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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, February 6, 2026, Vol. 29, No. 27
Headlines
A U S T R A L I A
BODY SCULPTING: First Creditors' Meeting Set for Feb. 11
EQUILIBRIUM MANUFACTURING: First Creditors' Meeting Set for Feb 11
ETERNAL BRIDAL: Second Creditors' Meeting Set for Feb. 10
GOLDEN TRIANGLE: First Creditors' Meeting Set for Feb. 10
HELLO DARLING: Enters Administration With AUD1.4 Million ATO Bill
IRONBARK CARPENTRY: First Creditors' Meeting Set for Feb. 11
NOW TRUST 2025-1: Moody's Affirms B2 Rating on Class F Notes
OLYMPUS 2026-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
SHIELD MASTER: ASIC Takes Further Steps to Support Investors
WARWICK GOLD: Director Banned from Managing Companies for 4 Years
C H I N A
GEMDALE CORP: Expects Net Loss of Up to CNY135 Billion in 2025
WEST CHINA: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
I N D I A
AA AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
AGARWAL TOUGHENED: CARE Keeps B- Debt Rating in Not Cooperating
DEWAN HOUSING: Court Drops Money Laundering Charges Against Co.
DOLPHIN LEATHERS: CARE Keeps C Debt Rating in Not Cooperating
ENERSAN POWER: CARE Keeps D Debt Rating in Not Cooperating
GOPAL RICE: CARE Keeps B- Rating in Not Cooperating Category
INSCO STEELS: CARE Keeps D Debt Ratings in Not Cooperating
JAYA SHEELA: CARE Keeps B- Debt Rating in Not Cooperating Category
K.K.R. AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
KARTHICK POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating
MAA PEETAMBRA: CARE Keeps D Rating in Not Cooperating Category
MAINAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating
MANJU AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
MARUTI FERTOCHEM: CARE Keeps D Debt Ratings in Not Cooperating
MAXIMAA SYSTEM: CARE Keeps D Debt Ratings in Not Cooperating
MERGE STONES: CARE Lowers Rating on INR35cr LT Loan to B-
MOHAN BREWERIES: CARE Keeps D Debt Ratings in Not Cooperating
NANDAN BUILDCON: CARE Keeps D Debt Ratings in Not Cooperating
NARAYANI FLOUR: CARE Keeps C Debt Rating in Not Cooperating
PRITHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
REGEN INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
SAKTHI ELEGANT: CARE Reaffirms B+ Rating on INR121cr LT Loan
SALZGITTER MANNESMANN: Voluntary Liquidation Process Case Summary
VIDHYA PEETH: CARE Keeps B- Debt Rating in Not Cooperating
I N D O N E S I A
KAWASAN INDUSTRI: Fitch Affirms 'B-' IDR, Outlook Stable
N E W Z E A L A N D
198 LYTTELTON: Creditors' Proofs of Debt Due on March 6
ENTERTAINMENT ACTIVITY: Creditors' Proofs of Debt Due on Feb. 25
GREENHOUSE MARKETING: Court to Hear Wind-Up Petition on Feb. 12
ROCKIT ORCHARD: Should be Liquidated, Administrator Says
SILVERFERN ANANTHAM: Court to Hear Wind-Up Petition on Feb. 24
SOPRANO PETONE: Italian Restaurant Closes Doors After 20 Years
WAFP LIMITED: Creditors' Proofs of Debt Due on Feb. 27
S I N G A P O R E
BRAWN BUSAN: Placed in Interim Judicial Management
BURJ ASIA: Commences Wind-Up Proceedings
OPA FIX: Court to Hear Wind-Up Petition on Feb. 20
UNIFIED TRADE: Court Enters Wind-Up Order
WHACKLAH PTE: Court Enters Wind-Up Order
S O U T H K O R E A
HANWHA SOLUTIONS: Posts Net Loss of KRW608.9 Billion in 2025
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A U S T R A L I A
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BODY SCULPTING: First Creditors' Meeting Set for Feb. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Body
Sculpting Clinics (Parramatta) Pty Ltd will be held on Feb. 11,
2026, at 11:00 a.m. via teleconference facility.
Timothy Cook of Balance Insolvency was appointed as administrator
of the company on Feb. 2, 2026.
EQUILIBRIUM MANUFACTURING: First Creditors' Meeting Set for Feb 11
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Equilibrium
Manufacturing Pty Ltd will be held on Feb. 11, 2026, at 10:00 a.m.
via Microsoft Teams.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on Feb. 3, 2026.
ETERNAL BRIDAL: Second Creditors' Meeting Set for Feb. 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Eternal Bridal
Pty Ltd has been set for Feb. 10, 2026, at 10:00 a.m. at the
offices of Hall Chadwick, at Level 40, 2 Park Street, Sydney NSW
2000, and simultaneously via teleconferencing 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. 9, 2026 at 4:00 p.m.
Alexander Man Chun Siu of Hall Chadwick was appointed as
administrator of the company on Jan. 6, 2026.
GOLDEN TRIANGLE: First Creditors' Meeting Set for Feb. 10
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Golden
Triangle Remediation Pty Ltd and Glenfine Tailings Pty Ltd will be
held on Feb. 10, 2026, at 10:30 a.m. at 50/41-49 Norcal Road, in
Nunawading Victoria, and via virtual meeting technology.
Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 29, 2026.
HELLO DARLING: Enters Administration With AUD1.4 Million ATO Bill
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Tamika Seeto at Yahoo Finance Australia reports that the company
behind popular Aussie business Hello Darling has entered
administration, with AUD1.4 million owed to the Australian Taxation
Office (ATO). The gift, homewares and clothing business has five
stores across regional NSW and Victoria, with new owners now taking
over the operations.
According to Yahoo Finance, the ATO commenced a winding up
application against the company ebalance.com Pty Ltd, which
operated the business Hello Darling, late last year. Scott Andersen
and Nathan Deppeler from insolvency advisory firm Worrells were
appointed as administrators last week.
Mr. Andersen told Yahoo Finance a contract for sale for the Hello
Darling business was exchanged last year.
"Subsequent to that being wholly effectuated, the ATO did issue
wind up application proceedings in relation to a debt due," Mr.
Andersen explained, says Yahoo Finance. "We understand that the
purchasers are continuing to trade the business and operate within
the regional communities in which they are situated."
The ATO is reportedly the company's main creditor, with the company
owing a AUD1.4 million tax bill, Yahoo Finance discloses.
"As Administrators we will be assessing the financial position of
the company, investigating its affairs and the sale of business, to
issue a report to creditors," Yahoo Finance quotes Mr. Andersen as
saying. "We will also review any proposals for deeds of company
arrangement, which certain stakeholders have expressed an interest
in submitting for creditors consideration."
Yahoo Finance relates that the new owners of Hello Darling posted
to the company's social media accounts sharing that they had taken
over ownership in December.
"We've both worked within the stores for many years and have lots
of amazing things planned for our five beautiful stores in Albury,
Wodonga, Beechworth and Bright," they wrote.
They said the news would not change Hello Darling moving forward.
"We are still here with the doors open to each store daily - and
that will not change. Your gift vouchers have carried over with the
sale of the business, they are valid and do not expire," they
wrote.
IRONBARK CARPENTRY: First Creditors' Meeting Set for Feb. 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ironbark
Carpentry & Constructions Pty Ltd will be held on Feb. 11, 2026, at
1:30 p.m. at the offices of HoganSprowles, at Level 1, 44 Pitt
Street, in Sydney, NSW and via virtual facilities.
Michael Hogan of HoganSprowles was appointed as administrator of
the company on Jan. 30, 2026.
NOW TRUST 2025-1: Moody's Affirms B2 Rating on Class F Notes
------------------------------------------------------------
Moody's Ratings has upgraded the rating on one class of notes from
NOW Trust 2024-1 and affirmed the ratings on seven classes of notes
from NOW Trust 2025-1.
The affected ratings are as follows:
Issuer: NOW Trust 2024-1
Class C Notes, Upgraded to A1 (sf); previously on Jun 3, 2024
Definitive Rating Assigned A2 (sf)
Issuer: NOW Trust 2025-1
Class A Notes, Affirmed Aaa (sf); previously on Apr 1, 2025
Definitive Rating Assigned Aaa (sf)
Class A-X Notes, Affirmed Aaa (sf); previously on Apr 1, 2025
Definitive Rating Assigned Aaa (sf)
Class B Notes, Affirmed Aa2 (sf); previously on Apr 1, 2025
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Affirmed A2 (sf); previously on Apr 1, 2025
Definitive Rating Assigned A2 (sf)
Class D Notes, Affirmed Baa2 (sf); previously on Apr 1, 2025
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Affirmed Ba2 (sf); previously on Apr 1, 2025
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Affirmed B2 (sf); previously on Apr 1, 2025
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.
