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251125.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 25, 2025, Vol. 28, No. 235 Headlines A U S T R A L I A 3BRIDGES COMMUNITY: First Creditors' Meeting Set for Dec. 1 CARL PROPERTY: Second Creditors' Meeting Set for Dec. 1 CHALA METALS: Second Creditors' Meeting Set for Nov. 28 GFG ALLIANCE: ASIC May Further Pursue Liberty Bell Bay Smelter GREAT MONEY 2025-1: Moody's Affirms (P)B2 Rating on Class F Notes IMPACT X: First Creditors' Meeting Set for Nov. 28 PURE INTERIOR: First Creditors' Meeting Set for Dec. 2 YUME FOOD: Enters Liquidation, Sale Process Launched C H I N A CHINA EVERGRANDE: Asset Freeze Sought Against Former CEO's Ex-Wife WEST CHINA CEMENT: Moody's Puts 'Caa1' CFR on Review for Upgrade H O N G K O N G ASIA TELEVISION: Cayman Judge Rejects Winding Up Petition I N D I A 9PLANETS PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating A.G.S. RATHNA: CRISIL Keeps D Debt Ratings in Not Cooperating AASTHA HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating ADITI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating ANAGHA LAXMI: CRISIL Keeps B Debt Rating in Not Cooperating BANSAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating BELLSONICA AUTO: CRISIL Keeps B Debt Rating in Not Cooperating CHADALAVADA INFRATECH: CRISIL Keeps D Ratings in Not Cooperating CLARA SWAIN: CRISIL Keeps D Debt Rating in Not Cooperating ENERGETIC GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating GIRINDRA HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating GODAVARI STEELS: CRISIL Keeps B Debt Rating in Not Cooperating H. R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating J AND J PRECISION: CRISIL Keeps B- Ratings in Not Cooperating JAIKA VEHICLE: CRISIL Keeps B- Debt Ratings in Not Cooperating JHUNJHUNWALA OIL: CRISIL Keeps D Debt Ratings in Not Cooperating LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating LOGON INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating LOHR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating MAIYAS BEVERAGES: CRISIL Keeps B+ Debt Ratings in Not Cooperating MOTHER POULTRY: CRISIL Keeps C Debt Rating in Not Cooperating NABAKALEBAR CHARITABLE: CRISIL Keeps D Ratings in Not Cooperating NASSCO TRADING: CRISIL Keeps D Debt Rating in Not Cooperating NATRAJ MOTELS: CRISIL Keeps D Debt Ratings in Not Cooperating NAVA HEALTHCARE: CRISIL Keeps D Debt Ratings in Not Cooperating ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating PURVI BHARAT: CRISIL Keeps B Debt Rating in Not Cooperating RELIANCE COMMUNICATIONS: Faces India's Serious Fraud Office Probe N E P A L NEPAL: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR N E W Z E A L A N D BAINS HORTICULTURE: Court to Hear Wind-Up Petition on Dec. 8 FLOW TECH: Creditors' Proofs of Debt Due on Dec. 24 GLOBAL MARKETPLACE: New GrabOne Creditor Scuppers Liquidator Coup KITCHENS DIRECT: Continued to Trade While Insolvent, Report Shows MANAAKI MANAGMENT: Court to Hear Wind-Up Petition on Dec. 2 MM DEVELOPMENT: Creditors' Proofs of Debt Due on Jan. 19 PKH HOLDINGS: Creditors' Proofs of Debt Due on Dec. 16 S I N G A P O R E AVRA LTO: Commences Wind-Up Proceedings BOS MARINE: Commences Wind-Up Proceedings CARPENTER ENGINEERED: Commences Wind-Up Proceedings HATTEN LAND: To Acquire Metrocon in SGD24MM Reverse Takeover Deal HATTEN MS: Deloitte Appointed Provisional Liquidators HORNBY INVESTMENT: Creditors' Proofs of Debt Due on Dec. 21 NUTRYFARM INT'L: Revises AGM Notice Amid Judicial Management T H A I L A N D DAOL SECURITIES: Fitch Rates New THB Net Capital Bonds 'B+(tha)' - - - - - ================= A U S T R A L I A ================= 3BRIDGES COMMUNITY: First Creditors' Meeting Set for Dec. 1 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of 3Bridges Community Limited will be held on Dec. 1, 2025 at 2:00 p.m. via virtual meeting only. Aaron Kevin Lucan and Graeme Robert Beattie of Worrells were appointed as administrators of the company on Nov. 19, 2025. CARL PROPERTY: Second Creditors' Meeting Set for Dec. 1 ------------------------------------------------------- A second meeting of creditors in the proceedings of Carl Property Investments Pty Ltd has been set for Dec. 1, 2025, at 11:00 a.m. via Microsoft Teams Videoconferencing Facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 28, 2025 at 4:00 p.m. Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed as administrators of the company on Aug. 2, 2025. CHALA METALS: Second Creditors' Meeting Set for Nov. 28 ------------------------------------------------------- A second meeting of creditors in the proceedings of Chala Metals Limited has been set for Nov. 28, 2025, at 12:30 p.m. via Videoconference 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 Nov. 27, 2025 at 5:00 p.m. Brent Kijurina, Richard Albarran and Aaron Dominish of Hall Chadwick were appointed as administrators of the company on April 22, 2025. GFG ALLIANCE: ASIC May Further Pursue Liberty Bell Bay Smelter -------------------------------------------------------------- ABC News reports that the corporate watchdog will consider whether to take further action against one of UK billionaire Sanjeev Gupta's Australian companies, after the NSW Supreme Court knocked back the company's request for more time to file long-overdue financial reports. Liberty Bell Bay operates Australia's only manganese alloy smelter, in northern Tasmania. It's part of the GFG Alliance group of companies, owned by the businessman once hailed as the "saviour of steel," the ABC notes. It's a private company, but Liberty Bell Bay needs to lodge annual reports with the Australian Securities and Investments Commission (ASIC). It failed to do that between 2021 and 2024, prompting the regulator to take court action against it and two other GFG companies with outstanding reports in June, according to the ABC. In July, the NSW Supreme Court made orders requiring Liberty Bell Bay to lodge its outstanding reports with ASIC in October. The ABC says the court extended that deadline twice more, but on Nov. 18, Justice Ashley Black dismissed Liberty Bell Bay's request for a further extension and ordered that it pay ASIC's costs. The ball is now in ASIC's court, and the regulator will consider whether to take further action, either civil or criminal, against the company. Last week, ASIC's deputy chair Sarah Court said financial reporting misconduct, including failure to lodge financial reports, would be an enforcement priority for the watchdog in 2026, the ABC relays. According to the ABC, insolvency expert and University of Sydney professor Jason Harris said it was important to understand why Liberty Bell Bay wasn't filing its annual reports. "Usually you're not lodging your reports because you can't, and that never sends a good picture to the regulator, or indeed to the public," the ABC quotes Professor Harris as saying. "I would certainly be calling on ASIC to continue its action and to take further action in this particular matter to ensure that that material information is being disclosed." ASIC said separate to the court action, Liberty Bell Bay's 2025 reports were due at the end of October, and had not been filed. In a statement, Liberty Bell Bay said it was working with its auditor to finalise its financial accounts as soon as possible, the ABC adds. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of Tahmoor Coal's parent company, Liberty Primary Metals Australia. GREAT MONEY 2025-1: Moody's Affirms (P)B2 Rating on Class F Notes ----------------------------------------------------------------- Moody's Ratings has affirmed provisional ratings on seven classes of RMBS notes, to be issued by Perpetual Corporate Trust Limited as trustee of Great Money Fortune Trust 2025-1. This is Great Money Pty Ltd's first term RMBS transaction. The rating action reflects an increase in total amount of notes to be issued. Issuer: Perpetual Corporate Trust Limited in respect of Great Money Fortune Trust 2025-1 AUD287.25 million Class A1 Notes, Affirmed (P)Aaa (sf); previously on November 14, 2025 Assigned (P)Aaa (sf) AUD53.62 million Class A2 Notes, Affirmed (P)Aaa (sf); previously on November 14, 2025 Assigned (P)Aaa (sf) AUD16.08 million Class B Notes, Affirmed (P)Aa2 (sf); previously on November 14, 2025 Assigned (P)Aa2 (sf) AUD8.80 million Class C Notes, Affirmed (P)A2 (sf); previously on November 14, 2025 Assigned (P)A2 (sf) AUD4.97 million Class D Notes, Affirmed (P)Baa2 (sf); previously on November 14, 2025 Assigned (P)Baa2 (sf) AUD5.36 million Class E Notes, Affirmed (P)Ba2 (sf); previously on November 14, 2025 Assigned (P)Ba2 (sf) AUD1.53 million Class F Notes, Affirmed (P)B2 (sf); previously on November 14, 2025 Assigned (P)B2 (sf) The AUD3.06 million Class G1 Notes and AUD2.33 million Class G2 Notes are not rated by us. Class A1 Notes and Class A2 Notes are collectively referred to as Class A Notes; and Class G1 Notes and Class G2 Notes are collectively referred to as Class G Notes. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated by Great Money Secured Funding Pty Ltd, a wholly owned subsidiary of Great Money Pty Ltd (Great Money). Great Money will act as the servicer. Great Money is a privately held, non-bank residential mortgage lender in Australia that commenced loan origination in 2022. Since inception, Great Money has originated approximately AUD500 million in mortgage loans with AUD430 million in loans under management, as of October 2025. Great Money primarily originates loans through accredited mortgage managers and their affiliated brokers. RATINGS RATIONALE The rating action is prompted by a marginal increase in the issuance amount of each class of notes following provisional ratings assignment on 14 November 2025. Following this increase, subordination levels for Class A1, Class A2, Class B, and Class C Notes remain unchanged, and subordination levels for Class D, Class E, and Class F Notes each increased by an absolute of 0.01% at closing. Moody's affirmations of the provisional ratings takes into account, among other factors, evaluation of the underlying receivables and their expected performance; evaluation of the capital structure and credit enhancement provided to the notes; the availability of excess spread over the life of the transaction; the liquidity facility in the amount of 1.5% of the rated note balance subject to a floor of AUD566,415; the legal structure; and the presence of AMAL Asset Management Limited as standby servicer. According to Moody's analysis, credit strengths of the transaction include 25.0% subordination available to the Class A1 Notes, compared with 10.9% Moody's Individual Loan Analysis (MILAN) Stressed Loss and limited exposure to loans with a scheduled loan-to-value ratio above 80%. However, Moody's notes that the transaction features some credit weaknesses such as short operating history of Great Money Secured Funding Pty Ltd as the originator and Great Money as the servicer and relatively high borrower concentration risk (the largest, top 10 and top 20 loan facilities represent 0.89%, 7.25%, and 13.65% of the pool as of pool cutoff date). Moody's MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 10.9%. Moody's median expected loss for this transaction is 1.3%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- Principal collections will be distributed on a sequential basis initially, starting with the Class A1 Notes. Starting from the second anniversary from closing, and subject to the step-down conditions being satisfied, all classes of notes may participate in proportional principal collections distribution, with Class G Notes' share of principal collections allocated in a reverse sequential order, starting from Class F Notes. Class G Notes do not receive any principal while any other notes remain outstanding. -- The step-down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class A2 Notes at least doubling since closing. The key pool features are as follows: -- The pool has a weighted-average scheduled loan-to-value (LTV) ratio of 72.8%. Approximately 1.8% of the pool are loans with a scheduled LTV above 80% and no loans in the pool have a scheduled LTV above 90%. -- 25.8% of loans in the pool are to self-employed individual borrowers. -- Investment and interest-only (IO) loans represent 49.2% and 14.4% of the pool respectively. -- The portfolio has a weighted average seasoning of 5.1 months. -- As of the pool cut-off date, no borrowers had a history of adverse credit at the time of credit assessment. Additionally, 0.2% of the loans are 1-30 days delinquent, with none in arrears for more than 30 days as of the pool cut-off date. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. The Australian jobs market and housing market are major drivers of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and insufficient transactional governance. IMPACT X: First Creditors' Meeting Set for Nov. 28 -------------------------------------------------- A first meeting of the creditors in the proceedings of Impact X Edge Pty Ltd will be held on Nov. 28, 2025 at 10:00 a.m. at Pearce & Heers Insolvency Accountants, at Level 10, 127 Creek Street, in Brisbane, Queensland and via virtual meeting technology. Michael Dullaway of Pearce & Heers Insolvency was appointed as administrator of the company on Nov. 18, 2025. PURE INTERIOR: First Creditors' Meeting Set for Dec. 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Pure Interior Architecture Pty Ltd (trading as Pure Interiors) will be held on Dec. 2, 2025 at 11:00 a.m. at the offices of Westburn Advisory, Level 5, 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on Nov. 20, 2025. YUME FOOD: Enters Liquidation, Sale Process Launched ---------------------------------------------------- Food Processing reports that the companies trading as Yume Food Australia (The Yume App Pty Ltd and The Yume App Holdings Pty Ltd) appointed Teneo Financial Advisory Australia as liquidators on Nov. 18, 2025. Founded in 2015 as a social enterprise dedicated to reducing manufactured food waste, Yume Food Australia operates a digital trading platform that enables major food manufacturers to sell surplus products. The platform is designed to generate additional revenue for manufacturers by reducing food disposal, while also streamlining the process for donating unsold food to relief organisations. "Yume has developed an impressive technology platform which provides a national market for food manufacturers to sell product that otherwise may have been disposed. Over the past decade, Yume has established a national network of buyers and sellers, creating a secondary food market that's become an established and valuable part of many manufacturers' supply chains," Food Processing quotes Rebecca Gill from Teneo as saying. "This is an attractive opportunity for a prospective buyer to leverage the 10 years of investment into this platform, as well as the relationships and network Yume has built." Food Processing says the liquidators are inviting expressions of interest from buyers across food, logistics, ESG, retail and technology, and will be exploring all strategic opportunities to complete a transaction in the near term. ========= C H I N A ========= CHINA EVERGRANDE: Asset Freeze Sought Against Former CEO's Ex-Wife ------------------------------------------------------------------ Bloomberg News reports that liquidators of China Evergrande Group are asking a Hong Kong court to freeze all assets of the former chief executive officer's ex-wife, He Kun, as part of their efforts to recover US$6 billion in funds for creditors. There's already an injunction on some of He Kun's assets, including property and motor vehicles valued at an estimated US$24 million, but liquidators are looking to extend that to cover her liquid assets as well, Bloomberg relates. During a court hearing on Nov. 21, the liquidators' lawyer argued that ex-CEO Xia Haijun is the only source of He Kun's wealth, according to Bloomberg. "Xia has continued to transfer huge amounts of money" to his ex-wife since the two separated, and her lifestyle is dependent on those funds, the lawyer told the court. Bloomberg relates that the lawyer also said that the couple's 2023 divorce was "just a device" to hide Xia Haijun's assets. Nearly two years after Evergrande was liquidated in one of the world's biggest corporate implosions, the quest to recoup assets to repay creditors is still dragging on, Bloomberg relays. Liquidators are increasingly pursuing the wealth of key defendants, such as Xia Haijun and He Kun, but so far haven't been able to return any funds to creditors. He Kun has about US$15 million in liquid assets, including cash and securities, her lawyer said, but argued that the current injunction shouldn't be extended to those funds, Bloomberg relays. He Kun is also seeking some leeway under the current freeze that would allow her to be able to rent out and maintain some of her properties. Xia Haijun, meanwhile, has almost US$500 million in assets from his previous salary, shares and investments in Evergrande, according to data compiled by Bloomberg. In September, Hong Kong High Court judge Russell Coleman said receivers would be appointed for Xia Haijun's assets, but that didn't cover those of his ex-wife, Bloomberg recalls. Liquidators are still seeking the appointment of receivers for He Kun's assets that are tied to her ex-husband, the court was told Nov. 21. Judge Coleman said Nov. 21 that he would try to hand down a decision by the end of the year, Bloomberg adds. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. WEST CHINA CEMENT: Moody's Puts 'Caa1' CFR on Review for Upgrade ---------------------------------------------------------------- Moody's Ratings has placed West China Cement Limited's (WCC) ratings on review for upgrade, including the Caa1 corporate family rating and Caa2 senior unsecured rating. Previously, the outlook was negative. The review follows the November 18, 2025 announcement that WCC proposed a new USD senior notes issuance alongside a tender offer of its $600 million 4.95% notes due in July 2026. The tender price will be above par and the offer will be non-mandatory for bondholders. WCC will use the net proceeds from the proposed issuance, together with internal cash resources, to fund the tender offer. "The review for upgrade reflects Moody's expectations that the proposed new issuance and tender offer, if they are completed as planned, will significantly alleviate WCC's refinancing risk, "says Gerwin Ho, a Moody's Ratings Vice President and Senior Credit Officer. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will primarily assess the progress and completion of the new issuance and tender offer. Moody's expects to upgrade the CFR and senior unsecured rating to B3 and Caa1, respectively, if the transaction is completed on satisfactory terms and conditions. The company's liquidity will remain weak even after refinancing the $600 million bonds, because short-term debt continues to significantly exceed unrestricted cash. This risk is mitigated by its track record of rolling over short-term debt, most of which comprises onshore bank borrowings. However, failure to complete the proposed refinancing plan on satisfactory terms and conditions will likely result in downward rating pressure. WCC delivered a solid performance in the first half of 2025, with revenue increasing by 46% to RMB5.4 billion compared with the same period in 2024, and gross profit growing by 67% to RMB1.6 billion. These improvements were mainly driven by stronger profitability in its onshore operations and robust revenue growth from its higher-margin overseas operations. Moody's expects this positive operating trend will continue in the next 12-18 months. The principal methodology used in these ratings was Building Materials published in September 2025. WCC's Caa1 CFR is below the scorecard-indicated outcome of Ba3 for the last 12 months ended June 30, 2025. The difference reflects the company's weak liquidity profile, high refinancing risk and large exposure to lowly rated jurisdictions. West China Cement Limited (WCC) is a leading cement producer in terms of capacity in China's Shaanxi province. As of June 2025, its annual production capacity was 37.3 million tons. Most of WCC's plants are located in the central and southern parts of Shaanxi province. The company also has an established presence in Sichuan and Guizhou in China, and in Mozambique, Ethiopia, the Democratic Republic of the Congo and Uzbekistan through its new facilities and acquisitions. WCC was 32.2% owned by its founder and chairman Zhang Jimin, and 29.0% owned by Anhui Conch Cement Company Limited as of June 2025. WCC listed on the Hong Kong Stock Exchange in August 2010. ================= H O N G K O N G ================= ASIA TELEVISION: Cayman Judge Rejects Winding Up Petition --------------------------------------------------------- OffshoreAlert reports that Cayman Islands judge Jalil Asif KC has rejected a voluntary winding up petition from Hong Kong-based Asia Television Holdings Ltd. and, in doing so, berated an unidentified attorney from Carey Olsen law firm for submitting an affidavit that the judge stated was "full of hearsay" and did not comply with the Court's rules. Asia Television Holdings Ltd -- http://www.atvgroup.com.hk/-- engages in processing, printing, and sales of finished fabrics. The Company also offers subcontracting services and trading services of fabric and clothing products. Asia Television Holdings also operates money lending, securities investment and securities brokerage services, media, cultural, and entertainment businesses. ========= I N D I A ========= 9PLANETS PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of 9Planets Products Private Limited (9PPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.2 CRISIL D (Issuer Not Cooperating) Term Loan 14.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with 9PPPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of 9PPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on 9PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of 9PPPL continues to be 'Crisil D Issuer not cooperating'. 9PPPL, incorporated in 2012, manufactures PVC sheets. The company has a manufacturing unit in Khed (Pune). It is promoted by Mr. Shekar Parab and his wife, Ms. Aishwarya Parab. The company started its commercial operations in December 2013. A.G.S. RATHNA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A.G.S. Rathna Stores Private Limited (AGS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 0.75 CRISIL D (Issuer Not Cooperating) Secured Overdraft 6 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with AGS for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AGS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AGS continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013 by Mr S Ganesh, AGS runs two retail stores in Chennai that sells consumer durables, household steel vessels, and furniture. AASTHA HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aastha Hospital (AH) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.1 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 2.92 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AH for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AH continues to be 'Crisil B/Stable Issuer not cooperating'. AH, incorporated in 2009, is a Mandi (Himachal Pradesh)-based hospital, promoted by Dr. Arun Chandel and Dr. Bandna Chandel. AH currently manages a 50-bed multi-specialty hospital in Mandi offering specialisation in Orthopaedics, Gynaecology and Obstetrics, and Physiotherapy and Radiology. ADITI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aditi Industries (AI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 3.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AI for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AI continues to be 'Crisil B/Stable Issuer not cooperating'. AI is a partnership concern and was formed in 2009. The day-to-day operations of the firm are managed by Mr. Pawan Agarwal, who is one of the partners of the firm. The firm has set up Portland pozzolona cement (PPC) grinding unit near Naigaon (Assam). The unit started operations in April 2012. ANAGHA LAXMI: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Anagha Laxmi Shopping Mall (ALSM) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 16 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ALSM for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ALSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ALSM continues to be 'Crisil B/Stable Issuer not cooperating'. ALSM was formed as a proprietary concern in December 2020. The firm has plans to open a shopping mall for men, women and kids' wear at Nizamabad (Telangana). Through an e-auction, the proprietor took possession of the already constructed property of ALSM. The mall is likely to commence operations from April 2021. It is owned and managed by Ms. Haridas Latha. BANSAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bansal Rice Mills - Muktsar (BRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Warehouse Financing 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRM for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRM continues to be 'Crisil D Issuer not cooperating'. Set up as a proprietorship firm in 2009 by Mr. Sanjiv Kumar and reconstituted as a partnership firm in 2014, BRM processes basmati and non-basmati rice for export houses and also sells under its own brand, Barkat Rice. Production facilities are in Muktsar, Punjab. BELLSONICA AUTO: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Bellsonica Auto Component India Private Limited (BACI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BACI for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BACI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BACI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BACI continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in August 2006 and based in Manesar, BACI started operations in 2008. The company is a JV of BCJ (70% stake) and MSIL (30%) and manufactures sheet metal components, primarily for MSIL. CHADALAVADA INFRATECH: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chadalavada Infratech Limited (CIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 93 CRISIL D (Issuer Not Cooperating) Cash Credit 22 CRISIL D (Issuer Not Cooperating) Long Term Loan 55.27 CRISIL D (Issuer Not Cooperating) Long Term Loan 9.73 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CIL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CIL (erstwhile Chadalavada Construction Pvt. Ltd.) was incorporated in February 2000 and started as a subcontractor to L&T. The company is engaged in Electrical Transmission & Distribution Infrastructure Industry involving Engineering, Procurement and Commissioning of sub-stations and Electrical Transmission lines. The company undertakes activities mostly for government departments. CLARA SWAIN: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Clara Swain Hospital J.V. (CSH) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CSH for obtaining information through letter and email dated October 27, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CSH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CSH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CSH continues to be 'Crisil D Issuer not cooperating'. Clara Swain Hospital (CSH), based in Bareilly (Uttar Pradesh) was set up in the early 1870s by Dr Clara Swain. In 2009, the Ritam Charitable & Education Society and Methodist Church of India entered into a joint venture (JV) agreement for running its operations. Currently it is operating a super-specialty hospital with a 150-bed and a nursing collage, in Bareilly. ENERGETIC GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Energetic Globetex Private Limited (EGPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EGPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EGPL continues to be 'Crisil D Issuer not cooperating'. EGPL, incorporated in 2015, manufactures sarees and ladies' dress material in Surat and is promoted by Mr Juneja and Mr Nikunj Kapadia. GIRINDRA HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Girindra Hospitality Private Limited (GHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GHPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013, GHPL is setting up a 50-room five-star hotel, The Garuda Hotel, in Thrissur, Kerala. The hotel is currently in the final stage of construction and is expected to be operational from November 2015. The company is promoted by Mr. Girijavallaban V K. GODAVARI STEELS: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Godavari Steels (GS) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 7 CRISIL B/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Crisil Ratings has been consistently following up with GS for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GS continues to be 'Crisil B/Stable Issuer not cooperating'. GS was set up in 1990 by the proprietor, Mr Pawan Kumar Agarwal. This Hyderabad-based firm trades in steel sheets and plates, and iron plates. H. R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H. R. International Limited (HRIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Foreign Documentary 10 CRISIL D (Issuer Not Bills Purchase Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Packing Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6.06 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.94 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HRIL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HRIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HRIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HRIL, part of the Mall group of Kolkata, trades in jute and jute-based products. The company commissioned a jute-bag manufacturing unit in December 2011 with total capacity of 63,000 bags per annum. The Mall family has a track record of over 100 years in the jute business (including trading and manufacturing). The business was started by Mr. Harkisandas Ramkishendas Mall and is currently being managed by the family's fourth generation. J AND J PRECISION: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of J and J Precision Industries (JJPI) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B-/Stable (Issuer Not Cooperating) Cash Credit 5 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JJPI for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JJPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JJPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JJPI continues to be 'Crisil B-/Stable Issuer not cooperating'. JJPI, established in 2013, is a proprietorship concern of Mr. Joit Kumar Jain. The firm manufactures memory cards and other flash memory devices such as pen drives. Mr. Jain has also been associated with lighting and electrical appliance manufacturers such as Cenzer Industries Ltd (rated 'Crisil B-/Stable'). Its manufacturing facility and administrative office are in Mapusa, Goa. JAIKA VEHICLE: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jaika Vehicle Trade Private Limited (JVTPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B-/Stable (ISSUER NOT COOPERATING) Cash Credit 9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Cash 8.25 CRISIL B-/Stable (ISSUER NOT Credit Limit COOPERATING) Term Loan .75 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JVTPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JVTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JVTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JVTPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 1994 and promoted by Kale family of Nagpur, JVTPL is a part of the Jaika group and is an authorised dealer for passenger vehicles of Audi India division of Volkswagen Group Sales India Pvt Ltd (Audi) in Chhattisgarh and Vidharbha. It acquired Audi dealership in March 2012. JHUNJHUNWALA OIL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jhunjhunwala Oil Mills Limited (JOML) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 32 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.31 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 0.19 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 3.5 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 18.