251211.mbx

251211.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, December 11, 2025, Vol. 28, No. 247 Headlines A U S T R A L I A FITLINK BEENLEIGH: Second Creditors' Meeting Set for Dec. 15 HEALTHSCOPE NEWCO: Receivers Reject Two Bids for 12 Hospitals HOME CARE: Second Creditors' Meeting Set for Dec. 15 NATIONAL FORKLIFTS: First Creditors' Meeting Set for Dec. 16 NORTH SOUTH EXECUTIVE: First Creditors' Meeting Set for Dec. 15 SECRETS INTERNATIONAL: Collapses Into Voluntary Administration SPICE CAPITAL: ASIC Sues Over Unlicensed Finc'l. Services Business THINXTRA LTD: First Creditors' Meeting Set for Dec. 17 C H I N A AGILE GROUP: Receives Winding-Up Petition CHINA VANKE: Aims to Avoid Default as Bondholder Vote Begins SUNRIVER GROUP: Three Firms Deny Involvement Redemption Scandal I N D I A A V OVERSEAS: CARE Keeps B Debt Rating in Not Cooperating Category ABHINAV INTERNATIONAL: Insolvency Resolution Process Case Summary ADITYA SPACE: CARE Lowers Rating on INR30.62cr LT Loan to B ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating ANAND SWAROOP: CARE Keeps B- Debt Rating in Not Cooperating ARIHANT DREAM: CARE Keeps D Debt Rating in Not Cooperating ASIAN REPROGRAPHICS: CRISIL Keeps B Ratings in Not Cooperating ASSOCIATED APPLIANCES: CRISIL Keeps D Ratings in Not Cooperating BALAJI POULTRY: CRISIL Keeps B- Debt Ratings in Not Cooperating BHAGAT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating BIRBAL DASS: CARE Keeps C Debt Rating in Not Cooperating Category BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating C K SOFTWARE: Insolvency Resolution Process Case Summary DEE CEE: Insolvency Resolution Process Case Summary GANGANAGAR (RAJASTHAN): CARE Keeps B- Rating in Not Cooperating GLOBAL JEWELLERY: CARE Keeps C Debt Rating in Not Cooperating HANUNG FURNISHINGS: Insolvency Resolution Process Case Summary HARIDRA VINTRADE: Insolvency Resolution Process Case Summary HIMANSHU INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating IRAA CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: Adani Submits Plan for NCLT's Approval JUMAR SOLUTIONS: Voluntary Liquidation Process Case Summary JUST ABOUT MOVIES: Insolvency Resolution Process Case Summary KALYAN VAIJINATHRAO: CARE Keeps D Debt Rating in Not Cooperating KAMALA BOARD: CARE Lowers Rating on INR9.30cr LT Loan to C KAYAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category KOTECHA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating KOTHARI PROCESSORS: CARE Lowers Rating on INR7.38cr LT Loan to B- KTC AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating LE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating Category LONDON STAR: CRISIL Keeps D Debt Ratings in Not Cooperating M.P.K. STEEL: CRISIL Keeps D Debt Rating in Not Cooperating MAHAMAYA FOODS: CARE Keeps B- Debt Rating in Not Cooperating MAKS TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating MANIDHARI OILS: CRISIL Keeps D Debt Ratings in Not Cooperating MANN MEDICITI: CRISIL Keeps D Debt Ratings in Not Cooperating MARIA RUG: CRISIL Keeps D Ratings in Not Cooperating Category MAYA SAHA: CRISIL Keeps B- Debt Ratings in Not Cooperating MITHRA AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating MRS EDUCATIONAL: CRISIL Keeps B- Rating in Not Cooperating NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating NEW SRI BALAJI: CRISIL Keeps B- Debt Ratings in Not Cooperating NIRMAL CARS: CARE Keeps D Debt Rating in Not Cooperating Category NOOR INDIA: CARE Keeps D Debt Rating in Not Cooperating Category NTS DAIRY: CRISIL Keeps D Ratings in Not Cooperating Category OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating PAS TRADING: CARE Keeps D Debt Ratings in Not Cooperating Category PRATHIMA CANCER: CRISIL Cuts Long/Short Term Ratings to D RADHE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating RASHMI HOUSING: CRISIL Keeps D Debt Ratings in Not Cooperating REVASHANKAR GEMS: CARE Keeps D Debt Rating in Not Cooperating SAIDEEP CARS: CRISIL Keeps C Debt Ratings in Not Cooperating SANKAR JP: CRISIL Keeps B+ Debt Ratings in Not Cooperating SCANIA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating SEN HOLDING: Insolvency Resolution Process Case Summary SHAKTI ENTERPRISES: CRISIL Keeps B- Rating in Not Cooperating SIDDHIVINAYAK ENT: CRISIL Keeps B Debt Ratings in Not Cooperating SMART VISIONS: CARE Keeps B- Debt Rating in Not Cooperating SUJANIL CHEMO: CRISIL Keeps B Debt Ratings in Not Cooperating SUNSHINE LIQUID: CARE Keeps C Rating in Not Cooperating Category TRADE LINE ENTERPRISES: Liquidation Process Case Summary WALTON STREET: Voluntary Liquidation Process Case Summary N E W Z E A L A N D BRAEMAR BUILDING: Creditors' Proofs of Debt Due on Jan. 6 HP INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 16 INSTITUTE OF INFORMATION: Brenton Hunt Appointed as Liquidator MAVERICK PLUMBING: Creditors' Proofs of Debt Due on Jan. 23 RAUKAWA DISTRICT: Court to Hear Wind-Up Petition on Dec. 17 P A K I S T A N PAKISTAN: IMF Completes Second Review of Extended Arrangement S I N G A P O R E DISTRIBUTED LEDGER: Court Enters Wind-Up Order INTERACTIVE DIGITAL: Commences Wind-Up Proceedings JMF II: Creditors' Proofs of Debt Due on Jan. 1 MARBLETURE PTE: Court Enters Wind-Up Order YONG LL: Deloitte Singapore Appointed Provisional Liquidators S O U T H K O R E A HANWHA TOTALENERGIES: Moody's Assigns 'Ba1' CFR, Outlook Negative - - - - - ================= A U S T R A L I A ================= FITLINK BEENLEIGH: Second Creditors' Meeting Set for Dec. 15 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Fitlink Beenleigh Pty Ltd, Fitlink Browns Plains Pty Ltd and Fitlink Bundall Pty Ltd has been set for Dec. 15, 2025, at 9:30 a.m. via MS Teams meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 14, 2025 at 5:00 p.m. Lee Crosthwaite of Worrells was appointed as administrator of the company on Nov. 19, 2025. HEALTHSCOPE NEWCO: Receivers Reject Two Bids for 12 Hospitals ------------------------------------------------------------- The Australian Financial Review's Street Talk reports that Canada's Northwest Healthcare Properties has hit a snag in its proposal to install Catholic healthcare provider Calvary Health as the operator of the 12 Healthscope hospitals that it owns. Street Talk can reveal that Healthscope's receiver, McGrathNicol, has knocked back the Calvary proposal, telling the non-profit its bid was a long way off where it needed to be. It comes two weeks after it collected binding bids. 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. HOME CARE: Second Creditors' Meeting Set for Dec. 15 ---------------------------------------------------- A second meeting of creditors in the proceedings of Home Care Footscray Pty Ltd has been set for Dec. 15 2025, at 11:00 a.m. at the offices of SV Partners at Level 17, 200 Queen Street at Melbourne. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 14, 2025 at 5:00 p.m. Peter Gountzos and Michael Carrafa of SV Partners were appointed as administrators of the company on Nov. 10, 2025. NATIONAL FORKLIFTS: First Creditors' Meeting Set for Dec. 16 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of National Forklifts Pty Ltd will be held on Dec. 16, 2025 at 11:00 a.m. via Microsoft Teams. Shaun Matthews and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on Dec. 4, 2025. NORTH SOUTH EXECUTIVE: First Creditors' Meeting Set for Dec. 15 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of North South Executive Rentals Pty Ltd will be held on Dec. 15, 2025 at 10:00 a.m. at the offices Vincents at Level 34, 32 Turbot Street in Brisbane and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on Dec. 3, 2025. SECRETS INTERNATIONAL: Collapses Into Voluntary Administration -------------------------------------------------------------- Sean Cao at Inside Retail reports that affordable jewellery retailer Secrets Shhh has been placed in administration to facilitate a potential sale of the business. Secrets Shhh's parent company, Secrets International Pty Ltd, appointed Kate Warwick, Kelly Trenfield and John Park of FTI Consulting as joint and several administrators on Dec. 10, Inside Retail discloses. According to Inside Retail, the administrators are undertaking an urgent assessment of the company's operations and have commenced a sales process and/or recapitalisation. Inside Retail relates that the company will continue to trade where stock is available, with orders placed on or after the administrator's appointment processed and shipped as normal. It is not guaranteed that orders placed before December 10 will be fulfilled. In addition, customers can redeem a gift card or store credit if they spend an equal or greater amount. The administrators will organise the first meeting with creditors on December 19, Inside Retail adds. Secrets International and its subsidiaries, namely Secrets Wholesale, Secrets Shhh, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing, are subject to the voluntary administration. Secrets International sells sustainably sourced, laboratory grown and simulated diamond alternatives nationally through an online channel and 23 boutique stores. SPICE CAPITAL: ASIC Sues Over Unlicensed Finc'l. Services Business ------------------------------------------------------------------ The Australia Securities & Investments Commission (ASIC) has commenced action in the Federal Court seeking orders to restrain Spice Capital Partners Pty Ltd and its founder and Chief Executive Officer, Colin Oxlade, from engaging in unlicensed financial services activity. ASIC alleges that Spice Capital and Mr. Oxlade have carried on an unlicensed financial services business and have provided unlicensed financial product advice to investors and potential investors. ASIC also claims that Spice Capital and Mr. Oxlade raised at least AUD1.45 million from investors in just six months between February 2024 and July 2024 for purported investments in gold salvage operations from shipwrecks in the Solomon Islands and the refining of high-value mineral sands located on Queensland properties. In 2017, ASIC banned Mr. Oxlade from being a director for four years following the liquidation of two companies of which he was a director. The Court will make orders fixing a timetable for these proceedings. ASIC will seek Federal Court orders restraining Mr. Oxlade and Spice Capital from carrying on a financial services business without an Australian Financial Services Licence. This enforcement action follows ASIC’s director disqualification proceedings commenced in June 2025 against David Catsoulis, who was previously a director of Warwick Gold Holdings Pty Ltd and Impact Gold Ltd. Those companies were placed into liquidation in 2024, having allegedly raised at least AUD44 million from around 400 shareholders. Mr. Oxlade was allegedly one of the persons who fundraised for those companies. THINXTRA LTD: First Creditors' Meeting Set for Dec. 