RATINGS RATIONALE
NOW Trust 2024-1
The upgrade was prompted by an increase in credit enhancement
available to the affected notes, after incorporating Moody's
increased default assumption for the transaction.
No action was taken on the remaining classes of rated notes in the
transaction as credit enhancement for the notes remains
commensurate with the current rating for the respective notes.
Following the January 2026 payment date, the notes subordination
available to the Class C Notes has increased to 12.7% from 8.4% at
deal close. Principal collections have been distributed on a
pro-rata basis across all rated notes (excluding Class A-X Notes)
since the July 2025 payment date. Current outstanding notes
(excluding Class A-X Notes) as a percentage of the closing notes
balance is 53.4%. The Class A-X Notes are not collateralised and
are repaid senior in the income waterfall.
As of end-December 2025, 2.4% of the outstanding pool was 30-plus
day delinquent, and 0.4% was 90-plus day delinquent. The deal has
incurred 3.0% of gross losses (as a percentage of the original pool
balance), all of which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's have increased the expected default assumption to 6.0% of
the current pool balance (equivalent to 6.2% of the original pool
balance) from 5.6% of the outstanding pool balance (equivalent to
5.5% of the original pool balance) at the time of the last rating
action in April 2025. Moody's have maintained the Aaa portfolio
credit enhancement (PCE) assumption at 24.5%.
NOW Trust 2025-1
The affirmations reflect (1) the increase in notes subordination
available for the affected notes and (2) Moody's increased default
and Aaa PCE assumptions for the transaction.
Following the January 2026 payment date, the notes subordination
available to the Class A, Class B, Class C, Class D, Class E and
Class F Notes has increased to 25.1%, 16.4%, 11.0%, 8.4%, 2.3% and
1.6% respectively, from 18.5%, 12.1%, 8.1%, 6.2%, 1.7% and 1.2% at
deal close. Principal collections have been distributed on a
sequential basis started with the Class A Notes since closing.
Current outstanding notes (excluding Class A-X Notes) as a
percentage of the closing notes balance is 73.7%. The Class A-X
Notes are not collateralised and are repaid senior in the income
waterfall.
As of end-December 2025, 2.3% of the outstanding pool was 30-plus
day delinquent, and 0.5% was 90-plus day delinquent. The deal has
incurred 1.5% of gross losses (as a percentage of the original pool
balance), all of which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's have increased the expected default assumption to 5.9% of
the original pool balance (equivalent to 6.0% of the current pool
balance) from 5.1% of the original pool balance at closing. Moody's
have also increased the Aaa PCE assumption to 24.0% from 23.0% at
closing.
Moody's analysis has also considered various scenarios involving
higher mean default rate and PCE to evaluate the resiliency of the
notes ratings.
These transactions are cash securitisations of unsecured personal
loans, secured personal loans and consumer asset finance loans
(mainly auto loans) extended to obligors located in Australia. All
receivables were originated by Now Finance Group Pty Ltd.
The methodologies used in these ratings were "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 credit enhancement
available for the notes.
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 credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
OLYMPUS 2026-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Corporate Trust Ltd. as trustee of Olympus
2026-1 Trust.
Olympus 2026-1 Trust is a securitization of prime residential
mortgages originated by Athena Mortgage Pty Ltd. This is the sixth
standalone RMBS transaction rated by S&P Global Ratings consisting
fully entirely of loans originated by Athena.
The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Athena's underwriting standards and approval process. Our
assessment also takes into account Athena's servicing and
underwriting standards.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."
S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with our counterparty
criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Preliminary Ratings Assigned
Olympus 2026-1 Trust
Class A1S, A$94.50 million: AAA (sf)
Class A1L, A$355.50 million: AAA (sf)
Class A2, A$28.25 million: AAA (sf)
Class B, A$8.50 million: AA (sf)
Class C, A$5.75 million: A (sf)
Class D, A$2.50 million: BBB (sf)
Class E, A$2.50 million: BB (sf)
Class F, A$0.75 million: B (sf)
Class G1, A$1.00 million: Not rated
Class G2, A$0.75 million: Not rated
SHIELD MASTER: ASIC Takes Further Steps to Support Investors
------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) is taking
further steps to support thousands of Australians who invested in
the Shield Master Fund (Shield) and First Guardian Master Fund
(First Guardian), which have collapsed.
So far, less than 2,000 of around 11,000 Australians who invested
approximately AUD1.1 billion in Shield and First Guardian have
lodged complaints with the Australian Financial Complaints
Authority (AFCA), prompting ASIC to take further action to ensure
investors understand the impact.
From today, Feb. 6, 2026, ASIC will begin sending further
information to investors, including a link to a dedicated consumer
website that contains trusted and independent support, and options
to make a complaint: takeyoursuperback.com.
The new consumer website has been independently developed by Super
Consumers Australia with funding from ASIC. Super Consumers
Australia is an independent consumer advocacy organisation that is
helping consumers impacted by the collapse of First Guardian and
Shield understand what they can do.
The website provides First Guardian and Shield investors with
guidance and resources to help navigate next steps including:
* how to lodge a complaint with AFCA to seek compensation,
including deadlines for submitting complaints
* how to access support services if they are experiencing
financial hardship or need someone to talk to
Consumers should visit takeyoursuperback.com for further
information and details on how they can make a complaint to AFCA.
To date, around 4,000 consumers have benefited from approximately
AUD421 million in payments from Macquarie and compensation from
Netwealth as part of court enforceable undertakings agreed to by
ASIC as part of its investigations into Shield and First Guardian.
ASIC's investigations into Shield and First Guardian continue.
Nearly 50 people across ASIC are working across 26 investigations,
which are among the largest and most complex cases in ASIC's
history.
Consumers impacted by the collapse of First Guardian and Shield can
expect to receive correspondence from ASIC in the coming weeks.
About Shield
Shield Master Fund is a registered managed fund whose responsible
entity is Keystone Asset Management Ltd. It was registered in May
2021.
In February 2024, the Australian Securities & Investments
Commission (ASIC) halted new offers of investments in Shield. ASIC
made interim stop orders on four product disclosure statements for
Shield.
In June 2024, ASIC took action to secure the assets held within
Shield. ASIC sought orders to preserve the assets of the scheme so
that they may be recovered, to the extent available, for the
benefit of investors while the investigation is continuing.
ASIC understands that, since February 2022, funds totalling more
than AUD480 million have been invested in Shield by at least 5,800
consumers, who accessed Shield primarily through superannuation
platforms, the trustees for which were Macquarie Investment
Management Limited and Equity Trustees Superannuation Limited. The
investigation to date suggests that potential investors were called
by lead generators and referred to personal financial advice
providers who advised investors to roll their superannuation assets
into a retail choice superannuation fund available on a choice
platform and then to invest part or all of their superannuation
into Shield.
ASIC is investigating the circumstances surrounding Shield. ASIC is
investigating Keystone Asset Management Ltd and its directors and
officers, the role of the superannuation trustees, certain
financial advisers who recommended investors invest in Shield, the
lead generators, and others.
On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were
appointed as joint and several liquidators of Keystone Asset
Management Ltd.
WARWICK GOLD: Director Banned from Managing Companies for 4 Years
-----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified former Queensland Senator Claire Mary Moore from
managing corporations for four years arising from her role as a
director of failed companies Warwick Gold Holdings Pty Ltd and
Impact Gold Ltd.
Warwick Gold and Impact Gold entered liquidation in 2024 with
substantial shortfalls, with Ms Moore appointed a director of both
companies on July 18, 2023.
Both companies issued shares to raise funds for purported gold and
precious metal mining operations in Papua New Guinea (Impact Gold)
and Queensland (Warwick Gold). When the companies entered
liquidation, AUD44 million had been raised from around 400
shareholders.
ASIC found that Ms Moore failed to meet her obligations as a
director because her management of the companies fell well below
the standard expected of Australian directors.
ASIC found that Ms Moore:
* failed to take part in the management of the companies
(including making relevant enquiries and identifying operational
and financial risk) and, in so doing, failed to monitor and guide
the companies,
* failed to ensure that Impact Gold (as a public company)
complied with its obligation to maintain adequate financial
records, and
* failed to assist the liquidator by providing required
information.
