251127.mbx

251127.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, November 27, 2025, Vol. 28, No. 237 Headlines A U S T R A L I A BRIGHTE GREEN 2024-1: Moody's Ups Rating on Class F-C Notes to Ba1 CITY FINANCE: ASIC Issues DDO Stop Order ELECTRO OPTIC: Admits to Breaching Continuous Disclosure Rules FIRSTMAC MORTGAGE 2025-3: S&P Assigns B(sf) Rating on Cl. F Notes HEALTHSCOPE: Northwest Seeks to Install New Tenant at 12 Hospitals HINES REFRIGERATED: First Creditors' Meeting Set for Dec. 4 ILLAWARRA SERIES 2025-1: S&P Assigns BB(sf) Rating on Cl. E Notes MINERAL RESOURCES: Fitch Alters Outlook on 'BB-' IDR to Stable NANI BABU: First Creditors' Meeting Set for Dec. 3 NEVER BE PTY: First Creditors' Meeting Set for Dec. 4 PEPPER COMMERCIAL 1: S&P Assigns B(sf) Rating on Class F Notes PLENTI AUTO 2025-2: Moody's Assigns B1 Rating to AUD8.80MM F Notes SANCTUARY AUS: First Creditors' Meeting Set for Dec. 4 TEJ & GRAND: First Creditors' Meeting Set for Dec. 2 TRITON BOND 2025-4: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes VOYAGER CMBS 2025-1: S&P Assigns Prelim. B(sf) Rating on F Notes C H I N A CHINA EVERGRANDE: Asset Freeze on Founder's Ex-Wife Widened FINGERMOTION INC: Board Approves Preliminary Dividend Warrant Plan FINGERMOTION INC: Issues 190K Shares in Offshore Private Placement SENMIAO TECHNOLOGY: Raises $660,000 via Share Sale I N D I A AL-AYAAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating AMBATI SUBBANNA: ICRA Keeps B+ Debt Rating in Not Cooperating AMYRA FOODS: Insolvency Resolution Process Case Summary ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating ARVIND GREEN: Ind-Ra Affirms BB Bank Loan Rating AUTONEEDS (INDIA): Liquidation Process Case Summary BALDOR TECHNOLOGIES: Voluntary Liquidation Process Case Summary BANSAL SHIP BREAKER: Ind-Ra Cuts Loan Rating to BB+ BANSAL SHIP: Ind-Ra Cuts Bank Loan Rating to BB+ BEKO DIMON: ICRA Keeps D Debt Ratings in Not Cooperating Category CAMERICH PAPERS: CRISIL Keeps D Debt Ratings in Not Cooperating CLAYRIS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating COMP-PRINT KALPANA: Insolvency Resolution Process Case Summary DRISH SHOES: CRISIL Keeps D Debt Ratings in Not Cooperating ECOLEX INDUSTRIAL: Insolvency Resolution Process Case Summary FORTIS HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating FOUR STAR: Ind-Ra Moves BB+ Loan Rating to NonCooperating GAJANAND RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating GLOWMORE FINANCE: Ind-Ra Moves B+ Loan Rating to NonCooperating GOLDSTAR COTTEX: Ind-Ra Moves BB Loan Rating to NonCooperating GRT HOTELS: Ind-Ra Keeps B+ Loan Rating in NonCooperating HIMALAYA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating JUDE FOODS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable KAILASH GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating KAKATIYA INDUSTRIES: Ind-Ra Places BB+ Loan Rating on Watch KATRA REALTORS: NCLT Admits Company Under Insolvency Resolution KEF HOSPITALITY: Ind-Ra Assigns BB+ Bank Loan Rating KGN GENERAL: Insolvency Resolution Process Case Summary KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating KUMAR SPINTEX: Ind-Ra Keeps BB- Loan Rating in NonCooperating L.M FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating MARBLEVALLEY FOODS: Ind-Ra Assigns BB+ Bank Loan Rating NARAYAN BUILDERS: Ind-Ra Affirms BB- Bank Loan Rating ND PATIL: Ind-Ra Moves BB- Loan Rating to NonCooperating NEERAJ PIPES: Insolvency Resolution Process Case Summary OVERSEAS TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating POLO HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating RAM COTTEX: ICRA Keeps D Debt Rating in Not Cooperating Category RAVILEELA GRANITES: Ind-Ra Hikes Bank Loan Rating to BB RISHI SHARAAN: Ind-Ra Moves BB+ Rating to NonCooperating S.R INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating SAI TRADERS: Ind-Ra Moves BB+ Loan Rating to NonCooperating SANGAM HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating SAURABH AGRO-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating SHAARC PROJECTS: ICRA D Debt Ratings in Not Cooperating Category SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating SHRIVARDHMAN MILK: ICRA Keeps B+ Debt Ratings in Not Cooperating SUMRAN AGRO: Ind-Ra Withdraws BB Bank Loan Rating SURYAVANSHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating VELOCITY AUTOMOBILES: Ind-Ra Moves BB- Rating to NonCooperating WE TWO ENGINEERING: Insolvency Resolution Process Case Summary M A L A Y S I A GREENPRO CAPITAL: Closes $195K Private Placement for 150,000 Shares N E W Z E A L A N D CHRISTIAN SAVINGS: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable FIRST CREDIT: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable HOOKER PROPERTY: Creditors' Proofs of Debt Due on Dec. 16 KEBABS ON QUEEN: Court to Hear Wind-Up Petition on Feb. 5 NELSON BUILDING: Fitch Affirms 'BB+/B' Issuer Default Ratings NZSALE: Online Shopping Site Ceases Operations Q E HEALTH: Creditors' Proofs of Debt Due on Jan. 15 SDY EQUITY: Waterstone Insolvency Appointed as Receivers SPORTCLUB COMPANY: Goes Into Liquidation; Owes NZD1.5 Million STRESSFUL PLEASURE: Court to Hear Wind-Up Petition on Dec. 12 UNITY CREDIT: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative WAIRARAPA BUILDING: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable WISHBONE: Liquidator Probes Whether Company Traded While Insolvent S I N G A P O R E LIBERTY HOUSE: Court Enters Wind-Up Order NEREUS MARINE: Court Enters Wind-Up Order PINNACLE WRAP: Court Enters Wind-Up Order RECOMN TECHNOLOGIES: Court Enters Wind-Up Order WINSYS PTE: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: Auction Fails Due to Lack of Bidders S R I L A N K A HOUSING DEVELOPMENT: Fitch Puts 'BB+(lka)' Rating on Watch Positive T H A I L A N D DAOL SECURITIES: Fitch Affirms 'BB(tha)/B(tha)' National Ratings X X X X X X X X VEON LTD: Commences $100MM Buyback Program for ADSs and Bonds - - - - - ================= A U S T R A L I A ================= BRIGHTE GREEN 2024-1: Moody's Ups Rating on Class F-C Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on two classes of notes issued by Brighte Green Trust 2024-1. The affected ratings are as follows: Issuer: Brighte Green Trust 2024-1 Class C-C Notes, Upgraded to Aa2 (sf); previously on Mar 24, 2025 Upgraded to Aa3 (sf) Class F-C Notes, Upgraded to Ba1 (sf); previously on Mar 24, 2025 Upgraded to Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and good collateral performance to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the October 2025 payment date, the note subordination available for the Class C-C and F-C Notes has increased to 12% and 2.6% respectively, from 9.8% and 1.9% at the time of the last rating action for these notes in March 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the August 2025 payment date. Current outstanding notes balance as a percentage of the total closing balance is 57%. As of end-September 2025, 1.1% of the outstanding pool was 30-plus day delinquent and 0.1% was 90-plus day delinquent. The portfolio has incurred 0.4% (as a percentage of the original portfolio balance) of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 2.25% of the outstanding pool balance (equivalent to 1.7% of the original pool balance) from 2.5% of the outstanding balance (equivalent to 2% of the original balance) at the time of the last rating action in March 2025. Moody's have maintained Moody's Aaa portfolio credit enhancement assumption at 16% and recovery rate assumption at 15%. Moody's have considered sensitivity scenarios with higher default probability and higher prepayment rate to evaluate the resiliency of the note ratings. The transaction is a securitisation of Australian unsecured consumer Buy Now Pay Later (BNPL), and unsecured loan receivables originated by Brighte Capital Pty Limited. The majority of receivables are originated to homeowners to fund solar panel and home batteries installations. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. CITY FINANCE: ASIC Issues DDO Stop Order ---------------------------------------- The Australian Securities & Investments Commission (ASIC) has made an interim stop order (a 'Design and Distribution Obligations stop order or DDO stop order') preventing City Finance Lending Pty Ltd from issuing its small amount credit contract (SACC) product to retail clients because of deficiencies in its target market determination (TMD). City Finance Lending's SACC product allows consumers to borrow up to AUD2,000 for personal purposes 'to meet an unexpected expense or to make a discretionary expense and who meets [City Finance's] eligibility criteria.' ASIC is concerned that the TMD for City Finance Lending's SACC may be deficient in several key areas. First, the TMD may fail to appropriately define the target market for the SACC product in that it may not adequately: * define what an 'acceptable' source of income is, * specify which potential customers require credit for an unacceptable purpose, and * specify which potential customers are excluded from the target market for the SACC product on the basis that they do not have financial capacity to repay the principal, repayment and fees. Second, the TMD may be inconsistent with the likely objectives, financial situation and needs of a retail client, as statements made in the TMD as to minimum amounts borrowed are inconsistent with statements made on City Finance Lending's website. Finally, City Finance Lending's TMD may not contain appropriate distribution conditions to ensure the product is directed towards the target market. In particular, the distribution conditions may not: * contain details as to how SACCs can only be issued to customers within the target market * specify what information will be obtained from potential customers or third parties to establish whether they are in the target market * specify how such information will be obtained from potential customers or other parties * specify how such information will be used by City Finance Lending to decide whether or not the customers is within the target market, and * explain what controls are in place within City Finance Lending's origination and approval system to ensure that the product is likely to reach customers within the target market. ASIC made the interim order to protect consumers from obtaining and using SACCs that potentially may not be suitable for their financial objectives, situation, or needs. The order is valid for 21 days unless revoked earlier. City Finance Lending is a credit provider of small and medium amount credit contracts, with an Australian Credit Licence number 469854. ELECTRO OPTIC: Admits to Breaching Continuous Disclosure Rules -------------------------------------------------------------- Space, communications and defence systems manufacturer Electro Optic Systems Holdings Limited (EOS) has admitted breaching its continuous disclosure obligations by failing to disclose to the ASX a materially significant decline worth tens of millions of dollars in its 2022 annual revenue forecasts. Between May and June 2022, EOS issued earnings guidance to the ASX that it expected its 2022 revenue to equal or exceed AUD212.3 million. By July 25, 2022, EOS became aware that its 2022 revenue was likely to be AUD164 million with a possibility of an additional AUD27 million. However, EOS did not disclose that information for 14 weeks, until Oct. 31, 2022. ASIC Chair Joe Longo said, 'Providing accurate and timely earnings guidance to investors is a core obligation of listed entities and vital to properly informed decision-making in our public markets. 'EOS has accepted that it failed to correct its guidance when it became aware that its annual revenue forecast was overstated by tens of millions of dollars. 'Continuous disclosure of market-sensitive information is fundamental to upholding market integrity and supporting a fair and efficient financial system,' the Chair said. ASIC and EOS will ask the Federal Court to impose a AUD4 million penalty, which reflects the seriousness of the contravention while considering EOS's ongoing cooperation with ASIC's investigation and its early admission of liability. The penalty is subject to consideration and approval by the Federal Court. ASIC will seek declarations of contravention. It is a matter for the Court to determine whether the penalties are appropriate and to make other orders. ASIC has separately commenced proceedings against the former CEO and Director of EOS, Dr Ben Greene for allegedly breaching his director's duties. Electro Optic Systems Holdings Limited (EOS) is incorporated in the Australian Capital Territory and publicly listed on the Australian Securities Exchange (ASX). EOS designs, develops, builds and sells advanced defence, space and communications technology, including high precision remote weapon systems, counter drone systems and high energy lasers. EOS has admitted to breaching its continuous disclosure obligations in contravention of s674A(2) of the Corporations Act 2001 (Cth). FIRSTMAC MORTGAGE 2025-3: S&P Assigns B(sf) Rating on Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to nine of the 10 classes of prime residential mortgage-backed securities (RMBS) issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No. 4 Series 2025-3. The ratings reflect the following factors. S&P has assessed that the credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. Our assessment of credit risk takes into account Firstmac Ltd.'s (Firstmac) underwriting standards and approval processes, which are consistent with industry-wide practices, the strong servicing quality of Firstmac, and the support provided by the LMI policies on 11.9% of the loan portfolio. The notes can meet timely payment of interest -- excluding the residual interest (if applicable) due on the class B, class C, class D, class E, and class F notes -- and ultimate repayment of principal under the rating stresses. Key rating factors considered include the level of subordination provided, the interest-rate swap, the cross-currency swap, the principal draw function, the provision of a liquidity reserve funded by note over-issuance, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P has also considered the transaction's counterparty exposure. National Australia Bank Ltd. provides a fixed-rate swap to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS, Natixis S.A. provides a cross-currency swap to hedge the mismatch between the Australian-dollar receipts from the underlying assets and the yen payments on the class A1-Y notes. Westpac Banking Corp. is the bank account provider. The transaction documents include downgrade remedy language for the swaps and bank account that is consistent with S&P's counterparty criteria. S&P's ratings also take into account the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned Firstmac Mortgage Funding Trust No.4 Series 2025-3 Class A1-A, A$1,778.00 million: AAA (sf) Class A1-Y, ¥47,900.00 million: AAA (sf) Class A2: A$100.00 million: AAA (sf) Class AB: A$25.00 million: AAA (sf) Class B: A$47.50 million: AA (sf) Class C: A$41.50 million: A (sf) Class D: A$15.00 million: BBB (sf) Class E: A$11.00 million: BB (sf) Class F: A$3.00 million: B (sf) Class G: A$7.00 million: Not rated HEALTHSCOPE: Northwest Seeks to Install New Tenant at 12 Hospitals ------------------------------------------------------------------ The Australian Financial Review's Street Talk reports that Canada's Northwest Healthcare Properties has signed a binding agreement to install a new tenant at 12 of its properties currently run by Healthscope, as the private hospital operator's receivership hits the final lap after nearly two years of negotiations with lenders. Street Talk relates that sources said Northwest has agreed to hand over the operating rights for the 12 hospitals to a Catholic healthcare provider – understood to be Calvary Health. It comes after Healthscope's receivers at McGrathNicol collected bids at midday. Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. HINES REFRIGERATED: First Creditors' Meeting Set for Dec. 4 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Hines Refrigerated Transport Pty Ltd will be held on Dec. 4, 2025 at 11:00 a.m. via virtual meeting by Zoom. Ben Ismay and Scott Newton of Shaw Gidley were appointed as administrators of the company on Nov. 24, 2025. ILLAWARRA SERIES 2025-1: S&P Assigns BB(sf) Rating on Cl. E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to six of the seven classes of prime residential mortgage-backed securities (RMBS) issued by BNY Trust Co. of Australia Ltd. as trustee for Illawarra Series 2025-1 RMBS Trust. Illawarra Series 2025-1 RMBS Trust is a securitization of prime residential mortgage loans originated by IMB Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio at transaction close, including the fact that this is a closed portfolio, means that no further loans will be assigned to the trust after the closing date. The credit support is sufficient to withstand the stresses S&P applies. The credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 18.0% of the portfolio. The various mechanisms to support liquidity within the transaction, including an excess revenue reserve funded by available excess spread, principal draws, and a liquidity facility equal to 1.1% of the aggregate invested amount of the notes are sufficient under our stress assumptions to ensure timely payment of interest. There is a fixed- to floating-rate interest-rate swap provided by IMB Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the floating-rate notes. National Australia Bank Ltd. will act as standby swap provider. Ratings Assigned Illawarra Series 2025-1 RMBS Trust Class A, A$460.00 million: AAA (sf) Class AB, A$22.00 million: AAA (sf) Class B, A$8.00 million: AA (sf) Class C, A$5.25 million: A (sf) Class D, A$2.00 million: BBB (sf) Class E, A$1.50 million: BB (sf) Class F, A$1.25 million: Not rated MINERAL RESOURCES: Fitch Alters Outlook on 'BB-' IDR to Stable -------------------------------------------------------------- Fitch Ratings has revised the Outlook on Australia-based Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to Stable from Negative. At the same time, Fitch has affirmed MinRes' IDR and the rating on its senior unsecured US dollar notes at 'BB-'. The revision of the Outlook follows the announcement of the sale of MinRes' 15% stake in its lithium assets, including Wodgina and Mt Marion, to POSCO Holdings. Fitch believes the transaction will not have a material impact on MinRes' business profile, which is supported by increased exposure to mining services and the iron-ore segment as its flagship Onslow iron-ore project ramps up. The company also retains the ability to scale up its participation in lithium operations through higher production. At the same time, MinRes' EBITDA net leverage will improve, as the company intends to use the sale proceeds to reduce debt. Fitch expects the company to continue demonstrating capital allocation discipline and focusing on a strong balance sheet, which could lead to positive rating action. Key Rating Drivers Sale Improves Leverage: Fitch believes the transaction will widen MinRes' rating headroom due to the company's intention to use the sale proceeds to reduce debt. Fitch estimates MinRes' EBITDA net leverage will improve to 2.7x in the financial year ending June 2026 (FY26) from 7.7x in FYE25. MinRes has signed a binding agreement with POSCO for the sale of its 15% interest in each of the Mt Marion and Wodgina mines. MinRes will retain a 35% interest, continue to operate the mines and provide mining services. The total consideration is USD765 million, which it expects to receive in 1H26. Lower Exposure to Lithium: Fitch estimates a 5% decline in MinRes' EBITDA due to the transaction. POSCO will take over MinRes' rights to a 15% offtake of lithium gross production (on a 100% basis), which will reduce MinRes' exposure to the lithium market, where pricing conditions remain challenging. At the same time, low spodumene prices will limit the impact on the group's EBITDA from the reduction in spodumene offtake. Fitch also believes MinRes will be able to scale up production at its lithium mines when commodity prices improve sufficiently. Capital Allocation Discipline: MinRes significantly reduced its appetite for new investments and dividends to address its large debt in 2024. The company cut growth capex and postponed its growth projects other than the Onslow iron-ore project. The company indicated capex will drop to AUD1.1 billion in FY26, from AUD3.4 billion in FY24. Fitch expects the company to resume its growth plans following deleveraging, but Fitch also expects it to maintain a conservative balance sheet through the cycle. Onslow's Rising Cash Generation: Onslow reached production of 35 million tonnes per annum (mtpa) and is set to meet its FY26 production guidance of 30-33mtpa following completion of the upgrade to its haulage road. The company also expects production to increase to 38mtpa in FY27 when the last two transhippers arrive. This supports its forecast for MinRes' incremental EBITDA of around AUD1 billion on average in FY26-FY29 attributable to Onslow, in addition to AUD750 million in carry-loan repayments to MinRes from its partners. Earnings Diversification: Fitch expects Onslow's ramp-up will also boost MinRes' earnings diversification. MinRes' mining services receive a fixed fee per tonne mined for the project, which also generates toll revenue for the company's road trust, the owner of the haulage road connecting the mine with the port. This will complement MinRes' already strong position in lithium spodumene mining and mining services. Corporate Governance Issues: MinRes' rating reflects shortcomings in corporate governance that increase credit risk. The company has taken steps to address these issues by appointing a new board chair and four independent directors, and implementing enhanced procedures for related-party transactions, capital allocation, disclosure and succession planning. Fitch anticipates continued progress, which should alleviate rating pressure. Unique Model: MinRes' strength lies in the provision of pit-to-ship, life-of-mine services to mines. It funds a mine's design and construction in return for equity before securing a life-of-mine contract that charges based on production units, with no direct exposure to commodity prices. MinRes earns a margin on the volume. Current investments and developments tie the company's cash flow to lithium and iron ore markets through its vertical integration options. Prepayment Treated as Debt: MinRes presold iron ore under an agreement for USD400 million (around AUD600 million), with delivery over FY25-FY28. MinRes includes the prepayment as non-debt in its financial statements. However, Fitch treats the prepayment as debt, as Fitch believes the agreement creates an obligation for MinRes. There are costs under the agreement that are akin to interest payments and the arrangement is an alternative source of funding for the company. Peer Analysis MinRes' strong upstream lithium position, increasing iron-ore output, and integrated mining services underpin its rating and help stabilise cash flow during market downturns. Its broader earnings mix differentiates MinRes from Canada's Hudbay Minerals Inc. (BB-/Stable), whose concentration in copper amplifies cash flow volatility, and from PT Indika Energy Tbk (B+/Stable) and PT Golden Energy Mines Tbk (BB-/Stable), which are more heavily exposed to coal. MinRes currently generates less EBITDA than First Quantum Minerals Ltd. (B/Stable), but Fitch projects its EBITDA will double in FY26 as Onslow ramps up, enhancing scale. Unlike First Quantum Minerals, MinRes is not exposed to higher-risk jurisdictions and maintains competitive cost positions in both lithium and iron ore. Fitch expects MinRes' financial profile to strengthen in FY26, supported by debt reduction using proceeds from the sale of its lithium operations. This will bring its financial metrics closer to that of peers, though they will remain somewhat weaker than PT Golden Energy Mines' more conservative leverage profile. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Iron ore price of USD95/tonne (t) in 2025, USD85/t in 2026, USD75/t in 2027 and USD70/t thereafter, adjusted for impurity discounts - Spodumene concentrate price of around USD885/t in 2026 before increasing to USD1,153/t by 2029 - Gradual ramp-up in MinRes' share of export volume from Onslow to 21mt by FY27 - Spodumene concentrate sales of 400,000t (SC6 equivalent) in FY26 and 344,000t on average in FY27-FY29, reflecting the reduction to a 35% stake in Mt Marion and Wodgina - Bald Hill remains in maintenance and care across the rating horizon to FY29 - No commercial production of lithium hydroxide over FY26-FY29 - Dividend payments to resume in FY27 at a payout ratio of 25% of underlying net profit after tax - Capex forecast does not include any major growth projects after FY26 RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage rising above 4.0x for a sustained period; - Material loss of mining-service contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate positive rating action over the next 12 months as the company is implementing measures to address its corporate governance deficiencies. Fitch could consider an upgrade when there is greater certainty around these risks and the company demonstrates that EBITDA net leverage can be sustained below 3.0x. Liquidity and Debt Structure MinRes had AUD412 million in cash in June 2025 and AUD705 million in undrawn revolving facilities expiring in 2027. In October 2025, MinRes issued new bonds to refinance USD700 million in bonds maturing in May 2027. Following the sale of its lithium business, the company plans to use the proceeds to reduce its debt. The remainder of its debt maturities is well spread out. The AUD600 million prepayment will be repaid through iron-ore deliveries; Fitch expects AUD 400 million to be effectively repaid in FY26 and FY27. Issuer Profile MinRes is a mining and mining services company based in Australia. The mining segment operates iron ore and lithium mines located in Western Australia. The company also holds an interest in gas exploration and production assets in the Perth and Carnarvon Basins. Summary of Financial Adjustments Fitch has reclassified MinRes' prepayment of USD400 million (around AUD600 million) as debt. Further details are provided in the Key Rating Drivers. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations MinRes has an ESG Relevance Score of '4' for Governance Structure due to corporate governance issues, including related-party transactions involving its executives, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ ----- Mineral Resources Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- NANI BABU: First Creditors' Meeting Set for Dec. 3 -------------------------------------------------- A first meeting of the creditors in the proceedings of Nani Babu Pty Ltd will be held on Dec. 3, 2025 at 11:00 a.m. at Benefit Group at 303, 5 Celebration Drive in Bella Vista and via virtual meeting technology. Darrin Paine of TI Group was appointed as administrator of the company on Nov. 24, 2025. NEVER BE PTY: First Creditors' Meeting Set for Dec. 4 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Never Be Pty Ltd, Flume Holdings Pty Ltd, and A & J Projects Australia Pty Ltd will be held on Dec. 4, 2025 at 11:00 a.m. at the offices of RSM Australia Partners at Equinox Building 4, Level 2, 70 Kent Street in Deakin and via virtual meeting technology. Adam Kenneth Cormack and Jonathon Kingsley Colbran of RSM Australia Partners were appointed as administrators of the company on Nov. 24, 2025. PEPPER COMMERCIAL 1: S&P Assigns B(sf) Rating on Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven of the eight classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes issued by Permanent Custodians Ltd. as trustee of Pepper Commercial and Residential Securities Trust No. 1. Pepper Commercial and Residential Securities Trust No. 1 is a securitization of loans to small-ticket commercial and residential borrowers, secured by first-registered mortgages over Australian small-ticket commercial or residential properties originated by Pepper Homeloans Pty Ltd. (Pepper). The ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. S&P said, "Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for each class of rated note." The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity facility sized at 1.5% of the outstanding aggregate invested amount of the notes, and the principal draw function. An extraordinary expense reserve of A$250,000, funded from day one by Pepper, will be available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. Ratings Assigned Pepper Commercial and Residential Securities Trust No. 1 Class A1, A$325.00 million: AAA (sf) Class A2, A$70.00 million: AAA (sf) Class B, A$35.50 million: AA (sf) Class C, A$29.50 million: A (sf) Class D, A$18.50 million: BBB (sf) Class E, A$8.00 million: BB (sf) Class F, A$10.00 million: B (sf) Class G, A$3.50 million: Not rated PLENTI AUTO 2025-2: Moody's Assigns B1 Rating to AUD8.80MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as the trustee of the Plenti Auto ABS 2025-2 Trust. Issuer: Perpetual Corporate Trust Limited in its capacity as the trustee of the Plenti Auto ABS 2025-2 Trust AUD473.00 million Class A Notes, Definitive Rating Assigned Aaa (sf) AUD9.00 million Class A-X Notes, Definitive Rating Assigned Aaa (sf) AUD16.50 million Class B1 Notes, Definitive Rating Assigned Aa2 (sf) AUD16.50 million Class B2 Notes, Definitive Rating Assigned Aa2 (sf) AUD8.25 million Class C1 Notes, Definitive Rating Assigned A2 (sf) AUD8.25 million Class C2 Notes, Definitive Rating Assigned A2 (sf) AUD5.50 million Class D Notes, Definitive Rating Assigned Baa2 (sf) AUD9.90 million Class E Notes, Definitive Rating Assigned Ba1 (sf) AUD8.80 million Class F Notes, Definitive Rating Assigned B1 (sf) The AUD3.30 million Class G Notes are not rated by Moody's. Plenti Auto ABS 2025-2 Trust (Plenti 2025-2) transaction is a static cash securitisation of consumer and commercial auto loan receivables extended to prime borrowers in Australia. The loans are originated by Plenti Finance Pty Limited (Plenti) and are serviced by Plenti RE Limited (Plenti RE). Plenti is a 100%-owned Australian subsidiary of Plenti Group Limited, established in 2014 focusing on consumer lending. It started consumer automotive lending in 2017 and commercial automotive lending in 2021. Following strong growth in its automotive finance book, Plenti is issuing its sixth auto ABS term transaction. Plenti is a technology-led lending business, offering automotive, renewable energy and personal loans, delivered via its proprietary technology platform. RATINGS RATIONALE The ratings take into account, among other factors: -- The limited amount of historical data. Plenti was established in 2014, with significant origination growth beginning in 2017 onwards and commercial auto loans commencing in 2021. The collateral performance data used in Moody's analysis reflects Plenti's short origination history and does not cover a full economic cycle. -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A notes. Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among Class A through Class F Notes. Following the call date, or if the pro rata conditions are otherwise not satisfied, the principal collections distribution will revert to sequential. Initially, the Class A, Class B (Class B1 and B2), Class C (Class C1 and C2), Class D, Class E and Class F Notes benefit from 14.00%, 8.00%, 5.00%, 4.00%, 2.20% and 0.60% of note subordination, respectively. -- The Class A-X Notes are repaid according to a scheduled amortisation profile. These notes are not collateralised and are repaid through the interest waterfall only. The notes are sensitive to very high prepayment rates, which could see the underlying asset portfolio repay in full before the notes have fully amortised in September 2028. If the deal is called by the sponsor before repayment of the Class A-X Notes under the amortisation schedule in September 2028, the Class A-X Notes will be made whole and repaid in full. The notes also benefit from access to principal draw providing the Class A Notes stated amount is above zero. -- The availability of excess spread over the life of the transaction. Repayment of the Class A-X Notes in a senior position the interest waterfall reduces the availability of excess spread for the other notes. -- The liquidity facility in the amount of 1.50% of the note balances, subject to a floor of AUD1.50 million. -- The interest rate swap provided by National Australia Bank Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)). -- The experience of Plenti RE Limited as servicer, and the back-up servicing arrangements with Perpetual Corporate Trust Limited. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are a mean default rate of 2.8%, a recovery rate of 35.0%, and a Aaa portfolio credit enhancement ("PCE") of 13.3%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio default distribution curve and to associate a probability with each potential future default scenario in its ABSROM cash flow model. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 1.8%. The stress Moody's have applied in determining its mean default rate reflects the limited historical data available for Plenti's portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 13.3% is broadly in line with other Australian auto ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. Key pool features are as follows: -- Consumer loans constitute 59.6% of the pool while the remaining 40.4% is made up of commercial loans; -- The weighted average interest rate of the portfolio is 8.61%; -- The weighted average remaining term of the portfolio is 59.5 months; and -- The weighted average seasoning of the initial portfolio is 5.5 months. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Up 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. The Australian job market is a primary driver of performance. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Moody's current expectations of loss could be worse than its original expectations because of more defaults by underlying obligors. The Australian job market is a primary driver of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, lack of transactional governance and fraud. SANCTUARY AUS: First Creditors' Meeting Set for Dec. 4 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Sanctuary Aus Limited will be held on Dec. 4, 2025 at 11:00 a.m. via Microsoft Teams. Michael Slaven of Slaven Torline was appointed as administrator of the company on Nov. 24, 2025. TEJ & GRAND: First Creditors' Meeting Set for Dec. 2 ---------------------------------------------------- A first meeting of the creditors in the proceedings of TEJ & Grand Sons Pty Ltd will be held on Dec. 2, 2025 at 11:00 a.m. online via videoconference only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Nov. 20, 2025. TRITON BOND 2025-4: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to nine classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2025-4 Series. Triton Bond Trust 2025-4 Series 1 is a securitization of prime residential mortgage loans originated by Columbus Capital Pty Ltd. The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, of which 25.0% is loans secured by specialist disability accommodation (SDA) and 52.1% is loans made to self-managed superannuation fund (SMSF) borrowers. SDA is housing accommodation funded through the National Disability Insurance Scheme (NDIS). This is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. S&P said, "In our credit assessment of NDIS-related loans, we consider such loans to have higher risks than typical residential mortgage loans due to the dependency on NDIS rental income in credit underwriting, which in turn is dependent on government funding; the reliance on the operations and compliance of the SDA provider to manage the property; the specialized accommodation requirements on the property; the going concern operating nature of such residential property; and the limited data of their performance in more stressful economic periods. "Given the risks and despite the properties being residential, from a ratings perspective we consider NDIS-related loans to have a commercial nature and have applied our methodology for assessing pools of small-ticket commercial mortgage loans, based on our "Principles Of Credit Ratings" criteria, published Feb. 16, 2011. This includes different benchmark foreclosure frequency and loss-severity assumptions compared with our global RMBS methodology. "Under this methodology, we categorize NDIS-related loans as commercial. This reflects our belief that there are fundamental differences to typical residential mortgage loans that will only be accentuated as the economic environment becomes more stressed. The factors we use to adjust the benchmarks are generally in line with those seen in our global RMBS methodology, such as seasoning, repayment method, and asset location. However, other assumptions are more in line with our expectations for commercial properties, such as foreclosure expenses, recovery period, and benchmark LTV ratio. We have also factored into our analysis our view of Columbus's origination, underwriting, and servicing of its NDIS-related loan product. "The credit support provided is sufficient to withstand the stresses we apply. This credit support comprises mortgage lenders' insurance covering 4.0% of the loan portfolio as well as note subordination for all rated notes." The various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 1.0% of the invested amount of all notes, subject to a floor of 0.10% of the initial invested amount of all notes, principal draws, and a loss reserve that builds from excess spread, are sufficient under our stress assumptions to ensure timely payment of interest. An extraordinary expense reserve of A$150,000, funded from day one by Columbus Capital, is available to meet extraordinary expenses. The reserve will be topped up via excess spread, to the extent available, if drawn. A fixed-to floating-rate interest-rate swap will be provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. S&P said, "Our ratings also consider the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "We understand that the class A1-AU-S and class A1-AU-G notes will be issued under the ColCap Sustainability Framework. Issuance proceeds from these notes will be used to purchase mortgage loans that meet the eligibility criteria outlined in the framework. S&P Global Ratings does not consider in its credit rating analysis the issuer's designation of the notes as "social" or "green." Preliminary Ratings Assigned Triton Bond Trust 2025-4 Series 1 Class A1-AU, A$530.00 million: AAA (sf) Class A1-AU-S, A$210.00 million: AAA (sf) Class A1-AU-G, A$100.00 million: AAA (sf) Class A2, A$98.50 million: AAA (sf) Class B, A$22.50 million: AA (sf) Class C, A$21.00 million: A (sf) Class D, A$8.00 million: BBB (sf) Class E, A$5.00 million: BB (sf) Class F, A$1.50 million: B (sf) Class G, A$3.50 million: Not rated VOYAGER CMBS 2025-1: S&P Assigns Prelim. B(sf) Rating on F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven of the eight classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes to be issued by Perpetual Corporate Trust Ltd. as trustee of Voyager CMBS Trust 2025-1. Voyager CMBS Trust 2025-1 is a securitization of loans to small-ticket commercial borrowers, secured by first-registered mortgages over Australian small-ticket commercial or residential properties originated by BC Securities Pty Ltd. (BCS). The ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. S&P's analysis of credit risk for the small-ticket commercial mortgage loans is based on its "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, S&P has applied similar assumptions. The credit support is sufficient to withstand the stresses S&P applies. This credit support comprises note subordination for each class of rated note. The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity facility sized at 1.5% of the outstanding aggregate invested amount of the rated notes, and the principal draw function. An extraordinary expense reserve of A$250,000, funded from day one by BCS, will be available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. Preliminary Ratings Assigned Voyager CMBS Trust 2025-1 Class A1-AU, A$260.00 million: AAA (sf) Class A2, A$60.00 million: AAA (sf) Class B, A$27.00 million: AA (sf) Class C, A$25.00 million: A (sf) Class D, A$14.00 million: BBB (sf) Class E, A$7.00 million: BB (sf) Class F, A$4.20 million: B (sf) Class G, A$2.80 million: Not rated ========= C H I N A ========= CHINA EVERGRANDE: Asset Freeze on Founder's Ex-Wife Widened ----------------------------------------------------------- Bloomberg News reports that a Hong Kong court has broadened an injunction against the ex-wife of China Evergrande Group founder Hui Ka Yan, adding US$220 million in assets across Canada, Gibraltar, Jersey and Singapore. The ruling gives liquidators of the troubled developer more room to recover $6 billion owed to creditors, with Judge Russell Coleman issuing the decision in a hearing on Nov. 26, Bloomberg relates. It marks a procedural win for the liquidators, nearly two years after Evergrande's collapse in one of the world's biggest corporate failures, Bloomberg notes. Efforts to recover assets and repay creditors remain slow. Liquidators have increasingly targeted the wealth of key figures - including Hui, his ex-wife Ding Yu Mei, and former chief executive officer Xia Haijun - but have yet to return any funds to creditors. Bloomberg says the Hong Kong High Court first froze Ding's assets in 2024, followed by a similar order from a UK court. Court filings show Ding holds about CAD137 million (US$97 million) across three Canadian bank accounts, plus additional accounts in Gibraltar, Jersey, and Singapore worth more than US$220 million combined, Bloomberg discloses. 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. FINGERMOTION INC: Board Approves Preliminary Dividend Warrant Plan ------------------------------------------------------------------ FingerMotion, Inc. announced on November 17, 2025, that the Company's Board of Directors has preliminarily approved a dividend in kind of warrants to purchase shares of the Company's common stock to holders of the Company's common stock. The terms of the Dividend Warrants, and the record and payment dates for the Dividend, will be fixed by further resolution of the Board of Directors. The Dividend Warrants are anticipated to be created and allotted pursuant to a warrant agreement to be entered into between FingerMotion and a suitably qualified institutional warrant agent. The Company intends to file a registration statement on Form S-3 with the United States Securities and Exchange Commission for the purpose of registering the Dividend Warrants and the underlying Common Shares under the United States Securities Act of 1933, as amended, and to apply to The Nasdaq Stock Market LLC for the listing of the Dividend Warrants and the underlying Common Shares on the Nasdaq Capital Market. The declaration of the Dividend is expected to take place after the SEC completes its review process, subject to market and other conditions. About FingerMotion Inc. FingerMotion Inc. provides mobile payment and recharge platform solutions in China. As of August 31, 2025, the Company had $51.9 million in total assets, $36.82 million in total liabilities, and a total stockholders' equity of $15.08 million. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025 citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. FINGERMOTION INC: Issues 190K Shares in Offshore Private Placement ------------------------------------------------------------------ FingerMotion, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, the Company issued 190,000 shares of common stock at a price of $1.50 per share to one individual due to the closing of a private placement for gross proceeds of $285,000. The Company relied upon the exclusion from the registration requirements of the United States Securities Act of 1933, as amended, for offshore transactions provided by Rule 903(b) of Regulation S promulgated under the Securities Act for the issuance of such shares. About FingerMotion Inc. FingerMotion Inc. provides mobile payment and recharge platform solutions in China. As of August 31, 2025, the Company had $51.9 million in total assets, $36.82 million in total liabilities, and a total stockholders' equity of $15.08 million. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025 citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. SENMIAO TECHNOLOGY: Raises $660,000 via Share Sale -------------------------------------------------- Senmiao Technology Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 13, 2025, it entered into a securities purchase agreement with certain non-U.S. investors, pursuant to which the Company agreed to sell, and the Purchasers agreed to purchase, severally and not jointly, an aggregate of 500,000 shares of common stock of the Company, par value $0.0001 per share at an offering price of $1.32 per share. Each Purchaser has represented that he or she is not a resident of the United States and is not a "U.S. person" as defined in Rule 902(k) of Regulation S under the Securities Act and is not acquiring the SPA Shares for the account or benefit of any U.S. person. The gross proceeds of the Offering are $660,000, before the deduction of customary expenses. The SPA contains customary representations and warranties of the Company and the Purchasers, indemnification obligations of the Purchasers, and other obligations and rights of the parties. The Offering was closed on November 14, 2025. On November 14, 2025, the Company issued 200,000 shares of the Common Stock to a consultant in exchange for the consultant's services. The Shares are not subject to the registration requirements of the Securities Act of 1933, as amended, they were issued pursuant to Regulation S promulgated thereunder. A full-text copy of the SPA is available https://tinyurl.com/5n8afjx8 About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company reported net losses from continuing operations of $3.47 million and $3.85 million for the fiscal years ended March 31, 2025 and 2024, respectively. Operating losses may persist as the Company expects higher expenses tied to customer acquisition, business development, and potential expansion into new revenue-generating activities. Senmiao said it does not expect proceeds from future public offerings or anticipated cash flows to be sufficient to meet working capital needs and capital expenditures over the next 12 months from July 10, 2025. The Company warned that without significant revenue generation, it may need to curtail or cease operations. ========= I N D I A ========= AL-AYAAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Al - Ayaan Foods Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Al-Ayaan, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in January 2014, Al-Ayaan is involved in the trading of livestock for meat producers in India. The company's biggest customer is a related entity called Rayban Foods Pvt Ltd. which operates a slaughterhouse and supplies meat products to other domestic meat exporters. AMBATI SUBBANNA: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Ambati Subbanna & Company Oil Firm in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Ambati Subbanna & Company Oil Firm, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ambati Subbanna & Company Oil Firm was established in the year 1910 with the objective of manufacturing and marketing edible oils like sesame oil, ground nut oil, rice bran oil etc. The firm operates its sesame seed crushing unit in Samarlakota in East Godavari district in Andhra Pradesh with an installed capacity of 5250 MTPA. The firm sells its products under brand names such as A.S.Brand, Mansion and Pooja which have been established in the market over the years. The firm has depots in Secunderabad, Tenali and Vijayawada to facilitate the distribution of its products across the states of Andhra Pradesh and Telangana. AMYRA FOODS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Amyra Foods Private Limited Samra Industries, Sadiq Road, Faridkot Punjab, India, 1515203 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Naveen Singal 120, Vipul Business Park, Sector 48, Sohna Road, Gurgaon - 122018 Haryana, India Email: naveen@rvalutech.com Email: cirp.amyrafoods@gmail.com Last date for submission of claims: November 21, 2025 ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Annadata Rice Mill (ARM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ARM, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2007 as a partnership firm, ARM has been promoted by Mr. Sekh Jakir Ali and Mr. Mirza Amanat Ali. The firm mills govind bhog rice and has an installed milling capacity of 8,400 metric tonnes per annum (MTPA) in the Burdwan district of West Bengal. ARVIND GREEN: Ind-Ra Affirms BB Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Arvind