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251212.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 Friday, December 12, 2025, Vol. 28, No. 248 Headlines A U S T R A L I A BORDERLANDS QUEENSLAND: First Creditors' Meeting Set for Dec. 18 ICOVER INSURANCE: First Creditors' Meeting Set for Dec. 16 NEW VISTA: First Creditors' Meeting Set for Dec. 17 NUFARM LTD: S&P Lowers ICR to 'B+' on Weak Cash Flow and High Debt PIXIE RESTAURANT: First Creditors' Meeting Set for Dec. 16 STRINGER DEVELOPMENTS: First Creditors' Meeting Set for Dec. 18 TRITON BOND 2025-4: S&P Assigns B(sf) Rating on Class F Notes ZONE MANUFACTURING: AUD40MM Creditor Debt Revealed After Collapse C H I N A NEW WORLD: Appoints China COO as Executive Director I N D I A A. B. PAL: CRISIL Keeps D Debt Ratings in Not Cooperating ALBANNA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating ANI TECHNOLOGIES: S&P Downgrades ICR to 'CCC-', Outlook Negative ANTECH CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ARK INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating BIOCON BIOLOGICS: S&P Puts 'BB' LT ICR on CreditWatch Positive C K ENTERPRISES: CRISIL Lowers Long/Short Term Ratings to D CARNIVAL FILMS: Insolvency Resolution Process Case Summary CPR LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating ESKAY K 'N' IT: Liquidation Process Case Summary JAINAM ALTERNATE: CRISIL Keeps B- Debt Ratings in Not Cooperating JBS ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating KMP SPINNERS: Liquidation Process Case Summary NILA LOGISTICS: Insolvency Resolution Process Case Summary PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating POOJA SPONGE: CRISIL Keeps D Debt Ratings in Not Cooperating PROTO D INDUSTRIES: Insolvency Resolution Process Case Summary PSV PRECAST: CRISIL Keeps B Debt Ratings in Not Cooperating RAM ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating RAVICHANDRA TEXTILES: CRISIL Keeps D Ratings in Not Cooperating RELIANCE COMM: NCLT Junks Plea for INR325-cr Refund From Ericsson RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating S.K. RICE: CRISIL Keeps D Debt Rating in Not Cooperating Category SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating SHIV SHANKER: CRISIL Keeps B Debt Ratings in Not Cooperating SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category STATOMAT SPECIAL: Insolvency Resolution Process Case Summary SUNRISE AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating TECH INDIA: CRISIL Keeps B Debt Rating in Not Cooperating TIRUPATI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating VEMPARALA VENKAT: CRISIL Keeps D Debt Ratings in Not Cooperating VENUS ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating YES MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating M A L A Y S I A HO HUP: Seeks Fresh Court Order to Restructure MYR113MM Debt N E W Z E A L A N D CMT NUMBER 1: Owes Lenders NZD71.7 Million, Receivers Say DU VAL: Sale of Sites Will Not Cover Mortgages, PwC Says DZ INTERNATIONAL: Creditors' Proofs of Debt Due on Jan. 9 HM HOMES: Creditors' Proofs of Debt Due on Jan. 8 JIMMY D: To Close Most of Operations by February S & E ROOFING: Creditors' Proofs of Debt Due on Feb. 13 SMARTLIFE AUCKLAND: Court to Hear Wind-Up Petition on Dec. 16 YOYOSO NZ: Court to Hear Wind-Up Petition on Dec. 17 S I N G A P O R E ALYVATE PTE: Creditors' Meetings Set for Dec. 18 ART WORKS: Commences Wind-Up Proceedings ECOSOFTT PTE: Court Enters Wind-Up Order KOZE PTE: Court Enters Wind-Up Order MM2 ASIA: High Court Approves Four-Month Moratorium Request QUINCY TRADING: Commences Wind-Up Proceedings X X X X X X X X XINYUAN REAL ESTATE: Annual General Meeting on December 31 - - - - - ================= A U S T R A L I A ================= BORDERLANDS QUEENSLAND: First Creditors' Meeting Set for Dec. 18 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Borderlands Queensland Farms Pty Ltd will be held on Dec. 18, 2025 at 10:00 a.m. by virtual meeting on Microsoft Teams. Scott Matthew Clout and David Lewis Clout of David Clout & Associates were appointed as administrators of the company on Dec. 8, 2025. ICOVER INSURANCE: First Creditors' Meeting Set for Dec. 16 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Icover Insurance Services Pty Ltd will be held on Dec. 16, 2025 at 10:30 a.m. at Lvl 2, AMP Building, 1 Hobart Pl in Canberra. Stephen John Hundy of Worrells was appointed as administrator of the company on Dec. 4, 2025. NEW VISTA: First Creditors' Meeting Set for Dec. 17 --------------------------------------------------- A first meeting of the creditors in the proceedings of New Vista Fund Pty Ltd will be held on Dec. 17, 2025 at 12:00 p.m. by virtual conference via Zoom meeting. Danny Vrkic and Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Dec. 5, 2025. NUFARM LTD: S&P Lowers ICR to 'B+' on Weak Cash Flow and High Debt ------------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on Nufarm Ltd. to 'B+' from 'BB-'. S&P also lowered by one notch its long-term issue ratings on the company's A$210 million senior secured bank facility (recovery rating of '1') to 'BB' from 'BB+', its US$350 million senior unsecured notes (recovery rating of '5') to 'B' from 'B+', and its subordinated step-up hybrid notes (recovery rating of '6') to 'CCC+' from 'B-'. The stable rating outlook reflects S&P's expectation that our S&P Global Ratings-adjusted debt-to-EBITDA ratio will remain below 5.0x over the next 12 months while the company maintains adequate liquidity with EBITDA-to-interest coverage of above 2.0x. Strong competition in global crop protection markets, pricing pressure, and depressed fish oil prices will continue to affect the earnings of Nufarm Ltd. over the next 12 months. This will limit the group's ability to generate meaningful free cash flow to reduce its high debt. Management is cutting costs to boost cash flow generation. However, any material gains will depend on improving market demand and pricing, the timing and magnitude of which remain uncertain. S&P's downgrade reflects Nufarm's elevated debt and weak cash flow generation amid a persistent challenging operating environment. Nufarm operates in an industry susceptible to variable climatic conditions, which can lead to significant earnings volatility. The company's ability to navigate persisting weak operating conditions over the next 12 months and improve cash flow will be tested. Nufarm will prioritize cost control, and reductions in capital expenditure (capex) and net working capital in fiscal 2026 (year-end Sept. 30) to help improve cash flow. However, a more material recovery in earnings and free cash flow will depend on improving operating conditions across the group's key markets. Despite early signs of stabilizing, global crop protection markets remain highly competitive, with persistent pricing pressure. That said, losses from the seed technology segment, which were a significant drag on group earnings in fiscal 2025 (year-end Sept. 30, should materially narrow as a result of the group's restructuring efforts and inventory write-downs in the second half of 2025. Nufarm had adjusted EBITDA of A$131 million in fiscal 2025, down from A$189 million in fiscal 2024. As a result, the company's ratio of adjusted debt to EBITDA increased to 7.4x, with EBITDA interest coverage falling to 1.1x. The results were, however, heavily influenced by inventory write-downs and restructuring costs in the seeds division, most of which should not recur in fiscal 2026. S&P projects EBITDA will improve to about A$235 million in fiscal 2026. The improvement will help to lower financial leverage to about 4.3x. However, given Nufarm's high debt load, S&P expects its EBITDA interest coverage to remain below 2.5x. Financial discipline and working-capital management will be fundamental to deleveraging and managing credit risk, in S&P's view. Nufarm was financially prudent in the face of weaker earnings in recent years. The company aims to save A$50 million annually and reduce its inventory balance in fiscal 2026. Its focus on cost discipline to right size its cost base and effective working capital management will position it well for an industry recovery. Similar to fiscal 2024, Nufarm did not declare a final dividend for fiscal 2025. This was in line with the company's capital management framework, which stipulates that dividend payments are subject to financial leverage remaining within or below the group's 1.5x-2x annualized target range. Nufarm has about A$1.0 billion of debt facilities maturing over the next 12-24 months. S&P expects the group to complete this refinancing well ahead of the debt maturities without materially increasing interest obligations. Nufarm's US$350 million high yield bond maturing in January 2030 and A$251 million subordinated step-up hybrid notes help to stagger the company's debt maturity profile. The company also had available cash and undrawn facilities of about A$995 million as of end-October 2025. This supports its liquidity position and ability to fund seasonal working capital requirements. A A$210 million standby