Ms. Moore is disqualified from managing corporations until Dec. 17,
2029.
Ms. Moore has the right to seek a review of ASIC's decision by the
Administrative Review Tribunal.
Following the collapses of Warwick Gold Holdings and Impact Gold in
February and September 2024, ASIC conducted a wide-ranging
investigation intended to hold accountable those persons who were
responsible for the companies' management and fundraising and, in
turn, the substantial losses caused to shareholders and creditors.
As well as the disqualification of Ms Moore:
* On July 14, 2025, ASIC commenced proceedings in the Federal
Court under s 206D Corporations Act 2001 to disqualify David
Catsoulis, an officer of Impact Gold and Warwick Gold, from
managing corporations. At all relevant times, Mr. Catsoulis was the
CEO of each of the companies. The maximum disqualification period
under s 206D is twenty years and the final hearing for this matter
has been listed to commence on April 29, 2026.
* On Dec. 9, 2025, ASIC commenced proceedings in the Federal
Court to restrain Mr. Colin Oxlade and Spice Capital Partners Pty
Ltd from providing unlicensed financial services. ASIC alleges Mr.
Oxlade was involved in fundraising for the companies. ASIC further
alleges that (following the collapse of Warwick Gold Holdings and
Impact Gold), Mr. Oxlade and Spice Capital engaged in unlicensed
financial services and raised approximately AUD1.5 million between
February and July 2024.
On Feb. 8, 2024, the Supreme Court of Queensland entered an order
to place Warwick Gold Holdings Pty Ltd into liquidation and
appointed Glenn Thomas O'Kearney of GT Advisory & Consulting as
liquidator.
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C H I N A
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GEMDALE CORP: Expects Net Loss of Up to CNY135 Billion in 2025
--------------------------------------------------------------
Nikkei Asia reports that Gemdale said in a filing last month that
it expects a net loss of between CNY111 billion and CNY135 billion
for 2025, widening from a CNY61.15 billion the previous year.
The Nikkei relates that the company said increased efforts to
reduce inventory resulted in "net realizable value of some
inventory items falling below cost."
Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Moody's Investors Service has downgraded the
corporate family rating of Gemdale Corporation to Caa1 from B3 and
the CFR of Famous Commercial Limited, Gemdale's wholly-owned
subsidiary, to Caa2 from Caa1.
Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa2 from Caa1 and the backed senior unsecured rating
to (P)Caa2 from (P)Caa1 on the medium-term note (MTN) program. The
bonds and the MTN program are issued by Gemdale Ever Prosperity
Investment Limited (Gemdale Ever Prosperity) and guaranteed by
Famous. Gemdale Ever Prosperity's offshore bonds and MTN programs
are supported by Gemdale through keepwell deeds and deeds of equity
interest purchase undertaking.
At the same time, Moody's has maintained the negative rating
outlooks for all the entities.
WEST CHINA: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned West China Cement Limited's (WCC)
proposed senior unsecured notes a rating of 'B' and a Recovery
Rating of 'RR4', affirmed WCC's Long-Term Issuer Default Rating
(IDR) at 'B' with a Stable Outlook, and affirmed the 'B'/'RR4'
ratings on WCC's USD400 million senior unsecured notes due December
2028.
The ratings reflect WCC's stable operating profile in China, where
it holds a dominant position in southern Shaanxi province, and
Fitch's expectation of gradually improving free cash flow (FCF).
The company's expansion into high-growth offshore markets, mainly
in Africa, supports diversification. However, the ratings are
constrained by WCC's weak liquidity coverage and uncertainty
surrounding fund repatriation from Ethiopia.
Key Rating Drivers
FCF and Leverage Trajectory Improving: Fitch estimates WCC's FCF
remained negative in 2025, will approach breakeven in 2026, and
turn positive in 2027 as capex moderates. Net leverage is projected
to decline to around 2.7x by 2027 from 4.1x in 2025. Forecast
EBITDA, which deconsolidates Ethiopia, is revised to about CNY2.4
billion in 2025 from CNY2.6 billion previously, reflecting
unusually prolonged rainfall in Shaanxi that pressured volumes and
margins.
Fitch expects WCC's EBITDA (excluding Ethiopia) to reach CNY3
billion-4 billion annually in 2026-2028, driven mainly by overseas
growth. China EBITDA will likely stay stable at CNY1.4 billion-1.5
billion per year, while offshore EBITDA (excluding Ethiopia) will
rise from about CNY1.5 billion in 2026 to CNY2.0 billion in 2027
and CNY2.5 billion in 2028. Capex (excluding Ethiopia) is forecast
to ease to CNY1.5 billion-1.7 billion annually over 2026-2028 from
CNY1.9 billion in 2025 as projects in Uganda and Mozambique are
gradually completed.
Bond Issuance Credit Neutral: Fitch views WCC's proposed USD300
million bond issuance as credit neutral, as the company will mainly
use the proceeds to repay the remaining USD200 million bond due in
July 2026. While senior US dollar debt will rise above the
previously anticipated USD400 million and weaken recovery
prospects, Fitch's recovery score result is still within the 'RR4'
range.
Fitch's recovery analysis assumes a going-concern EBITDA of CNY2.1
billion, which includes the EBITDA from China and Mozambique only.
Offshore secured loans (except Mozambique) are excluded from the
cash flow waterfall due to their non-recourse nature, and assets in
Ethiopia are not counted given repatriation uncertainties.
Moderate Diversification, Elevated Country Risk: WCC's current IDR
balances its stable Chinese operations, including its strong
position in southern Shaanxi, against higher business risk in
Ethiopia (RD), Mozambique (CCC) and Republic of Congo (CCC+). Fitch
expects the China business to remain stable, with no near-term
asset disposals.
Deconsolidation of Ethiopia: Fitch has deconsolidated WCC's
Ethiopian operations in its financial analysis due to uncertainty
regarding fund repatriation. Fitch adds back expected dividend
distributions from Ethiopia to EBITDA. Fitch assumes WCC could
repatriate up to 30% of the Ethiopian project's net income each
year over 2026-2028. The company completed its first dividend
repatriation totalling USD5 million in late 2025.
Peer Analysis
WCC's business profile is comparable with that of Mongolian Mining
Corporation (MMC; B+/Stable), Mongolia's largest coking coal
producer. MMC is a cost leader with a long mine life, but its
rating is constrained by limited scale and regulatory volatility.
WCC has a similar EBITDA size and stronger growth potential. Still,
Fitch views MMC's financial profile as stronger, with EBITDA net
leverage of 0.2x at end-2024 and no significant near-term
maturities, while WCC has lower financial flexibility to counter
operating risks.
WCC has larger business scale and a more diversified geographic
footprint than Cimko Cimento Ve Beton Sanayi Ticaret Anonim Sirketi
(Çimko, B+/Stable), a major Turkish cement producer, but Çimko
benefits from lower leverage and strong FCF. Fitch expects Çimko
to have limited capex and generate positive FCF through 2028 with
no major maturing debt before 2030.
Fitch’s Key Rating-Case Assumptions
- Revenue deconsolidating Ethiopia of CNY7.4 billion in 2025,
CNY8.4 billion in 2026, CNY10.4 billion in 2027 and CNY11.3 billion
in 2028
- EBITDA margin deconsolidating Ethiopia to be 33%-35% over
2025-2028
- Capex plus acquisition excluding Ethiopia to range from CNY1.7
billion to CNY2.0 billion each year over 2025-2028
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (b, moderate), Sector Characteristics (bb-,
moderate), Market & Competitive Positioning (bb, moderate),
Diversification and Asset Quality (bb, moderate), Company
Operational Characteristics (bb, moderate), Profitability (b,
moderate), Financial Structure (b-, moderate), and Financial
Flexibility (b-, higher).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% for the forecast year 2025, 40%
for the forecast year 2026, and 20% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'bb-' results in
no adjustment.
- The SCP is 'b'.
Recovery Analysis
Its recovery analysis includes only EBITDA from the operations in
China and Mozambique when calculating the going-concern EBITDA.
Fitch believes bond investors may not have access to assets and
cash flow from other countries in a distressed scenario, due to the
estimated low equity value and uncertainty in funds repatriation in
Ethiopia. Accordingly, Fitch also excluded onshore secured loans,
except for the ones from Mozambique, from the cash flow
distribution.
- Going-concern EBITDA of CNY2.1 billion;
- Multiplier of 5x for EBITDA from China and 4x for Mozambique.