Green Infra Private Limited's (AGIPL) bank loan facilities to Stable from Negative while affirming the rating at 'IND BB'. The detailed rating action is: -- INR970 mil. Bank loan facilities affirmed; Outlook Revised to Stable with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The Outlook revision reflects AGIPL's co-operation in providing the required information for the rating review and the regular submission of its no-default statement. The rating reflects AGIPL's continued medium scale of operations, modest EBITDA margins, modest credit metrics and poor liquidity. In the medium term, Ind-Ra expects the scale of operations and EBITDA margins to remain at similar level while the credit metrics would likely improve on account of debt repayment. The rating also considers moderate regulatory risk in the power generation business. The rating, however, is supported by the promoters over 25 years of experience in the power industry. Detailed Description of Key Rating Drivers Continued Medium Scale of Operations: AGIPL's operations remained medium with its revenue declining to INR354.7 million in FY25 (FY24: INR402.3 million), due to lower generation caused by wind scarcity. Its EBITDA fell to INR226 million in FY25 (FY24: INR241 million). Till 5MFY26, AGIPL booked revenue of INR128.5 million. In FY26, Ind-Ra expects the scale of operation to remain at similar level as the power generation capacity remain unchanged. Its FY25 numbers are provisional in nature. Continued Modest EBITDA Margins: AGIPL's EBITDA margins increased but remained modest at 63.71% in FY25 (FY24: 59.9%) supported by a decline in the windmill maintenance expenses. The return on capital employed stood at 10.2% in FY25 (FY24: 10.6%). In the medium term, Ind-Ra expects the EBITDA margins to remain at similar level due to the nature of business. Modest Credit Metrics: AGIPL's credit metrics remained modest with the gross interest coverage (operating EBITDA/gross interest expenses) increasing to 2.4x in FY25 (FY24: 2.0x), on account of lower interest expenses following a reduction in interest rate. In FY25, the net leverage (total adjusted net debt/operating EBITDAR) deteriorated to 5.5x (FY24: 5.2x), due to the decline in the EBITDA. In the medium term, Ind-Ra expects the credit metrics to improve on account of reduction in total debt due to debt repayments. Moderate Regulatory Risk: Any adverse changes in regulations notified by the Tamil Nadu Electricity Regulatory Commission might directly impact AGIPL's cash flows. Ind-Ra will continue to monitor the regulatory risks faced by AGIPL. Extensive Promoter Experience: The promoters have over 25 years of experience in the independent power producers and energy trading industry, providing an understanding of the market dynamics, and leading to established relationships with suppliers and customers. Liquidity Poor: In FY25, AGIPL had a debt service coverage ratio (DSCR) of 0.99x. Its debt repayments, as and when required, are supported by unsecured loans infused by promoters. The company's cash flow from operations declined to INR10.87 million in FY25 (FY24: INR150.87 million), due to unfavorable changes in the working capital. Consequently, the free cash flow stood at INR8.98 million in FY25 (FY24: INR149.95 million) in the absence of capex. AGIPL does not have any fund-based or non-fund-based limits. The company has debt obligations of INR145.93 and INR148.02 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR3.37 million at FYE25 (FYE24: INR25.33 million). Furthermore, AGIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Deterioration in the scale of operations, leading to deterioration in the credit metrics or a deterioration in the liquidity position or delay in support from promoters, on a sustained basis, would be negative for the ratings. Positive: An improvement in scale of operations, credit metrics and liquidity along with the DSCR rising above 1.05x would be positive for the rating. About the Company AGIPL was incorporated in 2015, engaged in operating wind power plant at Karur. V.K. Thangavel, T. Balachander and K. B. Arvind are its promoters, major shareholders and directors of AGIPL. It has 24 windmills with an installed capacity of 37.75 MW. AUTONEEDS (INDIA): Liquidation Process Case Summary --------------------------------------------------- Debtor: Autoneeds (India) Private Limited E-1/4, Pandav Nagar, Opposite Mother Dairy, Hero Honda Showroom, Patparganj, Delhi - 110092 Liquidation Commencement Date: October 27, 2025 Court: National Company Law Tribunal New Delhi Bench-IV Liquidator: Mr. Hans Raj Bhogra 5, Ground Floor, Garg Plaza, Bhera Enclave, Paschim Vihar, Near Bhatnagar International School, New Delhi – 110087 Email: hansrajbhogra@gmail.com Email: autoneedsliquidation@gmail.com Last date for submission of claims: December 14, 2025 BALDOR TECHNOLOGIES: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Baldor Technologies Account Aggregator Services Private Limited 8th Floor, Skyline Icon, Andheri Kurla Road, Chimatpada, Marol, Andheri East, Mumbai City, Mumbai, Maharashtra – 400059 Liquidation Commencement Date: November 6, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Rashmi Jadhav Incorp Restructuring Services LLP 8, 3rd Main, KSSIDC Ind Estate, 6th Block, Rajajinagar, Bangalore, Karnataka – 560010 Email: irsllp.ibc@incorprestructuring.in Email: vl.baldoraa@gmail.com Last date for submission of claims: December 6, 2025 BANSAL SHIP BREAKER: Ind-Ra Cuts Loan Rating to BB+ --------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Bansal Ship Breakers Private Limited's (BSBPL) bank loan facilities' long-term rating to 'IND BB+' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)' and short-term rating to 'IND A4+' from 'IND A3(ISSUER NOT COOPERATING)' . The Outlook is Stable. The detailed rating action is: -- INR2,274.60 bil. Bank loan facilities downgraded with IND BB+/Stable/IND A4+ rating. Analytical Approach Ind-Ra continues to fully consolidate BSBPL's group company, Bansal Ship Recyclers LLP (BSRLLLP; 'IND BB+'/Stable), collectively referred to as the Bansal group, while arriving at the rating owing to the strong operational and legal linkages between them, similar business profile and a common management. Furthermore, the entities have extended corporate guarantee for each other's entire debt. Detailed Rationale of the Rating Action The downgrade reflects the decline in the group's revenue and EBITDA margins and continued weak credit metrics in FY25. The rating continues to factor in various risks inherent to the business as well, as the procurement of ships are contingent on the rates and availability of ships in the global market. Detailed Description of Key Rating Drivers Revenue Declined in FY25, but Likely To Improve In Near Term: On a consolidated basis, the revenue declined to INR1,440.73 million in FY25 (FY24: INR2258.89 million), because of a significant drop in BSRLLP's revenue to INR18.78 million (INR1,029.63 million), resulting from a decrease in the value of the ships purchased. In FY25, ships were purchased for INR691.85 million (FY24: INR1,819.52 million). During 6MFY25, the group purchased ships for INR861.47 million and generated a revenue of INR283.58 million. As per the management, the group's revenue is likely to recover to FY24 levels in FY26. Ind-Ra expects the revenue to improve in FY26, though this would be contingent on the ships available for purchase by end-FY26. EBITDA Loss Reported in FY25, but Margins Likely to Improve in Near Term: The group's profitability is inherently volatile, as it depends on the type of ships procured for dismantling and the quality and quantity of steel, iron, and other ferrous and non-ferrous materials recovered from them. Additionally, fluctuations in global steel and iron prices significantly impact margins, as the sale value of scrap steel and iron is a key revenue driver. In FY25, the group reported an EBITDA loss of INR5.28 million (FY24: INR9.69 million; EBITDA margin of 0.43%). The group's return on capital employed remained negative in FY25 (FY24: negative ROCE). As per the management, the EBITDA margin is likely to turn positive in the near term, led by the purchase of two oil ships – one in August 2025 and the other in September 2025, which has higher amount of materials and machineries that will be sold at better rates. Continued Weak Credit Metrics in FY25: On a consolidated basis, the Bansal group reported a net cash position of INR62.21 million in FY25 in the absence of letters of credit (LC) outstanding and any long-term borrowings, except a few vehicle loans as of March 2025. In FY24, the group had reported a net debt position of INR298.28 million on account of higher LC outstanding as of March 2024. The credit metrics deteriorated in FY25 because of the EBITDA loss (FY24: gross interest coverage (operating EBITDA/gross interest expense) 0.28x; net leverage including LC (total adjusted net debt/operating EBITDAR): 30.78x). Furthermore, Ind-Ra expects the credit metrics to remain weak in the near term, though the metrics might improve because of the likely improvement in EBITDA margins. Exposure to Market and Scrap Prices Risk: The group's operations and profitability are highly exposed to fluctuations in commodity and forex prices, and are dependent on prevailing scrap prices, which could result in poor realizations, irrespective of the availability of improved quality of vessels in the market. Experienced Promoters: The promoters of the Bansal Group have over four decades of experience in the shipbreaking business, leading to established relationships with its customers and suppliers. Liquidity Adequate: The group's average month-end utilization of the non-fund-based and fund-based working capital limits was low at 9.08% and 3.74%, respectively, for the 12 months ended August 2025. The group's cash flow from operations remained volatile due to fluctuations in working capital requirements, stemming from the nature of business. The cash flow from operations turned positive at INR91.62 million in FY25 (FY24: negative INR47.27 million) owing to favorable changes in the working capital. Consequently, the free cash flow turned positive at INR46.96 million in FY25 (FY24: negative INR55.79 million). The group earned interest income of INR107.59 million in FY25 (FY24: INR97.11 million) from loans given to third parties and fixed deposits maintained for repayment of letters of credit (LC) created for the ships/vessels purchased. The group maintains 15% of the purchase value of ship as LC margin deposit, and thereafter, maintains fixed deposits, the quantum of which depends on the sale proceeds, abiding by its repayment schedule. Despite a sharp fall in creditor days to nil days in FY25 (FY24: 95 days), the group's working capital cycle improved slightly to 15 days during the year (FY24: 28 days) on account of a decrease in the inventory days to 11 days (120 days). The group had free cash and cash equivalents of INR93.88 million at FYE25 (FYE24: INR283.16 million). The group has vehicle term loans repayments of INR3.7 million each in FY26 and FY27. Rating Sensitivities Negative: Any further decline in the operating profitability or any deterioration in the liquidity or inability to secure new orders, all on a consolidated basis, shall be negative for the ratings. Positive: Any significant improvement in the scale of operations, and an improvement in the operating profitability while maintaining the liquidity, along with the group securing new orders for dismantling of ships, all on a consolidated basis, will be positive for the ratings. Any Other Information Standalone profile: On a standalone basis, BSBPL booked a revenue of INR1,421.95 million in FY25 (FY24: INR1,229.26 million). The company reported an EBITDA profit of INR2.18 million in FY25 against an EBITDA loss of INR11.93 million in FY24. The operating margin was 0.15% in FY25 (FY24: EBITDA loss). The company was net cash positive in FY25. About the Company Established in 1991, Bhavnagar, Gujarat-based BSBPL has been recycling and breaking ships since 1996. Kapoor Bansal, Rubal Bansal and Bharat Bansal are the promoters. BANSAL SHIP: Ind-Ra Cuts Bank Loan Rating to BB+ ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Bansal Ship Recyclers LLP's (BSRLLP) bank loan facilities' long-term rating to 'IND BB+' from 'IND BBB-/Negative(ISSUER NOT COOPERATING), and short-term rating to 'IND A4+' from 'IND A3 (ISSUER NOT COOPERATING)'. The Outlook is Stable. The detailed rating action is: -- INR1,509.60 bil. Bank loan facilities downgraded with IND BB+/Stable/IND A4+ rating. Analytical Approach Ind-Ra continues to fully consolidate BSRLLP's group company, Bansal Ship Breakers Private Limited (BSBPL; 'IND BB+'/Stable), collectively referred to as the Bansal group, while arriving at the rating owing to the strong operational and legal linkages between them, similar business profile and a common management. Furthermore, the entities have extended corporate guarantee for each other's entire debt. Detailed Rationale of the Rating Action The downgrade reflects the decline in the group's revenue and EBITDA margins and continued weak credit metrics in FY25. The rating continues to factor in various risks inherent to the business as well, as the procurement of ships are contingent on the rates and availability of ships in the global market. Detailed Description of Key Rating Drivers Revenue Declined in FY25, but Likely To Improve In Near Term: On a consolidated basis, the revenue declined to INR1,440.73 million in FY25 (FY24: INR2258.89 million), because of a significant drop in BSRLLP's revenue to INR18.78 million (INR1,029.63 million), resulting from a decrease in the value of the ships purchased. In FY25, ships were purchased for INR691.85 million (FY24: INR1,819.52 million). During 6MFY25, the group purchased ships for INR861.47 million and generated a revenue of INR283.58 million. As per the management, the group's revenue is likely to recover to FY24 levels in FY26. Ind-Ra expects the revenue to improve in FY26, though this would be contingent on the ships available for purchase by end-FY26. EBITDA Loss Reported in FY25, but Margins Likely to Improve in Near Term: The group's profitability is inherently volatile, as it depends on the type of ships procured for dismantling and the quality and quantity of steel, iron, and other ferrous and non-ferrous materials recovered from them. Additionally, fluctuations in global steel and iron prices significantly impact margins, as the sale value of scrap steel and iron is a key revenue driver. In FY25, the group reported an EBITDA loss of INR5.28 million (FY24: INR9.69 million; EBITDA margin of 0.43%). The group's return on capital employed remained negative in FY25 (FY24: negative ROCE). As per the management, the EBITDA margin is likely to turn positive in the near term, led by the purchase of two oil ships – one in August 2025 and the other in September 2025, which has higher amount of materials and machineries that will be sold at better rates. Continued Weak Credit Metrics in FY25: On a consolidated basis, the Bansal group reported a net cash position of INR62.21 million in FY25 in the absence of letters of credit (LC) outstanding and any long-term borrowings, except a few vehicle loans as of March 2025. In FY24, the group had reported a net debt position of INR298.28 million on account of higher LC outstanding as of March 2024. The credit metrics deteriorated in FY25 because of the EBITDA loss (FY24: gross interest coverage (operating EBITDA/gross interest expense) 0.28x; net leverage including LC (total adjusted net debt/operating EBITDAR): 30.78x). Furthermore, Ind-Ra expects the credit metrics to remain weak in the near term, though the metrics might improve because of the likely improvement in EBITDA margins. Exposure to Market and Scrap Prices Risk: The group's operations and profitability are highly exposed to fluctuations in commodity and forex prices, and are dependent on prevailing scrap prices, which could result in poor realizations, irrespective of the availability of improved quality of vessels in the market. Adequate Liquidity: Please refer to the liquidity section below. Experienced Promoters: The promoters of the Bansal Group have over four decades of experience in the shipbreaking business, leading to established relationships with its customers and suppliers. Liquidity Adequate: The group's average month-end utilization of the non-fund-based and fund-based working capital limits was low at 9.08% and 3.74%, respectively, for the 12 months ended August 2025. The group's cash flow from operations remained volatile due to fluctuations in working capital requirements, stemming from the nature of business. The cash flow from operations turned positive at INR91.62 million in FY25 (FY24: negative INR47.27 million) owing to favorable changes in the working capital. Consequently, the free cash flow turned positive at INR46.96 million in FY25 (FY24: negative INR55.79 million). The group earned interest income of INR107.59 million in FY25 (FY24: INR97.11 million) from loans given to third parties and fixed deposits maintained for repayment of letters of credit (LC) created for the ships/vessels purchased. The group maintains 15% of the purchase value of ship as LC margin deposit, and thereafter, maintains fixed deposits, the quantum of which depends on the sale proceeds, abiding by its repayment schedule. Despite a sharp fall in creditor days to nil days in FY25 (FY24: 95 days), the group's working capital cycle improved slightly to 15 days during the year (FY24: 28 days) on account of a decrease in the inventory days to 11 days (120 days). The group had free cash and cash equivalents of INR93.88 million at FYE25 (FYE24: INR283.16 million). The group has vehicle term loans repayments of INR3.7 million each in FY26 and FY27. Rating Sensitivities Negative: Any further decline in the operating profitability or any deterioration in the liquidity or inability to secure new orders, all on a consolidated basis, shall be negative for the ratings. Positive: Any significant improvement in the scale of operations, and an improvement in the operating profitability, while maintaining the liquidity, along with the group securing new orders for dismantling of ships, all on a consolidated basis, will be positive for the ratings. Any Other Information Standalone Profile: On a standalone basis, BSRLLP booked a revenue of INR18.78 million in FY25 (FY24: INR1029.63 million). The company reported an EBITDA loss of INR7.46 million in FY25 (FY24: EBITDA profit of INR21.70 million). The operating margin was 2.11% in FY24 (FY24: EBITDA loss). The company had a net debt position in FY25 and a net cash position in FY24 About the Company Established in 1983, BSRLLP (formerly Gupta Steel (Ship Breakers)) recycles and breaks ships. Kapoor Bansal, Rubal Bansal and Bharat Bansal are the promoters. BEKO DIMON: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-term and Short-Term ratings of Beko Dimon Fishing Co in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Beko Dimon Fishing Co, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Beko Dimon Fishing Company was established in the year 2003. It is registered as a 100% Export Oriented Unit (EOU). The firm is into manufacturing of fishing hooks, snoods, lines, swivels, monofilament lines and rubber tubing for the long line fishing industry and for other commercial and non-commercial fishing purposes. The firm has its manufacturing 2 facility in Nilgiris with a built up area of approximately 1830 sq m. in 1.0 acre of land. It has a capacity to manufacture 20,000 to 25,000 hooks per day which would increase to ~200,000 hooks per day with the installation of the new machinery. CAMERICH PAPERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Camerich Papers Private Limited (CPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Letter 7 CRISIL D (Issuer Not of Credit Cooperating) Proposed Letter 8 CRISIL D (Issuer Not of Credit Cooperating) Proposed Short Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 12 CRISIL D (Issuer Not Cooperating) Term Loan 18 CRISIL D (Issuer Not Cooperating) Term Loan 15 CRISIL D (Issuer Not Cooperating) Term Loan 16 CRISIL D (Issuer Not Cooperating) Term Loan 16 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPPL 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 CPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CPPL, incorporated in 2014, produces specialty packaging boards such as folding box boards and white top craft liners. Its facility at Morbi in Gujarat has installed capacity of 9,000 metric tonne per month. Mr Yogesh Patel and Mr Jaydeep Jadeja are the promoters. CLAYRIS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Clayris Ceramics Private Limited (CCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 28.36 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.36 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CCPL 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 CCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2008 by Mr. Divyesh Patel and family, Morbi-based CCPL manufactures ceramic tiles. COMP-PRINT KALPANA: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Com-Print Kalpana Private Limited 461/4 Sadashiv Peth Tilak Road, Pune, Maharashtra, India, 411030 Insolvency Commencement Date: November 4, 2025 Estimated date of closure of insolvency resolution process: June 4, 2026 Court: National Company Law Tribunal, Pune Bench Insolvency Professional: Udaykumar Bhaskar Bhat B-304, Goldville Appartments, Aundh Ravet Road, Dange Chowk, Thergaon, Pune - 411033 Email: udaybhat2805@gmail.com Email: cirp.compprintkalpana@gmail.com Last date for submission of claims: November 18, 2025 DRISH SHOES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Drish Shoes Limited (DSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 10 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Export Packing 71.66 CRISIL D (Issuer Not Credit Cooperating) Letter of credit 14 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Term Loan 3.34 CRISIL D (Issuer Not Cooperating) Term Loan 11 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DSL 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 DSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DSL, incorporated in 1987, is promoted by Mr I S Paul and Mr Atma Ram Singh. It manufactures leather footwear and finished leather. The manufacturing facilities are at Nalagarh in Himachal Pradesh, Jalandhar in Punjab, and Panchkula in Haryana. ECOLEX INDUSTRIAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Ecolex Industrial Products Private Limited Shop No. FF/23- Vihani Complex, Opposite Goras Dairy, Gandhinagar Gujarat - 382721 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Rahul Nareshbhai Shah 20, Sudershan Society, Part 2, Near Naranpura Bus stop, Naranpura, Ahmadabad, Gujarat - 380013 Email: carahulnshah@gmail.com Email: cirp.ecolex@gmail.com Last date for submission of claims: November 26, 2025 FORTIS HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the NCD, CP and STD/NCD of Fortis Healthcare Holdings Private Limited (FHHPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-NCD 490 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' Category Commercial Paper 200 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term Term/ 300 [ICRA]D; ISSUER NOT COOPERATING; NCD Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with FHHPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Fortis Healthcare Holdings Private Limited (FHHPL) is a holding/investment company, controlled by promoters of Religare Enterprises and Fortis Healthcare Limited, Mr Malvinder Mohan Singh and Mr. Shivinder Mohan Singh. FHHPL holds stake in multiple companies/assets of Mr. Malvinder Singh, Mr. Shivinder Singh and their associates. FHHPL, is in turn held by RHC Holding Private Limited (RHC) and Oscar Investments Limited (Oscar), both of which are promoter holding companies. FOUR STAR: Ind-Ra Moves BB+ Loan Rating to NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Four Star International Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR803 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Four Star International Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Four Star International Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2005, FSIL manufactures and trades knitted fabrics. The company is also engaged in printing and dyeing of yarns and fabrics. FSIL majorly caters to the domestic market and exports to Bangladesh. GAJANAND RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Gajanand Rice Mill (GRM) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.17 [ICRA] B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain in the 'Issuer Not Cooperating' category Long Term- 8.00 [ICRA] B+ (Stable) ISSUER NOT Fund-Based COOPERATING; Rating continues Cash Credit to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GRM, ICRA has been trying to seek information from the entity so as to monitor its performance, but Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1982, Gajanand Rice Mill (GRM) is engaged in processing, milling and polishing of non-basmati rice as well as trading of product mix consisting of rice bran and rice. The firm operates from its unit located at Sanand (Gujarat); with an installed capacity of processing 6 Tones/hour of paddy. The processing and milling unit of the firm is spread across an area of 17300 Sq Yards. GLOWMORE FINANCE: Ind-Ra Moves B+ Loan Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of GLOWMORE FINANCE PVT LTD to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR250 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/ Negative (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of GLOWMORE FINANCE PVT LTD on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect GLOWMORE FINANCE PVT LTD's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Glowmore is a non-banking financial company with its registered and corporate office in Ganjam, Odisha. The company promotes financial inclusion by extending products and services in the micro-credit space. It primarily offers collateral-free loans to rural women through the joint liability group model. GFPL had a network of 14 branches across four districts of Odisha as of March 31, 2025. GOLDSTAR COTTEX: Ind-Ra Moves BB Loan Rating to NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Goldstar Cottex Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR200 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Goldstar Cottex Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Goldstar Cottex Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2007, GCL is engaged in trading of raw cotton, yarn, fabric, dyes and chemicals. GCL caters to the domestic market and exports to Bangladesh. GRT HOTELS: Ind-Ra Keeps B+ Loan Rating in NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained GRT Hotels and Resorts Private Limited's (GRT Hotels) bank loan facilities' rating in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR320.83 mil. Bank loan facilities* maintained in non- cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information *Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn as the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and a no-objection certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. The agency will no longer maintain its rating coverage on the company. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with GRT Hotels while reviewing the rating. Ind-Ra had consistently followed up with GRT Hotels and Resorts Private Limited over emails since September 2023, apart from phone calls. The issuer has also not submitted the no default certificate since September 2023. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of GRT Hotels on the basis of best available information and is unable to provide a forward-looking credit view. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. GRT Hotels has been non-cooperative with the agency since September 2023. About the Company Incorporated on November 23, 1990, GRT Hotels operates 16 hotels across Tamil Nadu, Karnataka, Andhra Pradesh and Telangana; of which seven are owned properties, seven are on a long-term license and two under operating arrangements. HIMALAYA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Himalaya Food International Limited (HIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with HIL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HIL was originally promoted by Mr. Man Mohan Malik (chairman and chief executive officer) and Mr. Sanjay Kakkar (managing director) in 1992 as Himalya Cement & Calcium Carbonate Pvt Ltd (HCC) for manufacturing precipitated calcium carbonate and hydrate of lime. It was reconstituted as a public limited company with the current name in 1994. In 1998-99, these operations were discontinued. HIL now cultivates mushrooms and baby potatoes, and manufactures food items, such as indigenously processed Italian cheese, paneer, yoghurt, sweets, snacks, and breaded appetisers (eggplant, cheese, mushrooms). These products are sold under the Himalya Fresh brand. The company has manufacturing facilities at Sirmaur in Himachal Pradesh, and at Mehsana in Gujarat. JUDE FOODS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Jude Foods India Private Limited's (JFIPL) bank loan facilities as follows: -- INR356.30 mil. Bank loan facilities assigned with IND BB+/ Stable/IND A4+ rating. Analytical Approach Ind-Ra has taken a fully consolidated view of JFIPL and its group company, Marble Valley Food and Beverages Private Limited (MFBPL), jointly known as the Marble group, owing to the strong legal, operational and strategic linkages between the entities. Detailed Rationale of the Rating Action The ratings are constrained by the Marble group's stretched liquidity, modest EBITDA margins and small scale of operations in FY25. Furthermore, Ind-Ra expects the liquidity to remain stretched and the EBITDA margins to remain at similar levels in FY26. The ratings are supported by the group's comfortable credit metrics and promoter experience. Ind-Ra expects the revenue to improve in FY26, while the credit metrics are likely to remain at similar levels. Small Scale of Operations: The Marble group's consolidated revenue grew to INR1,251 million in FY25 (FY24: INR1,149 million) owing to an increase in MFBPL's revenue, which was fueled by a rise in exports to INR246 million (INR77 million). MFBPL's exports grew because of the acquisition of new customers in the UK and Maldives. The EBITDA increased to INR98.8 million in FY25 (FY24: INR81.47 million). In 1HFY26, JFIPL generated a revenue of around INR408 million. Ind-Ra expects JFIPL to witness an increase in the number of orders from Germany and China in FY26. Furthermore, MFBPL has entered new international markets, including Morocco and China, during the year. This along with expansion in the domestic market is likely to result in an increase in the consolidated revenue in FY26. Modest EBITDA Margins: The Marble group's EBITDA margin increased slightly to a modest 7.9% in FY25 (FY24: 7.09%) because of a decrease in raw material costs. The ROCE was 10.1% in FY25 (FY24: 8.3%). In FY26, Ind-Ra expects the EBITDA margin to remain at similar levels due to similar nature of operations. Comfortable Credit Metrics: The Marble group's credit metrics were comfortable in FY25, as reflected by an interest coverage (operating EBITDA/gross interest expenses) of 3.25x (FY24: 2.6x) and net leverage (total adjusted net debt/operating EBITDAR) of 4.97x (5.25x). The credit metrics improved in FY25 because of the increase in EBITDA and a decline in finance costs, due to repayment of long-term debt over the year. Ind-Ra expects the metrics to remain at similar levels in FY26, given the absence of any major debt-led capex plans. Promoter Experience: The ratings are supported by the promoters' experience of more than two decades in the seafood business, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: The Marble group's average month-end utilization of the fund-based limits was 94.80% during the 12 months ended July 2025. The utilization is likely to have remained at similar levels in the subsequent period. The cash flow from operations fell to INR13 million in FY25 (FY24: INR91.69 million) and the free cash flow declined to INR8.5 million (INR83 million), due to an increase in working capital requirements. The net working capital cycle remained elongated but improved to 135 days in FY25 (FY24: 170 days), mainly on account of a decrease in inventory days to 101 days (130 days). The Marble group provides a credit period of 80-100 days to its customers and receives a credit period of 30-90 days from its suppliers. The inventory holding period ranges between 120-140 days. The Marble group has debt repayment obligations of INR17.4 million and INR18.5 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR 1.37 million at FYE25 (FYE24: INR0.01 million). The Marble group does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Positive: An improvement in liquidity, along with a significant improvement in the scale of operations while maintaining the overall credit metrics, with EBITDA interest coverage remaining above 2.5x, and continued strong group linkages, all on a sustained basis, could lead to a positive rating action. Negative: Further pressure on the liquidity position or decline in the scale of operations, leading to deterioration in the overall credit metrics, or weakening of group linkages, could lead to a negative rating action. Any Other Information Standalone Performance: In FY25, JFIPL generated revenue of INR1,018 million (FY24: INR970 million), and an EBITDA of INR45 million (INR31 million). The EBITDA margin stood at 4.49% in FY25 (FY24: 3.22%), with a return on capital employed of 11.7% (9%). The interest coverage (operating EBITDA/gross interest expenses) stood at 2.47x in FY25 (FY24: 2.11x), while the net leverage (total adjusted net debt/operating EBITDAR) was 6.75x (7.34x). The average maximum utilization of the fund-based limits was 94.83% during the 12 months ended July 2025. The utilization is likely to have remained at similar levels in the subsequent period. About the Company Incorporated in 2003, JFIPL commenced operations in 2008, in Kanyakumari, Tamil Nadu. JFIPL is engaged in the processing of seafood, with an annual processing capacity of 7,050MT and cold storage capacity of 200MT. KAILASH GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kailash Ginning and Pressing Private Limited (KGPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KGPL 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 KGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KGPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2006, KGPL is promoted by Mr Dinesh Patel, who is based in Rajkot, Gujarat. He has experience of more than two decades in the cotton ginning industry. The company has a capacity of 240 bales per day. KAKATIYA INDUSTRIES: Ind-Ra Places BB+ Loan Rating on Watch ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has placed Kakatiya Industries Private Limited's (KIPL) bank loan facilities on Rating Watch with Developing Implications as follows: -- INR660.18 mil. Bank loan facilities Placed on Rating Watch with IND BB+/Rating Watch with Developing Implications/IND A4+/Rating Watch with Developing Implications rating. Analytical Approach Ind-Ra has taken a standalone view of KIPL from earlier consolidated one to arrive at the rating following the merger of Nagarjuna Cerachem Private Limited (NCPL) with KIPL. Post-merger, NCPL ceased to exist. Although NCL Holding (A&S) Ltd is the holding company of KIPL, except legal ties the companies operational and strategic ties are weak. Detailed Rationale of the Rating Action Ind-Ra has placed the rating on Rating Watch with Developing Implications in view of the proposed demerger of the hydro division from KIPL which will be taken over by its holding company NCL Holding. While the scheme has received the board approval and the Registrar of Companies filings have been completed, the approvals from the National Company Law Tribunal (NCLT) are pending. The timeline for the completion of the entire demerger process is unclear. According to the management, the process will take close to one year and hence, the hydro division will remain a part of KIPL's operations until end-FY26. Post-demerger, KIPL will have only chemical business, whose scale would be much smaller, although a large part of the debt would be moved out of it. As a result, the rating of the standalone chemical division after the demerger could remain at the current level or lower. However, the final rating would depend on the overall structure and the linkages between NCL Holdings and KIPL. Furthermore, the rating reflects KIPL's modest credit metrics, stretched liquidity and medium scale of operations. The rating also reflects the completion of the merger of NCPL in FY25 with KIPL and the likely demerger of its hydro division which will be taken over by its holding company NCL Holding. However, the rating is supported by the company's strong margins and the promoters' extensive experience. Detailed Description of Key Rating Drivers Medium Scale of Operations despite KIPL-NCPL Merger: KIPL's revenue remained medium despite the merger between NCPL and KIPL in FY25. The company's revenue improved to INR469.49 million in FY25 (FY24: INR345.90 million; FY23: INR360.23 million), supported by improved realizations in the chemical division. The chemical segment contributed INR145.62 million to the company's overall revenue in FY25 (FY24: INR73.73 million; FY23: INR126.74 million), supported by improved demand in ammonium nitrate, whereas sodium nitrate demand remained flat. Furthermore, NCPL's chemical division's revenue improved to INR151.76 million in FY25 (FY24: INR108.66 million; FY23: INR119.68 million). The revenue was also supported by the improved sales realization for ammonium nitrate to INR56,538/metric tons (MT in FY25 (FY24: INR49,850/MT; FY23: INR58,230/MT) and INR50,737.06/MT (INR30,273/MT; INR56,266/MT) for sodium nitrate. The hydro division's plant load factor (PLF) increased to 43% in the trailing 12 months ended March 2025 (FY24: 42%; FY23: 29%), leading to stable revenue in the hydro power segment. Stretched Liquidity: KIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The working capital cycle of the company stretched to 167 days in FY25 (FY24: 136 days; FY23: 13 days), mainly on account of the increased inventory days of 154 days (143 days; 66 days), predominantly in the form of finished goods waiting for customers delivery schedule and an increase in the debtor days to 54 days (28 days; 35 days). Modest Credit Metrics: KIPL's credit metrics remained modest with the gross interest coverage (operating EBITDA/gross interest expense) improving to 2.39x in FY25 (FY24: 2.03x; FY23: 1.82x) and the net financial leverage (adjusted net debt/operating EBITDA) reducing to 3.98x (4.61x; 4.84x), due to an increase in the absolute EBITDA to INR211.50 million (INR153.01 million; INR156.94 million). In FY26, Ind Ra expects the credit metrics to improve in the absence of any debt-funded capex and the schedule repayment of its term loans. Continued Strong Margins: KIPL's EBITDA margins increased to 45.05% in FY25 (FY24:44.24%; FY23: 43.70%), supported by the successful operation of the high-margin hydro plant and improved realization from the chemical division. The return on capital employed improved to 13.5% in FY25 (FY24: 10.9%; FY23: 12.5%). Ind Ra expects the hydro division's EBITDA margin to remain stable, supported by low operating expenses, and that of the chemical division to be volatile in the near- to medium term, on account of price fluctuations in the chemical industry. Established Customer Relations with Fixed Tenure in Hydro Power Segment; Extensive Promoter Experience: KIPL signed a long-term power purchase agreement (PPA) with Grid Corporation of Odisha Limited (GRIDCO; debt rated at IND BBB+/Stable) for the supply of the 100% power produced; the tariff is INR5.07/kWh for 35 years from the time of commissioning. The project has an installed capacity of 9MW and a gross power generation potential of 35.5 million units. This would help the company to have a stable revenue. Also, the customers in chemical division are long standing and have a healthy credit profile ensuring on time payments. The rating also benefits from the promoter's more than four decades of experience in the chemical industry, leading to established relationships with the customers and suppliers. Liquidity Stretched: The cash flow from operations turned negative to INR114.15 million in FY25 (FY24: INR82.74 million; FY23: INR1.05 million), on account of unfavorable changes in the working capital. The free cash flow deteriorated to negative INR137.53 million in FY25 (FY24: INR57.86 million; FY23: negative INR139.46 million), due to maintenance capital expenditure worth INR23.28 million incurred for the hydro power project (INR24.88 million; INR140.51 million). KIPL's average maximum utilization of the fund-based working capital limits was 95.77% for the 12 months ended August 2025. The company had cash and cash equivalents of INR43.37 million at FYE25 (FYE24: INR43.58 million; FYE23: INR21.88million). The company had scheduled repayments of INR30.8 million in FY26 and INR35 million in FY27 which are likely to be repaid using internal accruals. Rating Sensitivities The Rating Watch with Developing Implications indicates that the rating may be affirmed or downgraded or upgraded upon resolution. Ind-Ra will resolve the rating watch upon the receipt of the requisite statutory and regulatory approvals, and after receiving better clarity on the financial and credit profile of the company after the demerger is completed. Any Other Information Likely Merger of Hydro Division with Holding Company: Following the merger of KIPL and NCPL, the management plans to demerge the hydro division, which will be taken over by its holding company, NCL Holdings. However, the effective timeline for implementing the demerger is still unknown. Ind-Ra believes the impact of the merger would be credit neutral as most of the term debt belongs to the hydro division. About the Company Hyderabad-based KIPL (formerly known as Kakatiya Chemicals Private Limited) was incorporated on 31 July 1979. It is the subsidiary of NCL Holdings, which is investment company. The company has two divisions – the chemical division and the hydroelectric power division. KATRA REALTORS: NCLT Admits Company Under Insolvency Resolution --------------------------------------------------------------- The Economic Times reports that the new bench of the National Company Law Tribunal (NCLT) has admitted Katra Realtors under the corporate insolvency resolution process (CIRP) following an application filed by IL&FS Financial Services Ltd. Delhi-based Katra Realtors was a corporate guarantor to listed real estate developer Ansal Properties and Infrastructure (Ansal API), which is also currently undergoing an insolvency resolution process. ET relates that the tribunal noted that proceedings can be initiated against both the principal borrower and the guarantor simultaneously. KEF HOSPITALITY: Ind-Ra Assigns BB+ Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has rated KEF Hospitality India Private Limited's (KEF) bank facilities as follows: -- INR2.250 bil. Bank loan facilities assigned with IND BB+/ Positive rating. Detailed Rationale of the Rating Action The rating reflects a strong pace of project execution, with around 82% of the total project cost already incurred as of June 2025. Management anticipates commercial operations to begin by January 2026 — six months ahead of the originally scheduled date. This early completion timeline, along with financial closure through a sanctioned term loan and promoter capital covering the remaining construction cost, supports the rating. The rating also benefits from continued promoter support, a robust capital structure, and favorable loan terms, including a moratorium until end-FY27 and a ballooning repayment schedule. These terms provide the company with sufficient time to establish its market presence and achieve the desired occupancy levels to meet its debt obligations. The Positive Outlook reflects healthy inquiries received as on 15 October 2025 for 1Q26 which corresponds to a top line of INR45 million. The rating, however, is constrained by the company's limited geographical reach (property being located in Kozikode) and challenges related to timely talent acquisition and retention. Also, KEF remains exposed to off-take risk, and achieving and sustaining the targeted occupancy levels is a key rating monitorable. Detailed Description of Key Rating Drivers Limited Geographical Reach: KEF's upcoming wellness center in Kozikode faces a significant challenge from limited flight connectivity for its target clientele in Gulf Cooperation Council (GCC) and Asian countries, as a long travel of up to eight hours could be a major deterrent compared to competing ultra-luxurious wellness centers in Switzerland and Spain. Achieving and Maintaining Occupancy Momentum Alongside Strategic Talent Acquisition and Retention: KEF's wellness center will likely feature 35 rooms and various amenities. Although the number of rooms available may be lower than potential demand, achieving desired occupancy in the initial years and building a loyal customer base will be a key for its operations. The wellness center is a combination of therapeutic wellness services and advanced medical treatments, necessitating an experienced and qualified team of wellness and culinary experts. KEF's ability to recruit and retain this team will be a key monitorable. Stretched Liquidity: Please refer to the Liquidity section. Limited Project Execution Risk; Likely Commencement of Operations Ahead of Schedule: KEF is developing a luxury wellness center under brand name of 'Tulah' in Kozhikode, Kerala. It has achieved financial closure for the project. The total cost of the project is around INR6,300 million, out of which about INR5,000 million has already been incurred as of June 2025. Nearly 91% of the incurred capex has been funded through promoters' contribution. In September 2025, KEF was sanctioned an additional INR1,500 million a bank which covers the entire pending construction cost of INR1,300 million. Furthermore, majority of approvals are in place and management awaits a trade license from the authorities which is likely to be received by end-November 2025, post which it can start commercial operations. As informed by the management, KEF plans to launch commercial operations from January 2026, which is six months in advance from the scheduled date of commercial operations. Management also stated that they have received sufficient inquiries before the launch and the company is likely to generate revenue of INR45 million in FY26. Targeting Niche Segment with Minimal Domestic Competition: KEF's ultra-luxurious wellness center is specifically designed to cater to high net-worth and ultra-high net worth individuals. The nightly room rates could range between USD2,000 and USD2,500, positioning the resort firmly within the premium hospitality segment. The consumer group represents around 1.5% of the global adult population. It will offer services such as genome testing (pre arrival), advance diagnostic, nutrition, basic-level clinical procedures, sports medicine and rehabilitation, Ayurveda treatment, Chinese medicines namely Sowa Rigpa, Yoga, and sound therapy. Ind Ra believes KEF's wellness center provides niche services, and thus will face limited competition. Seasoned Promoters with Proven Track Record and Personal Guarantees: KEF is owned by Faizal Edavalath Kottikollon, Mariam Shabana Faizal, and Sophiya Faizal though KEF Hospitality Pte Ltd. He has over 30 years of experience in running various businesses. Faizal serves as the Chairman of the UAE India Business Council – UAE Chapter, fostering cross-border economic cooperation in the steel industry. The senior management team has a vast experience in the hospitality sector. The promoters as on 31 December 2024 had a net worth of INR2.8 billion, of which INR1.5 billion was in form of liquid assets. The promoters have extended a personal guarantee for KEF's loans and funded around 91% of the project cost. Management has stated that in case of any liquidity pressure, funds can be transferred to KEF in three to five working days. Financial Closure Achieved, Favorable Sanction Terms: KEF has achieved financial closure for the project with the additional debt sanction of INR1,500 million in September 2025, as against the total project cost of about INR1,100 million. Ind-Ra believes these funds are adequate to meet the estimated project cost. KEF has availed term loans of INR710 million (fully availed) and INR1,500 million (INR750 million availed). Additionally, the sanctioned term loan has a one-year principal repayment moratorium from the scheduled date of commercial operation (June 2026), post which the repayment will be in a ballooning structure over 44 quarterly installments. This will give the company sufficient time to establish its position in the market and achieve the desired rental and occupancy levels to service its debt obligations. Liquidity Stretched: KEF had cash and cash equivalents of INR107 million at end-March 2025. The financial closure for the project has already been achieved, including the interest during construction. Furthermore, the promoters have stated their intent to support the funding requirements and extended personal guarantees for KERF's loans. The interest cost is funded as part of the project cost, thereby providing comfort during the construction phase. The company has raised debt in the form of term loans of INR2,210 million for 12 years with a moratorium of one year from the scheduled date of commercial operations. As of September 2025, INR750 million was pending for disbursement. Also, the promoters have pledged debt mutual funds to the tune of INR567 million. Moreover, KEF is likely to create a debt service reserve account of about INR200 million to cover four quarters of debt service obligations. However, the liquidity is stretched since the project is not yet commercially operational, and operational cash flows have yet to be realized. Rating Sensitivities Negative: Failure to stabilize commercial production by not achieving the desired occupancy and average room rent could result in operational challenges, leading to a negative rating action. Positive: Stabilization of commercial production by achieving the desired occupancy and average room rent leading to a directional improvement in the operations could lead to a positive rating action. About the Company Promoted by Faizal Edavalath Kottikollon, Mariam Shabana Faizal and Sophiya Faizal, KEF is developing a premier clinical luxury wellness center in Kozhikode, Kerala. The wellness resort is likely to be operational from January 2026. KGN GENERAL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: KGN General Trading Co. Limited Registered Office: E-9 1405 St No 5 Ganpati Street Kali Sarak, Ludhiana, Ludhiana Punjab, India, 141007 Principal Office: St No 5, E-9. 