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Thinxtra Ltd, Thinxtra Solutions Pty Ltd, and Thinxtra Network Pty Ltd will be held on Dec. 17, 2025 at 12:00 a.m. at virtual facilities and via virtual facilities. Philip Campbell Wilson and Lisa Gibb of Grant Thornton were appointed as administrators of the company on Dec. 7, 2025. ========= C H I N A ========= AGILE GROUP: Receives Winding-Up Petition ----------------------------------------- The Standard reports that Agile Group said it has received a winding-up petition and that it will oppose the petition vigorously. The request was filed by Melco (Zhongshan) Business Management at the High Court in relation to certain alleged outstanding payments in the aggregate amount of US$18.6 million and CNY2.2 million, The Standard discloses citing a filing. The first hearing date for the petition is set on Feb. 25, 2026, The Standard discloses. According to The Standard, Agile said the petition will have a meaningful impact on its operations at this stage. It also pledged to continue to proactively communicate and work with its offshore creditors through a comprehensive restructuring of its offshore liabilities, with the aim to agree on the preliminary restructuring terms with a key group of offshore creditors as soon as possible, The Standard adds. About Agile Group China-based Agile Group Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Agile Group Holdings also provides property management and educational services. As reported in the Troubled Company Reporter-Asia Pacific in late May 2024, Moody's Ratings has downgraded Agile Group Holdings Limited's corporate family rating to Ca from Caa2 and the company's senior unsecured rating to C from Caa3/Ca. Moody's has also maintained the negative outlook. "The downgrade of Agile's ratings and the negative outlook reflect the company's weak liquidity with an interest payment default, as well as Moody's expectation of weak recovery prospects for the company's bondholders," says Daniel Zhou, a Moody's Assistant Vice President and Analyst. CHINA VANKE: Aims to Avoid Default as Bondholder Vote Begins ------------------------------------------------------------ Bloomberg News reports that more than a dozen China Vanke bondholders dialled into an online meeting with company representatives on (Dec. 10) morning, people familiar with the matter said, as the developer made an eleventh-hour push to win support for a crucial debt extension plan. Bloomberg relates that during the roughly 30-minute meeting, holders of Vanke's CNY2 billion onshore note due Dec. 15 were presented with three proposals: a 12-month delay without any upfront cash payments or installments, a plan that was in line with what Vanke told bondholders earlier; and two other options with more generous terms requiring Vanke to pay interest on time and add credit enhancements. Holders can vote through the end of Friday [Dec. 12] Hong Kong time. According to Bloomberg, the debt extension is a critical part of Vanke's strategy to relieve liquidity stress and mitigate default risk. The builder's largest state shareholder, Shenzhen Metro Group, has provided a lifeline in the past, offering over CNY30 billion in shareholder loans. But it has more recently tightened financing terms, shifting its approach to support, and sparked a drop in Vanke's securities to deeply distressed levels. It's unclear whether the two additional proposals put in front of creditors on Dec. 10 were submitted by Vanke or creditors themselves, Bloomberg notes. The company needs approval from holders of at least 90 per cent of the amount owed to pass the option. But whatever the outcome of the vote, it's ultimately up to Vanke to decide whether to accept and implement a plan. One bondholder on the call asked if Vanke would implement whichever proposal received bondholders' backing, the people said. A Vanke representative responded by saying the company is looking into it, the people added. Bloomberg says the coming months are especially perilous for the company, which has CNY13.4 billion of publicly issued bonds maturing or facing early redemption pressure through mid-2026. Vanke representatives reached out to some bondholders on Dec. 9 to say the company would also be willing to pay some interest on the note, but didn't specify how much. They also asked for an extended grace period to work on a revised proposal, people familiar with the matter said earlier. If Vanke fails to repay the principal or interest of the bond due next Monday [Dec. 15], it would have a grace period of five working days to make the payment before defaulting, according to the bond's prospectus, Bloomberg relays. Vanke, which has total interest-bearing liabilities of about US$51 billion, is one of the few major Chinese developers that hasn't defaulted amid the years long property crisis. Its bond extension plan jolted markets, rekindling real estate sector concerns and sending some of its notes sliding to record lows. During a meeting on Dec. 7 in Beijing, some bondholders voiced concerns about the extension plan to officials from the city of Shenzhen, which has provided financial aid to Vanke in the past, according to Bloomberg. The officials asked for understanding of Vanke's current financial stress and signalled that there isn't much room for improvement in the current extension plan. One hedge fund investor warned that a default by Vanke could trigger systemic risks because the company is closely tied to the city. Vanke has also asked bondholders to delay payment on a separate local note due on Dec. 28. It plans to arrange a meeting with those note holders on Dec. 22 to discuss the proposal. It also decided not to exercise an issuer right that would allow it to redeem a CNY1.1 billion bond ahead of maturity. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 8, 2025, Fitch Ratings has placed Chinese homebuilder China Vanke's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'CCC-' and wholly owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd's (Vanke HK) Long-Term IDR of 'CCC-' on Rating Watch Negative (RWN). Fitch has also downgraded Vanke HK's senior unsecured rating and the rating on the subsidiary's outstanding senior notes to 'CC' from 'CCC-', with a lower Recovery Rating of 'RR5' from 'RR4', and placed the ratings on RWN. The TCR-AP reported on Dec. 2, 2025, S&P Global Ratings lowered its long-term issuer credit ratings on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'CCC-' from 'CCC'. S&P also lowered its long-term issue ratings on Vanke HK's senior unsecured notes to 'CCC-' from 'CCC'. At the same time, S&P placed these ratings on CreditWatch with negative implications. SUNRIVER GROUP: Three Firms Deny Involvement Redemption Scandal --------------------------------------------------------------- Yicai Global reports that shares of Zhejiang Sunriver Culture, Anhui Gourgen Traffic Construction, and Haichang Ocean Park Holdings plunged despite the three Chinese firms denying they are involved in the financial product redemption scandal of their controlling shareholder Sunriver Holding Group. According to Yicai, Sunriver Culture [SHA: 600576] was trading down 6.4 percent as of 1:10 p.m. on Dec. 9, after plunging 3.6 percent on Dec. 8. Gourgen Traffic [SHA: 603815] dropped by the 10 percent daily trading limit both on Dec. 9 and Dec. 8. Haichang Ocean Park [HKG: 2255] has fallen 7 percent on Dec. 9, after dropping 3.8 percent on Dec. 8. There have been some delays in the payment of the financial product linked to a real estate cooperation project of Sunriver Group, and the company and its actual controller Yu Faxiang bear joint and several liability for the payment obligations, the three listed firms announced on Dec. 7, clarifying that they have nothing to do with the matter, Yicai relays. "In the past, real estate sales could reach CNY20 billion to CNY30 billion (USD2.8 billion to USD4.2 billion)," Shen Baoshan, executive president of Sunriver Group, told investors, Yicai relays. "As the profit margin of the company's cultural tourism business was meager, real estate was its main source of profit." Sunriver Group-backed firms admitted at a meeting with investors on Dec. 8 that they had borrowed new loans to repay old debts, as the capital chain has broken, with real estate assets worth CNY30 billion failing to sell, Yicai learned from investors. Sunriver Group has about CNY60 billion in assets and about CNY40 billion in liabilities, which shows there are no problems with payments, but the core issue lies in the cash flow, Shen said earlier. According to Yicai, investors expect annualized returns of 4 percent to 5 percent on the wealth management products of Sunriver Group they bought on financial asset trading platform Zhejiang Zhejin Asset Operation. One of them claims there is still CNY5.5 million (USD777,970) of principal that has not yet matured. According to the product registration form on Zhejin Asset Operation, the total amount of Sunriver Group funds awaiting redemption has exceeded CNY10 billion, Yicai discloses. They mostly expire between the end of this year and the first quarter of next year. Shaoxing Chengxu, the seller of the involved financial product, and the debtor, Shiyan Sunriver Taijihu Real Estate, are affiliated companies of Sunriver Holding, per information on Zhejin Asset Operation. They are guaranteed by Sunriver Group and Yu Faxiang with joint and several liability. Sunriver Group's contracted sales dropped from CNY6.4 billion (USD905.3 million) in 2023 to CNY3.6 billion last year, and they were only CNY1.2 billion in the first half of this year, Yicai discloses citing reports. Sunriver Group spent about HKD2.3 billion (USD295.7 million) to buy Haichang Ocean Park and become its controlling shareholder. Haichang Ocean Park has suffered losses for the past three years, with total losses of over CNY2.3 billion. Meanwhile, Sunriver Culture has reported net profits of only CNY370 million (USD52.3 million) in the past five years. The pledge ratio of Sunriver Culture is 95.6 percent, and that of the top four shareholders of Gourgen Traffic is 83 percent, according to financial data provider Wind Information. Sunriver Holding Group Company Limited offers infrastructure investment and construction services. The Company through its subsidiaries, builds highways, roads, bridges, ports, tunnels, and tourism projects. Sunriver Holding Group also conducts real estate and modern tea businesses. ========= I N D I A ========= A V OVERSEAS: CARE Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of A V Overseas (AVO) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of AVO under the 'issuer non-cooperating' category as AVO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AVO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025 and October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of AVO have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable A V Overseas (AVO) was established as a partnership firm in December 2017 and the firm is currently being