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251215.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 Monday, December 15, 2025, Vol. 28, No. 249 Headlines A U S T R A L I A AUSTRALIAN BROTHERS: First Creditors' Meeting Set for Dec. 17 MDS TILING: First Creditors' Meeting Set for Dec. 18 MELTON FAMILY: First Creditors' Meeting Set for Dec. 17 MW PLANNING: ASIC Suspends AFS Licence Until June 8 RE DIGITAL: First Creditors' Meeting Set for Dec. 17 RESIMAC BASTILLE 2024-1NC: Moody's Ups Rating on Cl. F Notes to Ba2 SALTWATER LAND: First Creditors' Meeting Set for Dec. 18 SURFSTITCH PTY: Emerges From Administration THERAPY FOCUS: Executes DOCA Proposed by APM ESA Holdings [] AUSTRALIA: Taxman, Strata Behind Qtr of Forced Bankruptcies C H I N A CHINA VANKE: Fails to Get Bondholder Support for Extension Plan [] CHINA: Small Bank Mergers Shrink Sector, Raise Financial Risks I N D I A ADANI GREEN: Moody's Alters Outlook on 'Ba1' Ratings to Stable ANGIKA DEVELOPMENT: CRISIL Keeps D Ratings in Not Cooperating BIRD AIRPORT: ICRA Keeps B+ Debt Rating in Not Cooperating CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating CYAMOPSIS BIOTECH: ICRA Keeps B+ Debt Ratings in Not Cooperating DAIRY TALES: ICRA Reaffirms B Rating on INR12.28cr LT Loan DURGA AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating FARMICO COLD: CARE Keeps B- Debt Rating in Not Cooperating HYDROMATIK: ICRA Keeps B+ Debt Ratings in Not Cooperating JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating JAS EQUIPMENT: CRISIL Keeps B Debt Rating in Not Cooperating KARVY STOCK: ICRA Keeps D Ratings in Not Cooperating Category LUCKNOW MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating RICE TECH: CARE Keeps D Debt Rating in Not Cooperating Category SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating SINHA SQUARE: CARE Keeps D Debt Rating in Not Cooperating Category SOHANLAL SONS: CARE Keeps B- Debt Rating in Not Cooperating SUNRISE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating THREE STAR: CARE Keeps C Debt Rating in Not Cooperating Category V. R. NACHIMUTHU: CARE Keeps B- Debt Rating in Not Cooperating VADERA TRADELINK: CARE Keeps D Debt Ratings in Not Cooperating VAIDYA INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating VTJ SEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category YOGESH CHOUDHARY: CARE Keeps D Debt Ratings in Not Cooperating I N D O N E S I A BUKIT MAKMUR: Fitch Lowers LongTerm Foreign Currency IDR to 'B+' N E P A L NEPAL: Economy Suffered US$586 Million Hit From 'Gen Z' Protests N E W Z E A L A N D BAINS HORT: Kiwifruit Companies Placed in Liquidation IPAPER & PAINT: Heath Gair Appointed as Liquidator NATASHA NAVNITA: Waterstone Insolvency Appointed as Receivers PHARMA GROUP: Creditors' Proofs of Debt Due on Jan. 9 PIPE CARE: Court to Hear Wind-Up Petition on Feb. 4 THERMAWISE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 26 S I N G A P O R E CENTURY ENGINEERING: Court to Hear Wind-Up Petition on Dec. 19 CHIP SENG: Court to Hear Wind-Up Petition on Dec. 19 FKS HOLDINGS: Court to Hear Wind-Up Petition on Dec. 19 FUKUSEN RESTAURANT: Court to Hear Wind-Up Petition on Dec. 19 J-COOL PLUS: Court to Hear Wind-Up Petition on Dec. 19 S O U T H K O R E A TERRAFORM LABS: Do Kwon Sentenced in US$40BB Crypto Fraud Scam - - - - - ================= A U S T R A L I A ================= AUSTRALIAN BROTHERS: First Creditors' Meeting Set for Dec. 17 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Brothers Group Pty Ltd will be held on Dec. 17, 2025 at 11:00 a.m. via Microsoft Teams. Desmond Teng of Byrons Recovery was appointed as administrator of the company on Dec. 5, 2025. MDS TILING: First Creditors' Meeting Set for Dec. 18 ---------------------------------------------------- A first meeting of the creditors in the proceedings of MDS Tiling Pty Ltd will be held on Dec. 18, 2025 at 10:00 a.m. via virtual meeting. Frank Farrugia and Bruce Gleeson were appointed as administrators of the company on Dec. 8, 2025. MELTON FAMILY: First Creditors' Meeting Set for Dec. 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Melton Family Pty Ltd will be held on Dec. 17, 2025 at 11:00 a.m. at the offices of TI Group (NSW) Pty Ltd at Level 1, 17 Brookhollow Ave in Norwest and via virtual meeting technology. Darrin Paine of TI Group was appointed as administrator of the company on Dec. 8, 2025. MW PLANNING: ASIC Suspends AFS Licence Until June 8 --------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of MW Planning Pty Ltd until June 8, 2026. ASIC suspended MW Planning's licence for not meeting its organisational competence and human resources obligations when it failed to appoint a new responsible manager following ASIC's banning of its existing responsible manager, Robert John Tohill, on Aug. 25, 2025. ASIC also found that MW Planning had failed to: * lodge required financial statements and an auditor opinion for the 2024 financial year, and * report its failures to ASIC. ASIC has specified that MW Planning must remain a member of the Australian Financial Complaints Authority and maintain professional indemnity insurance cover during the suspension period. MW Planning has the right to apply to the Administrative Review Tribunal for a review of ASIC's decision. MW Planning holds AFS licence number 312489. MWL Financial Group Pty Ltd (in administration) is the parent company of MW Planning Pty Ltd and MWL Financial Services Pty Ltd (in liquidation). On Aug. 25, 2025, ASIC cancelled the AFS licence held by MWL Financial Services and banned its responsible manager and compliance manager, Robert John Tohill. Mr. Tohill was also the responsible manager for MW Planning. RE DIGITAL: First Creditors' Meeting Set for Dec. 17 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Re Digital Pty Ltd will be held on Dec. 17, 2025 at 11:00 a.m. at the offices of HM Advisory at Level 2, 263 George Street in Sydney and via virtual meeting technology002E Adam Shepard of HM Advisory was appointed as administrator of the company on Dec. 5, 2025. RESIMAC BASTILLE 2024-1NC: Moody's Ups Rating on Cl. F Notes to Ba2 ------------------------------------------------------------------- Moody's Ratings has upgraded ratings on five classes of notes issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-1NC. The affected ratings are as follows: Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series 2024-1NC Class B Notes, Upgraded to Aaa (sf); previously on Apr 8, 2024 Definitive Rating Assigned Aa1 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Feb 10, 2025 Upgraded to A1 (sf) Class D Notes, Upgraded to A2 (sf); previously on Feb 10, 2025 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Apr 8, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Apr 8, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the November 2025 payment date, credit enhancement available for the Class C and Class D Notes has increased to 7.8% and 5.6% respectively, from 5.1% and 3.7% at the time of the last rating action for these notes in February 2025. Credit enhancement available for the Class B, Class E and Class F Notes has increased to 11.5%, 3.2% and 2.2% respectively, from 5.7%, 1.6% and 0.8% at closing. Principal collections have been distributed on a sequential basis starting from the Class A1 Notes, which has now been fully repaid. Current total outstanding note balance as a percentage of the closing balance was 49.8%. As of end-October 2025, 4.0% of the outstanding pool was 30-plus day delinquent and 2.3% was 90-plus day delinquent. The pool has incurred 0.002% (as a percentage of the original pool) of losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.7% of the outstanding pool balance (equivalent to 0.9% of the original pool balance) from 1.6% of the outstanding pool balance (equivalent to 1.2% of the original pool balance) at the time of the last rating action in February 2025. Moody's have maintained Moody's MILAN CE assumption at 7.9%. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. SALTWATER LAND: First Creditors' Meeting Set for Dec. 