liquidity facility and an asset-based lending (ABL) facility will mature in late 2027. Both facilities are secured by liquid assets which should help to mitigate refinancing risks. Since the end of fiscal 2025, Nufarm has successfully refinanced its US$90 million Omega-3 facility into a A$90 million amortizing loan facility. This facility will mature in September 2027, with amortization of A$45 million due in September 2026. S&P assumes improved free operating cash flow (FOCF) in fiscal 2026. The main drivers will be cost reductions and lower capital requirements across the business. However, absent a material improvement in the current soft pricing and demand environment across Nufarm's operating markets, S&P's believe cash flow generation will remain depressed. While a significant earnings recovery in fiscal 2026 and a successful reduction of inventory balances will aid FOCF improvements, our base case assumes a modest rise in free cash flow generation over the next 12 months. This will limit the company's ability to materially reduce debt. Nufarm's liquidity will help to offset weak cash flow over the next 12 months. The company had cash and undrawn committed facilities of about A$995 million as of end-October 2025, including gross availability of A$320 million under its ABL facility. It has sufficient liquidity to withstand continued softness in fiscal 2026 and accommodate seasonal working capital requirements, in our view. As such, S&P continues to assess liquidity as adequate. S&P said, "We do not expect Nufarm to pay ordinary dividends to shareholders in fiscal 2026. This will further support the company's liquidity position. Our capex forecast is also about A$180 million for fiscal 2026, down from A$238 million in fiscal 2025. "The stable outlook on Nufarm reflects our expectation that cost reductions, prudent working capital management, and financial discipline will support earnings, a cash flow recovery, and a modest reduction in debt over the next 18 months. We expect the company's ratio of adjusted debt to EBITDA to remain comfortably below 5.0x and EBITDA interest coverage to be above 2.0x. "We could lower the rating over the next 12 months if we believe Nufarm is unable to maintain a debt-to-EBITDA ratio of less than 5.0x and adjusted EBITDA interest coverage of above 2.0x under a range of variable market conditions." This could occur if: -- Demand or pricing conditions remain weak across the company's key markets, or the group's market positions are materially eroded, -- Its working capital position deteriorates; or -- Planned cost-savings fail to materialize. Any material erosion of the group's liquidity position could also pressure the rating. S&P said, "We could raise the rating on Nufarm if resilient earnings, effective working capital management, and positive free cash flow lead to a sustained reduction in the company's debt, giving the company flexibility to fund future growth. In such a scenario, we would expect Nufarm to maintain its ratio of adjusted debt to EBITDA comfortably below 4.5x and EBITDA interest coverage above 2.5x under a range of variable market conditions." PIXIE RESTAURANT: First Creditors' Meeting Set for Dec. 16 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Pixie Restaurant Pty Ltd will be held on Dec. 16, 2025 at 11:00 a.m. at the offices of Jirsch Sutherland at Suite 14.02, Level 14, 383 Kent Street in Sydney. Andrew John Spring and Peter John Moore of Jirsch Sutherland were appointed as administrators of the company on Dec. 5, 2025. STRINGER DEVELOPMENTS: First Creditors' Meeting Set for Dec. 18 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Stringer Developments Pty Limited will be held on Dec. 18, 2025 at 9:30 a.m. via Zoom. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on Dec. 8, 2025. TRITON BOND 2025-4: S&P Assigns B(sf) Rating on Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to nine classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2025-4 Series 1. Triton Bond Trust 2025-4 Series 1 is a securitization of prime residential mortgage loans originated by Columbus Capital Pty Ltd. The ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, of which 25.0% is loans secured by specialist disability accommodation (SDA) and 52.1% is loans made to self-managed superannuation fund (SMSF) borrowers. SDA is housing accommodation funded through the National Disability Insurance Scheme (NDIS). This is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. S&P said, "In our credit assessment of NDIS-related loans, we consider such loans to have higher risks than typical residential mortgage loans due to the dependency on NDIS rental income in credit underwriting, which in turn is dependent on government funding; the reliance on the operations and compliance of the SDA provider to manage the property; the specialized accommodation requirements on the property; the going concern operating nature of such residential property; and the limited data of their performance in more stressful economic periods. "Given the risks and despite the properties being residential, from a ratings perspective we consider NDIS-related loans to have a commercial nature and have applied our methodology for assessing pools of small-ticket commercial mortgage loans, based on our "Principles Of Credit Ratings" criteria, published Feb. 16, 2011. This includes different benchmark foreclosure frequency and loss-severity assumptions compared with our global RMBS methodology. "Under this methodology, we categorize NDIS-related loans as commercial. This reflects our belief that there are fundamental differences to typical residential mortgage loans that will only be accentuated as the economic environment becomes more stressed. The factors we use to adjust the benchmarks are generally in line with those seen in our global RMBS methodology, such as seasoning, repayment method, and asset location. However, other assumptions are more in line with our expectations for commercial properties, such as foreclosure expenses, recovery period, and benchmark LTV ratio. We have also factored into our analysis our view of Columbus's origination, underwriting, and servicing of its NDIS-related loan product. "The credit support provided is sufficient to withstand the stresses we apply. This credit support comprises mortgage lenders' insurance covering 3.9% of the loan portfolio as well as note subordination for all rated notes. "The various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 1.0% of the invested amount of all notes, subject to a floor of 0.10% of the initial invested amount of all notes, principal draws, and a loss reserve that builds from excess spread, are sufficient under our stress assumptions to ensure timely payment of interest." An extraordinary expense reserve of A$150,000, funded from day one by Columbus Capital, is available to meet extraordinary expenses. The reserve will be topped up via excess spread, to the extent available, if drawn. A fixed-to floating-rate interest-rate swap is provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. S&P said, "Our ratings also consider the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "We understand that the class A1-AU-S and class A1-AU-G notes will be issued under the ColCap Sustainability Framework. Issuance proceeds from these notes will be used to purchase mortgage loans that meet the eligibility criteria outlined in the framework. S&P Global Ratings does not consider in its credit rating analysis the issuer's designation of the notes as "social" or "green." Ratings Assigned Triton Bond Trust 2025-4 Series 1 Class A1-AU, A$658.00 million: AAA (sf) Class A1-AU-S, A$250.00 million: AAA (sf) Class A1-AU-G, A$100.00 million: AAA (sf) Class A2, A$117.00 million: AAA (sf) Class B, A$28.20 million: AA (sf) Class C, A$25.20 million: A (sf) Class D, A$9.60 million: BBB (sf) Class E, A$6.00 million: BB (sf) Class F, A$1.80 million: B (sf) Class G, A$4.20 million: Not rated ZONE MANUFACTURING: AUD40MM Creditor Debt Revealed After Collapse ----------------------------------------------------------------- ABC News reports that a luxury Australian caravan manufacturer owes about AUD40 million to creditors after its sudden collapse last week. Zone Manufacturing Pty Ltd plunged into administration last week, leaving about 240 staff unemployed and 180 customers in limbo, the ABC notes. The Sunshine Coast-based company built premium caravans under the Zone RV brand and continued taking customers' money until the final hours before it shut down. At the first creditors' online meeting on Dec. 10, administrators Cor Cordis revealed the staggering extent of Zone RV's woes, according to the ABC. Customers are short about AUD18 million, suppliers are owed up to AUD20 million, and employee entitlements are AUD4 million, while taxpayers are on the hook for AUD1.4 million from unpaid taxes, the ABC discloses. The ABC relates that Cor Cordis partner Rahul Goyal told about 250 individual creditors who joined the meeting that he was still investigating how Zone RV ended up in this position. "It's