managed by Mr. Avinash Kumar Gupta and Mr. Vikas Gupta as its partners. AVO is established with an aim to set up a manufacturing facility at Moga, Punjab for processing of paddy. The commercial operations of the firm are expected to commence in October 2018. CARE does not have updates in this regard. ABHINAV INTERNATIONAL: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Abhinav International Private Limited C-24, Ground Floor, Greater Kailash Enclave-1, New Delhi-110048 Insolvency Commencement Date: November 20, 2025 Estimated date of closure of insolvency resolution process: May 19, 2026 Court: National Company Law Tribunal, New Delhi Bench-V Insolvency Professional: Vimal Kumar V 1104, The Hyde Park, Sector 78, Noida, Uttar Pradesh, 201301 Email: maidvimal1@rediff.com MAVENT Restructuring Services LLP S-376, Panchsheel Par, New Delhi 110017 Email: cirp.abhinav@gmail.com Last date for submission of claims: December 9, 2025 ADITYA SPACE: CARE Lowers Rating on INR30.62cr LT Loan to B ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Aditya Space Venture LLP (ASVL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.62 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of ASVL under the 'issuer non-cooperating' category as ASVL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ASVL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ASVL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Vadodara (Gujarat) based Aditya Space Venture LLP (ASVL), limited liability partnership incorporated on November 6, 2018, is promoted by Mr. Jatin Manubhai Amin, Mrs. Anisha Jatin Amin and Mr. Raahil Jatin Amin. ASVL has entered into an agreement with Marriott, one of the world's leading hotel operators, for 20 years for operations and management of ASVL's sole hotel property under the brand name of "Fairfield by Marriott". ASVL's property is located at Alkapuri. The property has 96 rooms ranging from Superior category to Executive suites. The hotel also has other facilities including 2 banquet halls, gymnasium, meeting room and a multi cuisine restaurant. ASVL commenced operations from May 2022. ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ALM Metals and Alloys Limited (ALM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.22 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 9.06 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.22 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ALM for obtaining information through letter and email dated November 10, 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 ALM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ALM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2010-11, ALM commenced production in February 2012. The company manufactures aluminium ingots from aluminium scraps, for use in the automobile industry. The company is part of Dubai-based AnM group which runs 6-7 similar units in the Middle East, the US and South Africa. Operations are managed by promoters Mr. Asif Rab and Mr. Pragnesh Patel. The company's facilities are located in Rajkot, Gujarat. ANAND SWAROOP: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anand Swaroop Arya Saraswati Vidhya Mandir Sr. Sec. School (ASASVMSSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of ASASVMSSS under the 'issuer non-cooperating' category as ASASVMSSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASASVMSSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025 and October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttrakhand, Haridwar-based Anand Swaroop Arya Saraswati Vidhya Mandir Sr. Sec. School (ASASVMSSS) was established in 1997 under the Society Registration Act, 1860. The school provides primary and senior secondary education from class I to XII. The school is affiliated with CBSE (Central Board of Secondary Education). The school has well equipped laboratories, well stocked library, cafeteria, auditorium, etc. Mr Anand Swaroop Arya (President) looks after the overall affairs of ASA. ARIHANT DREAM: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arihant Dream Infra Projects Limited (ADIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of ADIPL under the 'issuer non-cooperating' category as ADIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ADIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur-based (Rajasthan) ADIPL was originally incorporated in 2011 as Arihant Shivank Infrastructure Private Limited and subsequently, changed its name to ADIPL in August, 2013. ADIPL mainly executes residential and commercial projects in Jaipur and nearby areas. The promoters of the company have significant experience of the executing residential and commercial real estate projects. The company is currently executing five projects and all are in Jaipur namely Arihant Dynasty, Arihant Legacy, Arihant Shree Krishnam Heights, Arihant Sai Residency, Arihant Awana. ASIAN REPROGRAPHICS: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Asian continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.6 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 1.9 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Asian for obtaining information through letter and email dated November 10, 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 Asian, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Asian is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Asian continues to be 'Crisil B/Stable Issuer not cooperating'. Asian, established in 1977 at Ambattur (Chennai), manufactures reprographic and printing media products. The company was taken over Mr S Devaraj Jain and family in 1994; Mr Abhay Jain manages the daily operations. ASSOCIATED APPLIANCES: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Associated Appliances Limited (AAL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Inland/Import 11 CRISIL D (Issuer Not Letter of Credit Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAL for obtaining information through letter and email dated November 10, 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 AAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AAL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AAL was founded in New Delhi in 1994, by Mr Dev Dutta Sharma and his family members. The company manufactures and trades in home and kitchen appliances, including liquefied petroleum gas stoves and kitchen ventilation hoods. BALAJI POULTRY: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Sri Balaji Poultry Farm (SBPF) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 8.19 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SBPF for obtaining information through letter and email dated November 10, 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 SBPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBPF continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in 2008 as a proprietorship entity,SBPF is engaged in the production of commercial eggs. The firm is promoted by Mr. L. Kumar Goud and his family and has its poultry farm situated at Shadnagar region of Andhra Pradesh. BHAGAT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagat Ram Motor Ways Private Limited (BRMPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.0 CRISIL D (Issuer Not Cooperating) Term Loan 4.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRMPL for obtaining information through letter and email dated November 10, 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 BRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRMPL continues to be 'Crisil D Issuer not cooperating'. BRMPL, incorporated in 2011, is an authorised dealer of GM's cars, spares, and accessories, and services GM's vehicles. BRMPL has three showrooms in Himachal Pradesh, at Una, Kangra, and Hamirpur. Its operations are managed by promoter Mr. Tushar Sharma. BIRBAL DASS: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Birbal Dass Ritesh Kumar (BDRK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of BDRK under the 'issuer non-cooperating' category as BDRK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDRK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hanumangarh (Rajasthan) based Birbal Das Ritesh Kumar (BDRK) was established in 2006 as a proprietorship concern by Mr. Ritesh Kumar Gupta. BDRK is engaged in the business of trading of agriculture commodities and also provides commission agents services to its customers. The firm mainly deals in barley, castor seeds, coriander, cotton bales, mustard seeds and wheat etc. It procures the agriculture commodities from the local mandis as well as from farmers and sells those to different customers directly as well as through distributors. BDRK is also engaged in the business of land development business. BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Borse Brothers Engineers & Contractors Private Limited (BBEC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Project Loan 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 7.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.65 CRISIL D (Issuer Not Cooperating) Term Loan 0.15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BBEC for obtaining information through letter and email dated November 10, 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 BBEC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBEC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BBEC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in April 2010, BBEC constructs roads and buildings, and also undertakes irrigation projects for central and state government agencies. Business was earlier carried out under a proprietorship firm, Borse Brothers Engineers and Contractors, established in 1986. C K SOFTWARE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: C K Software Private Limited C-24, Ground Floor, Greater Kailash Enclave-1, New Delhi - 110048 Insolvency Commencement Date: November 20, 2025 Estimated date of closure of insolvency resolution process: May 19, 2026 Court: National Company Law Tribunal, New Delhi Bench-VI Insolvency Professional: Vimal Kumar V 1104, The Hyde Park, Sector 78, Noida, Uttar Pradesh, 201301 Email: maidvimal1@rediff.com MAVENT Restructuring Services LLP S-376, Panchsheel Par, New Delhi 110017 Email: cirp.cksoftware@gmail.com Last date for submission of claims: December 9, 2025 DEE CEE: Insolvency Resolution Process Case Summary --------------------------------------------------- Debtor: Dee Cee Coal Carriers Private Limited S-193, Pandav Nagar, East Delhi, New Delhi, India, 110092 Insolvency Commencement Date: November 21, 2025 Estimated date of closure of insolvency resolution process: May 20, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi Bench - V Insolvency Professional: Satya Prakash Gupta KBDS & Co. 808, Eros Apartment, 56 Nehru Place, New Delhi, National Capital Territory of Delhi, 110019 Email: spgfinance@gmail.com Last date for submission of claims: December 9, 2025 GANGANAGAR (RAJASTHAN): CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Ganganagar (Rajasthan) based Shree C.B. Goyal Cotton Factory (SCGCF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of SCGCF under the 'issuer non-cooperating' category as SCGCF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCGCF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Ganganagar (Rajasthan) based Shree C.B. Goyal Cotton Factory (SCGCF) was formed in April 2016 as a partnership firm by Mr. Arun Goyal and Mr Anil Kumar Goyal. The promoters are engaged into cotton and ginning business since more than two decade and decided to set up a new unit under the above-mentioned firm to take the benefits of the various latest government scheme. GLOBAL JEWELLERY: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Global Jewellery Private Limited (GJPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of GJPL under the 'issuer non-cooperating' category as GJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Global Jewellery Private Limited (GJPL) [erstwhile Suashish Jewellery Exports Limited (SJEL)] is engaged in manufacturing of order-based gold and diamond studded jewellery. GJPL is a 100% exports-oriented unit with manufacturing facility located in Santacruz Electronics Exports Processing Zone (SEEPZ), at Andheri (East), Mumbai. HANUNG FURNISHINGS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Hanung Furnishings Private Limited S-384, Panchshila Park, Ground Floor, New Delhi - 110017 Insolvency Commencement Date: November 20, 2025 Estimated date of closure of insolvency resolution process: May 19, 2026 Court: National Company Law Tribunal, New Delhi Bench - VI Insolvency Professional: Vimal Kumar V 1104, The Hyde Park, Sector 78, Noida, Uttar Pradesh, 201301 Email: maidvimal1@rediff.com Mavent Restructuring Services LLP S-376, Panchsheel Park, New Delhi 110017 Email: cirp.hanung@gmail.com Last date for submission of claims: December 9, 2025 HARIDRA VINTRADE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Haridra Vintrade Private Limited Registered Address: 62/D/2, JN Mukherjee Road, Ghusuri, PS-Malipanchghara, Howrah – 700064 Insolvency Commencement Date: November 25, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: May 24, 2026 Insolvency professional: Soumitra Lahiri Interim Resolution Professional: Soumitra Lahiri Flat 14D & E, Tower- 32, Genexx Valley, Joka, Diamond Harbour Road, Kolkata – 700104 Email: slahiri0207@gmail.com Last date for submission of claims: December 13, 2025 HIMANSHU INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Himanshu Industries (HI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of HI under the 'issuer non-cooperating' category as HI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025 and October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Himanshu Industries (HI) was established in January, 2005 as a proprietorship firm by Mr. Himanshu Garg. The firm is engaged in the manufacturing of corrugated boxes, mono cartons and rigid boxes. The firm has its manufacturing unit at Faridabad, Haryana. IRAA CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of IRAA Clothing Private Limited (IRAA) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.05 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Funded Interest 0.83 CRISIL D (Issuer Not Term Loan Cooperating) Letter of Credit 6.09 CRISIL D (Issuer Not Cooperating) Proposed Long Term 12.00 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 2.92 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.76 CRISIL D (Issuer Not Cooperating) Working Capital 3.27 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 2.67 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with IRAA for obtaining information through letter and email dated November 10, 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 IRAA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IRAA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IRAA continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2005 as Shagun Clothing Pvt Ltd, the company was renamed IRAA on May 5, 2016. The unit, located in Maharashtra, processes denim garments from fabric. Mr Sunil Biyani and family manage operations. JAIPRAKASH ASSOCIATES: Adani Submits Plan for NCLT's Approval ------------------------------------------------------------- LiveMint.com reports that billionaire Gautam Adani–promoted Adani Enterprises Ltd on Dec. 8 submitted its resolution plan of over INR15,000 crore for bankrupt Jaiprakash Associates Ltd (JAL) before the Allahabad Bench of the National Company Law Tribunal (NCLT), seeking final approval under the Insolvency and Bankruptcy Code (IBC). LiveMint.com relates that the plan was placed before the bench by resolution professional Bhuvan Madan, following its approval by the Committee of Creditors (CoC) in November. The tribunal took the plan on record and is expected to resume hearings in January 2026 for further adjudication and directions on implementation. The proposal had got about 93% votes in favour from financial creditors during an electronic voting process that concluded on November 18. Since National Asset Reconstruction Co Limited (NARCL) holds 85.43% of the voting power, its support alone was enough to approve the plan, which needed at least 66% under the Insolvency and Bankruptcy Code, according to LiveMint.com. Asset Care and Reconstruction Enterprise (ACRE), representing Yes Bank's share of the debt with 1.64% voting power, voted against the plan, while some other lenders did not vote. According to the resolution plan placed before the court, the total admitted claims against JAL amount to INR5.44 lakh crore, including INR19,570 crore in corporate guarantee claims and INR5.24 lakh crore in other claims. The plan proposes a realizable value of INR15,343 crore, implying a recovery of about 2.8% for creditors. Mint had earlier reported that the proposal includes INR6,000 crore upfront, about INR7,600 crore payable over two years and non-convertible debentures (NCDs). If approved, the acquisition will give Adani access to a large portfolio of assets, including 3,985 acres of land in Noida and Greater Noida in the National Capital Region, 6.5 million tonnes of cement capacity across Uttar Pradesh and Madhya Pradesh, and a 24% stake in Jaiprakash Power Ventures Ltd, LiveMint.com notes. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JUMAR SOLUTIONS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Jumar Solutions Private Limited 5th Floor, 5b, Technopolis Knowledge Park, Mahakali Caves Road, Near Udyog Bhavan, Chakala, Chakala MIDC, Mumbai, Maharashtra, India, 400093 Liquidation Commencement Date: November 18, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Pankoj Lunawat "Everest House", Suite No. 8C, 8th Floor, 46C, Jawahar Lal Nehru Road, Kolkata - 700071 Tel No: 9830876705 Last date for submission of claims: December 18, 2025 JUST ABOUT MOVIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Just About Movies Private Limited Flat No.-502, 502-A, 5th Floor 23 Barakhamba Road, Narain Manzil, New Delhi, India - 110001 Insolvency Commencement Date: November 25, 2025 Estimated date of closure of insolvency resolution process: May 24, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: CA. Anil Kashi Drolia B-508, Ekta Woods, Raheja Estate, Kulupwadi, Borivali East, Near National Park, Mumbai Suburban, Maharashtra 400066. Email: anildrolia.ip@gmail.com 302-304 Regent Chambers, Jamnalal Bajaj Marg, Nariman Point, Mumbai, Maharashtra 400021. Email: cirp.jampl@gmail.com Last date for submission of claims: December 10, 2025 KALYAN VAIJINATHRAO: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kalyan Vaijinathrao Kale (KVK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.96 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of KVK under the 'issuer non-cooperating' category as KVK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KVK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Established in 2016, Kalyan Vaijinathrao Kale (KVK) is an Aurangabad (Maharashtra) based firm promoted by Mr. Kalyan Vaijinathrao Kale. The firm is engaged in sale of milk. The dairy farm of the firm is located at Aurangabad District, Maharashtra. KAMALA BOARD: CARE Lowers Rating on INR9.30cr LT Loan to C ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kamala Board Box Private Limited (KBBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.30 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Short Term Bank 0.21 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 22, 2024, placed the rating(s) of KBBPL under the 'issuer non-cooperating' category as KBBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 07, 2025, September 17, 2025, September 27, 2025 and October 1, 2025, December 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KBBPL have been revised on account of non-availability of requisite information. Revision also factored in admission of KBBPL for Corporate Insolvency Resolution Process recognized by NCLT filing made by operational creditor. Analytical approach: Standalone Outlook: Stable KBBPL was initially set up as a proprietorship firm 'Kamala Board Box' in the year 1984 by Mr. Subrata Das and Mrs. Ipsita Das. Subsequently, it was converted into private limited company with effect from February 23, 2006 and the name of the company changed to its present name. The company has been engaged in manufacturing of corrugated board boxes, used for packaging products. The manufacturing facility of the company is located at Kolkata, West Bengal. KAYAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kayan Agro Industries & Co Private Limited (KAICPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.54 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of KAICPL under the 'issuer non-cooperating' category as KAICPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAICPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable KAICPL was incorporated on June 26, 1998 by Kolkata based Mr Sandip Kumar Kayan and Shyam Sunder Kayan. Since its incorporation the company is engaged in the business of processing of black tea at Darjeeling, West Bengal. The company sells tea in auction and through brokers. KOTECHA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kotecha Industries Limited (KIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of KIL under the 'issuer non-cooperating' category as KIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KIL is a closely held limited company, incorporated on May 9, 2008 and promoted by Mr Hardik Kotecha and Mr Manharlal Kotecha. The company is engaged into the trading Poly Vinyl Chloride (PVC) resin in domestic markets based on the orders given by customers. KIL has set up its unit in Rajkot and has a branch office and a warehouse in Mumbai. The PVC resin is procured from suppliers spread across India as well as is imported from South Korea. KOTHARI PROCESSORS: CARE Lowers Rating on INR7.38cr LT Loan to B- ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kothari