stock Exchange of India Limited, ScanX says. According to ScanX, the extension provides additional time for resolution applicants to finalize their proposals and participate in the ongoing CIRP process. This development represents a procedural adjustment in the company's insolvency timeline, allowing prospective resolution applicants more time to prepare comprehensive resolution plans for consideration by the Committee of Creditors, adds ScanX. AGS Transact is a provider of an integrated omnichannel payment solution across diverse sectors in India and in the manufacturing and supply of ATMs. In August 2025, the National Company Law Tribunal (NCLT) admitted AGS Transact Technologies for corporate insolvency resolution process (CIRP) on an application filed by the listed payment solution company's operational creditor Securitrans India Pvt Ltd. The NCLT also appointed Brijendra Kumar Mishra as the interim resolution professional of the company. BLISS HOUSE: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Bliss House Private Limited 20, Diplomatic Enclave Sardar Patel Marg, New Delhi, India, 110003 Insolvency Commencement Date: January 21, 2026 Estimated date of closure of insolvency resolution process: July 20, 2026 Court: National Company Law Tribunal, New Delhi Bench-II Insolvency Professional: Sapan Mohan Garg D-54, First Floor, Defence Colony, New Delhi-110024 Email: sapan10@yahoo.com C-621, 6TH Floor, Tower C, Ithum Plot No. A-40, Sector 62, Noida UP-201301 Email: cirp.blisshouse@gmail.com Last date for submission of claims: February 4, 2026 BRIDGE CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Bridge Constructions Private Limited (SVPL; Previously known as SVC Ventures Private Limited) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 18 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 2 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SVPL 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 SVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2011 and based in Hyderabad, SVPL is engaged in developing residential real estate project, selling of plots in Andhra Pradesh and Telangana. The firm belongs to the SVC Group and is promoted by Mr. Laxman Rao. CIAN HEALTHCARE: Completes Corporate Insolvency Resolution Process ------------------------------------------------------------------ ScanX reports that Cian Healthcare Limited has successfully completed its Corporate Insolvency Resolution Process (CIRP) with the dissolution of its Resolution Plan Implementation Committee on February 1, 2026. The pharmaceutical company received total consideration of INR37,30,13,553 from the successful resolution applicant, Mr. Pradeep Kumar Jain, marking the conclusion of a complex restructuring process that began in June 2024. According to ScanX, the Resolution Plan Implementation Committee, in its meeting held on February 1, 2026, confirmed the successful completion of all settlement obligations. The total bid value has been utilized for settling various stakeholder claims in accordance with the approved resolution plan. ScanX says the settlement covered Insolvency Resolution Process costs and claims from financial creditors, operational creditors, workmen, employees, and other eligible claimants. With the committee's dissolution, all powers have been transferred to the Interim Board, which will now operate under the Companies Act, 2013, and applicable listing regulations. Cian Healthcare's consolidated financial results for the year ended March 31, 2025, reflect the challenging operational environment during the insolvency process, ScanX relays. The company's performance showed significant deterioration compared to the previous financial year. The company's revenue from operations declined by over 50% to INR3,079.84 lakhs in FY25 from INR6,169.55 lakhs in FY24, ScanX discloses. Despite reduced expenses, the company reported a consolidated net loss of INR2,597.75 lakhs compared to a net profit of INR84.86 lakhs in the previous year. As of March 31, 2025, Cian Healthcare's consolidated balance sheet showed total assets of INR15,605.85 lakhs compared to INR16,117.59 lakhs in the previous year. The company's financial position reflected the impact of the insolvency proceedings, ScanX notes. Notably, the company's cash position improved significantly to INR1,777.04 lakhs from INR119.41 lakhs, while shareholders' funds decreased to INR3,235.73 lakhs from INR5,833.49 lakhs. According to ScanX, the company's subsidiary, Dr. Smith's Biotech Private Limited, is also undergoing its own Corporate Insolvency Resolution Process. The NCLT admitted an insolvency petition against the subsidiary on April 28, 2025, with Ms. Megha Agrawal appointed as the Interim Resolution Professional. Cian Healthcare's investment in the subsidiary amounts to INR708.84 lakhs, with uncertain recoverability due to the ongoing insolvency proceedings. ScanX adds that the statutory auditors, SSRCA & Co., issued a disclaimer of opinion on the consolidated financial results, citing multiple significant concerns. These included pending reconciliation of creditor claims totaling INR81.43 crores, uncertainties regarding asset valuations, incomplete documentation for various balance sheet items, and material uncertainty about the company's ability to continue as a going concern. ScanX relates that the auditors highlighted exceptional items totaling