not unusual for a business of this size to owe this amount of money," he said. According to the ABC, Zone RV had an annual turnover of about AUD70 million, and Mr. Goyal painted a bleak picture for the majority of unsecured creditors, including suppliers and customers. "If the company were to be liquidated, the chances of getting anything are quite remote," the ABC quotes Mr. Goyal as saying. There are about a dozen caravans parked in the yard of Zone RV's Coolum factory, with many displaying a "complete" sign. While most of the 280 employees have been sacked, there are still 30–40 workers employed and some of them are working on vans, the ABC notes. Cor Cordis has beefed up security around the premises by adding a large CCTV camera at the gate to protect the remaining assets. The ABC says Mr. Goyal provided a glimmer of hope to a small group of customers who paid their final instalments, indicating they were the most likely to receive their vans. The future is much less clear for the majority of remaining customers. "If you've made first and second payments, your caravan is unlikely to be in a production line anywhere," Mr. Goyal said. "If you've made a third payment, it may or may not be in production." The ABC has obtained a copy of Zone RV's latest annual report, which highlights that the company was under significant financial stress 18 months ago. The audited report showed the business made a AUD4.75 million loss in the 2023–24 financial year, while carrying net liabilities of AUD10.8 million, the ABC relays. The ABC adds that the auditors at the time expressed concern about the company's future. "The ability of the [Zone RV] group to continue as a going concern is principally dependent upon current cash funding held and the ability to raise additional capital or secure other forms of financing," they said. In June 2023, Zone had revenue of AUD77 million and a wage bill of AUD4.6 million, while it held AUD2.4 million in cash, the ABC discloses. Zone Manufacturing Pty Ltd designs and manufactures premium off-road caravans. ========= C H I N A ========= NEW WORLD: Appoints China COO as Executive Director --------------------------------------------------- The Standard reports that New World Development has appointed its China chief operating officer Chan Yiu-ho as an executive director. Chan will also become the chief executive of the group's China operation New World China Land. Both changes will take effect from Friday, according to a filing on Dec. 11, The Standard relays. Chan, 53, is entitled to a director's fee of HK$362,000 per annum and a monthly salary of HK$460,000, a discretionary bonus, and other benefits and allowances. He is an executive director of New World Department Store China and a director of certain subsidiaries of the group. According to The Standard, Chan joined the developer in 2000 and served in roles such as Shenyang regional chief executive, regional CEO of North China and general manager of North China and Northeast China of New World China Land. About New World Development New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HKD15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= A. B. PAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A. B. Pal Electricals Private Limited (ABPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 Crisil D (Issuer Not Cooperating) Bills Discount/ 0.9 Crisil D (Issuer Not Cheque Purchase Cooperating) Cash Credit 3 Crisil D (Issuer Not Cooperating) Cash Credit 11 Crisil D (Issuer Not Cooperating) Inland/Import 3 Crisil D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with ABPL 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 ABPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ABPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ABPL was formed in 1973 as a Partnership Firm. It was reconstituted as a pvt ltd company in 1995. The company is based in Delhi and is promoted by Mr. Thaker Pal Singh and his family members. The promoters have over 3 decades of experience in trading of electricals. The company is an authorized stockiest/distributor for electrical components such as cables, wires, switches etc for a number of electrical companies such as Havells India Limited, Gloster Cables Limited, Polycab Wires Pvt Ltd, RR Kabel Limited, Grandlay Electricals (India) Pvt Ltd, Skytone Electrical India Limited, Paragon Cables India Pvt Ltd and many more. ALBANNA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Albanna Engineering (India) Private Limited (AEIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.4 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AEIPL 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 AEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AEIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AEIPL, established in 2013, is a wholly owned subsidiary of Albanna Engineering LLC (ABE) which is a major EPC contractor in mechanical engineering field in UAE. AEIPL was established solely for taking up projects in India which fall under group fields of core competence like Oil & Gas and Process & Engineering Industries. The company is promoted by Mr. Sreekumar Nair. ANI TECHNOLOGIES: S&P Downgrades ICR to 'CCC-', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered two notches to 'CCC-' from 'CCC+' the issuer credit rating on ANI Technologies Pte. Ltd. (ANI Tech) and the issue rating on a secured term loan B that the company's subsidiary Ola Netherlands B.V. raised. The recovery rating remains at 4. The negative rating outlook reflects S&P's view of ANI Tech's weakening liquidity and the risk of a breach of a financial covenant in the next six months. ANI Tech faces heightened risk of a covenant breach as its cash buffer diminishes. S&P estimates the company's cash and equivalents will fall below Indian rupee (INR) 2.0 billion in the fourth quarter of fiscal 2026 (year ending March 2026) amid ongoing operating losses. ANI Tech will likely breach its financial covenant when it is tested on March 31, 2026. The company needs to maintain at least 40% of its outstanding term loan B as cash and equivalents on its balance sheet. This amount would be about INR2.4 billion, given the outstanding term loan B amount of INR6.0 billion. ANI Tech's operating losses will continue to derail its recovery path. S&P expects the company's adjusted EBITDA loss will rise to INR5.9 billion in fiscal 2026. This is on the back of shrinking revenues due to low take rates and continued high spending on incentives to defend market share in its ride-hailing business. Heightened competition in India's ride-hailing industry is likely to continue. ANI Tech is losing market share to Uber Technologies Inc. (BBB/Positive/A-2) and Roppen Transportation Services Pvt. Ltd. (Rapido). The company's current market share in the four-wheeler segment in India has dwindled to 20%-25%, compared with more than 50% two years ago. Consequently, S&P expects its revenue to decrease 25%-27% year over year in fiscal 2026. S&P believes ANI Tech has limited ability to withstand cash burn without additional capital. Larger peers such as Uber have stronger balance sheets and can remain competitive with incentives and discounts for drivers and consumers, respectively, to grow and maintain their strong market share. Uber's cash and equivalents stood at more than US$6.0 billion (about INR530 billion) as of March 31, 2025, compared with ANI Tech's INR6.9 billion. ANI Tech has limited options to increase its liquidity buffer. The company had predominantly relied on equity funding over the past decade; it has a limited record of funding through banks. That said, ANI Tech has a 3.64% stake in Ola Electric Mobility Ltd. (Ola Electric), which S&P values at about INR4.5 billion after taxes. While share liquidation remains subject to market conditions, Ola Electric's operational challenges in recent quarters have contributed to its share price falling to all-time lows of about INR35 as of December 2025. This could dull ANI Tech's ability to liquidate the stake readily. ANI Tech has also continually delayed its IPO plans since 2020. A failure to secure an extension of the IPO deadline from its compulsorily convertible preference shares (CCPS) holders would mean the CCPS holders could exercise their exit rights in the absence of an IPO. ANI Tech had about INR195 billion (approximately US$2.3 billion) in CCPS outstanding as of March 31, 2025, accounting for about 95% of the company's adjusted debt. S&P said, "The negative rating outlook reflects our view of ANI Tech's weakening liquidity amid the ongoing cash burn and the risk of a breach of its financial covenant in the next six months. "We could lower our ratings on ANI Tech if the continued cash burn leads us to believe the company will face an almost certain risk of a liquidity event or a covenant breach. "We could also downgrade the company if it decides to undertake a debt exchange offer or other transaction that we would view as offering its lenders less than they were originally promised. "We could revise our outlook to stable if ANI Tech improves