- Onshore senior unsecured debt is structurally subordinated to
onshore secured and unsecured debt;
- 10% administrative claim;
- Fitch estimates the waterfall-generated recovery computation on
the onshore senior unsecured debt corresponds to a Recovery Rating
of 'RR4'.
- For liquidation assumptions, Fitch assumed a 60% advance rate for
accounts receivable and 70% for inventory as most of these assets
are for the China business; Fitch assumed a 40% advance rate for
unsecured property, plant and equipment.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Substantially negative FCF beyond 2025 due to
weaker-than-expected business performance or high capex;
- Deterioration in liquidity;
- Net EBITDA leverage sustained above 4.5x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Net EBITDA leverage sustained below 2.5x;
- CFO-capex / debt sustained above 5%;
- Demonstrated access to substantial funds from Ethiopia, including
the repatriation of funds.
Liquidity and Debt Structure
WCC's cash and cash equivalents were CNY986 million at end-June
2025. Fitch estimates cash resources after deconsolidating Ethiopia
exceeded CNY1.5 billion at end-2025, driven by EBITDA of around
CNY2.4 billion and capex of about CNY1.9 billion, both excluding
Ethiopia.
The proposed bond issuance is likely to cover the USD200 million
bonds due July 2026. Fitch expects short-term debt to remain high
at above CNY5 billion, primarily onshore working-capital loans,
which Fitch expects to be rolled over.
Issuer Profile
WCC produces and markets cement and related products, with a total
production capacity of 37 million tonnes per annum. Over 60% of its
capacity is in China, with Ethiopia, Mozambique, Democratic
Republic of Congo and Uzbekistan adding scale and geographic
diversification.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The Climate.VS for WCC is 54 at 2035. The score is in line with
that of other pure-play cement producers. Climate.VS does not have
a material influence on the rating of WCC, as the company has made
investments regarding energy efficiency and is a relatively
efficient producer in the local market.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
West China Cement Limited LT IDR B Affirmed B
senior unsecured LT B New Rating RR4
senior unsecured LT B Affirmed RR4 B
=========
I N D I A
=========
AA AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amber
Automobiles (AA) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 21, 2025, placed the rating(s) of AA under the
'issuer non-cooperating' category as AA had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AA continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 7, 2025, December 17, 2025 and December 27, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Dahod (Gujarat) based Amber Automobiles was established in July,
2013 by Mr. Rakesh Bakaliya as an authorized dealer of Mahindra &
Mahindra Limited. Commercial operations of AMA were commenced from
July, 2014 onwards. AA is an authorized dealer for passenger
vehicles and commercial vehicles for Mahindra & Mahindra Limited.
The firm is also engaged in sales of second-hand vehicles, spare
parts and accessories. Mr. Rakesh Bakaliya looks after the entire
operations of the company. AA has three associate firms namely
Amber Sales, Amber Tractors and Alkhnanda stone Quarr.
AGARWAL TOUGHENED: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agarwal
Toughened Glass India Private Limited (ATGIPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.55 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of ATGIPL under the
'issuer non-cooperating' category as ATGIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ATGIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Jaipur-based (Rajasthan) Agarwal Toughened Glass India Private
Limited (ATGIPL) was incorporated in October, 2009 by Mr. Uma
Shankar Agarwal and Mr. Mahesh Kumar Agrawal with an objective to
set up a greenfield project for manufacturing of toughened glass
(single and double glazed) at Jaipur. The company name has been
changed to Agarwal Toughened Glass India Limited as it is listed on
the NSE SME platform on December 5, 2024.
DEWAN HOUSING: Court Drops Money Laundering Charges Against Co.
---------------------------------------------------------------
HindustanTimes.com reports that in a significant development in the
Yes Bank money laundering case involving its former managing
director and CEO, Rana Kapoor, a special court has discharged Dewan
Housing Finance Corporation Limited (DHFL) from the prosecution.
According to HindustanTimes.com, the special PMLA (Prevention of
Money Laundering Act) court has held that the company cannot be
proceeded against after undergoing insolvency and being taken over
by a new management.
HindustanTimes.com relates that the order was passed while allowing
a discharge application filed by DHFL in a PMLA case arising out of
an enforcement case information report (ECIR) registered by the
Enforcement Directorate (ED). The court noted that DHFL had
undergone a corporate insolvency resolution process under the
Insolvency and Bankruptcy Code (IBC), pursuant to which a
resolution plan was approved by the National Company Law Tribunal
(NCLT), resulting in a complete change in the company's ownership
and control.
Relying on the statutory protection available to a resolved
corporate debtor, the court held that once the insolvency
resolution process is completed and management is transferred to a
successful resolution applicant, the corporate debtor cannot be
subjected to criminal prosecution for offences committed prior to
the resolution, HindustanTimes.com relays. On this basis, the court
discharged DHFL from the PMLA case as well as from the ECIR to the
extent that it related to the company.
HindustanTimes.com notes that the ED's case traces its origin to
alleged irregularities during Kapoor's tenure at Yes Bank, when the
bank invested around INR3,700 crore in short-term debentures issued
by DHFL in 2018. According to the agency, these investments were
followed by DHFL allegedly extending a INR600-crore loan to a
company linked to Kapoor's family, which the ED has characterised
as kickbacks granted in return for the Yes Bank funding.
Investigating agencies have alleged that the transactions formed
part of proceeds of crime estimated to exceed INR5,000 crore.
HindustanTimes.com says the prosecution claims the funds were
routed through multiple entities and layered in a manner intended
to project them as untainted, thereby attracting offences under the
money laundering law. DHFL was arrayed as an accused on the
allegation that it was a key participant in the transaction chain
that facilitated the alleged diversion and laundering of funds.
While granting relief to DHFL, the court made it clear that the
discharge flows from the legal consequences of the insolvency
resolution and does not amount to an adjudication on the merits of
the allegations, HindustanTimes.com relays. The order does not
exonerate any individual accused, and proceedings against Kapoor
and other persons named in the case will continue independently.
About Dewan Housing
Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.
As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL. The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy. RBI appointed R
Subramaniah Kumar as the company's administrator. Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.
In September 2021, Piramal Capital acquired DHFL for the
consideration of INR34,250 crore and merged following a resolution
under the IBC.
According to The Economic Times, the creditors of DHFL (including
FD holders) had recovered an aggregate amount of INR38,000 crore
from the resolution process of DHFL at the time of approval of the
plan. Around 94% of the creditors had voted in favor of Piramal's
resolution plan, which had proposed a recovery of about 46% for the
lenders.
DOLPHIN LEATHERS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dolphin
Leathers (DL) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 1.25 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short term Bank 5.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 7, 2025, placed the rating(s) of DL under the 'issuer
non-cooperating' category as DL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 23, 2025,
December 3, 2025 and December 13, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Established in 1998, Dolphin Leathers (DL) is a partnership firm
engaged in manufacturing and export of leather products like
wallets, ladies hand bags, leather portfolios, letter messenger
bags, leather gloves, welding gloves and other leather accessories.
The tannery unit of the firm is located at Kolkata Leather Complex,
Bantalla where raw leathers are processed and the finished products
are manufactured at Topsia, Kolkata. The major export destinations
of the firm are Germany, Italy, Spain
etc.
ENERSAN POWER: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Enersan
Power Private Limited (EPPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 42.35 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of EPPL under the
'issuer non-cooperating' category as EPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in May 2013, EPPL is promoted by Mr. Kishor Virangama
and Mr. Dipak Sangani and operates a 10 megawatt (MW) solar power
plant in the Kutch region of Gujarat. In March 2014, EPPL entered
into a PPA, for entire power produced for 25 years with SECI, a
Government of India (GoI) undertaking under the administrative
control of Ministry of New and Renewable Energy (MNRE), under the
Jawaharlal Nehru National Solar Mission (JNNSM) Phase II Batch I
with VGF support.
GOPAL RICE: CARE Keeps B- Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree Gopal
Rice Mill (SGRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.47 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 11, 2024, placed the rating(s) of SGRM under the
'issuer non-cooperating' category as SGRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 27, 2025, November 6, 2025, November 16, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Sree Gopal Rice Mill (SGRM) was constituted as a partnership firm
in May 2015 by Mr. Gour Chandra Paul, Ms. Asima Paul, Mr. Debashis
Nandy, Ms. Pampa Dey and Mr. Tanmoy Dey. Since its inception, the
firm has been engaged in processing and milling of non-basmati rice
(parboiled rice). The manufacturing facility of the firm is located
at Uttar Balarampur, Hooghly in West Bengal with aggregate
installed capacity of 27250 metric ton per annum. Mr. Tanmoy Dey
has around 16 years of experience in rice milling industry, looks
after the overall management of the firm supported by other
partners.