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Saltwater Land Holdings Pty Limited will be held on Dec. 18, 2025 at 10:30 a.m. via Zoom. Frank Farrugia and Bruce Gleeson of Jones Partners were appointed as administrators of the company on Dec. 8, 2025. SURFSTITCH PTY: Emerges From Administration ------------------------------------------- SmartCompany reports that SurfStitch has emerged from administration with a new website, leadership, and business model, entering the summer months after a year defined by changing ownership and deep financial challenges. According to SmartCompany, the storied surfwear retailer reopened its website on Dec. 11, offering customers board shorts, swimwear, beachy clothing, and summertime accessories. Robert Moore, who has worked across retail giants The Iconic, David Jones, Harrods, and Retail Apparel Group, now serves as general manager. In a statement provided to SmartCompany, Mr. Moore said the new-look SurfStitch will "make waves again, but not by chasing volume or discounts. "We're focused on building a sustainable, long-term business that reflects what matters to our customers and their way of life." SmartCompany says the new-look site arrives after many months of 'under maintenance' messages, which kept the website offline through a turbulent period for parent company SurfStitch Pty Ltd. With the site under lock and key, former owners Alquemie Group quietly sold the business to Best Markets Pty Ltd in May. Best Markets quickly put SurfStitch and sister brand Ginger & Smart into administration. In a July report to creditors, obtained by SmartCompany, administrators Edwin Narayan and Domenic Calabretta said SurfStitch collapsed with liabilities totalling AUD13,289,560. It owed AUD8,278,971 to secured creditors, with the Personal Properties Securities Register showing potential debts to major apparel brands, including the Australian wings of Nike, Levi Strauss, and Adidas, and surfwear brands Hurley and Rip Curl, among others. Debts to unsecured creditors totalled AUD5,010,589, with the administrators counting AUD228,761 in unpaid tax liabilities at the time of their appointment. SmartCompany says the enterprise faced further challenges through the administration process as Nike Australia, a SurfStitch supplier, sought to wind the business up for debts reportedly totalling AUD237,760. According to SmartCompany, the administrators recommended that creditors adopt a Deed of Company Arrangement (DOCA), handing ownership back to Best Markets Pty Ltd. The DOCA proposal included a deed fund of AUD320,000 and offered 4.73 cents on the dollar to unsecured creditors. Returning SurfStitch to Best Markets Pty Ltd was preferable to dumping it into liquidation, the administrators said, which offered the likely outcome of no returns for creditors whatsoever, SmartCompany relays. It would also allow Best Markets to turn SurfStitch from a traditional online retailer into a "pure play" marketplace platform, the administrators said. That DOCA secured creditor approval, including from Nike. In his statement, Mr. Moore said the new SurfStitch will chase commercial viability, stabilising a business that was once listed on the ASX with a valuation of more than AUD500 million - before its struggles with costly expansions, imperfect media acquisitions, shareholder revolts, and regulatory scrutiny. "In practice that means curating a thoughtful selection of brands and offering the visibility not available on mass, discount-driven platforms - whilst also lifting the bar on design, discovery and the overall customer journey," he said. The new-look SurfStitch will not honour old gift cards, loyalty points and store credits as the new business does not have those loyalty records. New gift cards, credits, and offers are expected from SurfStitch in the future, SmartCompany adds. Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin were appointed as administrators of Surfstitch Pty Limited (trading Surfstitch, Mohobu and Chosen Labels) on June 6, 2025. THERAPY FOCUS: Executes DOCA Proposed by APM ESA Holdings --------------------------------------------------------- Therapy Focus Limited, at the second meeting of creditors held on Dec. 11, 2025, executed a Deed of Company Arrangement proposed by APM ESA Holdings Pty Ltd. Rob Brauer and Rob Kirman of McGrathNicol were appointed as Deed of Administrators of the company. "Shortly after executing the APM DOCA, the necessary conditions were satisfied and managerial control of Therapy Focus and its business, assets and affairs transferred to the Directors," Mr. Kirman in a circular to creditors. "Following the transition of control, pursuant to clause 4.3(b)(v) of the APM DOCA, all trading debts and liabilities of Therapy Focus incurred are solely the responsibility of the newly appointed Directors of Therapy Focus, and the Deed Administrators will not be liable for any such debts or liabilities after Dec. 11, 2025." "In accordance with the terms of the APM DOCA, the role of the Deed Administrators will be limited to assessing the creditor claims and paying a dividend to creditors from the DOCA fund. Once the DOCA Fund has been distribued and all conditions of the DOCA have been satisfied, the DOCA will fully effectuate and complete." "Further particulars as to how to establish your claim for dividend purposes will be provided in due course," Mr. Kirman added. Therapy Focus Ltd provides disability therapy service in Western Australia. Rob Kirman and Rob Brauer of McGrathNicol were appointed as voluntary administrators of Therapy Focus Ltd on Oct. 9, 2025. [] AUSTRALIA: Taxman, Strata Behind Qtr of Forced Bankruptcies -------------------------------------------------------------- Phoebe Griffiths at news.com.au reports that the taxman and strata bodies are responsible for more than a quarter of all forced bankruptcies, with new figures showing private schools are also using the measure to recover debt. A Financial Counselling Australia report found more than 6,700 creditor petitions were filed between the 2021-22 and the last financial year, news.com.au relates. According to news.com.au, the numbers have increased from 1,365 in the FY22-23 to 2024 in the financial year which ended in June 2025. Their figures suggest that debt collectors have "stepped back" from pursuing bankruptcy, major banks "continue to show restraint" but that other trends are "concerning". It said: "A closer look shows that much of this activity is concentrated among a few creditor types, particularly strata schemes, non-bank business lenders and the Australian Taxation Office (ATO)," news.com.au relays. The top creditor last year was the ATO, responsible for 13 per cent of cases, followed by strata and non-bank business lenders responsible for 12 per cent of cases each. News.com.au relates that figures also show a "small but notable share of filings trending upwards" in the education and training sector, with activity mainly involving private schools. The report said: "While bankruptcy is typically associated with banks, debt collectors and government agencies, our analysis shows a growing number of private schools turning to the bankruptcy system to recover unpaid fees from parents." FCA said forced bankruptcy is being used "too often" and want to increase the forced threshold amount from AUD10,000 to AUD20,000. "The bankruptcy system is outdated and it needs to be brought into the 21st century," news.com.au quotes FCA's Lody Stewart as saying. "We want to make it harder for people to be forced into bankruptcy by making it easier for them to access hardship and payment plan support," she said. News.com.au adds that FCA CEO Dr Domenique Meyrick said, "forced bankruptcy is one of the most serious tools available to creditors and should only be used as a genuine last resort." "Our report shows that without stronger safeguards and modernised laws, Australians risk losing their homes and livelihoods unnecessarily over relatively modest debts. "Forced bankruptcy is appearing most in sectors that lack strong consumer protections, including rights to hardship support or fair dispute resolution. Put simply, it's happening where safeguards are minimal." "Practical reforms are urgently needed to ensure fairness and consistency in the system." FCA are calling for the government to "ensure [bankruptcy] is a genuine last resort", extend hardship assistance in high-risk sectors and provide "better" information and access to financial counselling. ========= C H I N A ========= CHINA VANKE: Fails to Get Bondholder Support for Extension Plan --------------------------------------------------------------- Bloomberg News reports that China Vanke Co. failed to obtain sufficient bondholder support for its proposed extension on a local bond due Dec. 15, heightening default risk for what was once the nation's largest homebuilder by sales. The debt proposal, along with two other plans that bondholders voted on, would have allowed the cash-strapped developer to postpone repayments on a CNY2 billion ($283 million) note by one year. All three fell short of the more than 90% support threshold that was required for passage, according to a public filing to the National Association of Financial Market Institutional Investors. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. [] CHINA: Small Bank Mergers Shrink Sector, Raise Financial Risks ----------------------------------------------------------------- Reuters reports that many of China's newly merged small banks have seen profits fall and capital buffers shrink over the past year, a Reuters review of data showed, testing Beijing's record consolidation drive designed to avert risks in its $8 trillion small banking sector. China's bank consolidation has accelerated, with at least 350 banking licences cancelled in 2025 as of November, up from 198 in 2024, Reuters relates citing a report by Chinese investment bank China International Capital Corp. The consolidation mainly targets a sprawling network of more than 3,600 rural banks and credit cooperatives that account for about 14% of the country's $58 trillion banking sector, according to official data. These small banks are mainly backed by indebted provincial governments and are largely funded via short-term money market and interbank borrowings, potentially jeopardising domestic financial stability in the event some of them fail, Reuters notes. A Reuters review of publicly available financial reports shows among 20 small-sized regional banks that absorbed smaller troubled lenders in 2024, 13 reported either lower profit growth, a profit decline or losses through mid-2025. Fourteen saw their capital adequacy ratios deteriorate post-merger, the data showed. The data review highlights the challenges Beijing faces in bolstering the balance sheets of its unwieldy small banks, most of which have been reeling from a property sector liquidity crisis and slowing economic growth, according to Reuters. "Unless bad debts are recognised and written off, mergers and acquisitions alone cannot reduce the number of bad debts - they can only dilute bad debt risk," Reuters quotes Xiaoxi Zhang, China finance analyst at Gavekal Dragonomics, as saying. "Local banks generally belong to local governments, so if the merged and restructured bank still cannot absorb the bad debts, it's highly likely that the local government will provide rescue assistance again," she said. China will "steadily and systematically promote mergers and reorganisations of small and medium-sized financial institutions while reducing quantity and improving quality," NFRA head Li Yunze said at a financial conference in October, Reuters recalls. At least 290 rural Chinese banks and rural cooperatives were merged into larger regional lenders in 2024, Reuters reported in February based on calculations of regulatory and company filings over the preceding 12 months. Reuters adds that the smaller lenders are widely considered the weak link in China's financial stability, plagued by poor asset quality, low capital bases and governance issues, particularly in the country's less-developed regions. ========= I N D I A ========= ADANI GREEN: Moody's Alters Outlook on 'Ba1' Ratings to Stable -------------------------------------------------------------- Moody's Ratings has affirmed the senior secured ratings on two US dollar bonds issued by two Adani Green Energy Limited (AGEL) restricted groups. At the same time, Moody's have changed the outlook on all ratings to stable from negative. The two affected ratings are: 1. Adani Green Energy Restricted Limited Group (AGEL RG-1), which comprises Adani Green Energy (UP) Limited; Parampujya Solar Energy Private Limited; Prayatna Developers Private Limited – Ba1 ratings affirmed; outlook stable 2. Adani Green Energy Limited Restricted Group (AGEL RG-2), which comprises Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited - Ba1 ratings affirmed; outlook stable The outlook change to stable reflects Moody's expectations that the two AGEL restricted groups could maintain credit profiles supportive of their respective Ba1 ratings over the next 12-18 months. RATINGS RATIONALE The affirmation of AGEL RG-1's senior secured bond ratings considers a) its predictable revenues from a diversified set of projects in India, which operate under long-term power purchase agreements (PPAs) with fixed tariffs, b) its steady operating track record relative to revised resource estimates, c) its fully amortizing debt structure as well as d) its solid financial profile. These credit strengths are counterbalanced by its exposure to the weak financial profiles of state-owned distribution companies, earnings from which represent around 39% of the restricted group's earnings. Similarly, the affirmation of AGEL RG-2's senior secured bond ratings considers a) the group's predictable revenues from a diversified set of projects in India, which operate under long-term PPAs with fixed tariffs, b) its steady operating track record at a portfolio basis, c) its fully amortizing debt structure as well as d) its solid financial profile. These credit strengths are counterbalanced by its exposure to financially weak state-owned distribution companies that contribute around 30% of the restricted group's earnings. The restricted groups' operational performance, fully amortizing debt structures with no external funding requirements and ringfenced project structures will help insulate them from the on-going legal proceedings related to the chairman of AGEL, along with two other senior executives. Based on Moody's understanding of the key project documents, Moody's expects the contagion risk from the ongoing proceedings to the operation of both RGs to be manageable within the ratings. Management also confirmed that none of the projects in the rated restricted groups, nor their directors were part of the legal proceedings. Moody's will continue to monitor the proceedings and to assess any potential credit implications as the situation develops. Since the initial filing, there has been limited progress in the proceedings and there is material uncertainty over the timing of the eventual outcome. In November 2024, the chairman of AGEL, along with two other senior executives, were indicted by the US Attorney's Office in a criminal case, while the US Securities and Exchange Commission (SEC) initiated civil proceedings against them. The charges and allegations include: (1) conspiracy to commit securities and wire fraud; (2) securities fraud involving misleading statements; and (3) omission to disclose material facts in certain statements. Since the initial filing, various Adani Group entities, including AGEL, have continued to demonstrate access to liquidity - for refinancing, hedge rollovers and growth funding. At the same time, management confirmed that there were no material disruption to Adani Group entities' operations as a result of the indictment to date. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of AGEL RG-1 and AGEL RG-2's ratings is unlikely in the absence of a sovereign rating upgrade, given the restricted groups' exposure to government owned utilities as key counterparties. An upgrade would also be predicated on maintenance of current operating and financial performance for the respective restricted groups. AGEL RG-1's bond ratings could face downward pressure if a) the project's debt service coverage ratio (DSCR) deteriorates toward 1.20x-1.30x on a sustained basis, which could be the result of underperformance of its generation facilities, or b) if the credit profile of the off-takers of the restricted group's assets declines, potentially as a result of a downgrade in the sovereign rating. Moody's could also downgrade the rating if the legal proceedings lead to a material disruption to their operations and cash flow. Similarly, Moody's may downgrade AGEL RG-2's bond ratings if a) the project's debt service coverage ratio (DSCR) deteriorates toward 1.30x on a sustained basis, which could be the result of underperformance of its generation facilities, or b) if the credit profile of the off-takers of the restricted group's assets declines, potentially as a result of a downgrade in the sovereign rating. Moody's could also downgrade the rating if the legal proceedings lead to a material disruption to their operations and cash flow. LIST OF AFFECTED RATINGS Issuer: Adani Green Energy (UP) Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Adani Renewable Energy (Rj) Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Kodangal Solar Parks Private Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Parampujya Solar Energy Private Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Prayatna Developers Private Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Wardha Solar (Maharashtra) Private Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AGEL RG-1 and AGEL RG-2 are operators of renewable projects across India, with total operational capacity of 930 megawatts (MW) and 570MW respectively. The restricted subsidiaries within the restricted groups are owned by Adani Green Energy Twenty Three Limited, a 50/50 joint venture between AGEL and subsidiary of TotalEnergies SE (Aa3 stable). ANGIKA DEVELOPMENT: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Angika Development Society (ADS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.4 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ADS 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 ADS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ADS continues to be 'Crisil D Issuer not cooperating'. Established in 2004, ADS manages a DPS franchise school and a teacher training institute, VBCE, in Bhagalpur. The society added one more school in Ranchi, Jharkhand, in 2016 under the DPS brand. Operations are managed by the chairman, Mr Shekhar Dutt (retired Indian Administrative Service officer, former governor of Chhattisgarh, and defense secretary, Government of India), and secretary, Mr Rajesh Kumar Srivastava. BIRD AIRPORT: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Bird Airport Hotel Private Limited (BAHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 82.18 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BAHPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, Bird Airport Hotel Private Limited (BAHPL) owns and operates 216 room hotel under the brand The Roseate House Hotel at Aerocity, New Delhi. The construction of the property was started in 2009 and the hotel became operational in FY2017. The property also offers facilities like a convention centre, meeting rooms, swimming pool, fitness centre and dining options by way of five restaurants and bars. The Roseate House brand is an in-house brand of Bird Group, which has interest ranging in aviation, luxury car dealership, hospitality and education sectors. Apart from The Roseate House, the group operates two other properties - The Roseate in New Delhi and one property in Rishikesh (Uttarakhand) in India. It also owns 3 properties in the United Kingdom (UK), all of which held under a different group companies. CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Choudhary Gum and Derivatives (CGD) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with CGD, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, Choudhary Gums & Derivatives (CGD) processes guar seeds to obtain guar gum refined splits and by-products such as churi and korma. The firm operates from its facility at Saudulsahar in Rajasthan, with an installed guar gum seeds processing capacity of 75000 MTPA. The firm is primarily a family run concern with Mr. Om Praksh and Mr. Amandeep being the partners. The firm sells its products in the domestic market with its sales fully concentrated in the state of Rajasthan. CYAMOPSIS BIOTECH: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-term rating of Cyamopsis Biotech (India) Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable);ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Cyamopsis Biotech, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Cyamopsis Biotech (India) Private Limited (Formerly Known as Dada Ganpati Guar Products Private Ltd) was formed in 2012 as a private limited company. The company installed a plant in March 2013 for manufacturing of guar gum and by-products with guar gum powder manufacturing capacity of 7500 Tonnes per annum. It is a promoter family-driven entity, with its manufacturing plant located in Sirsa, Haryana. DAIRY TALES: ICRA Reaffirms B Rating on INR12.28cr LT Loan ---------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Dairy Tales Namdhari Pvt Ltd. (DTNPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B (Stable); reaffirmed Fund Based- Cash Credit Long Term- 5.72 [ICRA]B (Stable); reaffirmed Fund Based- Term Loan Long Term 12.28 [ICRA]B (Stable); reaffirmed Unallocated Rationale The rating remains constrained by DTNPL weak financial profile, marked by net losses, negative net worth, and stretched liquidity on account of high inventory levels and elongated receivable cycle. Although the company's revenues grew marginally by about 3% in FY2025, its operating profit improved to INR4.6 crore in FY2025 from INR0.9 crore in FY2024, supported by improved gross margin and overhead cost optimisation. Nevertheless, the company continues to generate low cash from business, which weighs on its overall financial risk profile. DTNPL has undertaken measures that include harvesting green fodder on promoter-owned land and stocking it for the rainy season, which has helped reduce production costs and support earnings. Going forward, a healthy scale-up in operations and improvement in cattle yield remain critical for enhancing DTNPL's profitability and strengthening the financial profile. The company's capital structure remains weak, with negative net worth and subdued debt protection metrics. The rating also factors in the fragmented nature of the dairy industry, characterised by intense competition from established players and the unorganised segment, which limits pricing flexibility and profitability. However, ICRA derives comfort from the regular financial support extended by the promoters and promoter-owned entities in the form of unsecured loans to meet working capital requirements and debt obligations. In FY2024, the promoter group infused unsecured loans of around INR7.0 crore, and further support is expected in FY2025, given the sizeable repayment obligations and continued losses. The rating also considers the promoters' extensive experience of over three decades in the dairy industry, the company's established milk processing infrastructure, and regular offtake from Namdhari Agro Fresh Private Limited, a Namdhari Group entity. The Stable outlook reflects ICRA's expectation that DTNPL's revenues and earnings will improve gradually, supported by higher average sales volumes and cost-control measures, while continuing to benefit from timely financial support from its promoters and promoter-held entities. Key rating drivers and their description Credit strengths * Extensive experience of promoters in dairy industry: DTNPL's promoters have been associated with the dairy industry for over three decades, selling milk and milk products through the