its cash liquidity and cash flow, such that we no longer anticipate material deficits in the next 12 months." A stable outlook will also include the risks dissipating of an immediate CCPS exit. This could happen if the company secures another formal IPO deadline extension. ANTECH CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ACC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 Crisil D (Issuer Not Cooperating) Cash Credit 17 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACC 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 ACC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACC continues to be 'Crisil D/Crisil D Issuer not cooperating'. ACC was established in 2009 as partnership firm by Mr. Anish Markose and Mr. Anil Markose. It is engaged in civil construction works such as construction of roads, bridges, water irrigation, tunnels etc for state; central government entities located in Kerala. ARK INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ARK Industries Private Limited (Ark; part of the Delta group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 11 CRISIL D (Issuer Not Cooperating) Letter of Credit 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Ark 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 Ark, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ark is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Ark continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Delta group is promoted by Mr Akshay Jain and Mr Dhanesh Mehta. Based in Mumbai and incorporated in 1996, Delta trades in hot-rolled coils and sheets, and plates. Ark, established in 2004, processes, warehouses, and trades in hot-rolled and cold-rolled steel products. ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ashruly Engineering Private Limited (AEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 3.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AEPL 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 AEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, AEPL manufactures fabricated items that find application in the mining and power industries and in construction equipment. The company has two plants in Pune with a combined capacity of 4000 tonne per annum. BIOCON BIOLOGICS: S&P Puts 'BB' LT ICR on CreditWatch Positive -------------------------------------------------------------- S&P Global Ratings placed its 'BB' long-term issuer credit rating on Biocon Biologics and the 'BB' issue rating on the senior secured notes that Biocon Biologics Global PLC issued on CreditWatch with positive implications. S&P expects to resolve the CreditWatch upon the completion of the equity issuance by Biocon to fund the cash payout to Viatris under the proposed terms of the transaction. The CreditWatch placement follows Biocon's announcement to make Biocon Biologics a wholly owned subsidiary. The company will acquire a stake of about 25% held by minority investors in Biocon Biologics by swapping equity shares of Biocon with Biocon Biologics' shares. The transaction includes the US$1 billion CCPS issued to Viatris that will be swapped for US$415 million worth of equity shares of Biocon and US$400 million in cash. Biocon will also swap shares of equity investors (Serum Institute) and offer fresh equity shares to credit investors (Tata Capital, True North) in this transaction. Biocon's debt will decline materially by March 2026. This is because S&P treats the US$1 billion CCPS as debt-like in its financial ratios. Importantly, Biocon proposes to fund the cash consideration to be paid to Viatris entirely through fresh equity issuance of about Indian rupee (INR) 45 billion. The transaction eliminates other instruments that carried put options and allowed credit investors an earlier exit and were therefore viewed as debt-like. By March 31, 2026 Biocon will have already repaid other optionally convertible debentures and redeemable nonconvertible debentures issued to various investors primarily through the proceeds from its INR45 billion equity issuance earlier this year. S&P said, "Pro forma the transaction, we expect Biocon's capital structure to comprise only the senior secured notes, bilateral loans, and working capital borrowings. We estimate the company's S&P Global Ratings-adjusted debt will fall to about INR120 billion by the end of March 2026, from INR248 billion as of March 2025." The transaction is pending shareholder approvals, and Biocon's ability to raise INR45 billion through an equity issuance is yet to be seen. S&P expects to resolve the CreditWatch on Biocon Biologics over the next 60-90 days once it has more clarity on the final capital structure and financial policy of Biocon group. This would be dependent on the completion of the equity issuance by Biocon to fund the cash payout to Viatris and the falling away of other debt-like instruments under the proposed terms of the transaction. C K ENTERPRISES: CRISIL Lowers Long/Short Term Ratings to D ----------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of C K Enterprises - Prayagraj (CKE) 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 instances of overutilisation in the cash credit account beyond 30 days due to weak liquidity. The rating continues to reflect modest scale of operations, susceptibility to tender-based operations and moderate capital structure. These weaknesses are partially offset by the extensive industry experience of the promoters and healthy debt protection metrics. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of CKE. Key Rating Drivers - Weaknesses * Delays in debt servicing: The firm has overdrawn the cash credit account beyond 30 days due to weak liquidity. * Susceptibility to tender-based operations: Revenue and profitability entirely depend on the ability to win tenders. Also, entities in this segment face intense competition, requiring them to bid aggressively to get contracts, which restricts the operating margin to a moderate level. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability margin through operating efficiency becomes critical. * Modest scale of operations and high geographical concentration in revenue: The scale of operations remains modest at around INR77 crore in fiscal 2024 (INR57 crore in fiscal 2023) due to the competitive civil construction segment. Modest scale of operations limit operational flexibility and bargaining power. Additionally, operations are concentrated in Uttar Pradesh and Uttarakhand rendering growth highly dependent on the number of tenders floated in the region. * Moderate Capital structure: The capital structure is moderate as marked by high TOLANW due to high dependence on creditors. The creditors of the company are consistently high between 100-200 days for the past 3 fiscals ended FY2024. Company stretches the payments to the creditors in order to manage the working capital. Improvement in the capital structure driven by improvement in TOLANW remains a key monitorable. Key Rating Drivers - Strengths * Extensive industry experience of the promoter: The promoter has experience of over a decade in pipe and pipe fittings industry. This has given him a strong understanding of the market dynamics and enabled him to establish strong relationships with suppliers and customers. * Healthy debt protection metrics: CKE's debt protection metrics have been comfortable, despite leverage, due to moderately healthy profitability. The interest coverage and net cash accrual to total debt (NCATD) ratios were 12.0 times and 1.26 times, respectively, for fiscal 2024. The debt protection metrics are expected to remain at a similar level over the medium term. Liquidity Poor Bank limit utilisation was high, above 100% across past twelve months ending November 30, 2025. The firm had also taken adhoc limits, which were used beyond 100% and not regularized within 30 days. Cash accrual is expected to be INR3-5 crore against minimal term debt obligation, and the surplus will cushion the liquidity of the firm. The current ratio was moderate at 1.17 times as on March 31, 2024. Cash and bank balance was INR3.31 crore as on March 31, 2024. Rating sensitivity factors Upward factors * Timely debt servicing continuously for at least 90 days. * Substantial increase in revenues and profitability leading to higher cash accrual Established in 2018, CKE is based in Prayagraj, Uttar Pradesh. The firm undertakes civil construction works, such as construction of roads and bridges, canal, irrigation and electrification works. It is promoted by Mr Chandra Kesh Pal. CARNIVAL FILMS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Carnival Films Entertainment Pvt Ltd Carnival House, GEN A K Vaidya Marg, Office Western Express highway, Dinsishu, Malad East, Mumbai - 400097 Insolvency Commencement Date: November 27, 2025 Estimated date of closure of insolvency resolution process: May 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Ashok Kumar Gulla RBSA Restructuring Advisors LLP, 6th floor, Tower 4A, DLF Cyber Green, Cyber City, Gurugram- Delhi NCR Haryana Email: ashok.gulla@rbsa.in Email: cfepl@outlook.com Last date for