INSCO STEELS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Insco
Steels Private Limited (ISPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 225.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 27, 2024, placed the rating(s) of ISPL under the
'issuer non-cooperating' category as ISPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 12, 2025, November 22, 2025, December 2, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Insco Steels Pvt. Ltd (incorporated in year 2010) is engaged in the
business of trading products of iron, steel scrap, sponge iron,
coal and other related industrial inputs.
JAYA SHEELA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaya Sheela
Hospitalities (JSH) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 24, 2024, placed the rating(s) of JSH under the
'issuer non-cooperating' category as JSH had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JSH continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 9, 2025, November 19, 2025, November 29, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
M/s. Jaya Sheela Hospitalities (JSH) is a partnership firm which
was incorporated on November, 2018, promoted by Mr. Velu Prasad and
his mother Mrs. J. Jayasheela as partners. JH proposed for
construction of multi-purpose commercial space consisting of
restaurant, hotel Rooms, convention hall, cinema theatre, and
commercial complex by demolishing and revamping a wedding hall,
M/s. Rathinavel Kalayana Mandapam, which offers varied hospitality
and entertainment services to the people in and around city of
salem. The firm currently constructing the above project with the
buildup area of 1,30,000 Sq.ft across 5 floors, which includes
cinema theatre (4 screens), hotel rooms (20 rooms), Convention Hall
800 /1000 Seating Capacity (Plus Dinning 400 Seating Capacity),
restaurant and commercial space and car parking in 1.33 acres of
land.
K.K.R. AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K.K.R.
Agro Mills Private Limited (KAMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.89 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 60.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 15.17 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 10, 2024, placed the rating(s) of KAMPL under the
'issuer non-cooperating' category as KAMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KAMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 26, 2025, November 5, 2025 and November 15, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
K.K.R. Agro Mills Pvt Ltd (KAMPL) is a part of KKR Group based in
Okkal Kerala which was established June in 2001 and is engaged in
processing of rice and manufacturing of grain flours. KKR group is
engaged in processing 11 types of rice and rice products and
exporting them to direct distributors overseas to around 47
countries including USA, UAE, and European countries. Over the
years, the group has diversified from rice processing to
manufacturing grain flours, spices and curry powders, pickles and
readyto-eat products.
KARTHICK POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Karthick Poultry Farm (SKPF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 31, 2024, placed the rating(s) of SKPF under the
'issuer non-cooperating' category as SKPF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKPF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 16, 2025, November 26, 2025, December 6, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Mr. S Natarajan (HUF) intends to establish Sri Karthick Poultry
Farm (SKPF) as Proprietorship firm which would be engaged in
rearing of chicks for production of eggs. The raw materials such as
feeds for chick like maize, broken rice, medicine would be procured
from KR Agency, Amman agency, and medicine for chick from Poorani
Agrowet all located in and around Namakkal (Dt.) Tamil Nadu.
However, the firm intends to make sale of eggs, manure and chicken
through broker namely SKM feeds. The Proprietor already has an
existing poultry farming business in the name of 'Sri Karthik
Poultry farm' located in Namakkal area itself with an area of 23
acres and was established in 2000.
LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lalitha
Metals (LM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.37 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 0.15 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 10, 2024, placed the rating(s) of LM under the
'issuer non-cooperating' category as LM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 26, 2025, November 5, 2025 and November 15, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Lalitha Metals (LM) was incorporated in 1976 by Mr. A. Krishna
Balaji and Mr. A V K Chowdary. The firm is engaged in the business
of manufacturing of Spheroidal Graphite Iron (SG Iron) castings
which include cast iron and non-ferrous castings, valves, pipe
fittings and manhole cover.
MAA PEETAMBRA: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Peetambra Sugar and Power Limited (MPSPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.67 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 5, 2024, placed the rating(s) of MPSPL under the
'issuer non-cooperating' category as MPSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MPSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 21, 2025, October 31, 2025, November 10, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Dabra (Madhya Pradesh) based Maa Peetambra Sugar and Power Limited
(MPSPL, CIN: U15420MP2013PLC030055) was incorporated in 2013 by Mr.
Rajendra Kandele is mainly engaged in the manufacturing of White
Sugar.
MAINAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mainak Agro
Food Product (MAFP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.54 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 9, 2024, placed the rating(s) of MAFP under the
'issuer non-cooperating' category as MAFP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MAFP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 25, 2025, November 4, 2025 and November 14, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Mainak Agro Food Product (MAFP) was set up as a partnership firm in
May 2007. Since its inception, the firm has been engaged in milling
and processing of parboiled and non-parboiled rice. The
manufacturing plant of the firm is located at Burdwan, West Bengal.
Apart from own rice milling, the firm also does custom milling for
government of West Bengal.
MANJU AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Manju Agro
Private Limited (MAPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 20, 2024, placed the rating(s) of MAPL under the
'issuer non-cooperating' category as MAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 5, 2025, November 15, 2025, November 25, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Manju Agro Private Limited (MAPL) was incorporated on January 10,
1996 by Mr. Rajendra Kumra Daga and Mr. Ravi Daga (son of Mr.
Rajendra Kumar Daga). Since its inception, the company has been
engaged in rice milling and processing business at its plant
located in Raipur district of Chhattisgarh with aggregate installed
capacity of 43,200 metric tons per annum. The company
mainly deals with raw and parboiled rice.
MARUTI FERTOCHEM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maruti
Fertochem Private Limited (MFPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 27, 2024, placed the rating(s) of MFL under the
'issuer non-cooperating' category as MFL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MFL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 12, 2025, November 22, 2025, December 2, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Incorporated in 1992, MFL is a part of Aurangabad-based R. J. Group
promoted by Mr Raghavendra S. Joshi. The group has its presence in
poultry farming, fertilizers, bio-technology, infrastructure and
education sectors. MFL commenced operations in 1994 and is engaged
in manufacturing of granular NPK (Nitrogen, Phosphorous and
Potassium) fertilizers. Apart from these products, MFL also offers
organic fertilizers/ soil conditioners and neem-based pesticides,
'Maruti- Max', which provides micronutrients to crops during growth
phase.
MAXIMAA SYSTEM: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maximaa
System Limited (MSL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.33 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 27, 2024, placed the rating(s) of MSL under the
'issuer non-cooperating' category as MSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 12, 2025, November 22, 2025, December 2, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1990, Maximaa System Limited [(MSL) originally
established as a partnership firm in the year 1983] listed on the
Bombay Stock Exchange (INE161B01036) is engaged in business of
manufacturing and trading of different types of industrial storage
systems [i.e. lockers, cupboards & steel furniture made of CRC
sheets & is in the form of slotted angles, panels of different
specifications and design for storing inventory] and IT services.
Further, the company ventured into manufacturing pharmaceutical
formulations making ayurvedic in combination with probiotics.
MERGE STONES: CARE Lowers Rating on INR35cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Merge Stones (MS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 31, 2024, placed the rating(s) of MS under the
'issuer non-cooperating' category as MS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 16, 2025, November 26, 2025 and December 6, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of MS have been revised on
account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Merge Stones (MS) is a Telangana based firm, established in
December 2016, and promoted by Mr. S. Hanumantha Rao, Mr. M. Sharat
Babu, Mr. S. V. N. Satya Bharat and Mr. M. V. Rama Krishna as a
partnership firm. The promoters are qualified graduates and have
experience of more than two decades in granite processing industry
and other businesses. Through their experience in the marble and
granite products business, they have established healthy
relationship with key suppliers, customers and dealers facilitating
the business within the state. Promoters are also partners in other
business i.e., Sri Ads (Hyderabad)and Krishna Sai Granites
(Ongole). The promoters are resourceful and will bring need-based
funds.
MOHAN BREWERIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mohan
Breweries and Distilleries Limited (MBDL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 122.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.55 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 6, 2024, placed the rating(s) of MBDL under the
'issuer non-cooperating' category as MBDL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MBDL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 22, 2025, November 1, 2025, November 11, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Mohan Breweries and Distilleries Ltd (MBDL) was incorporated in
1982 to manufacture and sell Indian Made Foreign Liquor (IMFL) in
Tamil Nadu. MBDL was set up in collaboration with M/s. Mohan
Meakins Ltd (MML). MBDL was originally promoted by three
individuals namely Mr. Nandhagopal, Mr. Ethurajan and Mr. Udayar.