1405, Ganpati Street Kali Sarak, Ludhiana, Ludhiana, Punjab, 141008 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Ludhiana Bench Insolvency Professional: Nikhil Sachdeva H. No. 2822, First Floor, Sector 32-A, Chandigarh Road, Near BCM School Ludhiana Punjab, 141010 Email: nikhilsachdeva.ca@gamil.com Email: cirp.kghn@gmail.com Last date for submission of claims: November 21, 2025 KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Konnecting India (KI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KI 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 KI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KI continues to be 'Crisil D Issuer not cooperating'. KI, based in Mumbai and established in 2008 by Mr. Anmol Samat and his mother Ms. Sapna Samat, trades in technical textile fabrics. KUMAR SPINTEX: Ind-Ra Keeps BB- Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Kumar Spintex Private Limited's (KSPL) bank loan ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR432.70 mil. Bank loan facilities maintained in non- cooperating category and withdrawn. The rating has been maintained to 'IND BB-/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn. Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a withdrawal request from the issuer and no-objection certificate from the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with KSPL while reviewing the ratings. Ind-Ra had consistently followed up with KSPL over emails since August 2025, apart from phone calls. The issuer has submitted the no default statement until March 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of KSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in June 2002, Ahmedabad-based KSPL manufactures cotton yarn of various count and cotton with a capacity of 30,000 spindles at its facility in Ahmedabad, Gujarat. The company is promoted by Balvantrai Agarwal and his family. KSPL is a part of Kumar Group, which has direct presence in weaving, dyeing and manufacturing of yarn in the textile value chain. L.M FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of L.M. Foods in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 23.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with L.M. Foods, ICRA has been trying to seek information from the entity so as to monitor its performance, but Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Based in Karnal, L.M. Foods was formed in 1997 as a partnership firm by Mr. Madan Lal and Mr. Kewal Krishnan. Mrs Krishna Devi and Mr Kewal Krishnan are equal partners in the firm. L.M. Foods is involved in milling and processing of basmati rice. The firm is also engaged in further processing of byproducts like bran and husk. From FY13, the firm has focused only on domestic sales and does not have any export sales. LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Leofortune Infrabuildcon Private Limited (LIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LIPL 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 LIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LIPL continues to be 'Crisil D Issuer not cooperating'. LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr. Sitapathy Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr. Vasant D Bhambhaniya. The company is engaged in real estate development in Navi Mumbai. The company currently has three ongoing projects - Fortune Symphony, Fortune Calypso and Fortune Oriana. MARBLEVALLEY FOODS: Ind-Ra Assigns BB+ Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated MARBLEVALLEY FOODS AND BEVERAGES PRIVATE LIMITED's (MFBPL) bank loan facilities as follows: -- INR120 mil. Bank loan facilities assigned with IND BB+/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings are constrained by the Marble group's stretched liquidity, modest EBITDA margins and small scale of operations in FY25. Furthermore, Ind-Ra expects the liquidity to remain stretched and the EBITDA margins to remain at similar levels in FY26. The ratings are supported by the group's comfortable credit metrics and promoter experience. Ind-Ra expects the revenue to improve in FY26, while the credit metrics are likely to remain at similar levels. Small Scale of Operations: The Marble group's consolidated revenue grew to INR1,251 million in FY25 (FY24: INR1,149 million) owing to an increase in MFBPL's revenue, which was fueled by a rise in exports to INR246 million (INR77 million). MFBPL's exports grew because of the acquisition of new customers in the UK and Maldives. The EBITDA increased to INR98.8 million in FY25 (FY24: INR81.47 million). In 1HFY26, MFBPL generated a revenue of around INR344 million. Ind-Ra expects JFIPL to witness an increase in the number of orders from Germany and China in FY26. Furthermore, MFBPL has entered new international markets, including Morocco and China, during the year. This along with expansion in the domestic market is likely to result in an increase in the consolidated revenue in FY26. Modest EBITDA Margins: The Marble group's EBITDA margin increased slightly to a modest 7.9% in FY25 (FY24: 7.09%) because of a decrease in raw material costs. The ROCE was 10.1% in FY25 (FY24: 8.3%). In FY26, Ind-Ra expects the EBITDA margin to remain at similar levels due to similar nature of operations. Comfortable Credit Metrics: The Marble group's credit metrics were comfortable in FY25, as reflected by an interest coverage (operating EBITDA/gross interest expenses) of 3.25x (FY24: 2.6x) and net leverage (total adjusted net debt/operating EBITDAR) of 4.97x (5.25x). The credit metrics improved in FY25 because of the increase in EBITDA and a decline in finance costs, due to repayment of long-term debt over the year. Ind-Ra expects the metrics to remain at similar levels in FY26, given the absence of any major debt-led capex plans. Promoter Experience: The ratings are supported by the promoters' experience of more than two decades in the seafood business, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: The Marble group's average month-end utilization of the fund-based limits was 94.80% during the 12 months ended July 2025. The utilization is likely to have remained at similar levels in the subsequent period. The cash flow from operations fell to INR13 million in FY25 (FY24: INR91.69 million) and the free cash flow declined to INR8.5 million (INR83 million), due to an increase in working capital requirements. The net working capital cycle remained elongated but improved to 135 days in FY25 (FY24: 170 days), mainly on account of a decrease in inventory days to 101 days (130 days). The Marble group provides a credit period of 80-100 days to its customers and receives a credit period of 30-90 days from its suppliers. The inventory holding period ranges between 120-140 days. The Marble group has debt repayment obligations of INR17.4 million and INR18.5 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR 1.37 million at FYE25 (FYE24: INR0.01 million). The Marble group does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Positive: An improvement in liquidity, along with a significant improvement in the scale of operations while maintaining the overall credit metrics, with EBITDA interest coverage remaining above 2.5x, and continued strong group linkages, all on a sustained basis, could lead to a positive rating action. Negative: Further pressure on the liquidity position or decline in the scale of operations, leading to deterioration in the overall credit metrics, or weakening of group linkages, could lead to a negative rating action. Any Other Information Standalone Performance: In FY25, MFBPL generated revenue of INR653 million (FY24: INR441 million), with an EBITDA of INR53.3 million (INR50.1 million). The EBITDA margin stood at 8.13% in FY25 (FY24: 11.36%), with a return on capital employed of 8.5% (7.7%). The interest coverage (operating EBITDA/gross interest expenses) stood at 4.44x in FY25 (FY24: 3.04x), and the net leverage (total adjusted net debt/operating EBITDAR) was 3.43x (3.96x). The average maximum utilization of the fund-based limits was 94.99% during the 12 months ended July 2025. The utilization is likely to have remained at similar levels in the subsequent period. About the Company Incorporated in 2007, MFBPL commenced production in 2020 in Tirunelveli, Tamil Nadu. The company is engaged in the processing of seafood, with 2,300MT of cold storage and annual processing capacity of 18,600MT. NARAYAN BUILDERS: Ind-Ra Affirms BB- Bank Loan Rating ----------------------------------------------------- India Ratings and Research has affirmed Sree Narayan Builders (SNB) bank loan facility rating as follows: -- INR350 mil. Bank loan facilities affirmed with IND BB-/Stable rating. Detailed Rationale of the Rating Action The affirmation reflects SNB's continued small scale of operation, modest EBITDA margin and modest credit metrics. Furthermore, Ind-Ra expects the scale of operation and EBITDA margin to remain at similar levels during FY26 on account of similar demand levels. However, the rating is supported by the promoter's experience. Detailed Description of Key Rating Drivers Continued Small Scale of operation: The rating reflects SNB's continued small scale of operations, as indicated by revenue of INR1573.50 million in FY25 (FY24: INR969.51 million) and EBITDA of INR44.07 million (INR32.97 million). In FY25, the revenue improved due to increased realizations and higher demand for thermo-mechanically treated bars and roofing sheets. The total sales volumes rose to 30,000 metric tons (MT) in FY25 (FY24: 25000MT). During 7MFY26, SNB generated revenue of about INR800 million. In FY26, Ind-Ra expects the revenue to remain at similar levels on a yoy basis due to similar levels of prices and demand for steel products. Credit Metrics to Remain Modest: SNB's credit metrics remained modest in FY25, with interest coverage (operating EBITDA/gross interest expenses) of 1.18x (FY24: 0.90x) and net leverage (total adjusted net debt/operating EBITDAR) of 7.90x (8.41x). In FY25, the credit metrics improved because of an increase in the overall EBITDA to INR44.07 million (INR32.97 million). Ind-Ra expects the credit metrics to improve further in FY26, backed by a likely improvement in EBITDA and the absence of any debt-led capex plans. EBITDA Margin Continue to be Modest: SNB's EBITDA margin fell to a modest 2.8% in FY25 (FY24: 3.4%) due to an increase in freight and transportation expenses, resulting from higher demand. The ROCE was 10.7% in FY25 (FY24: 8%). In FY26, Ind-Ra expects the EBITDA margin to remain at similar levels, given the trading and distribution nature of the business. Promoter Experience: The rating are supported by the promoters' experience of nearly three decades in the steel trading industry, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Stretched: SNB's average maximum month-end utilization of the fund-based limit was 89.40% during the 12 months ended September 2025. The cash flow from operations turned negative at INR76.22 million in FY25 (FY24: INR31.57 million) due to an increase in working capital requirements. Consequently, the free cash flow turned negative at INR81.28 million (FY24: INR29.08 million). The net working capital improved to 80 days in FY25 (FY24: 88 days), mainly because of a decrease in debtor days and inventory days. SNB has debt repayment obligations of INR1.5 million each in FY26 and FY27. The cash and cash equivalent stood at INR0.60 million at FY25 (FY24: INR40.94 million). SNB does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the credit metrics and/or further weakening of the liquidity profile will be negative for the ratings. Positive: An improvement in the scale of operations, leading to an improvement in the liquidity and credit metrics, with the EBITDA interest coverage exceeding 1.8x, on a sustained basis, will be positive for the ratings. About the Company SNB is a distributor of thermo mechanical treatment rods, steels and roof sheets in South-Bengal region. It procures materials from suppliers such as Rungta Mines Ltd., Bhushan Power and Steel Ltd. and SPS Steel Rolling Mills Ltd and distributes the same through its network of dealers. ND PATIL: Ind-Ra Moves BB- Loan Rating to NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of N. D. Patil Sugars Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR635.8 mil. Bank loan facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of N. D. Patil Sugars Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect N. D. Patil Sugars Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company NDPSPL was incorporated on January 20, 2021. Its registered office is in Islampur Sangli, Maharashtra. The company is promoted by Dattajirao Narayanrao Patil and Anjali Dattajirao Patil. The company has set up a jaggery manufacturing unit with a capacity of 1,800 tons-crushing-per-day in Koregaon grampanchayat, Sangli district, Maharashtra. The unit will commence commercial operations in FY26. NEERAJ PIPES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Neeraj Pipes Private Limited Survey No. 182, Gagan Pahad, Hyderabad, Telangana India 500052 Insolvency Commencement Date: November 4, 2025 Estimated date of closure of insolvency resolution process: May 3, 2026 (180 Days) Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Vakiti Vineeth Reddy Flat No. 301, Plot No. 426, Radhamohan Enclave, Mathrusreenagar, Miyapur, Ranga Reddy District, Hyderabad, Telangana - 500049 Email: Vineethreddy.vakiti@gmail.com 2-684/11/8, 2nd Floor, Kanka Durga Temple Street, Road No. 12, Bhavani Nagar, Banjara Hills, Hyderabad, Telangana - 500034 Email: cirp.neerajpipes@gmail.com Last date for submission of claims: November 18, 2025 OVERSEAS TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Overseas Traders (OT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Export Packing 12 CRISIL D (Issuer Not Credit & Export Cooperating) Bills Negotiation/ Foreign Bill discounting Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with OT 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 OT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OT continues to be 'Crisil D/Crisil D Issuer not cooperating'. OT, set in 1977 in Mumbai, trades beedi leaves, tobacco, spices, onion and potatoes. OT is owned & managed by Mr. Sunil Katharani, Mr. Anil Katharani, Mr. Amit Katharani and Mr. Amar Katharani. POLO HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Polo Hotels Limited (PHL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 30 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with PHL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PHL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PHL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PHL continues to be 'Crisil D Issuer not cooperating'. PHL was established in 1984 as Polo Estates Hotels and Investments Pvt Ltd by Mr. Vikas Garg. It was reconstituted as a public limited company and was renamed PHL in 1989. It was listed on the Bombay Stock Exchange in 1992. The business, however, was taken over by its present promoter, Mr. A R Dahiya, in 1998. PHL presently owns and operates a three-star hotel named Hotel North Park in Sector 32, Panchkula (Haryana). It was previously leased out to Hot Million Food Products Pvt Ltd, a chain of fast food restaurants, from 2001 to February 28, 2015. The company is developing a new hotel in Panchkula. RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Rajshree Sugars & Chemicals Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 82.84 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 334.42 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RSCL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by Late Shri. G. Varadaraj, is an integrated sugar company with three units at Theni, Villupuram, and Gingee in Tamil Nadu. It also earlier had a subsidiary sugar mill, namely Trident Sugars (TSL), at Zaheerabad in the Medak district of Andhra Pradesh. The company has a combined crushing capacity of 11,500 TCD. RAM COTTEX: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Ram Cottex Industries Private Limited (SRCI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SRCI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shree Ram Cotton Industries (SRCI) was established as a partnership firm in 2006 by Mr. Chandu Vasoya with other 3 partners. On 2nd, November 2011, there was reconstitution of partnership firm with three of the four partners being replaced. Subsequently in April 2012, the remaining of the initial partners Mr. Chadu Vasoya left from partnership. Again on 4th, July 2013 there was reconstitution of the partnership firm namely Shree Ram Cotton Industries and Mr. Rahul Vasoya and Mr. Dhanshukh Vasoya were replaced with addition of 6 new partners and further its name changed to "Shree Ram Cottex Industries" On 17th, September 2013 the partnership firm – Shree Ram Cottex industries got converted into private limited company with name "Shree Ram Cottex Industries Private Limited". SRCIPL (erstwhile SRCI) is currently managed by Mr. Ramnik Bhalalra having vast experience in cotton industry. The company has set up a unit of cotton ginning and pressing at Gondal – Rajkot Road, Dist- Rajkot to produce cotton bales and cottonseed. The company has replaced its old 24 ginning machines with new one and added 8 more ginning machines resulting in increase in production capacity from 250 bales per day to 360 bales per day. The production from new 32 machines have commenced from December 2014. The production facility is spread out over a land area of 3 acres. The company is also involved in trading of raw cotton, cotton seeds and cotton bales. RAVILEELA GRANITES: Ind-Ra Hikes Bank Loan Rating to BB ------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Ravileela Granites Limited's (RGL) bank loan facilities' long-term rating to to 'IND BB' from 'IND B/Negative(ISSUER NOT COOPERATING)', with a Stable Outlook, and short-term rating to 'IND A4+' from 'IND A4 (ISSUER NOT COOPERATING)', as follows: -- INR400 mil. Bank loan facilities upgraded with IND BB/ Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The upgrade factors in the current credit profile of RGL, following co-operation by the issuer while reviewing the rating. The rating action reflects the improvement in the company's revenue in FY25, though the scale of operations remains small, and Ind-Ra's expectation of an improvement in the credit metrics and EBITDA margins in FY26. However, the credit metrics and EBITDA margins would remain modest. The rating is supported by the promoters' experience of nearly 35 years in the granite industry, which has led to established relationships with customers and suppliers. Detailed Description of Key Rating Drivers Small Scale of Operations: RGL's revenue increased to IN421.24 million in FY25 (FY24: IN332.59 million) due to the addition of new customers. The scale of operations continued to be small. In 1HFY26, RGL achieved a revenue of INR256.10 million. In FY26, Ind-Ra expects the revenue to remain at FY25 levels due to similar nature of operations. Modest EBIDTA Margin: RGL's EBITDA margin fell sharply to a modest 2.02% in FY25 (FY24: 14.9%) as the company launched a new product in the European markets at a low price to gain market share. The ROCE was negative in FY25 (FY24: 4.9%). In FY26, Ind-Ra expects the EBITDA margin to improve on account of higher demand and increased realizations of the recently launched product. Modest Credit Metrics: RGL's interest coverage (operating EBITDA/gross interest expenses) deteriorated to 0.28x in FY25 (FY24: 1.41x) because of a decrease in the operating EBITDA to INR8.52 million (INR49.57 million). The net leverage (total adjusted net debt/operating EBITDAR) deteriorated to 57.78x in FY25 (FY24: 8.88x) due to an increase in debt levels. Ind-Ra expects the credit metrics to improve in FY26, driven by a likely improvement in the EBITDA, and believes the metrics would continue to improve over the medium term, led by scheduled repayment of long-term loans. Experienced Promoters: The rating is supported by the promoters' experience of nearly 35 years in the granite industry, which has led to established relationships with customers and suppliers. Liquidity Stretched: RGL does not have any capital market exposure and relies on banks and financial institution to meet its funding requirements. RGL's average maximum utilization of the fund-based limit was 93% during the 12 months ended August 2025. In FY25, the cash flow from operations turned negative at INR51.13 million (FY24: INR7.76 million) due to unfavorable changes in working capital. Consequently, the free cash flow also turned negative at INR52.04 million in FY25 (FY24: INR4.04 million). The net working capital cycle of the company improved to 387 days in FY25 (FY24: 604 days) because of a decrease in inventory days to 244 days (502 days). RGL's cash and cash equivalents stood at INR17.60 million at FYE25 (FYE24: INR0.27 million) RGL has scheduled repayments of INR26.86 and INR25.88 million for FY26 and FY27, respectively. Rating Sensitivities Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics, with the net leverage falling below 3.5x, and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the scale of operations, leading to a deterioration in the overall credit metrics and the liquidity profile, could lead to a negative rating action. About the Company RGL was established in the 1990 and is based out of Hyderabad, Andhra Pradesh. RGL is a granite processor and manufacturer. RGL is a 100% exporter. P Srinivas Reddy is the director of the company. RISHI SHARAAN: Ind-Ra Moves BB+ Rating to NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Rishi Sharaan Private Limited to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR550 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/ Negative (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Rishi Sharaan Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Rishi Sharaan Private Limited's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in August 2021, RSPL is primarily engaged in the wholesale trading of broken rice to breweries/ distilleries. The company is located in Madhavaram, Chennai. RSPL is promoted by C. Somasundaram. S.R INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.R Industries Limited (SRIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.92 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 10.08 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 1 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 1.35 CRISIL D (ISSUER NOT COOPERATING) Proposed Short Term 0.84 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Rupee Term Loan 8.73 CRISIL D (ISSUER NOT COOPERATING) Rupee Term Loan 7.13 CRISIL D (ISSUER NOT COOPERATING) Standby Letter 0.40 CRISIL D (ISSUER NOT of Credit COOPERATING) Crisil Ratings has been consistently following up with SRIL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SRIL was set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989; it is a contract manufacturer of footwear. It sold its terry towel business in April 2012 to focus on the footwear business. SRIL also manufactures footwear under its own brands, Red Zone and Front Foot. SAI TRADERS: Ind-Ra Moves BB+ Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of Sri Sai Traders to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR260 mil. Bank loan facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB+/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Sri Sai Traders on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Sri Sai Traders' credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Set up by Govindarajan Ethirajalu, SST commenced operations in 2000 as a proprietary concern. G.R. Kalaimathi and G. Badhri Mahesh joined the firm in subsequent years. SST was converted into a partnership firm in 2014. The firm is based in Chennai, Tamil Nadu and is engaged in the trading of agro commodities such as rice, maize and chilies. SANGAM HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sangam Health Care Products Limited (SHCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Funded Interest 2.84 CRISIL D (ISSUER NOT Term Loan COOPERATING) Long Term Loan 5 CRISIL D (ISSUER NOT COOPERATING) Working Capital 17.16 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with SHCPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHCPL continues to be 'Crisil D Issuer not cooperating'. Established in 1993 as a private company, SHCPL is engaged in manufacturing of healthcare equipments like IV sets, disposable Syringes, etc. SHCPL is promoted by Mr. Addepalli Balagopal. SAURABH AGRO-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Saurabh Agrotech Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 33.