submission of claims: December 11, 2025 CPR LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of CPR Laboratories Private Limited (CPR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.90 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.54 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.56 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPR 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 CPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPR continues to be 'Crisil D Issuer not cooperating'. Incorporated in March 2016 and promoted by Mr Dalai Ravi Kumar, Mr Dalai Vijay Kumar, Ms Bangaru Srilaxmi, and Ms Dalai Saraswathi, CPR is a setting up an API plant in Visakhapatnam. ESKAY K 'N' IT: Liquidation Process Case Summary ------------------------------------------------ Debtor: Eskay K 'N' IT (India) Limited 58-B Dhanu Udyog Industrial Area Piperia Silvassa (U.T), Silvassa, Dadra and Nagar Haveli, India, 396230 Liquidation Commencement Date: November 28, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: CA Sunit Jagdishchandra Shah 801-802, 8th Floor, Abhijeet-1, Opposite Bhuj Mercantile Bank, Mithakhali Six Roads, Navrangpura, Ahmedabad - 380006 Email: sunit78@gmail.com Email: rp.eskayknit@gmail.com Last date for submission of claims: December 28, 2025 JAINAM ALTERNATE: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jainam Alternate Energy Private Limited (PPPL; previously known as Pithampur Petro Pharma Private Limited) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 2 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPPL 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 PPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPPL continues to be 'Crisil B-/Stable Issuer not cooperating'. The company, incorporated in 2000 and based in Dhar, Madhya Pradesh (MP), manufactures and sells bitumen in the domestic market. Mr. Pravin Jain and Mr. Shailesh Jain manage the operations. JBS ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of JBS Engineering Works (JEW) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.70 CRISIL D (Issuer Not Cooperating) Term Loan 1.42 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JEW 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 JEW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JEW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JEW continues to be 'Crisil D Issuer not cooperating'. JEW was set up in 2010 as a partnership firm by Sharma and Banyal family. The firm is engaged in the manufacturing of auto components parts for the Tier I vendors of Hero Moto Corp and Mahindra and Mahindra. The partners of the firm are Mr. D.S. Sharma, Mrs. Laxmi Sharma, Mr. Deepak Banyal, Mrs. Suman Banyal and M/S India Micro Private Limited. JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jindal Wood Products Private Limited (JWPPL) 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 17 CRISIL D (Issuer Not Cooperating) Packing Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JWPPL 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 JWPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JWPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JWPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. JWPPL was incorporated in 1990. The company is based in Kandla (Gujarat) and processes and trades in timber logs from teakwood and hardwood. KMP SPINNERS: Liquidation Process Case Summary ---------------------------------------------- Debtor: KMP Spinners Private Limited SF No 299/7, Chinnarpalayam, Elanthakuttai Post, Veppadai, Tiruchengode Taluk Erode – 638008 Tamil Nadu Liquidation Commencement Date: November 18, 2025 Court: National Company Law Tribunal Chennai Bench Liquidator: Ravindra Beleyur Shreevathsa, 428, 19th B Cross, 3rd Block, Jayanagar Bengaluru – 560011 Tel No: +91-80-26540193 Email: ip@beleyur.com Email: ibc-kmpspinners@beleyur.com Last date for submission of claims: December 24, 2025 NILA LOGISTICS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Nila Logistics LLP 5/582/26, Netaji Nagar, 2nd Street, Thoothukudi, Melur, Tuticorin-628002 Tamil Nadu Insolvency Commencement Date: November 25, 2025 Estimated date of closure of insolvency resolution process: May 24, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Mr. Krishna Gopal Ratanlal Maheshwari C-4-E/135, Janak Puri, New Delhi-110058 Email: info@primusresolutions.in Primus Insolvency Resolution C Valuation Pvt. Ltd 408, 4th floor, Manish Chambers, Sonawala Road, Goregaon (E), Mumbai – 400 063 Email: cirp.nila@gmail.com Last date for submission of claims: December 13, 2025 PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pallavi Enterprises (Pallavi) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Pallavi 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 Pallavi, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Pallavi is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Pallavi continues to be 'Crisil D/Crisil D Issuer not cooperating'. Pallavi was set up in 1983 by Mr. Tatikonda Viswanadham and his wife Tatikonda Savithri. Girija Modern Rice Mill was set up in 2007 by Mr. Viswanadham and his daughter. Both the firms mill and process paddy into rice; they also generate by-products such as broken rice, bran, and husk. The rice mills of both these firms are in Vijayawada (Andhra Pradesh). POOJA SPONGE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Pooja Sponge Private Limited (PSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PSPL 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 PSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. PSPL was incorporated in 2002 in Rourkela and was initially promoted by the Odisha-based Gupta family. The company was acquired in 2006 by the Agarwal family. PSPL manufactures sponge iron at its facility in Rourkela (kiln capacity of 200 tonne per day) and also trades in steel flat and long products. Operations are managed by director, Mr. Kavit Agarwal. PROTO D INDUSTRIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Proto D Industries Private Limited Gat No. 357/57, Kharabwadi, Chakan, Tal Khed, Chakan, Pune, Khed, Maharashtra, India, 410501 Insolvency Commencement Date: November 28, 2025 Estimated date of closure of insolvency resolution process: May 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rishabh Sethi C 203 Runwal Heights, LBS Marg, Mumbai City, Maharashtra, 400080 Email: ip.rishabhsethi@gmail.com 408, 4th floor, Manish Chambers, Sonawala Road, Goregaon, Mumbai – 400063 Email: cirp.pdipl@gmail.com Last date for submission of claims: December 13, 2025 PSV PRECAST: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PSV Precast Private Limited (PPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.75 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.60 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.65 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPPL 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 PPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPPL continues to be 'Crisil B/Stable Issuer not cooperating'. PPPL was incorporated in 2017. PPPL is owned & managed by P.H.K. Srininivas Reddy and P. Sujatha. PPPL is engaged in manufacturing & supplying of precast building elements such as columns, beams, hollow core slabs, walls etc. PPPL market it under brand name 'Precast PPPL manufacturing facility is located in Yawapur Village, Sadasivpet Madnal, Sanga Reddy Dist, Telangana. RAM ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ram Engineers and Contractors (REC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.3 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with REC 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 REC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on REC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of REC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2010 as a proprietorship concern by Mr. Sethuraman, REC carries out civil construction in Chennai. RAVICHANDRA TEXTILES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Ravichandra Textiles Private Limited (SRTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) Long Term Loan 11.22 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.28 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SRTPL 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 SRTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRTPL continues to be 'Crisil D Issuer not cooperating'. SRTPL, incorporated in 2010, manufactures cotton yarn, primarily in counts of 10s, 13s, 16s, and 20s. The company's manufacturing facilities are in Guntur (Andhra Pradesh), and started commercial production in November 2012. RELIANCE COMM: NCLT Junks Plea for INR325-cr Refund From Ericsson ----------------------------------------------------------------- Livemint.com reports that the Mumbai bench of the National Company Law Tribunal (NCLT) on Dec. 10 dismissed Reliance Communications Ltd's plea seeking a refund of nearly INR325 crore from Swedish telecom equipment maker Ericsson India Pvt. Ltd., part of the INR550 crore