INR1,225.37 lakhs, primarily comprising INR1,109.01 lakhs for batch closures and INR108.42 lakhs for sundry balance write-offs. These non-recurring items significantly impacted the company's financial performance for FY25. With the successful completion of the resolution plan implementation, Cian Healthcare now transitions to a new phase under the successful resolution applicant's control, aiming to restore operational stability and financial health in the pharmaceutical sector, ScanX states. DEMAC TECHNOLOGIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Demac Technologies Private Limited Reqistered Office: SB-21, Ivory Terrace, R.C.Dutt Road, Alkapuri, Vadodara, Gujarat, India - 390007 Insolvency Commencement Date: January 20, 2026 Estimated date of closure of insolvency resolution process: July 19, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: CA Chintan Kashyapkumar Shroff D-602, Samanvay Westfields, Opp. Raajpath Complex, Behind SWC Hub, Bhayli, Vadodara - 391410 Email id: chintan@gjc.co.in 408, Everest HUB, Opp. Narayan Gardens, Gotri Laxmipura Road, New Alkapuri, Vadodara - 390021 Email id: cirp.demac@gmail.co Last date for submission of claims: February 3, 2026 HARIKA CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Harika Chemicals Private Limited (Harika) 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 Long Term Bank Loan Facility 4 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Harika 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 Harika, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Harika is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Harika continues to be 'Crisil B/Stable Issuer not cooperating'. Harika was incorporated in 2014 by Mr Rajendra Kumar Karman, Mr Sanapala Srinivasa Rao, Mr Kanugula Durga Srinivas, Mr Jami Sruaya Chandra Rao, and Mr Kamal Kumar Karnani. The company manufactures chlorinated paraffin and hydrochloric acid and has installed capacity of 700 tonne per month. HVR INDUSTRIES: CRISIL Lowers Rating on INR3cr Cash Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of HVR Industries Private Limited (HVR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Cash Credit 3 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Proposed Fund- 3.1 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 1.1 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 0.3 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 0.7 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with HVR 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 HVR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HVR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HVR revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Incorporated in 2010 and promoted by Mr Vikram Bansal. HVR manufactures metal-based chemicals such as lead dioxide, red lead, litharge and pure lead that are used in the battery industry. Unit is in Sonipat, Haryana. JAGAT RADHA: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jagat Radha Motors Private Limited (JRMPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 6.25 CRISIL B/Stable (ISSUER NOT Financing Scheme COOPERATING) (e-DFS) Crisil Ratings has been consistently following up with JRMPL 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 JRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JRMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2009 and promoted by Champaran (Bihar)-based Singh family, JRMPL is an authorised dealer of Tata Motors Ltd (TML) for commercial and passenger vehicles in Champaran. The operations are primarily managed by Mr. Abhay Kumar Singh. JAI MAA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jai Maa Jagdamba Flour Private Limited (JMJFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JMJFPL 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 JMJFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMJFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMJFPL continues to be 'Crisil D Issuer not cooperating'. Set up as a proprietorship firm in 2003 by Mr. Krishna Murari Choudhary and reconstituted as a private limited company in 2004, JMJFPL processes wheat flour, maida, and suji at its mill in Dhanbad, Jharkhand, which has capacity of 300 tonne per day. JEWEL OVERSEAS:Liquidation Process Case Summary ----------------------------------------------- Debtor: M/s Jewel Overseas Private Limited C-636, DSIDC Industrial Area, Narela Delhi-110040 Liquidation Commencement Date: January 20, 2026 Court: National Company Law Tribunal, New Delhi Bench-V Liquidator: Ms. Veenu Drall 13 G, Vikrant Apartments Sector, 13, Rohini New Delhi-110085 Email: ipveenudrall@gmail.com D-071, Indiabylls Enigma, Sector 110 Gurugram, Haryana 122017 Email: liquidation.jewel@gmail.com Last date for submission of claims: February 19, 2026 KENZ INN: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kenz Inn Commercial Complex Limited (KICCL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 50 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Term Loan 100 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KICCL 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 KICCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KICCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KICCL continues to be 'Crisil B/Stable Issuer not cooperating'. KICCL was incorporated for undertaking a commercial and residential real