Processors Private Limited (KPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.38 CARE B-; Stable; ISSUER NOT Facilities COOPERATING and Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of KPPL under the 'issuer non-cooperating' category as KPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable KPPL was promoted by three college friends, Mr. Hari Mohan Kothari, Mr. Sanjay Kumar Sarda and Mr. Manish Periwal having equal stake in the company. The company is engaged in the business of dyeing and bleaching of cloth. The operations in the company began from the year 2007 with 22 dyeing machines of different capacities. In 2017, the company also set up a printing machine for printing on cloth. The day-to-day affairs of the company is managed by Mr. Hari Mohan Kothari. The Board of directors comprise of four directors including three promoter directors and one non-executive director. KTC AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KTC Automobiles Private Limited (KTC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Inventory Funding 6 CRISIL D (Issuer Not Facility Cooperating) Long Term Loan 5.85 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KTC for obtaining information through letter and email dated November 10, 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 KTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KTC continues to be 'Crisil D Issuer not cooperating'. Set up in 1998 as a partnership firm, KTC was reconstituted as a private limited company in 2004. The company, based in Kozhikode, Kerala, operates service centres for Hyundai vehicles in Kerala. LE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Le Lotus Grand (LLG) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.50 CRISIL D (Issuer Not Cooperating) Term Loan 4.84 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LLG for obtaining information through letter and email dated November 10, 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 LLG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LLG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LLG continues to be 'Crisil D Issuer not cooperating'. Set up in 2016, LLG has commenced its operations from Jan-2019. LLG is engaged in the operation of a hotel which is self-owned. The hotel is located at Varanasi, Uttar Pradesh. LLG is owned & managed by Shri Sujit Rai, Smt Anupama Rai & Shri Vijay K Sinha. LONDON STAR: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of London Star Diamond Company India Private Limited (London Star) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Post Shipment 6.00 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 6.85 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 10.80 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 14.35 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with London Star for obtaining information through letter and email dated November 10, 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 London Star, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on London Star is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of London Star continues to be 'Crisil D Issuer not cooperating'. Set up in 1964 in Mumbai by the late Mr. S G Jhaveri, London Star trades in polished diamonds. It is currently managed by Mr. Kamlesh Jhaveri and his son, Mr. Rishabh Jhaveri. M.P.K. STEEL: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M. P. K. Steel India Private Limited (MPKS; a part of the MPK group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.36 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 0.50 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 2.44 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPKS for obtaining information through letter and email dated November 10, 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 MPKS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPKS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPKS continues to be 'Crisil D Issuer not cooperating'. MPKS was set up as a private limited concern in 2005. It manufactures structural products, including thermo-mechanically treated (TMT) bars, channels, angles, and joints, at its manufacturing facility in Jaipur. The company markets the products under its own brand, MPK. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay. MPKM was set up as a private limited concern in 2009 and manufactures structural products including TMT bars, channels, angles, and joints at its manufacturing facility in Jaipur and markets the same under its MPK brand. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. MAHAMAYA FOODS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mahamaya Foods and Grains Private Limited (MFGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.27 CARE B-; Stable; ISSUER NOT Facilities COOPERATING and Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of MFGPL under the 'issuer non-cooperating' category as MFGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MFGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mahamaya Foods and Grains Private Limited (MFGPL) was incorporated in December 2007, jointly promoted by Mr. Anil Kumar Agrawal and Mr. Madan Lal Agrawal to set up a flour manufacturing unit with an installed capacity of 37,500 tpa. Prior to incorporation of MFGPL, the promoters used to manufacture wheat flour though a partnership concern named as M/s Gopi Flour Mill. Later, M/s Gopi Flour Mill was converted into MFGPL in 2007. MFGPL manufactures wheat flour and sell the same under the brand named as "Chetak" owned by MFGPL. The manufacturing facility is located at Sarguja in Ambikapur, Chhattisgarh. In 2016, the company has expanded its operation to manufacture different types of cereals/dals (Arhar Dal, Tur Dal, Moong Dal, Chana Dal etc.) with an installed capacity of 25,000 tpa which commenced operation with effect from December 2016. MAKS TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maks Technologies (MT) continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Inland/Import 7 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MT for obtaining information through letter and email dated November 10, 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 MT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MT continues to be 'Crisil D/Crisil D Issuer not cooperating'. MT was established as a proprietorship firm in Pune (Maharashtra) in 2008, and reconstituted as a partnership firm in April 2013. It manufactures tin-copper wires and partners Mr Nilesh Jain and Mr Pradeep Jain, manage its operations. MANIDHARI OILS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manidhari Oils Private Limited (MOPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MOPL for obtaining information through letter and email dated November 10, 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 MOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MOPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. In 2012, Mr. Ramit Jain set up MOPL, which trades in edible oils and has the same set of customers and suppliers as Ritisha Oils Private Limited. Ritisha Oils Private Limited was set up in 2009 by Mr. Ramit Jain. The company is based in Delhi and trades in edible oils. MANN MEDICITI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mann Mediciti Wellness Centre Private Limited (MMWC) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.8 CRISIL D (ISSUER NOT COOPERATING) Proposed Working 0.2 CRISIL D (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with MMWC for obtaining information through letter and email dated November 10, 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 MMWC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMWC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMWC continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2009 by Dr Jasbir Singh Mann, MMWC operates a multispecialty hospital in Jalandar, Punjab. The hospital is empanelled with ECHS, ESIC and Food Corporation of India (FCI). MARIA RUG: CRISIL Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maria Rug International (MRI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase 4.0 CRISIL D (Issuer Not Cooperating) Packing Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MRI for obtaining information through letter and email dated November 10, 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 MRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MRI continues to be 'Crisil D/Crisil D Issuer not cooperating'. MRI was set up in 2005 as a partnership firm between Mr Zakir Husain Ansari and his brothers, Mr Shabir Ahmad and Mr Abdul Quadir. The firm manufactures and exports rugs, carpets, and home furnishing products made of wool, cotton, and leather under the brand MRI. MAYA SAHA: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Maya Saha (MSA) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MSA for obtaining information through letter and email dated November 10, 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 MSA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MSA continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in 2004, MSA is a partnership firm of Mr Souvik Saha, Mr Tanmoy Saha, and Ms Maya Saha; operations are primarily managed by Mr Souvik Saha. It is an authorised distributor for the brands and varieties of United Spirits Ltd, United Breweries Ltd, Sula Vineyards Pvt Ltd, and Allied Blenders Distillers for West Bengal. MITHRA AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mithra Auto Agencies Private Limited (MAPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MAPL for obtaining information through letter and email dated November 10, 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 MAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a partnership firm in 1983 by Mr Cheruvu Srinivas and family, MAPL became a private-limited company in 2011. The Vijayawada (Andhra Pradesh) based company is an authorised dealer for Maruti Suzuki India Ltd's passenger cars, and operates four showrooms -- two in Vijayawada (Andhra Pradesh) and one each in Machilipatnam (Andhra Pradesh) and Khammam (Telangana). MRS EDUCATIONAL: CRISIL Keeps B- Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of MRS Educational Trust (MRS) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MRS for obtaining information through letter and email dated November 10, 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 MRS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRS continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in July 2011 as a trust by MRS has commenced operations of an international school namely Red bridge International Academy at Bangalore, 2013-14 being the first academic year. NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nafref Engineers Private Limited (Nafref; part of the Nafref group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.6 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Nafref