MBDL has installed capacity of 78.63 lakh cases of IMFL in TN,
12.00 lakh cases of IMFL in AP, 105.3 lakh cases of Beer in TN, 62
KLPD distillery unit in TN and 78,000 TPA (tones per annum)
installed capacity of glass production. MBDL also has a 35.2 MW
wind farm plant.
NANDAN BUILDCON: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nandan
Buildcon Private Limited (NBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 103.76 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 27, 2024, placed the rating(s) of NBPL under the
'issuer non-cooperating' category as NBPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NBPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 12, 2025, November 22, 2025, December 2, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
NBPL is a part of 'NANDAN' Group, engaged in the construction of
residential and commercial properties. Till date, the group has
completed 34 projects in Pune through various group entities (SPVs,
Partnership firms & AoP) with total saleable area admeasuring
approximately 33.93 lakh square feet (lsf.). Apart from NBPL,
Nandan group consists of Nandan Associates and Nandan VSP
Developers.
NARAYANI FLOUR: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narayani
Flour Mill (NFM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 5.40 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 11, 2024, placed the rating(s) of NFM under the
'issuer non-cooperating' category as NFM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NFM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 27, 2025, November 6, 2025, November 16, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Narayani Flour Mill (NFM), established in December, 2011 as a
partnership firm in the view of initiating a flour milling business
in West Bengal. Currently the firm is operating as per partnership
deed signed on December 2011. The firm has installed its
manufacturing facility at Paraj, Burdwan with an installed capacity
of 200 MT per day. NFM commenced commercial production from March
2012. The firm manufactures wheat flour and wheat bran. NFM
procures wheat from the govt. of West Bengal and processes wheat
flour and bran. After processing NFM keeps the bran with itself and
sells the flour to Govt. of West Bengal. Further, NFM also caters
to local wholesalers and retailers.
PRITHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prithvi
Developers (PD) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 9, 2024, placed the rating(s) of PD under the
'issuer non-cooperating' category as PD had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PD continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 25, 2025, November 4, 2025, November 14, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Jagdalpur (Chhattisgarh) based Prithvi Developers (PD) was
established in 2000 as a partnership firm by Mr. Ashok Kumar Lunkad
and Mrs. Anju Lunkad. Since its inception, the firm has been
engaged in development of real estate projects in the state of
Chhattisgarh. The firm has already developed six residential
projects with total saleable area of 12.6 lakh square feet since
its inception in the state. Currently, the firm is developing its
seventh project 'Ashoka Greens' a residential bungalow complex with
an aggregate project cost of INR23.72 crore with a saleable area of
1.44 lakh square feet. The project is located in the prime location
of Halba Kachora, Jagdalpur in Chhattisgarh.
REGEN INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ReGen
Infrastructure and Services Private Limited (RISPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 15.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 28, 2024, placed the rating(s) of RISPL under the
'issuer non-cooperating' category as RISPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 14, 2025, October 24, 2025, November 3,
2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Regen Infrastructure and Services Private Limited (RISPL) was
incorporated in January 2008 to provide wind power solutions on
turnkey basis. The company is a wholly owned subsidiary of Regen
Power Tech Private Ltd. (RPPL) (CARE D; ISSUER NOT COOPERATING).
Till FY17, RISPL was engaged in the business of erection,
installation and commissioning of Wind Energy Generators (WEGs),
providing O&M services for WEGs installed by RPPL only, creating
infrastructure such as site development and providing power
evacuation facility for wind power projects. CARE does not have any
update on the latest developments in this regard.
REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ReGen
Powertech Private Limited (RPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 412.64 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 1,215.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 365.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 29, 2024, placed the rating(s) of RPPL under the
'issuer non-cooperating' category as RPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2025, October 25, 2025, November 4, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Regen Powertech Private Limited (RPPL) was incorporated in December
2006 to provide wind power solutions on turnkey basis and
commissioned its first Wind Energy Converter (WEC) project in
August 2008. The company is promoted by Mr Madhusudan Khemka, Mr.
R. Sundaresh and Mr. M. Prabhakar Rao through his company Mandava
Holdings (P) Ltd (formerly Nuziveedu Seeds Ltd). The entire
promoter shareholding of 59.36% is held through a holding company
NSL Power Equipment Trading Pvt. Ltd (NSLPET). The balance
shareholding is with private equity funds.
SAKTHI ELEGANT: CARE Reaffirms B+ Rating on INR121cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Sakthi Elegant Towers India Private Limited (SETIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 121.00 CARE B+; Stable Reaffirmed
Facilities
Rationale and key rating drivers
The ratings assigned to the bank facilities of SETIPL is
constrained by the high project implementation risk of the ongoing
hotel project, business stabilisation risk post commencement of
hotel operation and presence in the highly competitive and cyclical
hospitality industry. The ratings, however, derive strength from
favorable project location, tie-up with reputed brand in the
hospitality business, cash flow support from real estate division
and experience of the promoters albeit being the first venture into
hospitality industry.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Commencement of commercial operations as per envisaged timelines
and achieving the sales and profits as projected.
Negative factors
* Significant time and costs overrun in the project.
* Delay in financial closure and brand tie up.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings Limited (CareEdge Ratings) believes that in the medium
term, SETIPL will maintain its credit profile basis the progress in
construction.
Detailed description of key rating drivers:
Key weaknesses
* Project Implementation Risk and partial financial closure: SETIPL
is developing a 169-key 5-star hotel and convention centre in
Vandalur in two phases, with a total project cost of INR160 crore,
funded in a 75:25 debt-equity mix. Phase I, comprising the
convention centre, is budgeted at INR65 crore and is supported by a
sanctioned term loan of INR48 crore from SBI. Phase II, involving
the hotel block, is estimated at INR95 crore, for which financial
closure is yet to be achieved. As of December 31, 2025, the company
has incurred INR80 crore, funded through INR35 crore in promoter
contribution and INR45 crore in debt. With this, nearly 95% of
Phase I has been completed, while INR19 crore (20%) has been
deployed towards Phase II. However, financial closure for Phase II
has been delayed due to pending CMDA approvals, which is currently
under process. Project was originally envisaged to commence
operation in January 2026, which is now deferred to April 2027
however the repayment of the Phase I term loan has commenced from
July 2025. The company remains exposed to project execution and
post-completion stabilisation risks until both phases are completed
and operational.
* Presence in a highly competitive and cyclical industry: The
hospitality industry is highly fragmented with many local and
international players operating across different hotel segments
leading to a high level of competition in the business. The
performance of the sector is driven by macroeconomic factors and
susceptible to downturn in the economy.
Key strengths
* Experienced promoters albeit first venture into hospitality
industry: The promoters have over two decades of experience in the
real estate sector, with a portfolio of over 2 million square feet
of residential developments. Currently, SETIPL has one active real
estate project, and its real estate division is debt-free. Company
plans to focus only on the hotel business going forward, with no
new real estate projects expected to be launched in the near
future. Although the promoters bring substantial experience in real
estate, they lack prior experience in the hospitality sector.
* Favourable Project location with brand tie up: Project is
strategically located on the main highway (GST road) adjacent to
Vandalur zoo. Airport is located in the radius of 16 km and
Industrial parks are situated in the radius of 15-20 kms from the
project location. However, the hotel is expected to face stiff
competition from other established star hotels in the city. On Dec.
4, 2024, the company has entered into management agreement with IHG
hotels to operate under brand Holiday Inn. The entire facility will
be managed and operated by Holiday Inn, including staffing and day
to day operations, while the ownership of the project will remain
with the Sakthi Elegant promoters.
Liquidity: Stretched
The company is yet to commence commercial operations of its hotel
business, whereas repayment for the project term loan has already
commenced in July 2025. Therefore, consistent support from
promoters will be essential to complete the project as per the
timeline and meet initial debt servicing commitments. Promoters
have infused around INR17.4 crores as unsecured loan till December
2025.
Sakthi Elegant Towers India Private Limited (SETIPL) is a Private
Limited Company incorporated on 26th August 2005. The promoters of
the Company are already involved in real estate sector and have
developed more than 2 million Sq. ft. of residential space in and
around Chennai and Coimbatore. With their experience and interest
in real estate business they have stepped in implementation of 169
keys 5-star category hotel.