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JOML for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JOML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JOML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JOML continues to be 'Crisil D/Crisil D Issuer not cooperating'. JOML was established by Mr. Vishwanath Jhunjhunwala in 1973. The company manufactures and refines edible oil, mainly rice bran oil, through the solvent extraction process. JOML also has a cattle-feed plant, which processes de-oiled cake, a by-product of solvent extraction. The company has solvent extraction and cattle-feed manufacturing facilities in Varanasi (Uttar Pradesh) and a rice milling unit in Kudra (Bihar). LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshmikantha Spinners Limited (SLSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.86 CRISIL D (Issuer Not Cooperating) Cash Credit 19.14 CRISIL D (Issuer Not Cooperating) Cash Credit 27.85 CRISIL D (Issuer Not Cooperating) Long Term Loan 38.94 CRISIL D (Issuer Not Cooperating) Long Term Loan 26.21 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLSL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLSL continues to be 'Crisil D Issuer not cooperating'. Established in 2004 and based in Hyderabad (Telangana), SLSL manufactures cotton yarn. Promoted by Mr. Chinnarappagari Swamy Reddy and his family, the day-to-day operations are managed by Mr. Reddy's son, Mr. Chinnarappagari Rameswara Reddy. LOGON INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Logon India Infrastructure Private Limited (Logon) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.11 CRISIL D (Issuer Not Cooperating) Secured Overdraft 2 CRISIL D (Issuer Not Facility Cooperating) Working Capital 14.03 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Logon for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Logon, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Logon is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Logon continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2011, Logon undertakes civil construction of warehouses, residential projects, and roads for various infrastructure companies on a sub-contract basis. The company is promoted by Mr. Daljit Singh Chadda and Mr. P Swaminathan. LOHR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lohr India Automotive Private Limited (LIAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with LIAPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LIAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LIAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LIAPL continues to be 'Crisil D Issuer not cooperating'. The TSI group was established in 2006 and manufactures carriers used in logistic services. It manufactures tippers and trailers under TSIPL, car and truck carriers under LIAPL, and refrigerated carriers under HIPL. Its promoters have industry experience of over four decades. MAIYAS BEVERAGES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maiyas Beverages and Foods Private Limited (MBFPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 10 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Proposed Working 10 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with MBFPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MBFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBFPL continues to be 'Crisil B/Stable Issuer not cooperating'. MBFPL is a private limited company incorporated in 2008 and promoted by Mr. P Sadananda Maiya. Based in Bengaluru, the company manufactures and processes various ready-to-eat food products, pickles, beverages, spices, instant mixes, and savories; and sells under the brand, Maiyas. MOTHER POULTRY: CRISIL Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Mother Poultry Farm (MPF) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7.35 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPF for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPF continues to be 'Crisil C Issuer not cooperating'. Incorporated in 2009, Namakkal (Tamil Nadu) based proprietorship firm (MPF) is engaged in selling of poultry products and bird feed. The promoter is a second generation entrepreneur with around one and a half decades of experience in the industry. NABAKALEBAR CHARITABLE: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nabakalebar Charitable Trust (NCT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 0.85 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 1.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 11 CRISIL D (Issuer Not Cooperating) Working Capital 2 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with NCT for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NCT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NCT continues to be 'Crisil D Issuer not cooperating'. NCT was formed in 2000 by Mr. Pramod Ranjan Mallick. The trust manages one college, Bhubaneswar Engineering College, which began operations in 2008-09. The college offers under-graduate courses in electrical and electronics; electronics and telecommunication; computer science; civil, aeronautical, and mechanical engineering; and information technology. The college also offers diploma courses, and post graduate courses in business administration and in technology. The college is approved by the All India Council for Technical Education and is affiliated to the Biju Patnaik University of Technology, Odisha. NASSCO TRADING: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nassco Trading India Private Limited (NTIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NTIPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NTIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NTIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in April 2010, NTIPL trades in tiles, marbles, and granites. It is based in Attingal (Kerala), and is promoted by Mr Nazar Mohamed Ellias and his wife Ms Raheena Jalaudeen. NATRAJ MOTELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Natraj Motels Private Limited (NMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NMPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NMPL continues to be 'Crisil D Issuer not cooperating'. NMPL was established in 2007 by Aurangabad-based Mr Kotgire and his friends to set up a hotel in Aurangabad. NAVA HEALTHCARE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nava Healthcare Private Limited (NHPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with NHPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006 and promoted and managed by Delhi-based Mr Hemant Suri, NHPL manufactures and distributes pharmaceutical and neutraceuticals products. ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Origin Corporation (OC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.67 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.68 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OC for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OC continues to be 'Crisil D Issuer not cooperating'. OC was set up in 2006 in Indore (Madhya Pradesh) by Mr. Tapash Roy, Mrs. Ajanta Roy, and Mr. Animesh Roy. It was initially involved in trading in polyester yarn. However, in 2008, the firm started processing polyester yarn in the count range of 20s to 80s. Gradually, it also started manufacturing sewing threads. PURVI BHARAT: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Purvi Bharat Steel Limited (PBSL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PBSL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PBSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PBSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PBSL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1995, PBSL manufactures and trades in thermo-mechanically treated (TMT) bars. The company is currently managed by Mr. Ganesh Prasad Kandoi, Mr. Navin Kumar Kandoi, and their family members. RELIANCE COMMUNICATIONS: Faces India's Serious Fraud Office Probe ----------------------------------------------------------------- Reuters reports that Reliance Communications is facing a probe from India's Serious Fraud Investigation Office, it said on Nov. 20, in a move that will pile more pressure on the insolvent company, which is already under the scrutiny of the country's financial crime-fighting agency. Reuters relates that the company said an SFIO-appointed inspector had asked it and its unit, Reliance Communications Infrastructure, to provide "certain information" for the time period between fiscal year 2009 and 2024, without disclosing further details. Reliance Communications added that it would extend full cooperation to the authorities. According to Reuters, The separate Enforcement Directorate's probe relates to cases involving Reliance Communications and its affiliates over the alleged diversion of about INR136 billion and loans of more than $569 million taken by the group from YES Bank between 2017 and 2019. Reuters relates that the ED has been investigating the Anil Ambani group for alleged divergence of bank loans, and said on Nov. 20 it had so far cumulatively frozen assets worth INR89.97 billion ($1.01 billion). A spokesperson for the Reliance Group said that Reliance Communications has been undergoing insolvency proceedings over the last six years and the ED's orders have no material impact on the operations and future prospects of Reliance Infrastructure and Reliance Power, adds Reuters. About Reliance Communications Based in Mumbai, India, Reliance Communications Ltd is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to-home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. The National