for obtaining information through letter and email dated November 10, 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 Nafref, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Nafref is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Nafref continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2013 and promoted by Mr Bal and his family, Nafref is engaged in engineering, procurement, and construction of air conditioning plants and fire-fighting systems, and has also started undertaking civil construction contracts for government authorities. The company is also empanelled with Military Engineering Services. Operations are managed by Mr Sital Singh Bal. NEW SRI BALAJI: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of New Sri Balaji Poultry Farm (NSBPF) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.50 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.78 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with NSBPF for obtaining information through letter and email dated November 10, 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 NSBPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSBPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NSBPF continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in 2008 as a proprietorship entity, Sri Balaji Poultry Farm (SBPF) is engaged in the production of commercial eggs. The firm is promoted by Mr.L.Kumar Goud and his family and has its poultry farm situated at Shadnagar region of Andhra Pradesh. Incorporated in the year 2012, New Sri Balaji Poultry Firm is engaged in production of commercial eggs. The firm is promoted by Ms.L.Hymavathi and is situated at Shadnagar region of Andhra Pradesh. NIRMAL CARS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nirmal Cars Private Limited (NCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 18, 2024, placed the rating(s) of NCPL under the 'issuer non-cooperating' category as NCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 4, 2025, October 14, 2025, October 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based Nirmal Cars Private Limited (NCPL) was incorporated in February 2011 by Late Mr. Rajan Mehra and Mr. Sai Giridhar. The company is engaged in the business of automobile car dealership and the state of Rajasthan. NOOR INDIA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Noor India Buildcon Private Limited (NIBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of NIBPL under the 'issuer non-cooperating' category as NIBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NIBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vapi-based NIBPL, was incorporated by Mr. Amin Yasid Saiyed in the year 2006. NIBPL is registered as a 'Class AA' contractor (highest on a scale of AA to E2), certified by Public Work Department of Gujarat. The company is in the business of undertaking turnkey projects involving civil works, erection, commissioning and electrical works of industrial buildings. NTS DAIRY: CRISIL Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of NTS Dairy and Foods Private Limited (NTS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.2 CRISIL D (Issuer Not Cooperating) Term Loan 5.6 CRISIL D (Issuer Not Cooperating) Term Loan 1.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NTS for obtaining information through letter and email dated November 10, 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 NTS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NTS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NTS continues to be 'Crisil D Issuer not cooperating'. Incorporated on March 15, 2013, and promoted by Mr. Nandkishor T Sonawane, NTS currently processes and distributes milk and milk products. It has a milk processing capacity of 20,000 litres per day (lpd) at Bhadane in Dhule (Maharashtra). It is setting up a new unit at the same location for an additional milk processing capacity of 50,000 lpd and a facility to manufacture value-added products. OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of OM Shakthi Exports (OM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OM for obtaining information through letter and email dated November 10, 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 OM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OM continues to be 'Crisil D Issuer not cooperating'. Set up in 2013, OM is a partnership firm of Mr. Gulhatty Shekhar and Mr.Raghunath Babu. The firm is engaged in mining, processing and exports of granite blocks, slabs and tiles. PAS TRADING: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of PAS Trading House (PTH) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 19.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 13, 2024, placed the rating(s) of PAS under the 'issuer non-cooperating' category as PAS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025, October 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable PAS Trading House (PAS) was established in 2015 as a partnership firm by Mr. Sunil Khanna, Mrs. Alka Khanna and Mr. Puranjay Khanna. PAS Trading House draws its history from the establishment of SGK Trading House Private Limited (engaged in trading of paper), where Mr. Sunil Khanna was a partner along with Mr. Gopal Khaitan. On mutually winding up of this business w.e.f. December 31, 2014, Mr. Sunil Khanna, floated a new partnership firm comprising of his family members and decided to continue with existing business of SGKTH in the name of PAS Trading House. PAS Trading House is engaged in trading of various grades of paper such as coated wood free paper, printing paper, label paper, speciality paper, packaging paper, etc. which are 100% domestically supplied to the local printers, publishers, label manufacturers, packaging industries, traders & wholesalers which are majorly based in Maharashtra, Madhya Pradesh and Gujarat and it finds its application in pharma industry, FMCG goods industry, barcode industry, packaging industry and beer manufacturing industry. PRATHIMA CANCER: CRISIL Cuts Long/Short Term Ratings to D --------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of Prathima Cancer Hospital Pvt Ltd (PCHPL) to 'Crisil D/Crisil D' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB-/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The rating downgrade reflects the recent instance of delay in servicing the interest and instalment on one term loan during the month of November 2025 on account of delay in realization of receivables. The management had previously shared the No Default Statement for the month of October 2025 with Crisil Ratings confirming timely repayment of all their debt obligations till that month. Furthermore, satisfactory feedback was also received from all the lenders in October 2025. However, delay in realization of receivables from the state government resulted in cash flow mismatch leading to delay in debt servicing in November 2025. The ratings are driven by delay in repayment of term debt obligations. The ratings also factor in the company's high geographic concentration in revenue, large working capital cycle and subdued operating efficiency. These weaknesses are partially offset by the extensive experience of the promoters of PCHPL in the healthcare industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PCHPL. Unsecured loans of around Rs 41 crore have been treated as 75% equity and 25% debt as it is likely to remain in the business over the medium term. Key Rating Drivers - Weaknesses * Geographic concentration in revenue: PCHPL's operations are localised, as compared to pan-India corporate hospitals such as Apollo Hospitals Enterprise Ltd. This renders the company susceptible to the dynamics of a single market and to regulations imposed by governing bodies in the state. The hospital is also vulnerable to competition arising from the entry of other big players in the region. Ability to geographically diversify revenue streams will be a key rating sensitivity factor. * Large working capital cycle: Gross current assets were at 127-143 days over the three years through fiscal 2025 and at 127 days as on March 31, 2025, driven by sizeable receivables of around 97 days. * Subdued operating efficiency: The weak operating efficiency is reflected in low return on capital employed (RoCE) due to initial stage of operations and low utilisation of capacities. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: Experience of over two decades in the healthcare industry has given the promoters an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers. The company's revenue rose to Rs 38.76 crore in fiscal 2025 from Rs 15.34 crore in fiscal 2023. Liquidity Poor There is an instance of delay in repayment of principal and interest on a Term loan in November 2025. Bank limit utilisation was high at 96% on average for the six months through September 2025. The current ratio was low at 0.21 time on March 31, 2025. Rating sensitivity factors Upward factors * Track record of timely debt servicing for at least 90 days * Improvement in working capital cycle Incorporated in 2015, PCHPL operates a 300-bed cancer hospital, Prathima Cancer Institute, at Warangal in Telangana. The hospital commenced operations in fiscal 2023. PCHPL is owned and managed by Mr Avinash Tippani, Ms Harini Boinipally, Mr Prateek Boianapalli, Mr Ramesh Tippani and Mr Rahul Narayan Maddi. RADHE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Radhe Foods Product (SRFP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRFP for obtaining information through letter and email dated November 10, 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 SRFP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRFP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRFP continues to be 'Crisil D Issuer not cooperating'. SRFP was set up in 2015 as a proprietorship concern by Mr Gopal Agrawal. The firm processes paddy into non-basmati rice. It has an installed milling and sorting capacity of 8 tonne per hour in Gondia, Maharashtra. RASHMI HOUSING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rashmi Housing Spv Private Limited (RHSPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.00 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RHSPL for obtaining information through letter and email dated November 10, 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 RHSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RHSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RHSPL continues to be 'Crisil D Issuer not cooperating'. RHSPL was set up in 2007 by the Bosmiya family of Mumbai. The promoter family has been undertaking residential and commercial real estate development, and broking and construction contracts since 1993, through the Rashmi group, which is managed by brothers Mr. Deepak Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr. Ashok Bosmiya. RHSPL is constructing a project in Vasai called Rashmi Lakeview, comprising eight residential and