retail store, Namdhari Agro Fresh, under the brands, Dairy Tales and Namdhari. The entity has a well-established infrastructure for milk processing and is a part of the Bengaluru-based Namdhari Group. * Offtake support from Group company: The major part of DTNPL's revenue in FY2025 (around 36% of total revenue) came from its Group entities, Namdhari Seeds Private Limited and Namdhari Agro Fresh Private Limited, which retail fresh fruits, vegetables, milk and other grocery products across Bengaluru and one store in Hyderabad, providing offtake support in the long term. Credit challenges * Small scale of operations: DTNPL's scale of operations remains small with revenues of INR21.2 crore in FY2025. However, the company's operating profit margin (OPM) improved to 21.7% in FY2025 from 4% in FY2024 mainly on the back of cost optimisation measures such as cultivating green fodder inhouse, procuring feed at lower prices and reducing the unproductive cattle size. * Weak financial profile: DTNPL's financial profile has remained weak owing to net losses in the past, which led to a negative net worth. ICRA expects its financial profile to remain weak in the near term and the company will continue to rely on support from the promoters to meet its working capital requirements and debt servicing obligations. * Significant competition from established players: DTNPL faces intense competition from the unorganised sector as well as cooperatives and other private dairies within the organised sector. This results in limited pricing flexibility for the company. Liquidity position: Stretched DTNPL's liquidity position continues to be stretched, with lower cash and bank balances of less than INR0.1 crore and low buffer of about INR0.1 crore in working capital limits as on March 31, 2025, while it has repayment obligations of around INR2 crore each in FY2026 and FY2027. However, unsecured loans and inter-corporate deposits from promoters and other promoter-held entities are expected to support the company in meeting its debt repayment obligations. Rating sensitivities Positive factors – ICRA could upgrade the rating if DTNPL demonstrates a sustained growth in revenues and earnings, leading to an improvement in debt coverage metrics and liquidity position. A specific credit metric could be DSCR of more than 1.0 times on a sustained basis. Negative factors – Expansion of losses, absence of financial support from the promoter or the group, resulting in a further deterioration of the liquidity position might result in a rating downgrade. Dairy Tales Namdhari Private Limited (DTNPL) was incorporated in June 2012 in Uragahalli in Bangalore, Karnataka and handles an integrated dairy farm spread across an area of 200 acres. The company started with a herd size of 80 cows, which increased to 1,645 cows as on date. It has an in-house milk processing capacity of around 50,000 litres per day (LPD). The company has shut down its operations in Mumbai and Hyderabad due to unfavourable prices, intense competition and high transportation costs, which could not be passed on to the customers. DURGA AUTOMART: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Durga Automart (DA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of DA under the 'issuer non-cooperating' category as DA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Durga Automart (DA), was established in the year 2015, however, started its operation from December 2016 is a Malda based entity, promoted by the Chitlangia family. Durga Automart (DA) is an authorized dealer for TATA Motors Limited (TML) for commercial vehicle with its main showroom located at Naldubi, Dist- Malda (West Bengal). Currently, the firm has one showroom located at Malda. Apart from that the firm also has customer sales points at Raiganj, Islampur, and Balurghat. The firm also has a container workshop at Patiranpur, Dakshin Dinajpur. Mr. Manish Kumar (aged 46 years) having around two decades of experience in the automobile industry. He looks after the overall management of the firm, with adequate support from other partners and a team of experienced personnel. FARMICO COLD: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Farmico Cold Chain and Logistics Limited (FCCLL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of FCCLL under the 'issuer non-cooperating' category as FCCLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FCCLL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Farmico Cold Chain & Logistics Limited (FCCLL) was initially established as Wadhwani Cold Storage & Ice Plant in the year 1989. However, it was reconstituted as a private limited company in the year 2015 as 'Farmico Cold Storage Private Limited' and finally it got its present name with effect from January 2018. The company is engaged in the business of providing cold storage facility. The cold storage facility of FCCLL is located at Nagpur, Mumbai. Recently the company has set up a distribution hub in Mumbai and farm level infrastructure in Nagpur. The company has set up IQF line for sweet corn, green peas and mixed vegetables and ripening chambers and frozen storage. In addition to this the company is coming up with logistic business and accordingly it has purchased 5 vans. HYDROMATIK: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Hydromatik in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term-Term 6.62 [ICRA]B+ (Stable); ISSUER NOT Loan COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long Term-Cash 2.00 [ICRA]B+ (Stable); ISSUER NOT Credit COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Short Term-Fund 2.00 [ICRA]A4; ISSUER NOT Based COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Hydromatik, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1999, Hydromatik is a partnership firm, involved in the designing, engineering and manufacturing of hydraulic tube fittings and adaptors. The firm is involved in the manufacturing of pipe fittings of DIN 2353 safety specifications. The firm's products find application across wide range of industries and sectors like automotive, construction equipment, ship building, mining and steel plants. The manufacturing unit of the firm is located in Belgaum, Karnataka. JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Jajodia Exports Pvt Ltd (JEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 7.50 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' categoryI As part of its process and in accordance with its rating agreement with JEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2011, Jajodia Exports Pvt Ltd (JEPL) is engaged in the trading of food grains, diesel engines for irrigation pumps and completely knocked down E-rickshaw components. The promoters of JEPL started operations in the year 1995 as a partnership firm under the name of Jajodia Exports and were initially engaged in the trading of food grains only. Over the period of time the entity has also ventured into trading of diesel engines for irrigation pumps and completely knocked down E-rickshaws. JEPL primarily sells food grains and E-rickshaws (CKD) in the state of West Bengal, while diesel engines are sold in the state of Uttar Pradesh, Bihar and West Bengal. JAS EQUIPMENT: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of JAS Equipment & Engineers Private Limited (JASEPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JASEPL 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 JASEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JASEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JASEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007, JASEPL is promoted by Mr Ahindra Narayan Basuroychowdhury and is engaged in the fabrication of heavy structural components of boilers, conveyors and pollution control equipment. The company has its fabrication and machining units at Durgapur (West Bengal). KARVY STOCK: ICRA Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Karvy Stock Broking Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 250.