Company Law Tribunal on May 9, 2019, allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over INR50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with a resolution plan approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, awaiting NCLT approval. ========= N E P A L ========= NEPAL: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR -------------------------------------------------------- Fitch Ratings has affirmed Nepal's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. Key Rating Drivers Low Debt, Lagging Structural Features: Nepal's 'BB-' rating reflects its low and highly concessional government and external debt burdens, strong external liquidity and solid medium-term growth prospects anchored by the hydropower sector. The rating is constrained by an underdeveloped economy that is vulnerable to external shocks and natural disasters, and weaker structural features, such as GDP per capita and governance metrics, than 'BB' category peers. Heightened Political Uncertainty: Nepal's political outlook remains uncertain despite the quick de-escalation of youth-led unrest in early September 2025, triggered by a social media ban amid public discontent over corruption, inequality and limited job opportunities. The interim government installed on 12 September has restored calm and announced elections for 5 March 2026, but delays in the political transition and a more fragmented party landscape could undermine policymaking effectiveness and further weaken governance standards. The sovereign's credit strengths, underpinned by successful IMF programme implementation, have provided resilience to recent social unrest that overthrew the government. However, lingering political uncertainty would increase risks to the economic and fiscal outlook and lead to pressure on the sovereign's credit profile over time. Wider Budget Deficits, Slow Consolidation: Fitch projects the federal (central) government deficit will widen to 3.5% of GDP in the fiscal year ending 15 July 2026 (FY26), above the 3.0% projected 'BB' median and 1.7% estimated in FY25. This reflects weaker revenue collection from a subdued private sector and stepped-up government spending on reconstruction and elections. Damage from the unrest is about NPR80 billion (1.2% of projected FY26 GDP), as per the preliminary estimates from the interim government. Fitch expects the deficit to slip to 3.4% in FY27 (BB median: 2.8%) due to stronger revenue gains from economic recovery and higher imports, offsetting better capex execution. Government Debt Ratio to Stabilise: Fitch forecasts a moderate increase in federal government debt to 46.1% of GDP in FY26 from an estimated 43.8% in FY25 on wider fiscal deficits. The debt ratio will remain below the projected 'BB' median of 54.4%. Its baseline expects the debt ratio will hover around 46% in FY29, assuming no material shift in the fiscal policy framework under a post-election government and a continued recovery in growth to its potential level of around 5%. Government guaranteed debt remains low at roughly 1% of GDP. Local and provincial governments currently have no debt. Resilient Debt Structure Features: Its baseline assumes the government will maintain solid access to multilateral and bilateral financing despite elevated political uncertainty, underpinned by constructive engagement with the IMF. The government external debt stock (23% of GDP in FY25) is on highly concessional terms, with an average maturity of 13 years and an average interest rate of about 1%. Domestic financing is supported by ample banking-sector liquidity, driven by buoyant remittances, lowered policy rates, and capital controls. Non-residents hold no government domestic debt, which stood at 21% of GDP, with average maturity under three years. External Surplus to Decline: Fitch forecasts the current account (CA) surplus will narrow to 2.4% of GDP in FY26 from 6.7% in FY25, reflecting a notable decline in tourism receipts and a moderate pickup in imports tied to reconstruction and energy projects. Fitch expects remittances (about 28% of GDP) to remain resilient amid political uncertainty due to strong emigration, which should help cushion the economic impact of the social unrest. Fitch expects the CA will flip to a modest deficit of 1.2% in FY27, as import growth gains further traction. Robust External Liquidity: Nepal's foreign-exchange reserve coverage increased to 13.5 months of current external payments in FY25, well above the 'BB' peer median of 4.8 months. Fitch expects the reserves to continue providing a substantial liquidity buffer against external vulnerabilities and support the longstanding Indian rupee peg. Nepal maintained a net external creditor position of 13.5% of GDP in FY25, in contrast to the 'BB' median debtor position of about 12%. Near-Term Growth Headwinds: Fitch forecasts Nepal's real GDP growth to slow to 2.5% in FY26 from 4.6% in FY25. Fitch believes the recent unrest has disrupted economic activity, weakened consumer and business sentiment, and depressed private investment and tourist inflows. The agriculture sector (25% of GDP) was, moreover, hit by erratic rains and flooding during the harvest, adding to the near-term headwinds. Major development projects, including in the hydropower sector, have not reported significant disruptions, which should contain the economic fallout. Fitch sees a limited direct impact from global trade tensions, given Nepal's low reliance on merchandise exports (5% of GDP). Its baseline assumes Nepal's medium-term growth prospects will be supported by continued investment in hydropower generation and transmission, more reliable electricity supply, and structural reforms to improve the business climate, boost productivity and create jobs. Financial-Sector Weakness: Bank financial soundness indicators continue to weaken, as the sector works through lingering asset-quality issues stemming from the 2021 credit boom. Non-performing loans rose to 5.2% of gross loans in FY25 from 3.7% in FY24 and could be revised following an IMF-supported loan portfolio review of the 10 largest banks, which the central bank has committed to complete by December 2025. Recent unrest has triggered significant insurance claims, with domestic reinsurers exposed to major losses. ESG - Governance: Nepal has an ESG Relevance Score of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators have in its proprietary Sovereign Rating Model. Nepal has a low World Bank Governance Indicator ranking at the 34th percentile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Structural Features/Macro: Political instability that would lead to a deterioration in governance standards or cause disruption and a material weakening of medium-term growth prospects. - Public Finances: Evidence of weakening public finance management, for example, due to substantial political pressures. - External Finances: A material weakening of bilateral and multilateral creditor support that strains external financing and pressures foreign-exchange reserves, for example, due to slippage on Nepal's IMF programme. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Macro/Structural Features: Strong, stable economic growth enabling substantial increases in GDP per capita, potentially supported by improved governance standards and regulations conducive to private and foreign investment. - Public Finances: A material reduction in government debt, for example, due to sustained revenue mobilisation. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Nepal a score equivalent to a rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows: - Structural: +1 notch, to adjust for the negative effect on the SRM of Nepal's take-up of the Debt Service Suspension Initiative, which prompted a reset of the 'years since default or restructuring event' variable, which can pertain to both official and commercial debt. In this case, Fitch judged that the deterioration in the model as a result of the reset does not signal a weakening of the sovereign's capacity or willingness to meet its obligations to private-sector creditors. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Fitch does not currently rate any debt instruments for Nepal. Country Ceiling The Country Ceiling for Nepal is 'BB-', in line with the Long-Term Foreign-Currency IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of +0 notches above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Nepal. ESG Considerations Nepal has an ESG Relevance Score of '5' for Political Stability and Rights, as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Nepal has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Nepal has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Nepal has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. Nepal has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Nepal has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Nepal has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Nepal, as for all sovereigns. Nepal's recent restructuring of public debt has a negative impact on the credit profile, albeit offset by the QO adjustment. 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 Prior ----------- ------ ----- Nepal LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Country Ceiling BB- Affirmed BB- ===================== N E W Z E A L A N D ===================== BAINS HORTICULTURE: Court to Hear Wind-Up Petition on Dec. 8 ------------------------------------------------------------ A petition to wind up the operations of Bains Horticulture Limited will be heard before the High Court at Tauranga on Dec. 8, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 23, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FLOW TECH: Creditors' Proofs of Debt Due on Dec. 24 --------------------------------------------------- Creditors of Flow Tech Plumbing Limited are required to file their proofs of debt by Dec. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 18, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 GLOBAL MARKETPLACE: New GrabOne Creditor Scuppers Liquidator Coup ----------------------------------------------------------------- Michael Wright at The Press reports that a mystery new creditor has thwarted an effort to replace the liquidators in the GrabOne collapse and potentially pushed the failed coupon company's total debt to NZD25 million. According to The Press, the new player emerged when the votes were tallied on two resolutions at a creditors meeting on Nov. 20. GrabOne, also known as Global Marketplace New Zealand Ltd, entered liquidation last month owing NZD16.6 million. By far its biggest debt was NZD9.3 million to its parent company Australian firm Global Marketplace Pty Ltd, The Press discloses. Next was NZD3.9 million to unsecured creditors. One of those, the Waffle Haus, which has three outlets in Christchurch and Akaroa, wanted a new firm, Waterstone Insolvency, to take on the case. The Press relates that Waffle Haus director Jamie Stewart sought proxy votes from other creditors ahead of the meeting and lodged them all against the resolution to confirm the existing liquidator, Auckland firm Calibre Partners. It was in vain, The Press says. Thirty creditors, representing NZD9.1 million of GrabOne's debt, voted to retain Calibre, led by one unidentified creditor owed more than NZD8 million, The Press discloses. Nine creditors, accounting for NZD617,000, opposed (a majority in number and value of creditors for the resolution to pass). "It seemed to take everyone by surprise," The Press quotes Mr. Stewart as saying after the meeting. "No-one was expecting it and no-one knows who it was." The Press relates that liquidator Daniel Stoneman said Calibre could not disclose specifics of the creditor's claim, including their identity, without consent, which he was seeking. "I need to follow due process," he said. He did not address repeated queries about whether the claim should be added to GrabOne's NZD16.6 million of liabilities. Whoever the mystery creditor is, their debt dwarfs all the existing ones. Only the NZD9.3 million owed to Global Marketplace Pty Ltd - which initiated the liquidation ‒ is comparable, but as a related party creditor it could not vote at the meeting. Likewise, Californian venture debt fund Partners For Growth, which helped finance the Australia firm's NZD17.5 million acquisition of GrabOne in 2021, is a secured creditor and outside the voting pool. The Press adds that Waterstone Insolvency attended Nov. 20's meeting and addressed creditors before the vote. "We were surprised at the NZD8 million," The Press quotes director Damien Grant as saying. "When you consider that previously [GrabOne's debt was] NZD16 million, the fact that there was another NZD8 million creditor out there is a significant financial deterioration in the business and I think it's relevant to the other creditors to know who that was." "They did not exist on Thursday afternoon [November 13, when the creditors meeting was called]. It did exist at 10 o'clock on Tuesday [November 18, the deadline for postal votes]. They pulled a rabbit out of their accounts receivable list. It's a hell of a big rabbit." A second resolution, to form a creditors committee, did not pass. An updated liquidator's report is due next year, The Press notes. About GrabOne GrabOne was launched in 2010 and offered discounts on goods and services for local businesses. It was sold to Global Marketplace New Zealand by former owner NZME in 2021, for NZD17.5 million. Global Marketplace operates as an investment Company, which operated GrabOne in New Zealand. KITCHENS DIRECT: Continued to Trade While Insolvent, Report Shows ----------------------------------------------------------------- Brooke Black at The Timaru Herald reports that a Timaru-based kitchen company continued to trade while insolvent and its owner is being pursued over an overdrawn shareholder's account. In his fifth report, liquidator Mohammed Jan, of Liquidation Management Ltd, said his investigation into the conduct of Kitchens Direct (NZ) Limited director Karl Te Raki had resulted in the finding, The Timaru Herald relates. "The Liquidator's assessment has identified that the Company continued to trade while insolvent for a period prior to liquidation. "The Director, who is also the sole shareholder, is being pursued for recovery of the overdrawn shareholder current account identified in the company's financial records." According to the report, Jan said Te Raki had "proposed a settlement amount" which he was assessing. "A decision regarding the acceptance of the proposal is yet to be made." It has been 18 months since Te Raki was issued a formal demand over the shareholders account which had been overdrawn by an estimated $685,000, according to The Timaru Herald. In November 2024, Jan warned he would take legal action if the account was not settled. In releasing his fourth report in May, Jan said he was investigating the conduct of Te Raki and whether the company had traded while insolvent. At the time, the estimated amount owed to creditors was more than NZD459,000, The Timaru Herald relays. That amount was unchanged in the fifth report, The Timaru Herald notes. Just over NZD100,000 had been recovered, largely from the proceeds of the sale of plant and equipment (NZD81,761) and a vehicle (NZD8000). Payments of NZD92,445 had been made, of which NZD12,852 had been paid to staff, NZD20,933 for a lease, NZD29,966 in auction fees and NZD25,000 in liquidation fees. According to The Timaru Herald, Jan also addressed voidable transactions and said he had been reviewing "certain transactions entered into by the Company prior to liquidation to determine whether they many be voidable under the Companies Act 1993". "The review has continued during the current reporting period [April 10 - October 10], with the Liquidator assessing the economic viability of pursuing recovery action and whether such action would provide a net benefit to creditors." The Timaru Herald adds that Jan said any prospect of a distribution to creditors was dependent on the amount recovered from the overdrawn shareholders account and voidable transactions. The next report is due in six months. About Kitchens Direct Kitchens Direct (NZ) Ltd, which traded as Kitchens Direct, began in 1970 and was involved in the design, manufacture and installation of kitchens in Timaru. It was put into liquidation in October 2023, along with Kitchen Direct Appliances Ltd, Kitchens Direct IP Holdings Ltd and Kitchen Direct Franchising Ltd. The liquidations of those three companies were completed in December, and all three were removed from the companies register. MANAAKI MANAGMENT: Court to Hear Wind-Up Petition on Dec. 2 ----------------------------------------------------------- A petition to wind up the operations of Manaaki Managment Limited will be heard before the High Court at Wellington on Dec. 2, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on oct. 8, 2025. The Petitioner's solicitor is: Jack David Laird Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 MM DEVELOPMENT: Creditors' Proofs of Debt Due on Jan. 19 -------------------------------------------------------- Creditors of MM Development Limited and SW Taka Limited are required to file their proofs of debt by Jan. 