estate project in Thrissur, Kerala. The company is constructing Phase 1 of the project, which involves a retail mall, multiplex, and office premises, at a cost of Rs.2.07 billion. KRISH FASHIONS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Krish Fashions Brands Private Limited No. 109/1 Katha 109, 4th Cross Road 3rd Floor Krishna Layout Hulimavu, Bangalore, Bangalore South Karnataka - 560076 Insolvency Commencement Date: January 16, 2026 Estimated date of closure of insolvency resolution process: July 14, 2026 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: T Narayana Swamy No. 15, Shubhadeepa, 7th Cross Bhuvaneshwarinagar, Hebbal Kempapura, Bangalore North, Near Shakthi Ganapathi Temple, Bangalore, Karnataka - 560024 Email: tnswamyubi@gmail.com "VK Commerce", #8 3rd Floor 3rd Main Road Opp. Rajajinagar IT Park, KSSIDC Rajajinagar Industrial Estate Bengaluru, Karnataka - 560091 Email: cirp.krishfashion@gmail.com Last date for submission of claims: February 2, 2026 MANAV RICE: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Manav Rice Mills (Manav) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Manav 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 Manav, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Manav is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Manav continues to be 'Crisil B/Stable Issuer not cooperating'. Manav was set up in 1994 as a partnership firm in Jalalabad, Punjab. It mills and markets rice, and has milling capacity of 3 tonne per hour. Its daily operations are managed by key promoter Mr. Rajesh Nagpal. MEDIOINT LIFESCIENCE: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: MEDIOINT LIFESCIENCE PRIVATE LIMITED Plot No. 260-A, Sector-III, Industrial Growth Center, Pithampur, Dhar, Dhar, Madhya Pradesh, India, 454775 Insolvency Commencement Date: January 14, 2026 Estimated date of closure of insolvency resolution process: July 12, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Dharit Kishorbhai Shah C/o M/s Bipin & Сo, Chartered Accountants, 302, Centre Point, R C Dutt Road, Alkapuri, Vadodara, Gujarat, 390007 Email: Bipin.smdt@gmail.com Email: Cirp.medioint@gmail.com Last date for submission of claims: January 28, 2026 MONGA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Monga Iron And Steel Private Limited (MISPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MISPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MISPL continues to be 'Crisil D Issuer not cooperating'. MISPL was set up in 1985 as a proprietorship firm, and was reconstituted as a private limited company with the present name in 2008. The company trades in stainless steel products. Its registered office is in New Delhi. MURLI DRAPES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Murli Drapes LLP (MDLLP) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 3.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MDLLP 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 MDLLP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MDLLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MDLLP continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2011 by Mr. Nailesh Dresswala and Mr. Janak Seth, MDLLP manufactures warp knitted fabric for sale mostly to curtain manufacturers. Its manufacturing unit is in Bhivandi, Mumbai. NARAYAN INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Narayan industries - Chattisgarh (NI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NI 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 NI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NI continues to be 'Crisil D/Crisil D Issuer not cooperating'. The firm was established in 2007 as a proprietorship by Mr Mukesh Motwani. It is engaged in processing of paddy into non-basmati rice and sorting of various types of dal. It also trades in non-basmati rice and undertakes rice milling on job work-basis for Food Corporation of India (FCI). The firm's manufacturing facility is located in Baloda Bazar, Chhattisgarh. It sells products to local traders in the state. NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of National Rice Mill (NRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.89 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.62 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NRM 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 NRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NRM continues to be 'Crisil D Issuer not cooperating'. Formed in 2006, NRM is engaged in milling and processing of par boiled rice. It has an installed paddy milling capacity of 84 tonnes per day (increased from 72 tonnes per day). Its rice mill is located in Hooghly (West Bengal). The day to day operations of the firm is being managed by managing partners Mr. B .B. Dey. The other partner, being his wife Mrs. Lekha Dey. NIKKI STEELS: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nikki Steels Private Limited (NSPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NSPL 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 NSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NSPL continues to be 'Crisil B/Stable Issuer not cooperating'. NSPL, incorporated in 2006 at Ghaziabad trades in iron and steel products such as hot-rolled coils/sheets, wire rod, thermo-mechanically treated bars, light structural, angles, channels and flats. Mr Neeraj Gupta, Mr Sharad Gupta, and Mr