that the Reliance Group paid in 2019 to purge a Supreme Court contempt order. Livemint.com relates that the tribunal held that the payment did not violate insolvency norms, and was made solely to comply with the Supreme Court's directions and not for any insolvency-linked settlement. "We do not find any merit in the contention of the applicant that the money paid to Ericsson pursuant to the NCLAT stay order is required to be refunded . . . The petitions filed by the resolution professional of the corporate debtor against Ericsson India Private Limited (operational creditor) are dismissed and disposed of," the order stated. According to Livemint.com, the case stems from the 2019 Supreme Court contempt ruling in which the court held RCom, Reliance Telecom Ltd and Reliance Infratel Ltd - and their executives -guilty for failing to honour a settlement with Ericsson and repeatedly missing court-mandated payment deadlines. To purge the contempt ruling and prevent its senior officials from being imprisoned, the Reliance Group ultimately paid INR550 crore to Ericsson. Later, resolution professional Anish Niranjan Nanavaty approached the NCLT seeking a partial refund, arguing that paying Ericsson in full amounted to preferential treatment, since the operational creditor recovered its entire claim ahead of secured financial lenders, Livemint.com relates. However, the NCLT rejected the plea, noting that the funds paid to Ericsson did not come from the assets of the insolvent companies, but from other Reliance group entities, Livemint.com relays. Because the corporate insolvency resolution process (CIRP) estate was never depleted, the tribunal concluded that the payment could not be treated as a preferential transaction or a violation of the moratorium under the Insolvency and Bankruptcy Code (IBC). Livemint.com says RCom had sought only INR325 crore, not the full INR550 crore, as that portion was considered attributable to RCom and Reliance Telecom. The remaining amount pertained to Reliance Infratel or other group entities, which were not part of the present petition. Livemint.com relates that Ericsson argued that the RP's claim was "misconceived", emphasising that the payment flowed strictly from the Supreme Court's contempt order, not the 2018 NCLAT interim order that had contemplated a refund if appeals were dismissed. It said any challenge to the payment should have been taken up before the Supreme Court itself. The dispute dates back to a 2013 network maintenance agreement under which Ericsson claimed more than INR1,500 crore in unpaid dues, Livemint.com notes. After repeated defaults, Ericsson initiated insolvency proceedings, eventually leading to contempt action against RCom's executives. RCom entered bankruptcy in 2019 with debt exceeding INR46,000 crore. About Reliance Communications Based in Mumbai, India, Reliance Communications Ltd is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to-home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. The National Company Law Tribunal on May 9, 2019, allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over INR50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with a resolution plan approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, awaiting NCLT approval. RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ritisha Oils Private Limited (ROPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 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 ROPL 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 ROPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ROPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ROPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. In 2012, Mr. Ramit Jain set up Manidhari Oils Private Limited, 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. S.K. RICE: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of S.K. Rice Industries (SKRI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKRI 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 SKRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKRI continues to be 'Crisil D Issuer not cooperating'. Set up in 2009, Devenagere (Karnataka) based SKRI is a partnership firm engaged in milling and processing of paddy into rice, rice bran and husk. It has an installed paddy milling capacity of 3 tonnes per hour and operates in two shifts. The firm is promoted by Mrs. Syyed Rehana along with her family members, Mr. Syyed Altaf Ahmed and Mr.Syyed Israr Ahmed. SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Savariya Industries (SI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SI 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 SI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SI continues to be 'Crisil D Issuer not cooperating'. Formed in 1996 as a proprietorship firm by Mr Rajkumar Kakraniya, SI is engaged in cotton seed oil extraction and trading of pulses. The firm is based in Amravati, Maharashtra. SHIV SHANKER: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Shiv Shanker Rice Mills (Ferozepur) (SSRM) continue to be 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable (ISSUER NOT COOPERATING) Warehouse Financing 2.45 Crisil B/Stable (Issuer Not Cooperating) Warehouse Financing 6 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSRM 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 SSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSRM continues to be 'Crisil B/Stable Issuer not cooperating'. Khanauri (Punjab)-based SSRM was established as a partnership between Mr. Ravi Singla and his family in 2002. It mills and markets basmati rice, and sells in the domestic market under the Pahelwan and Bright brand names. SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sonac continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Open Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Sonac 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 Sonac, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sonac is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Sonac continues to be 'Crisil D Issuer not cooperating'. Established in 2015 as a partnership firm, Sonac is engaged in shrimp feed manufacturing in Nellore (Andhra Pradesh). The firm is promoted and managed by Mrs. K Rama. STATOMAT SPECIAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Statomat Special Machines (India) Private Limited R-719, T.T.C Ind. Area, M.I.D.C, Rabale, Navi Mumbai, Mumbai - 400701 Insolvency Commencement Date: November 28, 2025 Estimated date of closure of insolvency resolution process: May 27, 2026 Court: National Company Law Tribunal, Mumbai Bench (Court-VI) Insolvency Professional: Shailesh Desai 708, Raheja Centre, Nariman Point, Mumbai - 400021, Maharashtra. Email: ip10362.desai@gmail.com 708, Raheja Centre, Nariman Point, Mumbai - 400021, Maharashtra Email: cirpstatomat@gmail.com Last date for submission of claims: December 12, 2025 SUNRISE AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sunrise Agro Industries (SAI) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 2 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAI 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 SAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAI continues to be 'Crisil B-/Stable Issuer not cooperating'. SAI was set up in May 2013 in Nagpur (Maharashtra) by Mr. Rangarao Gechode, Mr. Dhananjay Adsad, and Mr. Manik Thakre. The firm extracts oil from cotton seeds. TECH INDIA: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Tech India Engineering and Automation (TIEA) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with TIEA 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 TIEA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIEA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TIEA continues to be 'Crisil B/Stable Issuer not cooperating'. TIEA was established in 2018 as a partnership firm and in engaged in manufacturing of electronic connectors. TIRUPATI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tirupati Polymers (TPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Term Loan 0.9 CRISIL D (Issuer Not Cooperating) Term Loan 0.6 CRISIL D (Issuer Not Cooperating) Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TPL 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 TPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TPL continues to be 'Crisil D Issuer not cooperating'. TPL was set up as a partnership firm in 2008, at Sirmor, Himachal Pradesh. The company, which was manufacturing rubber sheets till 2010, now produces foil printing and mono carton mainly for players in the pharmaceutical industry. Operations are managed by Mr Rajesh Bindal and his wife, Mrs Anurekha Bindal. VEMPARALA VENKAT: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vemparala Venkat Rao Cotton Industries (VVR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.40 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.65 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.95 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VVR 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 VVR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VVR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VVR continues to be 'Crisil D Issuer not cooperating'. VVR was established in 2012 as a partnership firm by Mr V Ram Babu and his family members. The firm gins and presses raw cotton. Its facility is in Guntur, Andhra Pradesh. VENUS ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Venus Rolling Mills Private Limited (VRMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.2 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Term Loan 0.