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not cooperating' category Long Term- 0.82 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not cooperating' category Short Term- 20.00 [ICRA]A4 (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not cooperating' category As part of its process and in accordance with its rating agreement with (SAPL), ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Saurabh Agrotech Private Limited (SAPL) was incorporated in 1994 as a part of the Data Group and commenced commercial production of edible oils in 2000. SAPL is engaged in manufacturing and sale of mustard oil and oil cake under the brands "Scooter", "Ashoka" and "Shivam" in various consumer packaging sizes. The company's plant, located in Alwar, Rajasthan, has a crushing capacity of 100 tonnes per day (TPD) of mustard oilseeds – a production capacity of 60,000 MTPA. It also trades in mustard oil and has increased its trading volumes in the recent years. SHAARC PROJECTS: ICRA D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shaarc Projects Limited (SPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 8.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, Shaarc Projects Limited (SPL) is engaged in civil construction work for oil refineries, power plants, gas bottling plants, water pipeline projects, commercial and residential projects etc. The company is a AA class contractor. The key promoters, Mr. Rameshwar R. Mishra and Mr. Ajesh Kumar, have extensive experience of over two decades in the civil construction business through their association with other companies in the same line of business. SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiva Lokenath Rice Mills Private Limited (SLRMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.3 CRISIL D (Issuer Not Cooperating) Cash Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Bank 1 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Cash 5 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Fund- 0.16 CRISIL D (Issuer Not Based Bank Limits Cooperating) Proposed Term Loan 9.54 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLRMPL 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 SLRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLRMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SLRMPL, which was set up in 1998, processes non-basmati rice, and trades in wheat and rice. Daily operations are managed by the director, Mr Ranjan Paul. SHRIVARDHMAN MILK: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Shrivardhman Milk Dairy Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.30 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.45 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SMDPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2006, Shrivardhman Milk Dairy Private Limited (SMDPL) is promoted by Mr. Binod Tholia, Mr. Prabhu D Tholia and Ms. Raj Kumari Tholia and has its registered office at Jaipur. The company is engaged in the business of processing of milk, milk products and sweets like Rasgulla, Gulab Jamun etc. The manufacturing plant of the company is located in RIICO Industrial Area, Kaladera, Rajasthan. The company initially started its business as a job –worker for Reliance for packaging of pasteurized milk and later on diversified into manufacturing of other products like ghee, sweets etc. Its product is sold in the brand name of "Sarawagie". The raw materials are procured from Rajasthan and adjoining areas of Gujrat while finished products is sold in Rajasthan through a network of dealers and wholesalers. SUMRAN AGRO: Ind-Ra Withdraws BB Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Sumran Agro Private Limited's (SAPL) bank loan facility rating as follows: -- The 'IND BB/Stable/IND A4+' rating on the INR270 mil. Bank loan facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received no-dues certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company SAPL was incorporated in 2000 and is based in Kolkata. The company is engaged in the blending and trading of tea (Black Tea) and exporting to international market. The company is promoted by Pradeep Kumar Agarwal, Dipti Agarwal and Shalini Agarwal. SAPL is engaged in blending and adding flavor to the tea as per the requirements of the customers. The company procures tea through auction and private purchases and exports to Iran, Russia and Middle East countries including the United Arab Emirates. SURYAVANSHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Suryavanshi Spinning Mills Limited (SSML) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.33 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.33 CRISIL D (Issuer Not Cooperating) Cash Credit 4.3 CRISIL D (Issuer Not Cooperating) Cash Credit 10.03 CRISIL D (Issuer Not Cooperating) Corporate Loan 10.43 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.48 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.13 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.79 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.35 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.83 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSML for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSML continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSML was established in 1978 and had been engaged in the production of yarn and garments and has installed capacity of 1,11,584 spindles and 21 lakh pieces of garments annually spread at three facilities ' Bhongir (Telangana), Aliabad (Telangana) and Rajna (Madhya Pradesh). The company is listed on the Bombay Stock Exchange. VELOCITY AUTOMOBILES: Ind-Ra Moves BB- Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated all the ratings of VELOCITY AUTOMOBILES PVT LTD to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR660 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of VELOCITY AUTOMOBILES PVT LTD on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect VELOCITY AUTOMOBILES PVT LTD's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 1990, VAPL provides auto-dealership for Tata and Eicher. It has three showrooms of Eicher and six showrooms of Tata Motors across Madhya Pradesh including Gwalior and Shivpuri. WE TWO ENGINEERING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: We Two Engineering Private Limited 3/55 Veteran Lane, Pallavaram Chennai 600 043 Tamil Nadu, India Insolvency Commencement Date: October 10, 2025 Estimated date of closure of insolvency resolution process: April 8, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Madhu Desikan New No. 5, 92nd Street, 18th Avenue, Ashok Nagar, Chennai 600 083 Chennai, Tamil Nadu 600 083 Email: desikan.madhu@gmail.com Last date for submission of claims: November 5, 2025 =============== M A L A Y S I A =============== GREENPRO CAPITAL: Closes $195K Private Placement for 150,000 Shares ------------------------------------------------------------------- Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, Greenpro Capital Corp. entered into Subscription Agreements with individual investors identified in the Subscription Agreements, providing for the private placement of an aggregate of 150,000 shares of the Company's common stock, par value $0.0001, at a per share purchase price of $1.30 or aggregate gross proceeds of $195,000. The Offering closed on November 14, 2025. The issuance of shares of Common Stock pursuant to the Subscription Agreements was made in reliance upon the exemptions from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated under the Securities Act. The Company believes the exemptions provided by Section 4(a)(2) and Regulation D of the Securities Act were available because the offering did not involve a public offering and each of the Purchasers in the Offering represented that he or she is an "accredited investor" within the meaning of Rule 501(a) of Regulation D. No underwriters were involved in the offer and sale of the Common Stock in the Offering. The Company plans to use the proceeds of the Offering for operating capital. A full-text copy of the Subscription Agreement is available at https://tinyurl.com/46dw4n7e About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. As of September 30, 2025, the Company had $6,124,159 in total assets, $1,793,849 in total liabilities, and $4,330,310 in total stockholders' equity. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== CHRISTIAN SAVINGS: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable ------------------------------------------------------------------ Fitch has affirmed Christian Savings Limited's (CSL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. At the same time, Fitch has affirmed the Short-Term IDRs at 'B', Viability Rating (VR) at 'bb+' and Government Support Rating (GSR) at 'ns'. Key Rating Drivers Asset Quality, Capital Underpin Ratings: CSL's Long-Term IDRs are driven by its VR. The VR is supported by CSL's low impaired loans and capital buffers. However, these factors are offset by its modest franchise and limited pricing power relative to the larger lenders and deposit takers in New Zealand. Economic Recovery: Fitch expects New Zealand's economy to pick up in 2026 following modest GDP growth in 2025 and a contraction in 2024. This growth, combined with lower unemployment, is likely to lead to improved asset quality. Fitch maintains the operating environment score below the implied 'aa' category, as household debt remains high relative to many other jurisdictions. Fitch also incorporates the less stringent regulatory oversight of non-bank deposit takers (NBDT) relative to registered banks in the operating environment assessment, resulting in a score one notch below that of New Zealand banks. New Zealand is in the process of aligning regulation of all deposit takers under one framework, and Fitch may consider aligning the NBDT operating environment score with that of banks when this is in place. Modest, Niche Franchise: CSL accounts for less than 0.1% of New Zealand's bank and non-bank system assets, although it is the country's largest lender within its niche market. The business profile score of 'bb-' is above the implied 'b' category score due to CSL's consistent business model, which has contributed to its stable financial profile and offsets its limited franchise to some degree. CSL also has some competitive advantages stemming from the close relationships with its borrowers and the church segment in general. Low-Risk Lending Practices: CSL's risk appetite score of 'bb+' is two notches above the business profile score. This reflects its conservative approach to loan origination and low loan/value ratio. CSL's close relationships with its customer base allows it to make more informed decisions on borrowing capacity and debt repayment ability. Risk controls are appropriate for the company's size and similar to those of peers. Strong Loan Performance: Fitch expects CSL's impaired-loan ratio to remain low over the next two years. It did not report any Stage 3 loans at end-February 2025, and Fitch expects a steady Stage 3 loan ratio, reflecting CSL's underwriting and strong collateral positions across its loan portfolio. The asset-quality score of 'bbb-' is below the implied 'aa' category score, as Fitch applies a negative adjustment for the high level of concentration in the loan book. Modest Weakening in Profitability: Fitch anticipates margin contraction over the next few years due to the lower interest-rate environment, although steady loan growth should partly offset margin pressure. Fitch forecasts the four-year average of the operating profit/risk-weighted asset (RWA) ratio to remain broadly supportive of the 'bb+' factor score, which is below the implied 'bbb' category score to reflect CSL's concentration and low revenue diversification. Appropriate Capital Buffers: Fitch expects CSL's Fitch Core Capital and total regulatory capital ratios to remain at the higher end of peers and be maintained at around 14%. The regulatory capital ratio stood at 14.6% at end-February 2025 and remained well above the regulatory minimums, which Fitch believes is appropriate. The capitalisation and leverage factor score of 'bb+' is below the implied 'a' category score, due to the small absolute size of CSL's capital base. Operations Wholly Deposit Funded: Fitch expects CSL's funding and liquidity profile to remain broadly stable. Its core metric, the loan/customer deposit ratio, is likely to hover around 100% over the next two years, remaining supportive of its 'bbb-' score. CSL has a niche target market, which supports a loyal depositor base. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and VR The VR and Long-Term IDRs are sensitive to a loss of support from CSL's target market, as this would ultimately diminish the company's viability. The Long-Term IDRs and VR may be downgraded if there is a weakening in the business profile, potentially reflected in growth in deposits and loans that is persistently below the system's pace, ongoing above-system net interest margin attrition or a prolonged deterioration in the loan/customer deposit ratio. Rising regulatory and investment burdens in an increasingly digitised market may reduce CSL's competitive standing and put pressure on the business profile assessment. This may prompt CSL to increase its appetite for riskier exposures, resulting in greater earnings volatility and pressure on capitalisation through the cycle. The above scenario may be reflected in a combination of the following: - the four-year average of Stage 3/gross loans increasing to be consistently above 3% (financial years ending August 2021 (FY21)-FY24 average: 0%); - the four-year average of the operating profit/RWA ratio falling below 0.5% for a sustained period (FY21-FY24 average: 1.3%); - the Fitch Core Capital ratio declining below 11.5% (end-February 2025: 14.6%) without a clear path to return to above this level; - the four-year average of the loan/customer deposit ratio sustained significantly above 100% (FY21-FY24 average: 91.9%). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of the Long-Term IDRs and VR appears unlikely in the short term, as this would require significant growth in CSL's franchise. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Short-Term IDRs: The Short-Term IDRs map to the Long-Term IDRs. GSR: The GRS of 'ns' (no support) reflects its expectation that there is no reasonable assumption of support being forthcoming, because of New Zealand's open bank resolution scheme. CSL is not part of the scheme, which allows for the imposition of losses on depositors and senior debt holders to recapitalise failed institutions. However, the existence of the scheme, in conjunction with CSL's low systemic importance, makes sovereign support doubtful. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Short-Term IDRs Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: CSL's Short-Term IDR would be downgraded if the Long-Term IDR were downgraded to 'CCC+' or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: An upgrade of the Short-Term IDRs would require an upgrade of the Long-Term IDRs to at least 'BBB-'. GSR Factors that could, individually or collectively, lead to negative rating action/downgrade: The GSR is already at the lowest level on Fitch's rating scales and cannot be downgraded further. Factors that could, individually or collectively, lead to positive rating action/upgrade: An increased propensity for the New Zealand authorities to support would be required for an upgrade of the GSR, but appears unlikely in light of the resolution framework in place and CSL's small size relative to the country's overall financial system. VR ADJUSTMENTS The operating environment score of 'a' has been assigned below the 'aa' category implied score for the following adjustment reasons: level or growth of credit (negative), regulatory and legal framework (negative). The business profile score of 'bb-' has been assigned above the 'b' category implied score for the following adjustment reason: business model (positive). The asset-quality score of 'bbb-' has been assigned below the 'aa' category implied score for the following adjustment reason: concentration (negative) The earnings and profitability score of 'bb+' has been assigned below the 'bbb' category implied score for the following adjustment reason: revenue diversification (negative) The capitalisation and leverage score of 'bb+' has been assigned below the 'a' category implied score for the following adjustment reason: size of capital base (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Christian Savings Limited LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support ns Affirmed ns FIRST CREDIT: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed New Zealand-based First Credit Union Incorporated's (FCU) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'. The Outlook is Stable. Fitch has also affirmed the Short-Term IDRs at 'B', Viability Rating (VR) at 'bb' and Government Support Rating (GSR) at 'ns' (no support). Key Rating Drivers IDRs Driven by VR: FCU's Long-Term IDRs are driven by the VR, which is assigned in line with the implied VR. The VR captures FCU's greater risk appetite relative to New Zealand banks and building societies, reflected in its higher exposure to personal loans than sector peers. This could make FCU's financial profile more volatile through the cycle. The ratings also capture FCU's small size compared with total system assets and geographical concentration in parts of New Zealand. Economic Recovery: Fitch expects New Zealand's economy to pick up in 2026 following modest GDP growth in 2025 and a contraction in 2024. This growth, combined with lower unemployment, is likely to lead to improved asset quality. Fitch maintains the operating environment score below the implied 'aa' category, as household debt remains high relative to many other jurisdictions. Fitch also incorporates the less stringent regulatory oversight of non-bank deposit takers (NBDT) relative to registered banks in the operating environment assessment, resulting in a score one notch below that of New Zealand banks. New Zealand is in the process of aligning regulation of all deposit takers under one framework, and Fitch may consider aligning the NBDT operating environment score with that of banks once this is in place. Concentrated, Consistent Business Model: FCU's simple and consistent business model partly offsets the credit union's small market position. This contributes to Fitch assigning a business profile factor score of 'bb', above the 'b' category implied score. FCU accounts for less than 0.1% of combined bank and NBDT system assets, which limits its pricing power. Exposure to Non-Mortgage Loans: FCU has greater exposure to consumer loans than most New Zealand bank and building-society peers, which Fitch considers an indication of an above-average risk appetite. The proportion of non-mortgage consumer loans in FCU's loan book has dropped in recent years, but remains high relative to that of broader-sector peers. Asset-Quality Headwinds Easing: Fitch anticipates a gradual improvement in asset quality over the next two years as rate cuts alleviate pressure on borrowers. FCU's steady underwriting and proportional increase in its mortgage exposure, combined with its expectation of a moderate improvement in unemployment, should help contain arrears. The asset-quality score of 'bb' is below the implied 'a' category, reflecting concentration by product and geography. Profitability Below Peers: Fitch expects FCU's profitability metrics to remain modest over the financial year ending June 2026 (FY26), driven by some margin compression from competition and a lower rate environment, along with moderate levels of growth. Fitch believes profitability will improve over the long term, as FCU shifts its resources from merger integration to business efficiency and growth activities. The divestment of its insurance business should also result in lower operating expenses and a simplified operating model. Robust Capital Buffers: Fitch expects no further merger activity and modest levels of loan and risk-weighted asset growth, meaning that pressure on FCU's capitalisation is unlikely. Fitch forecasts FCU's Fitch Core Capital ratio and total regulatory capital ratio to improve moderately over the next two years and for strong buffers over regulatory minimums to be maintained. The assigned 'bb+' score is below the implied 'a' category score due to the small absolute size of the capital base of only NZD71 million at FYE25. Fully Deposit-Funded: Fitch expects FCU's funding profile to be broadly stable over the next two years and for FCU to remain wholly deposit-funded. Fitch has applied a negative adjustment on FCU's funding score of 'bbb-', from the 'a' category implied score, to reflect its lack of access to the Reserve Bank of New Zealand's liquidity facilities and modest deposit franchise. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and VR FCU's Long-Term IDRs and VR may be downgraded if there is a weakening in the business profile, potentially reflected in persistent below-system growth in deposits and loans, above-system net interest margin attrition due to the need to price more sharply to compete or a prolonged deterioration in the loan/customer deposit ratio. Growing regulatory and investment burdens in an increasingly digitalised market may reduce FCU's competitive standing and also put pressure on the business profile assessment. This may prompt FCU to increase its appetite for riskier exposures, resulting in greater earnings volatility and pressure on capitalisation through the cycle. The above scenario may be reflected in a combination of the following: - the four-year average of stage 3/gross loans increasing above 4% for a sustained period (FY22-FY25 average: 1.8%); - the four-year average of the operating profit/risk-weighted asset ratio falling to below 0.25% for a sustained period (FY22-FY25 average: 0.6%); - the Fitch Core Capital ratio declining to below 9.5% without a credible plan to replenish regulatory capital buffers (FY25: 13.4%); - the four-year average of the loan/customer deposit ratio sustained significantly above 100% (FY22-FY25 average: 84.5%). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and VR An upgrade of the VR and Long-Term IDRs is unlikely in the short term, as it would require a significant improvement in the risk profile that results in more stable asset quality and earnings through the cycle. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Short-Term IDRs The Short-Term IDRs map to the Long-Term IDRs. GSR The GSR of 'ns' reflects its expectation that there is no reasonable assumption of support being forthcoming, because FCU is not part of New Zealand's open bank resolution scheme. The scheme allows for the imposition of losses on depositors and senior debt holders to recapitalise failed institutions. The existence of the scheme, in conjunction with FCU's low systemic importance, makes sovereign support doubtful. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Short-Term IDRs Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: A downgrade of the Short-Term IDRs appears unlikely, as this would require a downgrade of the Long-Term IDRs to 'CCC+' or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: An upgrade of the Short-Term IDRs would require an upgrade of the Long-Term IDRs to at least 'BBB-'. GSR Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The GSR is already at the lowest level on Fitch's rating scale and cannot be downgraded further. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: An increased propensity for the New Zealand authorities to provide support would be required for an upgrade of the GSR, but this appears unlikely in light of the resolution framework in place and FCU's small size relative to the country's overall financial system. VR ADJUSTMENTS The operating environment score of 'a' has been assigned below the 'aa' category implied score for the following adjustment reasons: level or growth of credit (negative), regulatory and legal framework (negative). The business profile score of 'bb' has been assigned above the 'b' category implied score for the following adjustment reason: business model (positive). The asset-quality score of 'bb' has been assigned below the 'a' category implied score for the following adjustment reason: concentration (negative) The capitalisation and leverage score of 'bb+' has been assigned below the 'a' category implied score for the following adjustment reason: size of capital base (negative). The funding and liquidity score of 'bbb-' has been assigned below the 'a' category implied score for the following adjustment reason: liquidity access and ordinary support (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- First Credit Union Incorporated LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Viability bb Affirmed bb Government Support ns Affirmed ns HOOKER PROPERTY: Creditors' Proofs of Debt Due on Dec. 16 --------------------------------------------------------- Creditors of Hooker Property Holdings LP 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. 19, 2025. The company's liquidators are: Colin Gower Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 KEBABS ON QUEEN: Court to Hear Wind-Up Petition on Feb. 5 --------------------------------------------------------- A petition to wind up the operations of Kebabs on Queen (Assets) Limited will be heard before the High Court at Auckland on Feb. 5, 2026, at 10:45 a.m. Lendlease Funds Management Limited filed the petition against the company on Oct. 14, 2025. The Petitioner's solicitor is: Anthony William Johnson Martelli McKegg Level 20, HSBC Tower 188 Quay Street Auckland 1010 NELSON BUILDING: Fitch Affirms 'BB+/B' Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed Nelson Building Society's (NBS) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+', Short-Term Foreign- and Local-Currency IDRs at 'B', Viability Rating (VR) at 'bb+' and Government Support Rating (GSR) at 'ns'. The Outlook on the Long-Term IDRs is Stable. Key Rating Drivers Ratings Reflect Standalone Strength: The Long-Term IDRs are driven by NBS's standalone credit profile, as indicated by its VR. The VR takes into consideration the building society's consistent underwriting standards and asset quality, balanced against its modest domestic franchise. Economic Recovery: Fitch expects New Zealand's economy to pick up in 2026, following modest GDP growth in 2025 and a contraction in 2024. This growth, combined with lower unemployment, is likely to lead to improved asset quality. However, the operating environment score of 'a' remains below the implied 'aa' category, due to high household debt relative to many other jurisdictions and less stringent regulatory oversight of non-bank deposit takers (NBDT) compared with registered banks. This results in a score one notch below that of New Zealand banks. New Zealand is in the process of aligning regulation of all deposit takers under one framework. Fitch may align the NBDT operating environment score with that of banks once this is in place. Simple, Steady Business Model: NBS's business profile factor score of 'bb+' is above the 'b' category implied score. This reflects the building society's simple and steady business model, which is focused on lower-risk residential mortgages and secured loans to small businesses. This is offset by its small franchise in New Zealand, with a market share of less than 0.2% of total banking and NBDT system assets as of end-September 2025. Conservative Risk Profile: Fitch views NBS's underwriting standards as conservative, evident from the exposure splits and weighting towards lower loan-to-value ratio mortgages. NBS's risk profile is commensurate with its business model. Loans are largely restricted to residential mortgage lending, although the building society is also exposed to commercial lending. Steady Asset Quality: Fitch expects the impaired loan ratio to remain steady at about 0.6% in the financial years ending March 2026 (FY26) and FY27 as rate cuts ease pressure on borrowers. The society's conservative underwriting standards, with a focus on low loan-to-value residential mortgages and strong collateral against commercial lending should limit losses, alongside moderate unemployment. That said, the asset-quality factor score of 'bbb' is below the implied 'a' category to reflect product and geographical concentration in the loan portfolio. Stable Earnings Outlook: Fitch has revised the outlook on the earnings and profitability score to stable, from negative, amid improving earnings prospects. The net interest margin (NIM) widened to 3.0% in FY25, from 2.7% in FY24, despite rate cuts, thanks to commercial loan expansion. Fitch expects operating profit/risk-weighted assets to stay at 0.6% in the next two years, underpinned by steady impairment costs and only a modest decline in the NIM. This is commensurate with the current factor score of 'bb+'. Capitalisation Lags Peers: Fitch expects the Fitch Core Capital ratio to improve to 6.4% by FYE26 and 6.5% by FYE27, from 6.3% in FY25, thanks to stabilising of its profitability. That said, the core metric is likely to remain at a level below that of peers. The capitalisation score of 'bb' is above the 'b' category implied score, supported by a total capital ratio of 14.1% as of end-September 2025. This was well above the 8.0% regulatory minimum. This is NBS's only regulatory capital requirement. Deposit-Focused Funding Base: Fitch expects NBS to remain largely funded by retail deposits over the next two years, with deposit growth to lag slightly behind loan growth. The funding and liquidity score of 'bbb-' is below the 'a' category implied score, as deposit costs are likely to be significantly higher for NBS relative to larger peers in a stressed environment due to its modest franchise. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDRs and VR may be downgraded upon a weakening in the business profile, potentially reflected in deposit and loan growth that is persistently below the pace of the system, above-system NIM attrition due to the need to price more sharply to compete or a prolonged deterioration in the loan/customer deposit ratio. Rising regulatory and investment burdens in an increasingly digitised market may reduce NBS's competitive standing and pressure the business profile assessment. This may prompt NBS to increase its risk appetite, adding to earnings volatility and pressuring capitalisation through the cycle. The above scenario may be reflected in a combination of the following: - stage 3 loans/gross loans increasing above 3% for a sustained period (FY22-FY25 average: 0.7%); - operating profit/risk-weighted assets falling below 0.5% for a sustained period (FY22-FY25 average: 0.8%); - the regulatory total capital ratio declining below 9.5% without a credible plan to replenish regulatory capital buffers (end-2QFY26: 14.1%); - four-year average loan/customer deposit ratio staying significantly above 100% (FY22-FY25 average: 84.2%). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The ratings may be upgraded if the society can increase its regulatory capital ratio to above 15% or its Fitch Core Capital ratio to around 14% and sustain it at this level, while improving its business profile without weakening other aspects of its credit profile. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Short-Term IDRs The Short-Term IDRs map to the Long-Term IDRs. GSR The GSR reflects its expectation that there is no reasonable assumption of support being forthcoming because of New Zealand's open bank resolution scheme. NBS is not part of the scheme, which allows for the imposition of losses on depositors and senior debt holders to recapitalise failed institutions. However, the scheme's existence, in conjunction with NBS's low systemic importance, makes sovereign support doubtful. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: Short-Term IDRs A downgrade of the Short-Term IDRs appears unlikely, as this would require a downgrade of the Long-Term IDRs to 'CCC+' or below. GSR The GSR is already at the lowest level on Fitch's rating scale and cannot be downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: Short-Term IDRs An upgrade of the Short-Term IDRs would require an upgrade of the Long-Term IDRs to at least 'BBB-'. GSR An increased propensity for the New Zealand authorities to provide support would be required for an upgrade, but this appears unlikely in light of the resolution framework in place and NBS's small size relative to the country's overall financial system. VR ADJUSTMENTS The operating environment score of 'a' has been assigned below the 'aa' category implied score for the following adjustment reasons: level or growth of credit (negative), regulatory and legal framework (negative). The business profile score of 'bb+' has been assigned above the 'b' category implied score for the following adjustment reason: business model (positive). The asset-quality score of 'bbb' has been assigned below the 'a' category implied score for the following adjustment reason: concentration (negative). The earnings and profitability score of 'bb+' has been assigned below the 'bbb' category implied score for the following adjustment reason: historical and future metrics (negative). The capitalisation and leverage score of 'bb' has been assigned above the 'b' category implied score for the following adjustment reason: regulatory capital (positive). The funding and liquidity score of 'bbb-' has been assigned below the 'a' category implied score for the following adjustment reason: liquidity access and ordinary support (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Nelson Building Society LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support ns Affirmed ns NZSALE: Online Shopping Site Ceases Operations ---------------------------------------------- Radio New Zealand reports that Christmas shoppers won't be stocking up at NZSale this year. According to RNZ, the site has closed its operations in New Zealand as of Nov. 23. RNZ relates that customers will not be able to return items due to having changed their minds but the site said it would still be able to help customers whose items arrived faulty or damaged. "But exchanges for size, colour, or preference won't be accepted or possible after this date." NZSale offered sales for a limited time, after which stock was brought in from suppliers and sent to customers. There had been some complaints in recent years about the length of time some deliveries were taking, according to RNZ. It launched in New Zealand in 2009, and operates in Australia as OzSale and Singapore as SingSale. OzSale has also said it will close its sites and operations, from January 27 next year, adds RNZ. Q E HEALTH: Creditors' Proofs of Debt Due on Jan. 15 ---------------------------------------------------- Creditors of Q E Health Limited are required to file their proofs of debt by Jan. 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 20, 2025. The company's liquidator is: Thomas Lee Rodewald C/- Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 SDY EQUITY: Waterstone Insolvency Appointed as Receivers -------------------------------------------------------- Damien Grant and Adam Botterill on Nov. 25, 2025, were appointed as receivers and managers of SDY Equity Holdings Limited. The receivers and managers may be reached at: Waterstone Insolvency 16 Piermark Drive Rosedale Auckland 0632 SPORTCLUB COMPANY: Goes Into Liquidation; Owes NZD1.5 Million ------------------------------------------------------------- New Zealand Herald reports that uniform provider Sportclub has gone into liquidation owing an estimated NZD1.5 million to hundreds of creditors, including Inland Revenue, the Bank of New Zealand and New Zealand Rugby League. Steven Khov and Kieran Jones of Khov Jones Limited were appointed liquidators of the company on Nov. 19, 2025. Sportclub Company was founded in 2002 and provided schools and sports teams with sporting equipment and uniforms. STRESSFUL PLEASURE: Court to Hear Wind-Up Petition on Dec. 12 ------------------------------------------------------------- A petition to wind up the operations of Stressful Pleasure Limited will be heard before the High Court at Auckland on Dec. 12, 2025, at 10:00 a.m. Hibiscus Marine & Storage Limited filed the petition against the company on Sept. 29, 2025. The Petitioner's solicitor is: Manu Bhanabhai Level 12 300 Queen Street Auckland UNITY CREDIT: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative --------------------------------------------------------------- Fitch Ratings has affirmed Unity Credit Union's (UCU) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Outlook remains Negative. Fitch has also affirmed the Short-Term IDRs at 'B', the Viability Rating (VR) at 'b' and the Government Support Rating (GSR) at 'ns' (no support). Key Rating Drivers Earnings Constrains Ratings: UCU's Long-Term IDRs are driven by its VR. The VR is assigned below the implied VR of 'b+' due to the credit union's weak earnings metrics, which will make it difficult for UCU to rebuild capital buffers. The credit union's strategy and cost-reduction initiatives could help improve operational efficiency in the medium to long term; however, Fitch's Negative Outlook on the Long-Term IDRs takes into consideration the risks of executing these changes. Economic Recovery: Fitch expects New Zealand's economy to pick up in 2026 following modest GDP growth in 2025 and a contraction in 2024. This growth, combined with lower unemployment, is likely to lead to improved asset quality. Fitch maintains the operating environment score below the implied 'aa' category, as household debt remains high relative to many other jurisdictions. Fitch also incorporates the less stringent regulatory oversight of non-bank deposit takers (NBDT) relative to registered banks in the operating environment assessment, resulting in a score one notch below that of New Zealand banks. New Zealand is in the process of aligning regulation of all deposit takers under one framework, and Fitch may considers aligning the NBDT operating environment score with that of banks when this is in place. Limited Franchise: UCU's business profile score reflects a simple business model yet small franchise, accounting for less than 0.1% of bank and non-bank system assets. Management seeks to restart loan growth following the successful completion of a number of technology initiatives and restructuring of its existing loan book. However, Fitch maintains the negative outlook on the 'b+' factor score, as UCU has yet to sustainably restart loan growth and return to profitability, and uncertainty remains in executing this strategy in a competitive environment. Improving Risk Appetite: Fitch revised the outlook on UCU's risk profile score to stable from negative. This reflects progress in rebalancing its loan book towards home lending and a reduced appetite for personal loans, combined with improved underwriting standards on new loans. The stable outlook also reflects its tightened risk controls, supported by the modernisation of its systems. Moderating Asset Quality Risks: Fitch has revised the outlook on UCU's asset quality score to positive from stable, reflecting the increased likelihood that UCU's stage 3 loans/gross loan ratio will be maintained at lower levels relative to recent years. This follows the continued wind down of higher-risk legacy personal loans and the progress expected in rebalancing its loan mix towards home lending. The asset quality score of 'bb-' is below the implied 'bbb' category score to reflect product concentration in the loan book. Earnings to Remain Weak: Fitch has maintained the negative outlook on its earnings and profitability score, as Fitch expects it will take longer for UCU to return to be profitability, given the challenges in expanding its loan book. UCU reported another operating loss in financial year to end-June 2025 (FY25) due to a decline in the net interest margin (NIM) and a larger loan book contraction than Fitch expected, despite a decline in operating costs. Fitch sees continued pressure on the earnings and profitability score if the planned loan book growth does not materialise. Capitalisation Pressure: Fitch expects UCU's Fitch Core Capital (FCC) ratio, 9.2% at FYE25, to remain under pressure in next two years given the weakness in earnings and profitability and loan growth plans. That said, Fitch expects the total capital ratio, 9.2% at FYE25, to remain above the regulatory minimum of 8%. The total capital ratio could dip under 8.5%, the minimum level set by the trustee, but Fitch expects this would be temporary. The factor score is below the implied 'bbb' category, to reflect UCU's limited capital buffers and its small absolute capital base, which leaves it susceptible to severe economic downturns. Deposit-Only Funding Base: Fitch expects UCU to remain fully deposit-funded over the next two years. The funding and liquidity score of 'bb' is below the implied 'a' category score, as the credit union's reliance on price-driven deposits is likely to result in higher funding costs than those of peers. Fitch also accounts for UCU's lack of access to the central bank's lender-of-last-resort facilities in this assessment, as this makes it susceptible to deposit outflows in a severe funding-market shock. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-Term IDRs and VR The Long-Term IDRs and VR may be downgraded if UCU is unsuccessful in rebalancing the loan portfolio and restoring balance-sheet growth, profitability and capital buffers. This would be most likely to result in Fitch lowering multiple factor scores. In particular, a lower earnings score could result in a downgrade even if the implied VR remains at 'b+', as retained earnings remains the primary source of capital accumulation for UCU and capital buffers are limited. The above scenario may be reflected in one or more of the following: - UCU becomes structurally unprofitable, possibly through the continued erosion of loans and deposits, requiring the credit union to price more sharply than peers and eroding the NIM; - the regulatory total capital ratio (end-June 2025: 9.2%) declines materially towards the 8% regulatory minimum without a credible plan to replenish regulatory capital buffers. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Long-Term IDRs and VR Fitch's Outlook on UCU may be revised to Stable from Negative if the credit union successfully rebalances its loan portfolio towards lower-risk residential mortgages with a sustainable loan mix, resumes balance-sheet growth and returns to profitability on a sustainable basis. Fitch expects these actions to strengthen asset-quality metrics and improve capital ratios, reflected in a consistently positive operating profit/risk-weighted assets ratio and a total capital ratio above 9.75%. An upgrade of the Long-Term IDRs and VR appears unlikely in the short term. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Short-Term IDRs The Short-Term IDRs map to the Long-Term IDRs. GSR The GSR of 'ns' assigned to UCU reflects its expectation that there is no reasonable assumption of support being forthcoming because of New Zealand's open bank resolution scheme (OBR). UCU is not part of the OBR, which allows for the imposition of losses on depositors and senior debt holders to recapitalise failed institutions. However, the existence of the scheme, in conjunction with UCU's low systemic importance, makes sovereign support doubtful. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: Short-Term IDRs UCU's Short-Term IDRs would only be downgraded if the Long-Term IDRs were downgraded to 'CCC+' or below. GSR The GSR is already at the lowest level on Fitch's rating scale and cannot be downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: Short-Term IDRs An upgrade of the Short-Term IDRs would require an upgrade of the Long-Term IDRs to at least 'BBB-'. GSR An increased propensity for the New Zealand authorities to provide support would be required for an upgrade of the GSR, but this appears unlikely in light of the resolution framework in place and UCU's small size relative to the country's overall financial system. VR ADJUSTMENTS The VR of 'b' has been assigned below the 'b+' implied score for the following adjustment reason: weakest link - earnings and profitability. The operating environment score of 'a' has been assigned below the 'aa' category implied score for the following adjustment reasons: level or growth of credit (negative), regulatory and legal framework (negative). The asset-quality score of 'bb-' has been assigned below the 'bbb' category implied score for the following adjustment reason: concentrations (negative) The capitalisation and leverage score of 'b-' has been assigned below the 'bbb' category implied score for the following adjustment reasons: size of capital base (negative), regulatory capitalisation (negative). The funding and liquidity score of 'bb' has been assigned below the 'a' category implied score for the following adjustment reasons: liquidity access and ordinary support (negative), deposit structure (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Unity Credit Union LT IDR B Affirmed B ST IDR B Affirmed B LC LT IDR B Affirmed B LC ST IDR B Affirmed B Viability b Affirmed b Government Support ns Affirmed ns WAIRARAPA BUILDING: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed New Zealand-based Wairarapa Building Society's (WBS) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. Fitch has also affirmed the Short-Term IDRs at 'B', Viability Rating (VR) at 'bb+' and Government Support Rating (GSR) at 'ns'. Key Rating Drivers VR Underpins Ratings: The society's Long-Term IDRs are supported by its VR, which is aligned with the implied VR. The VR is underpinned by WBS's asset quality, reflecting sound underwriting standards, and satisfactory capitalisation. However, its limited national footprint and modest scale increase vulnerability to shocks and constrain the potential for a VR upgrade. Economic Recovery: Fitch expects New Zealand's economy to pick up in 2026 following modest GDP growth in 2025 and a contraction in 2024. This growth, combined with lower unemployment, is likely to lead to improved asset quality. Fitch maintains the operating environment score of 'a' below the implied 'aa' category, due to high household debt relative to many other jurisdictions. Fitch also incorporates the less stringent regulatory oversight of non-bank deposit takers (NBDT) versus registered banks in the operating environment assessment, resulting in a score one notch below that of New Zealand banks. New Zealand is in the process of aligning regulation of all deposit takers under one framework and Fitch may consider aligning the NBDT operating environment score with that of banks once this is in place. Traditional Banking Focus: WBS has a modest franchise, representing less than 0.1% of combined banking and NBDT system assets as at end-March 2025. Consequently, the building society operates largely as a price-taker in its core segments, with limited competitive advantage. Fitch considers its straightforward business model, focused on residential mortgages and term deposits, as supportive of the business profile. This underpins a business profile score of 'bb-', which is above the implied 'b & below' category score. Modest Risk Profile: WBS concentrates on residential and commercial mortgage lending, with loan-to-value ratios typically below market averages. This underpins strong collateral coverage across the portfolio and supports a risk profile score of 'bb+', two notches above the business profile assessment. The risk framework is less sophisticated than at larger New Zealand peers, although it appears commensurate with the society's risk exposure. Asset Quality Headwinds Easing: Fitch anticipates a gradual improvement in asset quality over the next two years as rate cuts alleviate pressure on borrowers. WBS's emphasis on low loan-to-value residential mortgages, alongside a moderate unemployment backdrop, should help contain arrears. The asset quality score of 'bb+' sits below the implied 'a' category, reflecting concentration by product and geography. Earnings Volatility: The operating profit/risk-weighted assets ratio is likely to remain pressured following the weak 0.3% in the financial year ended March 2025 (FY25) on elevated deposit funding costs and a decline in the fair value of the society's investment properties. The 'bb+' earnings and profitability score is below the implied 'bbb' range, as WBS's revenue base is less diversified than that of larger domestic institutions. The score also incorporates earnings volatility, partly driven by periodic fair value movements in the investment property portfolio. Sound Capital Ratios: Fitch expects WBS to maintain capital ratios at the higher end of its peer group over the next two years. The Fitch Core Capital and total capital ratios both rose to 17.9% in FY25. The capitalisation and leverage score of 'bb+' sits below the implied 'a' category, because of the small absolute capital base of NZD29 million (USD16 million) at FYE25. Modest Funding Profile Improvement: Fitch expects the loans/customer deposits ratio to improve to around 84% in FY26, from 90% in FY25, as deposit growth outpaces lending. This level should be broadly sustained in FY27, with loans and deposits moving largely in tandem through the cycle. WBS remains more reliant on price-sensitive deposit funding than many peers, partly due to the absence of transactional banking services. However, this risk is mitigated by its holdings of liquid assets, primarily bank deposits, and its established, loyal customer base within the Wairarapa region. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDRs and VR may be downgraded upon a weakening in the business profile, potentially reflected in persistent below-system loan and deposit growth, above-system net interest margin attrition due to the need to price more sharply to compete or a prolonged deterioration in the loan/customer deposit ratio. Rising regulatory and investment burdens in an increasingly digitalised market may reduce WBS's competitive standing and pressure the business profile assessment. This may, in turn, prompt WBS to increase its risk appetite, resulting in greater earnings volatility and pressure on capitalisation through the cycle. The above scenario may be reflected in a combination of the following: - Four-year average of stage 3 loans/gross loans increasing to above 3.0% for a sustained period (FY22-FY25 average: 1.2%) - Four-year average of operating profit/risk-weighted assets falling to below 0.5% for a sustained period (FY22-FY25 average: 1.2%) - Fitch Core Capital ratio declining to below 11.5% without a credible plan to replenish regulatory capital buffers (FYE25: 17.9%) - Four-year average loan/customer deposit ratio remaining significantly above 100% (FY22-FY25 average: 96.5%). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of WBS's Long-Term IDRs and VR appears unlikely, as this would require a significant increase in its market share without materially weakening its underwriting standards and overall risk profile. This would also require sustained improvements in a number of the society's financial metrics. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Short-Term IDRs map to the Long-Term IDRs. GSR The GSR reflects its expectation that there is no reasonable assumption of support being forthcoming, because of New Zealand's open bank resolution scheme. WBS is not part of the scheme, which allows for the imposition of losses on depositors and senior debt holders to recapitalise failed institutions. However, Fitch believes the scheme's existence, in conjunction with WBS's low systemic importance, makes sovereign support doubtful. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Short-Term IDRs would only be downgraded if the Long-Term IDRs were downgraded to 'CCC+' or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Short-Term IDRs would be upgraded if the Long-Term IDRs were to be upgraded to at least 'BBB-'. Factors that could, individually or collectively, lead to negative rating action/downgrade: The GSR is already at the lowest level on Fitch's rating scale and cannot be downgraded further. Factors that could, individually or collectively, lead to positive rating action/upgrade: An increased propensity for the New Zealand authorities to provide support would be required for an upgrade of the GSR. However, this appears unlikely in light of the resolution framework in place and WBS's small size relative to the country's overall financial system. VR ADJUSTMENTS The operating environment score of 'a' has been assigned below the 'aa' category implied score for the following adjustment reasons: level or growth of credit (negative), regulatory and legal framework (negative). The business profile score of 'bb-' has been assigned above the 'b & below' category implied score for the following adjustment reason: business model (positive). The asset-quality score of 'bb+' has been assigned below the 'a' category implied score for the following adjustment reason: concentration (negative). The earnings and profitability score of 'bb+' has been assigned below the 'bbb' category implied score for the following adjustment reason: revenue diversification (negative). The capitalisation and leverage score of 'bb+' has been assigned below the 'a' category implied score for the following adjustment reason: size of capital base (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Wairarapa Building Society LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support ns Affirmed ns WISHBONE: Liquidator Probes Whether Company Traded While Insolvent ------------------------------------------------------------------ Dita De Boni at The Post reports that a fifth report on the liquidation of Wishbone has raised the possibility that action could be taken against company directors after indications the company had been trading while insolvent for several months prior to liquidation, during which time it racked up debts it was unable to pay back. And, liquidator Mohammed Jan said, there would also be investigations into whether payments to certain creditors and related parties were voidable, or able to be clawed back, The Post relates. By law, payments made when a company is insolvent can be voided in this way. The Post notes that husband and wife team Andrea Gibson Scarlett and Shayne Scarlett were the founders, owners and directors of Wishbone, and, accountants by trade, previously started and ran Plimmer Apartments, the award-winning Woodward Restaurant, Cafe Minnow and home store Minnow. But after 24 years running Wishbone, its holding company the Woodward Group was placed into liquidation in August 2023 by a special resolution of shareholders. The company owed creditors more than NZD6.8 million at the time it was liquidated, and continues to own the same amount over two years later. Preferential creditors are Inland Revenue, which is owed NZD462,640.16, and 86 staff, owed NZD339,961.44. Three unspecified secured creditors are owed NZD4.1 million and unsecured creditors are due NZD1.9 million, The Post discloses. About NZD400,000 in assets have been sold, and there are no more to be realised, Jan said. Wishbone, which was inspired by Britain's hugely successful Pret A Manager, was known for its lunch bar business, with 23 locations employing well over 100 staff in its heyday, and it was named as one of the country's fastest-growing companies in the Deloitte Fast 50 list in 2003. The business also had a food service arm that supplied ready-made meals such as lamb roasts and other food to wholesale clients including KiwiRail. Wellington Hospital was long Wishbone's most profitable site. According to The Post, the liquidator writes in the latest report that he considered operating this site to maintain its goodwill, but did not have the resources. Buyers were interested in the site and were introduced to the hospital, and attended several meetings held with the landlord's lawyer and property manager. But "[t]he hospital had a very strict food policy. [It] did not approve these buyers as they did not have a proven history or food policy. Further, the license to occupy the premises had expired and had not been renewed, and the hospital preferred to undertake a new tender process," wrote Jan, The Post relays. The Scarletts opened their first Wishbone store in Wellington's Woodward St in March 2004, and the hole-in-the-wall eateries providing quick gourmet lunches for working professionals quickly proliferated. But commentators said Covid-19, and a loss of trade through and after the pandemic as more and more people worked from home, put pressure on the business, while input costs in the post-pandemic years soared. ================= S I N G A P O R E ================= LIBERTY HOUSE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of Liberty House Group Pte. Ltd. The company's liquidators are: Mr. Cameron Lindsay Duncan Mr. David Dong-Won Kim c/o KordaMentha Pte. Ltd. 50 Raffles Place, #25-01 Singapore Land Tower Singapore 048623 NEREUS MARINE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of Nereus Marine Services Pte. Ltd. The company's liquidator is: Medora Xerxes Jamshid 22 Malacca Street #03-02 RB Capital Building Singapore 048980 PINNACLE WRAP: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Nov. 14, 2025, to wind up the operations of Pinnacle Wrap Pte. Ltd. The company's liquidator is: Oon Su Sun Finova Advisory 182 Cecil Street #23-02 Frasers Tower Singapore 069547 RECOMN TECHNOLOGIES: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of Recomn Technologies Pte. Ltd. The company's liquidator is: Oon Su Sun Finova Advisory 182 Cecil Street #23-02 Frasers Tower Singapore 069547 WINSYS PTE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Nov. 7, 2025, to wind up the operations of Winsys Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Auction Fails Due to Lack of Bidders ------------------------------------------------- Yonhap News reports that Homeplus Co., a financially troubled discount store chain currently under a court-led rehabilitation program, has failed to draw any bidders in an auction to sell the company, a Seoul court said Nov. 26. Yonhap relates that no companies submitted their bids by the 3:00 p.m. deadline for the auction, the Seoul Bankruptcy Court said, although two companies had previously submitted letters of intent (LOIs). Homeplus entered the rehabilitation program in March after two local credit rating agencies downgraded its corporate bonds from A3 to A3-, citing deteriorating financial health. According to Yonhap, the deadline for submitting its rehabilitation plan to the court was pushed back from Nov. 10 to Dec. 29, following several extensions since June. Two companies, including artificial intelligence agent-based direct transaction platform company Harex InfoTech Inc., had handed in their LOIs late last month but decided not to participate in the main bidding round, Yonhap notes. The court said it will discuss next steps with Homeplus, Samil PricewaterhouseCoopers, the court-appointed accounting firm, and other stakeholders, including whether to carry out another round of merger and acquisition process, Yonhap relays. Yonhap adds that Homeplus said it will continue to accept proposals for acquisition until the Dec. 29 deadline. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ================= S R I L A N K A ================= HOUSING DEVELOPMENT: Fitch Puts 'BB+(lka)' Rating on Watch Positive ------------------------------------------------------------------- Fitch Ratings has placed Housing Development Finance Corporation Bank of Sri Lanka's (HDFC) National Rating of 'BB+(lka)' and State Mortgage & Investment Bank's (SMIB) National Rating of 'BB(lka)' on Rating Watch Positive (RWP). HDFC's rating was previously on a Negative Outlook. Key Rating Drivers Acquisition on the Cards: The rating action follows the announcement by the government on 11 November 2025 that the cabinet of ministers granted approval for the proposal to transfer all the state-owned shares of HDFC and SMIB to Bank of Ceylon (BOC; CCC+/AA-(lka)/Stable) and People's Bank (Sri Lanka) (PB; AA-(lka)/Stable), respectively. The modalities and resolution of the intended acquisitions are not yet known. The RWP reflects Fitch's view that the acquisitions of HDFC and SMIB by BOC and PB, respectively, would result in HDFC and SMIB benefitting from a very high likelihood of support from their new owners. Fitch will reflect this likelihood of support via support-driven national ratings upon the completion of each transaction. Fitch expects to resolve the RWP upon closing of the transaction, and the resolution is likely to take longer than Fitch's normal Rating Watch resolution horizon of six months. Regulatory Restrictions at HDFC: Fitch revised its Outlook on HDFC's National Rating to Negative from Stable on 15 August 2025 to reflect potential deterioration in its standalone credit profile relative to similarly rated peers, due to regulatory restrictions on deposit mobilisation and selected lending products. These restrictions have dampened HDFC's competitive position in the housing loan segment, which is driven predominantly by Employees' Provident Fund (EPF)-backed loans, and its loan and deposit market share. Capital Shortfall at SMIB: The bank's capital position remains below the regulatory minimum capital requirement of LKR7.5 billion. The shortfall is estimated at around LKR2 billion-3 billion based on the June 2025 financials. SMIB is profitable, while Fitch believes that earnings retention alone will be insufficient to meet this shortfall in the near to medium term. Fitch reviewed SMIB's ratings with no rating action on 8 September 2025. Please refer to the Rating Action Commentary - Fitch Assigns State Mortgage & Investment Bank a First-Time 'BB(lka)' Rating; Outlook Stable - published on 28 March 2025 for the Key Rating Drivers and Sensitivities Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Fitch would remove the ratings from RWP if the acquisition does not proceed (which is not its base case). In such an instance, Fitch would be likely to affirm SMIB's ratings at the current standalone-driven rating levels. For HDFC, Fitch may affirms the ratings at the current standalone-driven rating levels and reassign the Negative Outlook on the National Rating if regulatory restrictions remain in force which continue to pose risks to its business model and overall credit profile. However, Fitch would also consider a downgrade in HDFC's National Rating at the time of removing the RWP, if HDFC experiences material deterioration in its franchise due to a sustained loss of competitiveness in the housing-loan segment, particularly in EPF-backed loans. Negative rating action could also stem from persistent deterioration in HDFC's financial profile, notably if capital levels fall below the regulatory minimum of LKR7.5 billion and remains unaddressed for an extended period. In addition, widening asset-liability mismatches arising from the bank's inability to access funding could trigger a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch would be likely to remove the RWP and upgrade HDFC's and SMIB's National Ratings, which would then be based on Fitch's view of the strength of extraordinary support from their new shareholders, following completion of the transaction. This could lead to a multiple-notch upgrade for HDFC and SMIB, given the shareholder strength. That said, Fitch would be likely to maintain a difference of several notches between the ratings of acquirers and the acquirees due to the latters' limited strategic importance to the new owners. SMIB has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No shareholder other than Fitch, Inc. is involved in the day-to-day rating operations of, or credit reviews undertaken by, Fitch Ratings Lanka. Entity/Debt Rating Prior ----------- ------ ----- Housing Development Finance Corporation Bank of Sri Lanka Natl LT BB+(lka)Rating Watch On BB+(lka) senior unsecured Natl LT BB+(lka)Rating Watch On BB+(lka) State Mortgage & Investment Bank Natl LT BB(lka) Rating Watch On BB(lka) =============== T H A I L A N D =============== DAOL SECURITIES: Fitch Affirms 'BB(tha)/B(tha)' National Ratings ---------------------------------------------------------------- Fitch Ratings has affirmed DAOL Securities (Thailand) Public Company Limited's (DAOLSEC) National Long-Term Rating at 'BB(tha)' and National Short-Term Rating at 'B(tha)'. The Outlook is Stable. Fitch has also affirmed the 'B+(tha)' issue ratings on DAOLSEC's net capital subordinated bonds. Key Rating Drivers DAOLSEC's ratings reflect its limited franchise in the Thailand securities sector, volatile performance outlook and moderate capital buffers against uncertainties. The ratings also take into consideration the company's dependence on domestic wholesale funding. Operating Headwinds Persist: Weak stock market sentiment continues to weigh on Thai securities firms. Equity trading volume fell by 7% yoy as of 3Q25, following a 12% drop in 2024, and IPO activity is limited. Firms are increasingly diversifying into wealth management and offshore products, but Fitch expects near-term earnings upside to remain modest and for market volatility to continue. Small Securities Franchise: DAOLSEC is one of the smaller securities firms in Thailand, with a 0.6% securities brokerage market share in 1H25, down from 0.8% in 2024. Its revenue mix is diversified, with non-brokerage businesses accounting for about 77% of revenue in 1H25 (2024: 74%). This compares with the sector average of 64%. However, DAOLSEC's limited business scale leaves its revenue stream sensitive to trading conditions, resulting in volatile financial performance. Weaker Asset Quality: DAOLSEC has a high level of loan impairments, accounting for 15.5% of assets net of allowances. Most impairments relate to a 2022 industry fraud incident. A favorable civil court judgment in July 2025 could ease downside risk, although the legal process is yet to conclude. Excluding this event, Fitch believes the firm's impaired loans are slightly higher than at peers, but should remain stable in the near term. One-Off Earnings Improvement; Challenges Remain: Annualised operating profit/average equity improved to 18.8% in 1H25 (2024: -12.7%), driven by provision reversals tied to the fraud case. Excluding reversals, DAOLSEC would have posted a loss, with the ratio at -11.9%. Profitability could recover if market conditions strengthen, but Fitch expects it to remain susceptible to volatile market sentiment and below that of larger rated peers, reflecting DAOLSEC's limited franchise and higher cost structure. Moderate Leverage: Fitch expects leverage to fluctuate with market conditions, with persistent losses pressuring capitalisation. DAOLSEC's net adjusted leverage ratio rose to 3.0x in 1H25, from 2.5x in 2024, on a rise in receivables following provision reversals. Fitch expects capital to remain an acceptable buffer against downside risk in the near term. Funding Sensitivity: Funding is sensitive to market conditions given DAOLSEC's reliance on domestically issued subordinated debentures to support its regulatory net liquid capital ratio. Liquidity coverage (liquid assets/short-term funding) of 0.85x at end-1H25 was weaker than at peers, although undrawn facilities from banks and its parent offer some flexibility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade There may be downside to the ratings if DAOLSEC's financial profile deteriorates significantly beyond its expectations. This could stem from a large weakening in capital or earnings, such that net adjusted leverage exceeds 5.0x for a sustained period or if operating losses persist. Any developments that damage client and creditor confidence could also lead to a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade There may be positive rating action on improved financial performance. This could include resolution of large impaired exposure without meaningful additional provisioning or a sustained lift in earnings, with four-year average operating profit/average equity maintained at above 5.0% for several years without a significant rise in risk. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The net capital bonds are rated two notches below the firm's National Long-Term Rating. This reflects the bonds' subordinated status and going-concern loss-absorption features, such as coupon or principal deferral, or coupon cancellation upon failure to the meet the minimum net capital requirement or inability to settle with the clearing house or clients. There is no additional notching, as Fitch assesses that the loss-absorption trigger would not be easily activated. In addition, there is no principal write down or equity-conversion features. Fitch has not assigned any equity credit to the instruments, as the bonds have short tenor and are not designed to be a permanent part of the capital structure. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The rating on the net capital bonds will move in tandem with the National Long-Term Rating. Entity/Debt Rating Prior ----------- ------ ----- DAOL Securities (Thailand) Public Company Limited Natl LT BB(tha) Affirmed BB(tha) Natl ST B(tha) Affirmed B(tha) Subordinated Natl LT B+(tha) Affirmed B+(tha) =============== X X X X X X X X =============== VEON LTD: Commences $100MM Buyback Program for ADSs and Bonds ------------------------------------------------------------- VEON Ltd. announced on November 17, 2025, that it has commenced the buyback program announced on November 10, 2025. The Program authorized by VEON's Board enables the Company to buy back ADSs and/or outstanding bonds in an amount up to USD 100 million. The final allocation between equity and debt securities will be determined by prevailing market conditions. VEON views the current trading levels of its equity as materially undervaluing the Company's strong fundamentals, cash-generation profile, and digital-operator trajectory; selective ADS repurchases therefore represent an attractive, value-accretive use of capital. At the same time, repurchase of bonds would allow VEON to capture discounts in the debt markets, lower future interest obligations, and proactively manage upcoming maturities. Kaan Terzioglu, CEO of VEON Group, commented: "Our decision to commence a new buyback program reflects continued growth in the Group's financial and operating performance, as well as our confidence in the future. The flexibility to buy both equity and debt securities enables us to take a balanced approach that will strengthen VEON's capital structure while reinforcing confidence in long-term value creation. We remain committed to delivering sustainable growth while maintaining a disciplined approach to capital allocation." The buybacks will be conducted on the open market pursuant to a 10b5-1 plan signed with a registered broker-dealer, and in compliance with Rule 10b-18. About Veon Ltd. Headquartered in Dubai, VEON -- https://www.veon.com -- is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity and 120 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. As of June 30, 2025, the Company had $8.5 billion in total assets, $7 billion in total liabilities, a total equity of $1.5 billion. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. ********* 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. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***