SALZGITTER MANNESMANN: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Salzgitter Mannesmann Pentasteel
International (India) Private Limited
206, 2nd Floor, Maker Chamber - V,
221, Nariman Point, Mumbai
Maharashtra, India 400021
Liquidation Commencement Date: January 19, 2026
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Kumudini Dinesh Bhalerao
Ecstasy, 803/804, 8th Floor, City of Joy
J.S.D. road, Mulund (w) Mumbai 400080
E-mail: kumudinparanjape@mmjc.in
Tel: +91 9819087717
Last date for
submission of claims: February 18, 2026
VIDHYA PEETH: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vidhya
Peeth Education Trust (VPET) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.89 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 23, 2024, placed the rating(s) of VPET under the
'issuer non-cooperating' category as VPET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VPET continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 8, 2025, November 18, 2025, November 28, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
VPET was established in 2004 with an objective to provide education
services. The trust is managed by Mr. Hariom Tayal (chairman), Mr.
Suresh Tayal (Secretary) and Mr. Rakesh Tayal (Member). The trust
operates a college under the name of Panipat Institute of
Engineering and Technology (PIET) in a single campus offering
varied courses at Panipat. PIET provides undergraduate and
post-graduate courses in various fields of Engineering, Computers
and Management. The college is affiliated to Kurukshetra
University, Kurukshetra (Haryana) and is approved by the All India
Council for Technical Education (AICTE). The trust also operates a
CBSE school established in April, 2010 in the name of PIET
Sanskriti School (PSS) providing primary and secondary education
from Nursery to class VIII. The school is affiliated to Central
Board of Secondary Education (CBSE).
=================
I N D O N E S I A
=================
KAWASAN INDUSTRI: Fitch Affirms 'B-' IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 APAC property
companies and Real Estate Investment Trusts (REIT) in Singapore,
Indonesia and Australia.
These actions follow Fitch's updates to its Corporate Rating
Criteria and the Sector Navigators Addendum to the Corporate Rating
Criteria on 9 January 2026. The criteria changes do not affect the
companies' ratings or Fitch's Outlooks on the ratings.
Key Rating Drivers
For full key rating drivers for each issuer, see the RACs listed
below.
- Mirvac Limited: "Fitch Affirms Australia's Mirvac at 'A-';
Outlook Stable", dated 19 March 2025.
- Mapletree Logistics Trust: "Fitch Affirms Mapletree Logistics
Trust at 'BBB+'; Outlook Stable", dated 4 August 2025.
- Mapletree Industrial Trust: "Fitch Affirms Mapletree Industrial
Trust at 'BBB+'; Outlook Stable", dated 5 August 2025
- Frasers Logistics & Commercial Trust: "Fitch Affirms Frasers
Logistics & Commercial Trust at 'BBB+'; Outlook Stable", dated 6
November 2025.
- CapitaLand Ascott Real Estate Investment Trust: "Fitch Affirms
CapitaLand Ascott REIT at 'BBB'; Outlook Stable", dated 2 May
2025.
- Stoneweg European Real Estate Investment Trust: "Fitch Upgrades
Stoneweg European REIT to 'BBB'; Outlook Stable", dated 3
October202.
- ESR-REIT: "Fitch Publishes ESR-REIT's First-Time IDR at 'BBB';
Outlook Stable", dated 28 October 2025.
- Starhill Global Real Estate Investment Trust: "Fitch Affirms
Starhill Global REIT at 'BBB'; Outlook Stable", dated 6 February
2025.
- Lendlease Corporation Limited: "Fitch Affirms Lendlease at
'BBB-'; Outlook Stable", dated 20 June 2025.
- PT Pakuwon Jati Tbk: "Fitch Affirms Pakuwon Jati at 'BB+';
Outlook Stable", dated 25 March 2025.
- PT Kawasan Industri Jababeka Tbk: "Fitch Affirms Jababeka at
'B-' and National Rating at 'BB+(idn)'; Outlook Stable", dated 10
October 2025.
Peer Analysis
Refer to each issuer's RAC listed above for details.
Corporate Rating Tool Inputs and Scores
Mirvac
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (a,
Moderate), Liability Profile (bbb+, Moderate), Property Portfolio
(bbb+, Higher), Rental Income Risk Profile (a, Moderate),
Profitability (bbb+, Moderate), Financial Structure (a, Moderate),
and Financial Flexibility (a-, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'a-'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'A-'.
Mapletree Logistics Trust
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (a,
Moderate), Liability Profile (bbb+, Moderate), Property Portfolio
(a-, Higher), Rental Income Risk Profile (bbb, Moderate),
Profitability (a, Moderate), Financial Structure (bbb, Higher), and
Financial Flexibility (a, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'a' results in no
adjustment.
- The SCP is 'bbb+'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'BBB+'
Mapletree Industrial Trust
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (a,
Moderate), Liability Profile (a-, Moderate), Property Portfolio
(bbb+, Higher), Rental Income Risk Profile (bbb-, Moderate),
Profitability (bbb-, Moderate), Financial Structure (bbb+,
Moderate), and Financial Flexibility (a, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb+'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'BBB+'
Frasers Logistics & Commercial Trust
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (bbb+,
Moderate), Liability Profile (bbb, Moderate), Property Portfolio
(bbb+, Higher), Rental Income Risk Profile (bbb+, Moderate),
Profitability (bbb-, Moderate), Financial Structure (a-, Moderate),
and Financial Flexibility (bbb+, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2024 and 40% for the forecast
year 2025.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb+'.
To derive the IDR:
- No further adjustments were made to the SCP, resulting in an IDR
of 'BBB+'
CapitaLand Ascott REIT
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (bbb+,
Moderate), Liability Profile (bbb+, Moderate), Property Portfolio
(bbb+, Moderate), Rental Income Risk Profile (bb+, Higher),
Profitability (bb, Moderate), Financial Structure (bbb+, Higher),
and Financial Flexibility (a, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in and IDR of
'BBB'.
Stoneweg European REIT
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (bbb,
Moderate), Liability Profile (bb+, Moderate), Property Portfolio
(bbb-, Higher), Rental Income Risk Profile (bbb-, Moderate),
Profitability (bb, Moderate), Financial Structure (a, Moderate),
and Financial Flexibility (a, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'a+' results in
no adjustment.
- The SCP is 'bbb'.
To derive the IDR:
- No further adjustments were made to the SCP, resulting in an IDR
of 'BBB'
ESR-REIT
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (bbb,
Moderate), Liability Profile (bbb+, Moderate), Property Portfolio
(bbb, Moderate), Rental Income Risk Profile (bbb, Higher),
Profitability (bbb-, Moderate), Financial Structure (bbb, Higher),
and Financial Flexibility (bbb+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2025,
40% for the forecast year 2026 and 20% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa' results in
no adjustment.
- The SCP is 'bbb'.
To derive the IDR:
- No further adjustments were made to the SCP, resulting in an IDR
of 'BBB'
Starhill Global REIT
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (bbb,
Moderate), Liability Profile (bbb+, Moderate), Property Portfolio
(bb+, Higher), Rental Income Risk Profile (bbb-, Moderate),
Profitability (bbb, Moderate), Financial Structure (bbb+, Higher),
and Financial Flexibility (a-, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'BBB'
Lendlease
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (a-, Higher),
Diversification and Asset Quality (bbb-, Lower), Company
Operational Characteristics (bbb, Moderate), Profitability (b+,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 30% for the forecast year 2026, 30% for the forecast year
2027 and 30% for the forecast year 2028.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb-'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'BBB-'.
Pakuwon Jati
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Access to Capital (bb+,
Moderate), Liability Profile (bb, Moderate), Property Portfolio
(bb+, Higher), Rental Income Risk Profile (bbb-, Moderate),
Profitability (bb+, Moderate), Financial Structure (a, Lower), and
Financial Flexibility (bbb, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'bbb-' results in
no adjustment.
- SCP: 'bb+'
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'BB+'.
Kawasan Industri Jababeka
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (b, Moderate), Sector Characteristics (b+,
Moderate), Market & Competitive Positioning (b, Moderate),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (b, Moderate), Profitability (a,
Lower), Financial Structure (b, Moderate), and Financial
Flexibility (b, Higher).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 30% for the forecast year 2025, 30% for the forecast year
2026 and 30% for the forecast year 2027.
- 'B+' to 'CC' considerations apply in its analysis and result in
an adjustment of -1 notch.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'bbb-' results in
no adjustment.
- The SCP is 'b-'.
To derive the IDR:
- No further adjustments made to the SCP, resulting in an IDR of
'B-'.
Recovery Analysis
Please refer to Kawasan Industri Jababeka's RAC for details.
RATING SENSITIVITIES
Refer to each issuer's RAC listed above for details.
Liquidity and Debt Structure
Refer to each issuer's RAC listed above for details.
Issuer Profile
Refer to each issuer's RAC listed above for details.