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VRMPL 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 VRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VRMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VRMPL was set up by Mr Yatendra Singh Pawar in 2005. The company manufactures mild steel angles of various sizes, used in the construction and power transmission sectors. YES MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Yes Motors (YM) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 3 CRISIL B+/Stable (ISSUER NOT COOPERATING) Overdraft 0.95 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Overdraft 1.50 CRISIL B+/Stable (ISSUER NOT Facility COOPERATING) Proposed Working 1.55 CRISIL B+/Stable (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with YM 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 YM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YM continues to be 'Crisil B+/Stable Issuer not cooperating'. YM, set up in 2015 by Mr Sri Kanth Rao is a partnership firm. It is an authorised dealer for Yamaha two-wheelers in Karimnagar, Telangana. =============== M A L A Y S I A =============== HO HUP: Seeks Fresh Court Order to Restructure MYR113MM Debt ------------------------------------------------------------ The Malaysian Reserve reports that Ho Hup Construction Co Bhd has applied for a new court order to facilitate a debt restructuring scheme with its creditors. According to The Malaysian Reserve, the construction group said it is seeking High Court approval for a scheme of arrangement and a restraining order to allow time to draft and present the plan. The Malaysian Reserve relates that the pause will temporarily block any winding-up action against the company for up to two months or until the court rules on the application. Under the proposal, Ho Hup said the restructuring plan will require approval from at least 75% in value of creditors at a court-convened meeting to become binding, the report relays. About Ho Hup Construction Based in Malaysia, Ho Hup Construction Company Berhad -- https://www.hohupgroup.com.my/ -- engages in foundation engineering, civil engineering, building contracting works and hire of plant and machinery. The Company operates in four segments: construction, which is engaged in foundation and civil engineering, building contracting works and engineering, procurement, construction and commissioning of pipeline system; property development, which includes the development of residential and commercial properties, manufacturing, which includes manufacturing and distribution of ready-mixed concrete, and other business segment, which represents hire of plant and machinery. The Company's subsidiaries include H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd. On April 18, 2025, Ho Hup Construction Co Bhd said it had been classified as a Practice Note 17 (PN17) issuer after its wholly-owned Bukit Jalil Development Sdn Bhd defaulted on MYR112.69 million in loan facilities, for which Ho Hup is the guarantor. ===================== N E W Z E A L A N D ===================== CMT NUMBER 1: Owes Lenders NZD71.7 Million, Receivers Say --------------------------------------------------------- The New Zealand Herald reports that two lenders who funded Onehunga's disastrous, almost-finished Beachcroft Residences are owed NZD71.7 million, according to the first receivers' report, which is just out. NZGT Security Trustee of Guardian Trust appointed receivers Andrew Grenfell and Alton Pollard of McGrathNicol to CMT Number 1 GP on October 2, the Herald discloses. Rees Logan and and George Bannerman of BDO Auckland were appointed as administrators of Beachcroft Apartments LP and CMT Number 1 GP Limited on Oct. 2, 2025. DU VAL: Sale of Sites Will Not Cover Mortgages, PwC Says -------------------------------------------------------- Maria Slade at BusinessDesk reports that Du Val's statutory managers, PwC, have sold more of the failed property group's development projects. But the sale of the Sunnyvale site in West Auckland and bulk sales of townhouses in two other developments will not cover the mortgages, PwC said. Du Val was placed in statutory management in August 2024 and owes an estimated $268 million. The news comes as BusinessDesk releases the third episode in The Fall of the House of Du Val podcast series, in which a subcontractor describes being called to a meeting of unpaid subbies a few months before the collapse. BusinessDesk says commercial flooring firm Lovich Floors was one of around 60 subcontractors owed money for work on Du Val sites who attended. According to BusinessDesk, Lovich Floors co-owner Pam Lovich likened the presentation by Du Val directors Kenyon Clarke and others to an episode of British 19th-century television drama, Peaky Blinders. A fired-up Mr. Clarke blamed the group's financiers for the situation and told the subbies they could either continue supporting Du Val and get further work, or they would get nothing, Ms. Lovich claimed, BusinessDesk relays. Ms. Lovich said the meeting was highly unusual. "Oh my God, I thought I was in the set for Peaky Blinders, to be honest, it felt like that, people with slicked back hair. "It was subtle bullying, I felt, and just another lot of rubbish, using people and their money to benefit themselves," she claimed. Mr. Clarke declined to comment on the allegations. BusinessDesk says PwC confirmed it had recently sold the Sunnyvale Terraces project, a 5,500 sqm site in Sunnyvale, West Auckland, where 46 residential units were planned. It did not say who the purchaser was, but in its second statutory managers' report in September, it said it was in discussions with the first mortgage holder, US-based Clearwater Capital, regarding a transaction, BusinessDesk relates. Sunnyvale had three mortgages on it, with Du Val investors through Du Val Capital Partners (DVCP) and another Du Val entity ranking behind Clearwater. It had completed civil construction on the site with the support of Clearwater, PwC said in its report, BusinessDesk relays. It had also sold the remaining townhouses at the Te Awa Terraces development in Māngere East in a bulk deal, PwC said. At the nearby 180-unit Mountain Vista Estate development, it had also sold several townhouses in a bulk transaction, according to BusinessDesk. Clearwater Capital was the first mortgage holder on both sites, while Du Val Capital Partners held the second mortgages. It also did not identify the buyer in these cases, but had earlier said in its report that it was talking to the first mortgage holder about possible deals. It had worked with Clearwater to continue work at the three sites, it said. "The transactions above were not sufficient to fully repay the first-ranking secured lender, and subsequent mortgages were discharged as part of the transfer process," BusinessDesk quotes PwC statutory manager John Fisk as saying. About Du Val Group Du Val Group developed large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024, effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. DZ INTERNATIONAL: Creditors' Proofs of Debt Due on Jan. 9 --------------------------------------------------------- Creditors of DZ International Limited are required to file their proofs of debt by Jan. 9, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 8, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 HM HOMES: Creditors' Proofs of Debt Due on Jan. 8 ------------------------------------------------- Creditors of HM Homes Group Limited are required to file their proofs of debt by Jan. 