Dilip Gupta are the promoters. RAJESH HOUSING: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on non-convertible debentures of Rajesh Housing Private Limited (RHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 140 CRISIL D (ISSUER NOT Debentures COOPERATING) Crisil Ratings has been following up with RHPL for getting information through letter and email, dated November 12, 2025, apart from various telephonic communications. However, the issuer has continued to be non-cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned or 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 RHPL's management, Crisil Ratings has failed to receive any information on either the financial performance or strategic intent of the company, which restricts the ability of Crisil Ratings to take a forward-looking view on the company's credit quality. The rating action on RHPL is consistent with criteria detailed in 'Assessing information adequacy risk.' The repayment date of the non-convertible debentures (NCDs) expired in June 2022 and Crisil Ratings has not received any communication regarding further extension of the NCDs. RHPL, in its filing with BSE in July 2022, had stated that the NCDs have been fully redeemed. However, independent confirmation by the company to debenture trustee for redemption with its details have not been received by the debenture trustee. Crisil Ratings will withdraw the ratings on the NCDs post receipt of independent confirmation on redemption of the NCDs. Based on the last available information, the rating on the NCDs of RHPL continues to be 'Crisil D Issuer not cooperating'. RHPL, which is a part of the Rajesh Lifespaces group, was established in 2015. The company is developing a residential-cum-commercial project in Vikhroli, Mumbai. The Rajesh Lifespaces group is a Mumbai-based real estate developer, promoted by Mr Raghav Patel. The group has been in real estate construction and development for over 50 years. The operations are currently managed by the third generation of the family, Mr Priyal Patel and Mr Pratik Patel. As on date, the group has nearly 8.6 million square feet of area under development across Mumbai. SACHIN REALTY: CRISIL Assigns B+ Rating to INR10cr Long Term Loan ----------------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil B+/Stable' rating to the long term bank facilities of Sachin Realty Private Limited (SRPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 10 Crisil B+/Stable (Assigned) The rating reflects extensive experience of the promoters and association with reputed clientele. These strengths are partially offset by moderate and high concentration of revenue. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SRPL. The unsecured loan of INR18.52 crores is expected to remain in the business and will be treated as neither debt nor equity. No interest is charged in this loan. Key Rating Drivers - Weaknesses * Moderate and high concentration of revenue: The company receives its income mainly from the rental income for the land given to Sri Ram Global School(SRGS) on rent. As the entire rental income comes from a single tenant, SRPL depends on timely payment by the counterparty. Delay in receipt of rent or termination of contract by the tenant may impact revenue. The rental income is around INR1.5-1.6 crores annually apart from the rental income company also receives rentals by renting the appliances for INR15-20 lakhs Key Rating Drivers - Strengths * Extensive experience of the promoters and association with reputed clientele: The promoters bring around 5 decades of experience working in various areas like tea and coffee plantations, educational field and have a big investment portfolio. SRPL has subleased assets (land and buildings) to SRGS. SRPL receives steady cash flow in the form of monthly rentals. The promoters is also the trustee of SRGS which ensures regular rental income to the company. Moreover, as SRGS is an established player in the education sector in Greater Noida, it is less vulnerable to economic cycles. Liquidity Stretched The net cash accruals were INR1-1.1 crore in fiscal 2025 and are expected to remain in similar range going forward. The liquidity remains supported due to no term debt repayment on account of no term loans. The current ratio remained healthy at 2.65 times on March 31, 2025. Any debt leading to term debt obligations may impact the liquidity of the company. Outlook Stable Crisil Ratings believes SRPL will benefit from the location advantage and the reputed client base. Rating sensitivity factors Upward factor * Regular and timely receipt of rent payments from the tenants * Revenue growth of more than 10% each fiscal and steady operating margin, resulting in higher-than-expected cash accrual Downward factor * Delay in payment of rent by the counterparty or any debt repayment resulting in DSCR falling below 1.5 times * Any debt funded capital expenditure weakening the financial risk profile, particularly, liquidity. SRPL is engaged in the development of commercial real estate in the Delhi-NCR region. SHAHWAR MOTIVES: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shahwar Motives Private Limited (SMPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SMPL 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 SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMPL continues to be 'Crisil B/Stable Issuer not cooperating'. SMPL, incorporated