Summary of Financial Adjustments
Refer to each issuer's RAC listed above for details.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for Mirvac, Mapletree Logistics Trust, Mapletree Industrial
Trust, Frasers Logistics and Commercial Trust, CapitaLand Ascott
REIT, Stoneweg European REIT, ESR-REIT, Starhill Global REIT,
Lendlease, Pakuwon Jati and Kawasan Industri Jababeka.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Lendlease Corporation
Limited LT IDR BBB- Affirmed BBB-
Mapletree Logistics
Trust LT IDR BBB+ Affirmed BBB+
junior subordinated LT BBB- Affirmed BBB-
Mirvac Group Finance
Limited
senior unsecured LT A- Affirmed A-
CapitaLand Ascott
Real Estate
Investment Trust LT IDR BBB Affirmed BBB
PT Kawasan Industri
Jababeka Tbk LT IDR B- Affirmed B-
senior secured LT B- Affirmed RR4 B-
Starhill Global
REIT MTN Pte. Ltd.
senior unsecured LT BBB Affirmed BBB
Mapletree Industrial
Trust LT IDR BBB+ Affirmed BBB+
junior subordinated LT BBB- Affirmed BBB-
Mapletree Industrial
Trust Treasury
Company Pte. Ltd.
senior unsecured LT BBB+ Affirmed BBB+
FLCT Treasury Pte. Ltd.
senior unsecured LT BBB+ Affirmed BBB+
MapletreeLog Treasury
Company (HKSAR) Ltd.
guaranteed LT BBB+ Affirmed BBB+
Lendlease (US)
Capital Inc.
senior unsecured LT BBB- Affirmed BBB-
Lendlease Europe
Finance plc
senior unsecured LT BBB- Affirmed BBB-
Ascott REIT MTN
Pte. Ltd.
senior unsecured LT BBB Affirmed BBB
MapletreeLog Treasury
Company Pte. Ltd.
guaranteed LT BBB+ Affirmed BBB+
PT Pakuwon Jati Tbk LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed BB+
Lendlease Finance
Limited
senior unsecured LT BBB- Affirmed BBB-
subordinated LT BB Affirmed BB
Mirvac Limited LT IDR A- Affirmed A-
Frasers Logistics &
Commercial Trust LT IDR BBB+ Affirmed BBB+
Stoneweg European Real
Estate Investment Trust LT IDR BBB Affirmed BBB
ESR-REIT LT IDR BBB Affirmed BBB
senior unsecured LT BBB Affirmed BBB
Starhill Global Real
Estate Investment Trust LT IDR BBB Affirmed BBB
Stoneweg EREIT Lux
Finco S.a.r.l
senior unsecured LT BBB Affirmed BBB
=====================
N E W Z E A L A N D
=====================
198 LYTTELTON: Creditors' Proofs of Debt Due on March 6
-------------------------------------------------------
Creditors of 198 Lyttelton Street Limited are required to file
their proofs of debt by March 6, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 27, 2026.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
ENTERTAINMENT ACTIVITY: Creditors' Proofs of Debt Due on Feb. 25
----------------------------------------------------------------
Creditors of Entertainment Activity Hire Limited (Formerly
Promoking Limited) are required to file their proofs of debt by
Feb. 25, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 27, 2026.
The company's liquidator is:
John Scutter
Fervor Limited
Level 1, 17–19 Seaview Road
Paraparaumu Beach
GREENHOUSE MARKETING: Court to Hear Wind-Up Petition on Feb. 12
---------------------------------------------------------------
A petition to wind up the operations of Greenhouse Marketing
Limited will be heard before the High Court at Auckland on Feb. 12,
2026, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 23, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
ROCKIT ORCHARD: Should be Liquidated, Administrator Says
--------------------------------------------------------
BusinessDesk reports that most of the creditors owed NZD12 million
by a Rockit apple-growing partnership are unlikely to be repaid,
administrators BDO said.
Rakete Orchards Limited Partnership and its general partner, Rakete
Orchards GP, are insolvent and should be put into liquidation,
BDO's first report said, BusinessDesk relays.
Set up in 2017 and offered via primary sector investment firm
MyFarm, Rakete operates six orchards in Hawke's Bay growing the
Rockit mini apple variety.
Rees Logan and George Bannerman of BDO Auckland on Dec. 22, 2025,
were appointed as Administrators of Rockit Orchard No. 2 Limited
Partnership and Rop2 General Partner Limited.
SILVERFERN ANANTHAM: Court to Hear Wind-Up Petition on Feb. 24
--------------------------------------------------------------
A petition to wind up the operations of Silverfern Anantham Limited
will be heard before the High Court at Auckland on Feb. 24, 2026,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 9, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
SOPRANO PETONE: Italian Restaurant Closes Doors After 20 Years
--------------------------------------------------------------
Radio New Zealand reports that a Petone Italian restaurant is being
sold after nearly 20 years, following an "incredibly tough" few
years for the hospitality industry.
RNZ relates that the owners of Soprano on Jackson Street, Latisha
and Jonathan Dowling, posted on Facebook that the decision had not
come lightly.
"As heartbreaking as it is to share this news, we wanted to share
with you that we have made the choice to close/sell Soprano so we
can spend more time with our families and step into a new chapter,"
they said, notes the report. "Hospitality has given us so much in
the last two decades, but the last few years - especially COVID -
were incredibly tough. Like MANY in our industry, we poured
everything we had into keeping the doors open, the lights on and
our people cared for."
Now was the right time to embark on something new, the couple said,
adding that the restaurant was woven into their life story, RNZ
relays.
"It's where we first met, worked side by side with the previous
owner, fell in love, got married, and went on to have our three
beautiful children.
"Today, our journey has come full circle, with our eldest now 14
and working the floor - something that fills us with more pride
than words can say."
The Dowlings thanked their customers who they said were part of
their family.
According to RNZ, the owners are now taking expressions of interest
from prospective buyers.
Their last day of business, if not sold prior, will be March 31,
adds RNZ.
WAFP LIMITED: Creditors' Proofs of Debt Due on Feb. 27
------------------------------------------------------
Creditors of WAFP Limited are required to file their proofs of debt
by Feb. 27, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 29, 2026.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited
PO Box 10100
Dominion Road
Auckland 1446
=================
S I N G A P O R E
=================
BRAWN BUSAN: Placed in Interim Judicial Management
--------------------------------------------------
Ethan Lam Zi Yang of Ironwood Advisory XI on Jan. 27, 2026, was
appointed as interim judicial manager of Brawn Busan Pte Ltd.
The interim judicial manager may be reached at:
Ethan Lam Zi Yang
Ironwood Advisory XI
133 Cecil Street
#14-01 Keck Seng Tower
Singapore 069535
BURJ ASIA: Commences Wind-Up Proceedings
----------------------------------------
Members of Burj Asia Global Capital Pte. Ltd. on Jan. 29, 2026,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Tan Eng Soon
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
OPA FIX: Court to Hear Wind-Up Petition on Feb. 20
--------------------------------------------------
A petition to wind up the operations of Opa Fix Pte. Ltd. will be
heard before the High Court of Singapore on Feb. 20, 2026, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 26, 2026.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
UNIFIED TRADE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 23, 2026, to
wind up the operations of Unified Trade Hub 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
WHACKLAH PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 23, 2026, to
wind up the operations of Whacklah 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
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
HANWHA SOLUTIONS: Posts Net Loss of KRW608.9 Billion in 2025
------------------------------------------------------------
Yonhap News Agency reports that Hanwha Solutions Corp., the energy
solutions arm of chemicals-to-shipbuilding conglomerate Hanwha
Group, on Feb. 5 reported its 2025 net loss of KRW608.9 billion
(US$415.8 million), remaining in the red from the previous year.
Yonhap relates that the company said in a regulatory filing that it
continued to post an operating loss of KRW353.3 billion for the
year, compared with a loss of KRW300.2 billion a year earlier.
Sales rose 7.7 percent to KRW13.35 trillion.
Hanwha Solutions also reported a fourth-quarter net loss of
KRW404.8 billion (US$276.4 million), remaining in the red from a
year ago.
The company said it posted an operating loss of KRW478.2 billion
for the October-December period, compared with a profit of KRW107
billion a year ago, Yonhap relays. Sales fell 18.6 percent to
KRW3.77 trillion.
The operating loss was 156 percent higher than the average
estimate, according to a survey by Yonhap Infomax, the financial
data firm of Yonhap News Agency.
Hanwha Solutions Corporation manufactures and distributes solar
energy components.
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
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