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Commercial 300.00 [ICRA]D; ISSUER NOT COOPERATING; Paper Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Karvy Stock, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The Karvy Group is a business group that spans the entire financial services spectrum as well as data processing and managing segments. It caters to over 70 million individual investors in various capacities and provides investor services to over 600 corporate houses, comprising the best of Corporate India. LUCKNOW MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Lucknow Medical Agencies (LMA) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with LMA, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1999 as a partnership firm, LMA has been engaged in the wholesaling and distribution of pharmaceutical drugs in the domestic market for more than a decade in Delhi. The firm's product portfolio consists of more than 9,000 branded drugs, which are procured directly through the pharma manufacturers. Some of the key suppliers include Cipla Ltd., Sun Pharma Limited, Sanofi India Ltd., Abbott India Ltd. etc. LMA's operating income has witnessed steady growth over the years aided by deeper penetration in the existing markets. Further, addition of new suppliers thereby resulting in enhanced product portfolio has also supported volume growth for the firm. Post FY13, LMA's revenues have witnessed significant growth in the operating income owing to increasing volume along with marginal increase in the realizations which have been transferred by the pharmaceutical companies to the distributors. Going forward, the firm's revenues are expected to derive support from the management's increasing focus on expanding its presence and adding new suppliers. MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Magma Autolinks Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MAPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in Nov 2013, Magma Autolinks Private Limited (MAPL) is an authorized dealer for passenger vehicles of Honda Cars India Limited (HCIL). The Company is promoted by the Sharma family, with Mr. Tushar Sharma and Ms. Shveta Sharma serving as the directors of the Company. As on date, the company has on outlet (owned) situated at Kangra, Himachal Pradesh. Further, one more company of the group is "Bhagat Ram Motorways Pvt. Ltd." which was incorporated in 2011 and is engaged in the dealership of "Chevrolet" from its two showrooms located in UNA & Hamirpur, Himachal Pradesh. MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Modern Machinery Store (MMS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.30 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 18, 2024, placed the rating(s) of MMS under the 'issuer non-cooperating' category as MMS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 4, 2025, October 14, 2025, October 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated as a partnership firm in 1954 by Gupta family, Alwar (Rajasthan) based M/s Modern Machinery Store (MMS) is engaged in automobile trading and servicing. MMS is an authorized dealer for two wheelers manufactured by Hero Moto Corp Limited. Besides, it also operates dealership of John Deere India Private Limited (JDIPL). The firm has a 3S (sales, service and spares) facility in Alwar. RICE TECH: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rice Tech Agro Mills (RTAM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of RTAM under the 'issuer non-cooperating' category as RTAM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RTAM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rice Tech Agro Mills (RTAM) was established in 1998 as a partnership firm. Mr. A. M. Koya, Mr. A. M. Sijumon, Mrs. Mini Koya, Mrs. Laila Makkar and Mrs. A. M. Seemon are partners of the firm. The firm belongs to the 'Beepath' Group and is engaged in the business of milling and trading of rice. SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sarvodaya Suitings Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Foreign Exchange 1.23 CRISIL D (Issuer Not Forward Cooperating) Funded Interest 1.27 CRISIL D (Issuer Not Term Loan Cooperating) Letter of Credit 8 CRISIL D (Issuer Not Cooperating) Term Loan 12.73 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSL 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 SSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1994 and promoted by Mr. Abhay Kumar Jain and family, SSL manufactures blended fabrics at its facility in Bhilwara, Rajasthan, and sells under the Sarvodaya Suiting brand. SINHA SQUARE: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sinha Square (SS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.42 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of SS under the 'issuer non-cooperating' category as SS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Mr. Anirudh Kumar is setting up a modern and luxury hotel under the name "Sinha Square" in Deoghar, Jharkhand. The hotel has proposed to provide services like multi-cusine restaurant, banquet, swimming pool and conference hall. The hotel is expected to comprise of 60 double bed rooms. The total cost of the project is INR14.75 crore and the same is funded by proprietor contribution of INR4.75 crore and term loan of INR10.00 crore. The project is expected to be completed by March 2019 and the commercial operations expected to start from April 2019. The firm has already invested INR14.00 crore towards land & site development, building, civil works etc. till November 29, 2018 which is met through proprietor's contribution and term loan from bank. The financial closure of the aforesaid term loan has already been achieved. Mr. Anirudh Kumar has three decades of experience in different business-like civil construction, mining and roadways. He is proposed to look after the overall management of the hotel, with adequate support from a team of experienced personnel. SOHANLAL SONS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sohanlal Sons (SS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of SS under the 'issuer non-cooperating' category as SS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SS, based out of Nagpur (Maharashtra) is a proprietorship entity of Mr. Kapil Agarwal and commenced operation in June, 2013. Since inception, the entity has been engaged in trading of iron &steel products such as Thermo Mechanically Treated (TMT) bars, MS Ingots, MS Billets, angles, channels, etc. The entity is also involved in trading of textiles. SUNRISE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sunrise Enterprises (Mumbai) (SE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 13, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 29, 2025, October 9, 2025, October 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2011 as a partnership firm by Mr. Rupesh Dhirwani with his relatives Mr. Mohanlal Pahuja and Mr. Vijay Pahuja, SE is engaged in trading of various electrical items viz. cables, wires, fans, lights, geysers, etc. THREE STAR: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Three Star Marine Exports (TSME) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.21 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 6, 2024, placed the rating(s) of TSME under the 'issuer non-cooperating' category as TSME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TSME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 22, 2025, October 2, 2025, October 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Three Star Marine Exports (TSME) is a partnership firm established in 2011 by Mr. K. K. Ashraf, Mr. Harshad, Mr. Naushad, Mr. Suharabi, Mr. Nasmudeen and Mr. P. M. Ahmedkutty. TSME is engaged in export of processed sea food products with the present installed capacity of 10 tons per day. The sea food products include Shrimp, Cuttlefish, Squid, Octopus, Fish, Ribbon fish, Seafood mix etc. The sea food products are sold under the brand name "TME". V. R. NACHIMUTHU: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of V. R. Nachimuthu (VRN) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 7, 