in 2003, has been an authorised dealer for Nissan's passenger cars since April 2004. The company has two showrooms and one service station in Bengaluru. It sells Nissan's passenger cars, including Teana, Micra, Sunny, Terrano, and Datsun Go; it also sells spare parts and accessories and undertakes servicing of vehicles. SHELAR AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of The Shelar Automotive (TSA) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory 8.5 CRISIL B/Stable (Issuer Not Funding Facility Cooperating) Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TSA 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 TSA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TSA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TSA continues to be 'Crisil B/Stable Issuer not cooperating'. TSA, a proprietorship firm of Mr. Samir Shelar, was established in 1998 as Mauli Automobiles and got its present name in 2009. The firm was initially a sub-dealer for TVS, and in 2009, became an authorised dealer of TVS in Pune. It operates two 3S (sales-service-spares) and two 2S (sales-spares) showrooms, all in Pune. SUKRA JEWELLERY: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sukra Jewellery (SJ) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 5 CRISIL B/Stable (Issuer Not Overdraft facility Cooperating) Crisil Ratings has been consistently following up with SJ 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 SJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJ continues to be 'Crisil B/Stable Issuer not cooperating'. SJ was set up in 2007 as a proprietorship by Mr A Kalkiraju, and is engaged in retailing of silver jewellery and artefacts. It has a retail store located in Chennai. SSJ was set up in 2007 as a proprietorship by Mrs K Pushpalatha, wife of Mr A Kalkiraju, and is engaged in retailing of silver jewellery and artefacts. It has a retail store located in Chennai. SUN BLUES: CRISIL Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sun Blues (SB) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SB 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 SB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SB continues to be 'Crisil B/Stable Issuer not cooperating'. SB, promoted by Mr K Sabapathy and Mrs Ritha Sabapathy, manufactures blue metals and M-sand. The firm operates eight quarries in and around Vellore, Tamil Nadu. SUPRITHA CASHEW: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Supritha Cashew Industries (SCI) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCI 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 SCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCI continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in the year 1998 SCI is a partnership firm involved in processing and selling of imported raw cashew kernels. The Firm is promoted by Mr. Kashinath shenoy. SUVI INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Suvi International Private Limited (SIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIPL for obtaining information through letter and email dated December 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIPL continues to be 'Crisil B/Stable Issuer not cooperating'. SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr. Sumit Singhal in 2006. The company manufactures EPE liners, which are primarily used for providing inner seal protection for caps of various bottles used in the beverage and pharmaceutical industries. It has two units, one in Bawana (Delhi) and the other in Rai. TIGER TANNING: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tiger Tanning Industries (TTI) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Fund- 0.7 CRISIL B/Stable (ISSUER NOT Based Bank Limits COOPERATING) Crisil Ratings has been consistently following up with TTI 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 TTI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TTI continues to be 'Crisil B/Stable Issuer not cooperating'. TTI, set up in 1997 in Kolkata, tans raw hides to produce finished leather used in manufacturing leather gloves. Mr. S Javed, Mr. Shoeb Alam, and Mr. Sohail Alam are partners in the firm. TINY TOTS: CRISIL Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Tiny Tots Educational Society (TTES) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 9.4 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TTES 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 TTES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TTES continues to be 'Crisil B/Stable Issuer not cooperating'. TTES is a charitable society formed by Ms. Bimla Verma in 1995 under the Society Registration Act. It runs Dynasty International School (DIS) in Faridabad, which is affiliated to the Central Board of Secondary Education and offers education from pre-nursery to Class XII. DIS has all necessary infrastructure such as library, auditorium, swimming pool, cafeteria, and theatre room, etc. TRIUMPH AUTO: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Triumph Auto Parts Distributors Private Limited (TADPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 6.75 CRISIL B/Stable (ISSUER NOT Financing Scheme COOPERATING) (e-DFS) Crisil Ratings has been consistently following up with TADPL 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 TADPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TADPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TADPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2004, TADPL is an authorised distributor of spare parts of TML's commercial vehicles (buses, trucks, and Tata Ace) in Northern Haryana. TADPL is promoted by Mr. Manu Gupta and Mr. Naresh Gupta. TRIVENIMUDRAI PROJECT: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Trivenimudrai Project Limited Registered Office: 405, Floor – 4, Plot – 212, East Wing, Tulsiani Chambers, Free Press Journal Marg, Nariman Point, Mumbai – 400021 Maharashtra, India Principal Office: SR. No. 97/3, Fl. No. B-06, Ambegaon Vally Haveli, Pune Ambegaon BK (Part) (N.V) Pune, Maharashtra, India, 411046 Insolvency Commencement Date: January 13, 2026 Estimated date of closure of insolvency resolution process: July 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Mahesh Kumar Gupta C/O AEMG & Associates Chartered Accountants, 202, New Heera Panna Industrial Estate, Opp Business Park, Near Virwani Industrial Estate, Off Western Express Highway, Goregaon (East), Maharashtra – 400063 Email ID: camkg59@gmail.com Email ID: irp.triveni@gmail.com Last date for submission of claims: February 2, 2026 VARIETY LUMBERS: CRISIL Assigns B+ Rating to INR3.5cr Cash Loan --------------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil B+/Stable/Crisil A4' ratings to the bank facilities of Variety Lumbers Pvt Ltd (VLPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 Crisil B+/Stable (Assigned) Foreign Exchange Forward 0.5 Crisil A4 (Assigned) Inland/Import Letter of Credit 25 Crisil A4 (Assigned) Term Loan 0.03 Crisil B+/Stable (Assigned) Working Capital Term Loan 0.46 Crisil B+/Stable (Assigned) The ratings reflect the working capital-intensive operations, weak financial risk profile and vulnerability to change in government policies and foreign exchange (forex) rates. These weaknesses are partially offset by the extensive experience of the promoters in the forest products industry and the favourable location of the plant. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of VLPL. Unsecured loan of INR7.10 crore as on March 31, 2025, extended by the promoters, has been treated as neither debt nor equity. Key rating drivers - Weaknesses * Exposure to change in government policies: The commercial use of forest products depends on government norms and regulations, which are susceptible to change because of initiatives taken towards forest conservation, and can adversely affect the availability of raw material. * Working capital intensive operations: Gross current assets stood high at 274 days as on March 31, 2025, up from 223 days a year before. Inventory rose sharply to 151 days from 85 days during the same period, mainly due to higher procurement made towards the latter part of fiscal 2025. The company has extended credit of 83 days to its customers as on March 31, 2025, against 91 days a year before. Working capital cycle is supported by credit provided by suppliers. * Vulnerability of operating margin to fluctuations in forex rates: As the company imports bulk of its requirement, its operating margin remains exposed to any sharp fluctuation in forex rates. Further, limited value addition has also kept the margin low at 4.5-5% in the three fiscals through March 2025. Key rating drivers - Strengths * Extensive experience of the promoters: The two-decade-long experience of the promoters in the forest products industry, their strong understanding of market dynamics, and established relationships with suppliers and customers will continue to support the business risk profile. Revenue remained modest at INR47.94 crore for fiscal 2025, as against INR47.97 crore in fiscal 2024. * Favorable location of the plant: The manufacturing plant is located at Gandhidham district in Gujarat, which is designated as a special imported timber conversion zone (SITCZ). Liquidity Stretched Bank limit utilisation was high, averaging around 92.6% for the 12 months through September 2025. Cash accrual of INR50-70 lakh, expected over the medium term, though low, should suffice to cover the debt obligation of less than INR35 lakh. Any stretch in working capital cycle or delay in realisations remains monitorable. Outlook Stable Crisil Ratings believe VLPL will continue to benefit from the extensive experience of its promoters in the forest products industry and their healthy relationships with clients. Rating sensitivity factors Upward factors * Sustained growth in revenue and operating margin, leading to cash accrual of over INR1 crore * Better working capital management, marked by gross current assets of less than 200 days Downward factors * Decline in net cash accrual below INR30 lakh, on account of a drop in revenue or operating margin * Substantial increase in working capital requirement, weakening the financial risk profile and liquidity Incorporated in 2002, VLPL is engaged in processing and sale of timber logs and wooden pallets. The processing facilities are located in Gandhidham, Gujarat. Operations are managed by Mr Swami Nath Dubey and his son, Mr Jay Kumar Dubey. VASUNDHARA MERCHANTS: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vasundhara Merchants Limited (VML) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VML 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 VML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VML continues to be 'Crisil B/Stable Issuer not