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 4, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited, Chartered Accountants PO Box 10100 Dominion Road Auckland 1446 JIMMY D: To Close Most of Operations by February ------------------------------------------------ Radio New Zealand reports that Jimmy D, a trailblazing New Zealand fashion label with over 20 years of history, is shutting down almost all of its operations. According to RNZ, the brand's founder and designer James Dobson announced the news on Instagram last week. The grungy label, which celebrated androgyny and queerness with mesh tops, camp prints, and iconic graphic t-shirts, will wind down most of its operations by February, while continuing to produce t-shirts, caps, and socks, RNZ says. "It is really sad, but it is not that I have lost the passion for it, I just feel very beaten down by this year, and I just think it is time for a change," Mr. Dobson said on the Instagram video. He started the label in 2004 on the floor of his bedroom in an Auckland apartment with a friend who taught him about patterns and cutting fabric. From there, Jimmy D achieved memorable collaborations with artists and notoriety as a subversive fashion label with a cult following. "I'm super proud that there are entire looks of mine that are in the collection of Te Papa and the Dowse [Art Museum in Lower Hutt] that will be stored away for years to come." Te Papa has numerous Jimmy D silk pieces, including an over-sized Helvette t-shirt digitally printed with the designs from artist and musician Andrew McLeod. "Dobson particularly made his mark on the fashion scene with his collaborations with a wide range of artists," RNZ quotes Claire Regnault, history curator at Te Papa, as saying. She described the brand as having a "punk aesthetic" while remaining "infinitely wearable by a wide range of people of different ages, genders and body types, and will be missed by many". Despite the label's broad appeal, the tough economic climate in recent years has led to the closure of other labels such as industry stalwart Kate Sylvester, finally came for Jimmy D. RNZ relates that Mr. Dobson is also grieving the loss of his father, who died this year, he says. ". . . I don't have a lot left in the tank to keep pushing." Staying true to the brand's ethics, producing clothing in New Zealand, and paying machinists a living wage were also challenging, he said, RNZ relays. "Cash flow is really tricky to manage. The margins are kinda non-existent unless you are producing offshore, but I've always been very proud of what we have done here locally." Jimmy D's current collection and its entire archive can be purchased online. The brand is also hosting an in-store sale this weekend, from Friday, December 12, at 30 Cuba Street in Wellington. Customers can arrange special-made-to-order pieces from the label's archive until February, Mr. Dobson, adds RNZ. S & E ROOFING: Creditors' Proofs of Debt Due on Feb. 13 ------------------------------------------------------- Creditors of S & E Roofing Limited, Boaza Haulage Limited and M.S.J. Limited are required to file their proofs of debt by Feb. 13, 2026, to be included in the company's dividend distribution. S & E Roofing Limited commenced wind-up proceedings on Dec. 2, 2025. Boaza Haulage Limited commenced wind-up proceedings on Dec. 3, 2025. M.S.J. Limited commenced wind-up proceedings on Dec. 4, 2025. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald C/- BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 SMARTLIFE AUCKLAND: Court to Hear Wind-Up Petition on Dec. 16 ------------------------------------------------------------- A petition to wind up the operations of Smartlife Auckland Central Limited will be heard before the High Court at Auckland on Dec. 16, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 7, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 YOYOSO NZ: Court to Hear Wind-Up Petition on Dec. 17 ---------------------------------------------------- A petition to wind up the operations of Yoyoso NZ Limited will be heard before the High Court at Auckland on Dec. 17, 2025, at 10:00 a.m. H&D Investments Limited filed the petition against the company on May 28, 2025. The Petitioner's solicitor is: Tim Grace Muir + Partners c/o Bankside ChambersLevel 22 88 Shortland Street Auckland CBD Auckland 1010 ================= S I N G A P O R E ================= ALYVATE PTE: Creditors' Meetings Set for Dec. 18 ------------------------------------------------ Alyvate Pte. Ltd. will hold a meeting for its creditors on Dec. 18, 2025, at 3:00 p.m., via electronic means. Agenda of the meeting includes: a. to present a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Ong Shyue Wen and Mr. Saw Meng Tee of EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC) were appointed as provisional liquidators of the Company on Nov. 27, 2025. ART WORKS: Commences Wind-Up Proceedings ---------------------------------------- Members of Art Works Pte. Ltd. on Nov. 27, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 ECOSOFTT PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Nov. 14, 2025, to wind up the operations of Ecosoftt Pte. Ltd. Hydro Dynamic Engineering filed the petition against the company. The company's liquidator is: Mr. Seah Chee Wei c/o Rock Stevenson 60 Paya Lebar Road #04-03 Paya Lebar Square Singapore 409051 KOZE PTE: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on Nov. 28, 2025, to wind up the operations of Koze Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MM2 ASIA: High Court Approves Four-Month Moratorium Request ----------------------------------------------------------- ChannelNews Asia reports that cinema operator mm2, which owes millions of dollars to creditors, was on Dec. 10 given a nod by the High Court to apply for a four-month moratorium. According to the report, the Singapore company has faced repayment demands from landlords over the now-closed cinema chain Cathay Cineplexes. With its financial woes, the chain ceased operations following a Sept. 1 announcement that it would enter creditors' voluntary liquidation, CNA relates. A moratorium is an "extraordinary form of relief" that temporarily restrains the ordinary rights of creditors to pursue their claims. The company had applied for one on Nov. 10. According to CNA, Judicial Commissioner Mohamed Faizal, in his judgment, said the granting of such relief must be "approached with care, transparency and a clear articulation of how it serves the broader public interest". He noted that the procedural requirements for such a moratorium have been satisfied in this case, including mm2 providing the necessary undertakings and compliance with advertising and notification requirements, CNA relays. According to the report, listed company mm2 expanded into cinema operations in 2017 through the acquisition of Cathay Cineplexes' operations for about SGD230 million (US$178 million). But as a result of the COVID-19 pandemic and "ever-evolving consumer preferences", the company went into financial difficulties. It has since faced a series of creditor demands and legal actions, CNA notes. Among the creditors is Linkwasha Holdings, which provided a SGD30 million loan to mm2 in 2017 to partially finance the purchase of Cathay Cineplexes' Singapore operations. In November 2024, mm2 issued a promise to pay SGD15 million to Linkwasha as a full and final settlement of the remaining outstanding amount arising from this loan, CNA recalls. Under the terms of the unsecured loan notes, mm2 is required to make an initial payment of SGD7.5 million by Nov 8, 2024, as well as quarterly payments of SGD250,000, plus interest. The remaining and outstanding amount was then payable by Nov. 30, 2025. While mm2 was able to pay SGD8.305 million in November 2024, it has since been able to only make a further payment of SGD150,000. On July 7 this year, Linkwasha issued a statutory demand for SGD7.35 million and SGD200,500 in accrued interest. The entertainment company has been unable to meet this demand. CNA adds that Mm2 is also facing other repayment demands, including SGD74.6 million from UOB and SGD2.6 million from Frasers. CNA relates that the company said these demands have resulted in an "untenable situation where it faces imminent winding up proceedings if it is not provided the breathing space" that is provided by a moratorium. Linkwasha objected to mm2's application for a moratorium, saying the entertainment company has not provided enough details to allow the court or creditors to assess the application. It said if the court were to grant a reprieve, it should only be "brief" and "accompanied by strict conditions". Other creditors were also in attendance at the court hearing, although they took no position and did not seek to make any submissions, Judicial Commissioner Faizal noted, adds CNA. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. QUINCY TRADING: Commences Wind-Up Proceedings --------------------------------------------- Members of Quincy Trading Far East Pte. Ltd. on Nov. 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Koh Geok Hoon Ms. Tan Hwee Ling Angeline 380 Jalan Besar #06-06 ARC 380 Singapore 209000 =============== X X X X X X X X =============== XINYUAN REAL ESTATE: Annual General Meeting on December 31 ---------------------------------------------------------- Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that that it will hold its 2025 annual general meeting of shareholders on Wednesday, December 31, 2025 at 10:00 a.m. China Standard Time. The AGM will be held at the Company's headquarters in Beijing at 27/F, China Central Place, Tower II, 79 Jianguo Road, Chaoyang District, Beijing 100025, the People's Republic of China. The shareholder record date has been set on December 9, 2025. The notice and the proxy statement for the AGM, once issued, will be available through the Company's investor relations website at https://ir.xyre.com. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. 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