2024, placed the rating(s) of VRN under the 'issuer non-cooperating' category as VRN had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VRN continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable V. R. Nachimuthu (VRN) is a partnership firm established in the year 1962 by Mr. V. R. Nachimuthu. After the demise of the latter in the year 2008, the business was taken over by Mr. V.N. Subramanian, Son of Mr. V. R. Nachimuthu along with the other partners. After several reconstitutions in the partnership, the present partners are Mr. V. N. Subramanian, his wife Mrs. S. Jayanthi and his sons Mr. V.S. Saravanan, Mr. V.S. Gokul, and Mr. T.M. Logakumaresan, relative. All the partners share the profit and loss equally except T.M. Logakumaresan. Mrs. S. Jayanthi and T. M. Logakumaresan who are dormant partners. Till 2000, the firm was engaged in undertaking civil construction projects for both government as well as private sector companies. The firm has executed state government projects such as urban development project, construction of overhead tanks and underground reservoirs, building [Low-Income Groups (LIG), Middle-Income Groups (MIG) and High-income Groups (HIG)] in favour of Tamil Nadu Housing Board, construction of flats to Erode Housing Unit, Coimbatore housing units, Tamil Nadu Water Supply and Drainage Board etc. The entity is presently engaged in business of real estate property development, housing projects, and other civil constructions such as laying pipes, Base Transceiver Station (BTS) towers, etc. VADERA TRADELINK: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vadera Tradelink Private Limited (VTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of VTPL under the 'issuer non-cooperating' category as VTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Barmer-based (Rajasthan) Vadera Tradelink Private Limited (VTPL) was incorporated in 2008 as a private limited company by Mr Bhoor Chand Jain along with other family members. The company has diversified business structure ranges in being a registered 'AA' class (highest in the scale of AA to E) contractor with Public Works Department, Rajasthan (PWD) to trading of plastic goods, paper goods and agricultural produces. It also provides the cold storage facility. VAIDYA INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vaidya Industries (VI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.88 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of VI under the 'issuer non-cooperating' category as VI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 1995, Vaidya Industries (VI) is engaged in manufacturing and trading of wooden and steel furniture. The manufacturing facility of the entity is located at Nagpur (Maharashtra). VTJ SEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VTJ Sea Foods (VTJ) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 4.00 CRISIL D (Issuer Not under Letter of Cooperating) Credit Packing Credit 4.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VTJ 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 VTJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VTJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VTJ continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2001 as a proprietorship firm, VTJ is engaged in processing and exporting of seafood products. Based out of Kochi (Kerala), the firm is promoted by Mr. Raju J Vayalat. YOGESH CHOUDHARY: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Yogesh Choudhary (YC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 9.82 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of YC under the 'issuer non-cooperating' category as YC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bharatpur-based (Rajasthan) Yogesh Choudhary (YC) was formed in year 1996 by Mr. Yogesh Choudhary as a partnership firm along with Mrs. Sunita Choudhary to share profit or loss in equal ratio. YC is engaged in road construction and is registered as "AA" class approved contractor (Highest in the scale of AA to E) indicating eligibility to bid for contracts of any amount. The firm undertake projects for road construction from Public Works Department (PWD) and Rajasthan State Road Development and Construction Corporation (RSRDC) and it has executed projects in the area of Alwar, Bayana and Hindaun etc. ================= I N D O N E S I A ================= BUKIT MAKMUR: Fitch Lowers LongTerm Foreign Currency IDR to 'B+' ---------------------------------------------------------------- Fitch Ratings has downgraded PT Bukit Makmur Mandiri Utama's (BUMA) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B+', from 'BB-'. Simultaneously, Fitch Ratings Indonesia has downgraded BUMA's National Long-Term Rating to 'A(idn)', from 'A+(idn)'. The Outlook is Stable. Fitch Ratings Indonesia has also downgraded the rating on BUMA's unsecured rupiah bonds and sukuk to 'A-(idn)', from 'A+(idn)'. The downgrades reflect BUMA's weakened financial profile. Fitch forecasts EBITDA net leverage to worsen to around 6.0x in 2025 and EBITDA interest coverage to fall to 2.0x. Fitch estimates BUMA's 2025 Fitch-adjusted EBITDA to fall by around 35% due to a very weak 1Q25. While EBITDA is likely to recover in 2026, leverage will stay at above 3.5x. Fitch expects BUMA to continue deleveraging but see risk of a delay from volume weakness given the weaker macroeconomic conditions. The downgrade of BUMA's unsecured rupiah notes also reflects their subordination to the group's secured debt, which form the majority of the outstanding debt. 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Elevated Leverage, Modest Coverage: Fitch forecasts BUMA's EBITDA net leverage, based on deduction of lease expenses from EBITDA, to jump to around 6.0x in 2025 (2024: 3.4x), before declining to 3.8x in 2026, which is still elevated. Fitch forecasts EBITDA interest coverage to drop to 1.7x in 2025 (2024: 2.5x), before improving to around 2.5x in 2026. Weaker-than-expected volumes and large debt-funded acquisitions are key risks that could delay deleveraging. BUMA's 1H25 EBITDA was depressed by poor weather conditions and contract transitions that reduced volume and profitability for mining services, while its newly acquired US mining operations were unprofitable as it were undergoing an operational overhaul. EBITDA has been gradually recovering since 2Q25, but 9M25 EBITDA was still down 60% from a year earlier. Limited Volume Growth Expected: Fitch assumes BUMA's overburden volumes to increase by 3% each in 2026 and 2027 (2025: 17% fall). In Indonesia, Fitch expects higher volumes from major customers with robust cost positions. In Australia, Fitch expects metallurgical coal producers to increase output, based on the Wood Mackenzie's November 2025 supply forecast. BUMA should also benefit from a low-base effect, with 2025 volumes affected by adverse weather. However, BUMA's volumes remain subject to weather events and lack of contract renewals. Fitch thinks contracted volumes may be affected by weaker coal prices and the Indonesian government's plans to cut coal output in 2026. Risk from Acquisitions: Fitch thinks BUMA will stay acquisitive as part of its transition strategy. The proposed acquisition of a 51% stake in Dawson Coal Mining Complex for USD455 million was terminated following a material adverse change event in August 2025. Fitch does not incorporate further acquisitions in its forecast given uncertainty around potential targets and size. Fitch sees risk to BUMA's credit profile from large debt-funded acquisitions, especially in areas outside BUMA's core competencies and those not balanced by near-term EBITDA inflow. Contract-Linked Capex: Fitch expects BUMA's capex to be significantly lower at around USD150 million each in 2026 and 2027 (2025E: USD190 million), on limited volume growth. BUMA's capex strategy is based on linking spending with long-term contracts to mitigate excess capacity risk. Fitch thinks BUMA has some flexibility to reduce capex in case of delays in securing new contracts. However, Fitch also sees risk of capex being