cooperating'. VML, incorporated in 1996, is owned and managed by Mrs Sapna Devi Agarwal, Mr Bimal Kumar Agarwal, and Mr Vikram Agarwal. The promoters, based in Kolkata, are engaged in providing shares and securities broking services. They have acquired a cold storage unit under VML, which is based in Paschim Medinipur, West Bengal. ZONASHA ESTATES: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Zonasha Estates and Projects (ZEP, part of zonasha group) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 60 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ZEP 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 ZEP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZEP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZEP continues to be 'Crisil B/Stable Issuer not cooperating'. ZEP was incorporated in 2010 by Mr. R Nagaraj to undertake real estate development in Bangalore. ZEP is a Partnership firm incorporated by Mr. Nagaraj R to undertake real estate development in Bangalore. Currently the firm is executing two projects in residential segment in Bangalore. ===================== N E W Z E A L A N D ===================== FOX'S HAWKER: Mount Maunganui Restaurant Closes Up, In Liquidation ------------------------------------------------------------------ NZ Herald reports that Mount Maunganui Asian-fusion street food dining restaurant Fox's Hawker House has closed and gone into liquidation. The restaurant was originally opened as Frosty & Fox in December 2020 by Luke van Veen and Lisa Kerr. Ms. Kerr told the Herald the lease was up and she wasn't going to renew it. GRACEPARK HOLDING: Court to Hear Wind-Up Petition on Feb. 20 ------------------------------------------------------------ A petition to wind up the operations of Gracepark Holding Limited will be heard before the High Court at Auckland on Feb. 20, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 4, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 INTERCEPT (2021): Simon Dalton Appointed as Receiver and Manager ---------------------------------------------------------------- Simon Dalton of Gerry Rea Partners on Jan. 29, 2026, were appointed as receiver and manager of Intercept (2021) Limited, Intercept Recruitment Limited, Intercept Monitoring & Tech Limited and Intercept Fire & Protection Limited. The receiver and manager may be reached at: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland JLX2024 LIMITED: Creditors' Proofs of Debt Due on March 2 --------------------------------------------------------- Creditors of JLX2024 Limited and Pacific Beacon 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. 29, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 MENZIES AVIATION: Former Employee Seeks Liquidation of Company -------------------------------------------------------------- Jaime Lyth at BusinessDesk reports that airport ground-handling business Menzies Aviation New Zealand is facing a liquidation bid by a former employee. The company reported an operating loss of NZD3.6 million for the year ended Dec. 31, 2024, and a loss of NZD4.8 million for 2023, BusinessDesk discloses. According to BusinessDesk, the business recorded a total deficit of NZD914,000 by the end of 2024, down from reported equity of NZD2.7 million in 2023. Menzies Aviation New Zealand operates at seven airports across the country, including Auckland, where it provides ground, air cargo, and engineering services. 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 SPACETECH NZ: Creditors' Proofs of Debt Due on Feb. 27 ------------------------------------------------------ Creditors of Spacetech NZ Limited, Aubrey Capital Limited and MK Childcare Group Limited (formerly Mykindy Limited) are required to file their proofs of debt by Feb. 27, 2026, to be included in the company's dividend distribution. Spacetech NZ and Aubrey Capital commenced wind-up proceedings on Jan. 28, 2026. MK Childcare Group (formerly MyKindy Limited) commenced wind-up proceedings on Jan. 29, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= ENERGE ASIA: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Jan. 22, 2026, to wind up the operations of Energe Asia Pte. Ltd. Olea Global filed the petition against the company. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o RSM SG Corporate Advisory 8 Wilkie Road #03-08, Wilkie Edge Singapore 228095 HUEY TIAN: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Jan. 23, 2026, to wind up the operations of Huey Tian Ground Engineering Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SOCIAL ROOM: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Jan. 23, 2026, to wind up the operations of Social Room Concepts Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TIPSY BIRD: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Jan. 23, 2026, to wind up the operations of Tipsy Bird Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TT INTERNATIONAL: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Jan. 22, 2026, to wind up the operations of TT International Limited. Oversea-Chinese Banking Corporation Limited filed the petition against the company. The company's liquidators are: Timothy James Reid Ng Yau Yee Theresa Ng Zhao Rui c/o Baker Tilly Advisory 600 North Bridge Road #05-01 Parkview Square Singapore 188778 ********* 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. 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