one commercial building with total saleable area of nearly 1 million square feet. REVASHANKAR GEMS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Revashankar Gems Limited (RGL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of RGL under the 'issuer non-cooperating' category as RGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025, September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1995, Revashankar Gems Limited (RGL) erstwhile operated as partnership since 1961. RGL is engaged in the business of processing and exporting of cut and polished diamonds of size of 0.01 to 0.10 carats. RGL has its processing plant located at Surat (Gujarat). RGL imports rough diamonds from Belgium and Israel. SAIDEEP CARS: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Saideep Cars Private Limited (SCPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL C (Issuer Not Cooperating) Inventory Funding 3.0 CRISIL C (Issuer Not Facility Cooperating) Rupee Term Loan 1.5 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCPL for obtaining information through letter and email dated November 10, 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 SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil C Issuer not cooperating'. Incorporated in 2008, SCPL is promoted by Chopra family. The company is dealer of passenger vehicle Renault India Pvt Ltd. in Ahmednagar (Maharashtra). The company has 1 showroom in Ahmednagar. The operations of the company are managed by Chopra family. SANKAR JP: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sankar JP Sealing Technologies Private Limited (SJPS) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 0.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SJPS for obtaining information through letter and email dated November 10, 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 SJPS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJPS continues to be 'Crisil B+/Stable Issuer not cooperating'. SJPS is a joint venture between Sankar Sealing Systems Pvt Ltd and JP Sealings, Japan for manufacturing advanced metal-based cylinder head and secondary gaskets for the automobile industry. The manufacturing plant is situated at Sriperumbudur (Tamil Nadu). SCANIA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Scania Steels and Powers Limited (Scania) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 11.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12.93 CRISIL D (Issuer Not Cooperating) Funded Interest 4.95 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 1.85 CRISIL D (Issuer Not Term Loan Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 18.39 CRISIL D (Issuer Not Cooperating) Term Loan 5.37 CRISIL D (Issuer Not Cooperating) Working Capital 7.91 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 4.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Scania for obtaining information through letter and email dated November 10, 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 Scania, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Scania is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Scania continues to be 'Crisil D/Crisil D Issuer not cooperating'. Scania was originally set up by Mr. Satish Garg and his family (from New Delhi) in 1995 and was engaged in manufacture of sponge iron. In 2006-07, Mr. Sanjay Gadodia, based in Rourkela (Odisha), purchased this company. Scania has also established a rolling mill. SEN HOLDING: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Sen Holdings Pvt Ltd 85, S N Banerjee Road, Kolkata, West Bengal, India, 700014 Insolvency Commencement Date: November 25, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: May 24, 2026 Insolvency professional: Anup Kumar Singh Interim Resolution Professional: Anup Kumar Singh 4th Floor, Flat 4A, Bidyaraj Niket, 22/28A, Manohar Pukur Road, Near Deshapriya Park, Kolkata, West Bengal, 700029 Email: anup_singh@stellarinsolvency.com -- and -- Stellar Insolvency Professionals LLP Suite 1B, 1st Floor, 22/28A, Manoharpukur Road, Deshopriya Park, Kolkata - 700029 Email: senholdings.sipl@gmail.com Last date for submission of claims: December 9, 2025 SHAKTI ENTERPRISES: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the rating on bank facilities of Shakti Enterprises - Bangalore (SE) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate 6 CRISIL B-/Stable (ISSUER NOT Mortgage Loan COOPERATING) Crisil Ratings has been consistently following up with SE for obtaining information through letter and email dated November 10, 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 1983 by Mr .S Bagilthaya in Bengaluru (Karnataka), SE is engaged in tea packaging. SIDDHIVINAYAK ENT: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Siddhivinayak Enterprises - Mumbai (SSE) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 2 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 7.5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Working 1.5 Crisil B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SSE for obtaining information through letter and email dated November 10, 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 SSE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSE continues to be 'Crisil B/Stable Issuer not cooperating'. SSE (set up in 2010), SDSH (set up in 2011), ADSC (set up in 2004), SDSC (set up in 2002), and SDSHPL (set up in 2014) are owned and managed by Dr Hemant More and Dr Manisha More. These partnership firms provide various dental services in Kalyan. SSE also manufactures ceramic crowns. SMART VISIONS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Smart Visions (SV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.38 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 1, 2024, placed the rating(s) of SV under the 'issuer non-cooperating' category as SV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 17, 2025, August 27, 2025, September 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Smart Visions (SV) is a Bangalore based firm engaged in commercial offset printing activities. SV was promoted by Mr. Vishwanath Bharat as a proprietorship concern in the year 2000. SV is engaged majorly in printing orders for posters, banners, danglers, magazines etc. SV has installed seven offset printing machines with installed capacity of 100000 posters per machine per day. The capacity utilization of the machines is based on the orders the firm receives it from its customers. SUJANIL CHEMO: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sujanil Chemo Industries (SCI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 0.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SCI for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCI continues to be 'Crisil B/Stable Issuer not cooperating'. Established as a partnership firm by Mr Anil Desai and family, the Pune based SCI primarily manufacture agrochemicals and household insecticides. The firm is currently managed by Mr Ashish Desai. SUNSHINE LIQUID: CARE Keeps C Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sunshine Liquid Storage Private Limited (SLSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of SLSPL under the 'issuer non-cooperating' category as SLSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in January 2011, Sunshine Liquid Storage Private Limited (SLSPL) is engaged in the business of renting of liquid storage tanks. SLSPL was incorporated in 2011 but the construction for storage tanks commenced from May 2016 as there was delay in the release of the tender by the Kandala port trust authorities. TRADE LINE ENTERPRISES: Liquidation Process Case Summary -------------------------------------------------------- Debtor: Trade Line Enterprises Private Limited 8, L & M Century Plaza 560-562, Mount Road Teynampet, Chennai 600018, Tamil Nadu Liquidation Commencement Date: November 18, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sudhir GS 11 Subham, Jayalakshmi Street Keelkatalai, Behind Holy Family Convent School, Chennai, Tamil Nadu, 600117 Email: sudhircaip@gmail.com -- and -- 7th Floor, KRD GEE GEE Crystal, dr. Radhakrishnan Salai, Mylapore, Chennai 600004 Email: IBC.TRADELINE@GMAIL.COM Last date for submission of claims: December 24, 2025 WALTON STREET: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Walton Street India Finance Private Limited Unit No 215, the Capital G- Block, Bandra Kurla Complex, Behind ICICI Bank, Plot No C-70, Bandra (E), Mumbai 400051, Maharashtra, India Liquidation Commencement Date: November 25, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Nayana Premji Savala 1/101-A, Vishal Susheel CHS, Nariman Road, Vile Parle East, Mumbai 400057, Maharashtra, India Email: nalinisavala@gmail.com Tel.: 9082605500 Last date for submission of claims: December 24, 2025 ===================== N E W Z E A L A N D ===================== BRAEMAR BUILDING: Creditors' Proofs of Debt Due on Jan. 6 --------------------------------------------------------- Creditors of Braemar Building Limited are required to file their proofs of debt by Jan. 6, 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: Brenton Hunt PO Box 13400 City East Christchurch 8141 HP INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 16 ----------------------------------------------------------- A petition to wind up the operations of HP International Limited will be heard before the High Court at Auckland/Tāmaki Makaurau on Dec. 16, 2025, at 10:00 a.m. Ashon Ventures (NZ) Limited filed the petition against the company on Oct. 12, 2025. The Petitioner's solicitor is: Peter James Broad Level 1, 1/208 Great South Road Papatoetoe Auckland INSTITUTE OF INFORMATION: Brenton Hunt Appointed as Liquidator -------------------------------------------------------------- Brenton Hunt on Dec. 1, 2025, was appointed as liquidator of Institute of Information Technology Professionals of New Zealand Incorporated. The liquidator may be reached at: Brenton Hunt PO Box 13400 City East Christchurch 8141 MAVERICK PLUMBING: Creditors' Proofs of Debt Due on Jan. 23 ----------------------------------------------------------- Creditors of Maverick Plumbing & Gas NZ Limited, G.V. Shuter Limited and Awera NZ Limited are required to file their proofs of debt by Jan. 23, 2026, to be included in the company's dividend distribution. Maverick Plumbing & Gas NZ Limited commenced wind-up proceedings on Dec. 1, 2025. G.V. Shuter Limited commenced wind-up proceedings on Dec. 3, 2025. Awera NZ Limited commenced wind-up proceedings on Dec. 4, 2025. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 RAUKAWA DISTRICT: Court to Hear Wind-Up Petition on Dec. 17 ----------------------------------------------------------- A petition to wind up the operations of Raukawa District Maori Wardens Association will be heard before the High Court at Palmerston North on Dec. 17, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 5, 2025. The Petitioner's solicitor is: Tara Nicola Carr Inland Revenue, Legal Services 55 Featherston Street PO Box 895 Wellington 6011 =============== P A K I S T A N =============== PAKISTAN: IMF Completes Second Review of Extended Arrangement ------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) on Dec. 9 completed the second review of Pakistan's economic reform program supported by the Extended Fund Facility (EFF) and the first review of Pakistan's program supported by the Resilience and Sustainability Facility (RSF). This decision allows for an immediate disbursement of around US$1 billion (SDR 760 million) under the EFF and around US$200 million (SDR 154 million) under the RSF, bringing total disbursements under the two arrangements to about $3.3 billion (SDR 2,434 billion). Pakistan's 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. Key priorities include (i) entrenching macroeconomic stability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; and (iii) reforming SOEs and improving public service provision, developing human and physical capital, and restoring energy sector viability. Pakistan's policy efforts under the EFF have delivered significant progress in stabilizing the economy and rebuilding confidence amid a challenging global environment and recent severe floods. Fiscal performance has been strong, with a primary surplus of 1.3 percent of GDP achieved in FY25, in line with targets. Inflation has increased, reflecting the impact of the floods on food prices, but this is expected to be temporary. Gross reserves stood at $14.5 billion at end-FY25, up from $9.4 billion a year earlier, and are projected to continue to be rebuilt in FY26 and over the medium term. The 28-month RSF was approved on May 9, 2025, and is supporting the authorities' efforts to reduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities' program: (i) prioritizes building resilience to natural disasters and strengthening public investment processes at all levels of government; (ii) making scarce water resource usage more efficient, including through better pricing; (iii) strengthening federal-provincial coordination of natural disaster response; (iv) improving the information architecture for, and disclosure of, climate-related risks by banks and corporates; and (v) supporting Pakistan's efforts to meet its mitigation commitments and reduce related macro-critical risks. Following the Executive Board discussion, Mr. Nigel Clarke, Deputy Managing Director and Acting Chair, made the following statement: "Pakistan's reform implementation under the EFF arrangement has helped preserve macroeconomic stability in the face of several recent shocks. Real GDP growth has accelerated, inflation expectations have remained anchored, and fiscal and external imbalances have continued to moderate. In the face of an uncertain global environment, Pakistan needs to maintain prudent policies to further entrench macroeconomic stability, while accelerating reforms necessary to achieve stronger, private sector-led, and sustainable medium-term growth. "The authorities' commitment to the FY2026 primary balance target while accommodating urgent relief needs in response to the recent severe floods is a strong signal of their commitment to build fiscal policy credibility. In parallel, advancing reforms to raise revenues via tax policy simplification and base broadening is key to achieving fiscal sustainability and building the fiscal space necessary to boost climate resilience, social protection, human capital development, and public investment. "An appropriately tight monetary policy stance has been pivotal in reducing inflation and should be maintained to ensure inflation remains anchored within the SBP's target range. Further improvements in central bank communication will support effective monetary policy implementation. The SBP should continue efforts to deepen the interbank foreign exchange market, while allowing exchange rate flexibility to absorb shocks. Decisive financial regulation enforcement is necessary to maintain a sound and adequately capitalized financial sector. At the same time, promoting capital market development will help expand the public and private sectors' financing options. "Accelerating reforms in the energy sector is critical to safeguarding its viability and improving Pakistan's competitiveness. Timely implementation of power tariff adjustments has helped reduce the stock and flow of circular debt. Subsequent efforts need to focus on sustainably reducing electricity production and distribution costs and addressing inefficiencies in the power and gas sectors. "Efforts to advance structural reforms should continue to unlock growth potential and attract high-impact private investment. To this end, the publication of the Governance and Corruption Diagnostic report is a welcome step in accelerating governance reforms. Additional efforts should focus on SOE governance reforms and privatization, enhancing the business environment, and improving economic data and statistics. "Reducing Pakistan's vulnerability to extreme weather events, which has been underscored by the recent floods, will enhance macroeconomic and fiscal sustainability. The RSF arrangement is supporting efforts to strengthen natural disaster response and financing coordination, improve the use of scarce water resources, raise climate considerations in project selection and budgeting, and improve the information on climate-related risks in financing decisions." About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2025, Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ================= S I N G A P O R E ================= DISTRIBUTED LEDGER: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Nov. 21, 2025, to wind up the operations of Distributed Ledger Technologies (DLT) Pte. Ltd. Suji Mannattu Thampi filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Leow Quek Shiong Seah Roh Lin BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 INTERACTIVE DIGITAL: Commences Wind-Up Proceedings -------------------------------------------------- Members of Interactive Digital Dreams Pte. Ltd. on Nov. 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Lee Yin Chen 164 Bukit Merah Central #03-3655 Singapore 150164 JMF II: Creditors' Proofs of Debt Due on Jan. 1 ----------------------------------------------- Creditors of JMF II Pte. Ltd. are required to file their proofs of debt by Jan. 1, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 24, 2025. The company's liquidator is: Kasturi Majumdar c/o Maples Fiduciary Services (Singapore) 1 Raffles Place #36-01 One Raffles Place Singapore 048616 MARBLETURE PTE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Nov. 21, 2025, to wind up the operations of Marbleture Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 YONG LL: Deloitte Singapore Appointed Provisional Liquidators ------------------------------------------------------------- Messrs. Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services on Nov. 26, 2025, were appointed as provisional liquidators of Yong LL Global Trading Pte Ltd. The provisional liquidators may be reached at: Tan Wei Cheong Lim Loo Khoon 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 ===================== S O U T H K O R E A ===================== HANWHA TOTALENERGIES: Moody's Assigns 'Ba1' CFR, Outlook Negative ----------------------------------------------------------------- Moody's Ratings has assigned Ba1 corporate family rating to Hanwha TotalEnergies Petrochemical Co., Ltd. (HTP) and has withdrawn its Baa3 issuer rating. Moody's have also downgraded HTP's senior unsecured rating to Ba1 from Baa3 and placed all ratings on review for downgrade. Previously, the outlook was negative. "The downgrade and review mainly reflect considerable uncertainty over HTP's ability to significantly improve earnings and financial metrics over the next 12-18 months from currently weak levels, given persistent overcapacity in the petrochemical industry. In Moody's assessments, this scenario diminishes the likelihood of extraordinary support from TotalEnergies SE (TTE, Aa3 stable)," said Mic Kang, Vice President and Senior Credit Officer at Moody's Ratings. RATINGS RATIONALE Moody's forecasts HTP's adjusted debt/EBITDA to improve in 2026, after remaining very weak in 2025. The anticipated improvement will be supported by higher earnings, driven by the company's initiatives to restore profitability, including cost savings, increased sales of specialty products, and diversification of feedstock and markets. Recovering margins in certain products, such as refined oil, will also contribute to this improvement. However, the persistent industry overcapacity will limit the extent of the improvement in profitability and leverage. Moody's do not expect potential capacity rationalization in certain markets, such as Korea (Aa2 stable), to materially alter the supply-demand imbalance over the next 12–18 months because of the significant capacity additions. Consequently, whether the company can improve financial leverage to 5.0x or below remains uncertain. HTP reduced its adjusted debt to KRW2.3 trillion as of September 30, 2025 from KRW2.6 trillion as of December 31, 2024, supported by a working capital surplus. HTP's persistently weak earnings also underscore its diminished strategic importance to TTE. As a result, the ratings no longer factor in the likelihood of extraordinary financial support from TTE. The review will focus on the magnitude of recovery in HTP's earnings and financial metrics, as well as the company's planned subordinated debt issuance, which will help improve liquidity. In terms of environmental, social and governance (ESG) factors, HTP is exposed to increasingly stringent environmental regulations, despite having generally maintained a solid operating track record. The company also maintains reasonably prudent financial policy, as demonstrated by its tight debt management, and balanced ownership structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be confirmed if HTP can improve its earnings significantly, such that its adjusted debt/EBITDA improves and stays below 5.0x on a sustained basis. The ratings could be downgraded if HTP's adjusted debt/EBITDA remains above 5.0x on a sustained basis. The principal methodology used in these ratings was Chemicals published in October 2023. HTP's Ba1 ratings are two notches above the scorecard-indicated outcome of Ba3. The difference mainly reflects the projected recovery of its financial metrics from the very weak levels and the review for downgrade. Hanwha TotalEnergies Petrochemical Co., Ltd. is a leading vertically integrated petrochemicals manufacturer in Korea with a total annual production capacity of about 13.6 million tons as of June 30, 2025. Its key products include base chemicals, polymers and energy products. It is 50%-owned by Hanwha Impact Corporation and 50%-owned by TotalEnergies SE through its subsidiary, TotalEnergies Holdings UK Limited. ********* 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 ***