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 18, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Limited Level 1, 50 Customhouse Quay Wellington 6011 PKH HOLDINGS: Creditors' Proofs of Debt Due on Dec. 16 ------------------------------------------------------ Creditors of PKH Holdings Limited are required to file their proofs of debt by Dec. 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 18, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 ================= S I N G A P O R E ================= AVRA LTO: Commences Wind-Up Proceedings --------------------------------------- Members of Avra Lto Pte. Ltd. on Nov. 14, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Bernard Juay and Shirley Lim. BOS MARINE: Commences Wind-Up Proceedings ----------------------------------------- Members of Bos Marine Pte. Ltd. on Nov. 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 CARPENTER ENGINEERED: Commences Wind-Up Proceedings --------------------------------------------------- Members of Carpenter Engineered Foams Pte. Ltd. on Nov. 14, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Bernard Juay and Shirley Lim. HATTEN LAND: To Acquire Metrocon in SGD24MM Reverse Takeover Deal ----------------------------------------------------------------- The Edge Singapore reports that Hatten Land, which is under judicial management, is acquiring a construction business in a reverse-takeover deal worth SGD24 million. The Edge Singapore relates that the developer, known for its Malacca developments, plans to pay for the acquisition of Metrocon by paying its owner, LBD Engineering, some 5.57 billion new shares. If this deal goes ahead, LBD Engineering, a building contractor, will end up owning around 60% of Hatten Land. The target business, Metrocon, is in general building construction, including piling and major upgrading works, The Edge Singapore notes. It has a paid-up capital of SGD18 million and as at Sept. 30, an unaudited book value and net tangible asset value of SGD7.38 million each. In the most recent 9MFY2025, Metrocon generated earnings of SGD1.98 million and revenue of SGD41.3 million. According to The Edge Singapore, Hatten Land has appointed Navi Corporate Advisory to do an independent valuation and the final consideration might be subject to further adjustments. Hatten Land shares have been suspended from trading since last August and in the same month, put under the judicial management of Deloitte Singapore SR&T Restructuring Services. "The judicial managers are of the view that the proposed acquisition will enable the company to venture into a business area that has potential for growth, and the opportunity to engage with its creditors to restructure and reorganise its financial position," reads Hatten Land's Nov. 21 SGX filing, The Edge Singapore relays. Separately but in conjunction, following a creditors' meeting on Oct. 31, the judicial managers were given the go-ahead to place a Hatten Land subsidiary, Hatten MS, into liquidation, The Edge Singapore reports. About Hatten Land Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ -- operates as a property developer. The Company develops malls, hotels, and residential properties. Hatten Land serves customers in Singapore and Malaysia. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 18, 2024, Hatten Land has received approval from the Singapore High Court for the appointment of Deloitte & Touche's Tan Wei Cheong and Lim Loo Khoon as joint judicial Managers. As joint judicial managers, Tan and Lim are expected to manage the group's affairs, business and property, The Edge Singapore said. HATTEN MS: Deloitte Appointed Provisional Liquidators ----------------------------------------------------- Messrs Tan Wei Cheong and Lim Loo Khoon of Deloitte on Oct. 13, 2025, were appointed as provisional liquidator of Hatten MS Pte. The provisional liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 HORNBY INVESTMENT: Creditors' Proofs of Debt Due on Dec. 21 ----------------------------------------------------------- Creditors of Hornby Investment Pte. Ltd. are required to file their proofs of debt by Dec. 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 11, 2025. The company's liquidator is: Vera Setia Pratama c/o IQ EQ Consultants (Singapore) 8 Cross Street #20-01 Manulife Tower Singapore 048424 NUTRYFARM INT'L: Revises AGM Notice Amid Judicial Management ------------------------------------------------------------ TipRanks reports that NutryFarm International Limited, currently under judicial management, has announced revisions to the Notice of its upcoming Annual General Meeting (AGM). The updated notice includes the appointment of new directors and the re-appointment of Nexia Singapore PAC as the company's auditor. These changes are part of the company's ongoing efforts to stabilize its governance structure and ensure compliance with its constitutional requirements. About NutryFarm NutryFarm International Limited (SGX:AZT) operates as a holding company. The Company, through its subsidiaries, manufactures and develops nutritional and herbal supplement products. As reported in the Troubled Company Reporter-Asia Pacific on June 30, 2022, the High Court of Singapore has granted an application to place Nutryfarm International under judicial management. Chan Yee Hong of Nexia TS Risk Advisory has been appointed as the company's judicial manager. According to The Business Times, the application for judicial management was filed by Nutryfarm's creditor, Corpbond IV Ltd, on May 10, 2022, following a spate of legal events regarding Nutryfarm's loans owed to Corpbond. =============== T H A I L A N D =============== DAOL SECURITIES: Fitch Rates New THB Net Capital Bonds 'B+(tha)' ---------------------------------------------------------------- Fitch Ratings (Thailand) has assigned DAOL Securities (Thailand) Public Company Limited's (DAOLSEC, BB(tha)/Stable) upcoming Thai baht-denominated net capital bonds a National Long-Term Rating of 'B+(tha)'. The company expects to issue the bonds in March 2026, with a tenor of up to one year and six months. The proceeds will be used to refinance its maturing net capital bonds. Key Rating Drivers The bonds are rated two notches below the company's National Long-Term Rating to reflect their subordinated status and going-concern loss-absorption features. The bonds will be issued under conditions specified by Thailand's Securities and Exchange Commission. The bonds contain loss-absorption features, such as coupon or principal deferral or coupon cancellation. These apply if the issuer fails to meet minimum regulatory requirements or settle with the clearing house or clients. Fitch has not applied additional notching, as Fitch does not expect the loss absorption triggers to be easily activated. In addition, the bonds do not have principal write-down or equity-conversion features. Fitch has also not assigned any equity credit to the instruments, as the bonds have a short tenor and do not meet requirements for equity recognition. For information on DAOLSEC's key rating drivers and rating sensitivities, please see "Fitch Affirms DAOL Securities (Thailand) at 'BB(tha)'; Outlook Stable" dated 19 November 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The bonds will be downgraded upon negative rating action on DAOLSEC's National Long-Term Rating. A weakening in DAOLSEC's credit profile or a large decline in its capital or liquidity buffers could lead to wider notching for the bonds relative to the company's rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of DAOLSEC's National Long-Term Rating would lead to positive rating action on the bonds. Date of Relevant Committee 18 November 2025 Entity/Debt Rating ----------- ------ DAOL Securities (Thailand) Public Company Limited Subordinated Natl LT B+(tha) New Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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