higher than its expectations if growth is driven by additional volumes from key customers while other contracts shrink. Strong Market Position, Geographical Diversification: BUMA's rating reflects its established market position in coal mining services. It benefits from geographically diversified operations in Indonesia, Australia and the US. The ultra high-grade anthracite coal mine in the US turned EBITDA-positive in October 2025, the company said, after incurring losses in 9M25. Fitch expects the US mine's EBITDA to improve on higher volumes, due to the high quality of output with relatively lower price volatility. Limited Covenant-Related Risk: BUMA has secured covenant waivers from its banks until end-2025 for likely breaches due to weaker financial metrics. Fitch estimates that BUMA's ratios will be compliant in 2026, aided by EBITDA recovery. In addition, Fitch expects BUMA to receive further covenant waivers, if required, due to its robust banking relationships and business profile. Unsecured Notes Notched Down: Fitch rates BUMA's rupiah-denominated notes one notch below the National Long-Term Rating. This reflects the unsecured notes' subordination to secured debt. Fitch expects the share of secured debt in BUMA's consolidated debt to rise by end-2025 from about 60% at end-September 2025. This follows the November 2025 redemption of USD212 million of unsecured notes funded by secured bank borrowings. Rated on Standalone Basis: BUMA's rating is based on its Standalone Credit Profile under its Parent and Subsidiary Linkage Rating Criteria, as Fitch considers BUMA's immediate parent, PT BUMA Internasional Grup Tbk (BIG), to have the same credit profile as BUMA. BIG has no other major operations. BUMA accounts for all of BIG's total borrowings, and their cash, EBITDA and leverage are similar. Peer Analysis BUMA is rated lower than Australia-listed earthmoving equipment rental company Emeco Holdings Limited (Emeco, BB-/Stable), which has a stronger financial profile. Fitch expects Emeco to maintain a conservative balance sheet through the cycle, with EBITDA net leverage remaining below 1x. Emeco's rental model provides lower revenue visibility than BUMA's contract-mining business. However, Emeco benefits from broad customer and commodity diversification, with customers involved in mining gold, coal, copper, bauxite and iron ore. Fitch rates BUMA at the same level as Indonesia-based thermal coal producer PT Indika Energy Tbk (Indika, B+/A(idn)/Stable). BUMA's predominantly contract-mining business model provides greater insulation from commodity-price volatility than Indika's exposure to mining operations. BUMA's stronger business profile is balanced by its leverage being higher than Indika. Fitch’s Key Rating-Case Assumptions Metallurgical coal prices in line with Fitch's price deck: USD185/tonne in 2025, and USD180/tonne per year in 2026-2028. Thermal coal prices in line with Fitch's coal price deck for Newcastle 6000: USD105/tonne in 2025, USD95/tonne per year in 2026, USD90/tonne in 2027 and USD85/tonne in 2028. Total overburden volume of around 450 million per bank cubic metre (bcm) in 2025 and gradually rising to about 500 bcm in 2028 Anthracite production at 300 thousand tonnes a year in 2025 and 2006; rising to 400 thousand tonnes a year in 2007-2028 Annual capex of USD190 million in 2025 and averaging USD145 million-150 million per year over 2026-2028 RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - EBITDA net leverage sustained above 4.5x - EBITDA interest coverage sustained below 2.0x - Sustained weakness in mining services and anthracite operations - Evidence of weakened funding access Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA net leverage sustained below 3.5x - EBITDA interest coverage sustained above 3.0x - Evidence of sustained recovery in mining services volume and sustained improvement in anthracite operations. Liquidity and Debt Structure Fitch expects BUMA to maintain adequate liquidity. As of end-September 2025, BUMA held about USD139 million of readily available cash. Excluding the USD212 million notes that BUMA had refinanced in November 2025, it has short-term debt maturities of about USD148 million. Fitch expects BUMA to continue tapping its unutilised facility (estimated to be about USD290 million at end-November 2025) to partly fund capex and refinance upcoming maturities. Issuer Profile BUMA provides coal mining services and carries out mining-related works, including overburden removal, and coal mining and hauling in Indonesia and Australia. It is the second-largest independent contractor in Indonesia and Australia. It also produces anthracite coal in the US via its recently acquired Atlantic Carbon Group. Public Ratings with Credit Linkage to other ratings BUMA's rating is based on its Standalone Credit Profile, under its Parent and Subsidiary Linkage Rating Criteria as Fitch assesses that BUMA's immediate parent, BIG, has the same credit profile. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations PT Bukit Makmur Mandiri Utama has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to its revenue concentration in thermal coal, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The score is in line with those of other thermal coal peers, which also face the risk of declining demand in the medium term because of coal's high carbon footprint. Funding access for thermal coal companies is also tightening progressively. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PT Bukit Makmur Mandiri Utama LT IDR B+ Downgrade BB- Natl LT A(idn) Downgrade A+(idn) senior unsecured Natl LT A-(idn)Downgrade A+(idn) ========= N E P A L ========= NEPAL: Economy Suffered US$586 Million Hit From 'Gen Z' Protests ---------------------------------------------------------------- Reuters reports that the anti-graft protests in September that forced Prime Minister K.P. Sharma Oli to resign caused more than $586 million in losses to Nepal's $42 billion economy, a government statement said on Dec. 11. The youth-led protests and the unrest that followed killed 77 people and injured more than 2,000 others three months ago. According to Reuters, a statement from the office of interim Prime Minister Sushila Karki, a former chief justice, who succeeded Oli, said an official committee set up to assess the losses estimated that the cost of rebuilding would top $252 million. Reuters relates that the interim government has set up an official fund to mobilise resources for the reconstruction and has so far collected less than $1 million from the public and different institutions, authorities said. The government has not said how it plans to bridge the resource gap for the reconstruction. Chakrabarti Kantha, a senior engineer at the Ministry of Urban Development in charge of rebuilding public infrastructure, said the reconstruction of the Singha Durbar, the president's house, the Supreme Court and key ministries had already started, Reuters relays. Repairs of some partially damaged buildings have already been completed and they are now back in use. "The work for other buildings that were completely destroyed would begin once the required detailed reports and designs are ready," Kantha told Reuters, without specifying timelines. The interim government has scheduled new parliamentary elections for March 5, 2026. About Nepal Nepal is a landlocked Himalayan country in South Asia bordered by India and China. It has a population of 30 million and contains eight of the world's ten highest peaks, including Mount Everest the highest mountain in the world. Kathmandu is its capital and largest city. As reported in the Troubled Company Reporter-Asia Pacific in lated November 2025, Fitch Ratings has affirmed Nepal's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. ===================== N E W Z E A L A N D ===================== BAINS HORT: Kiwifruit Companies Placed in Liquidation ----------------------------------------------------- BusinessDesk reports that five Te Puke-based Bains kiwifruit companies have been moved into court-appointed liquidation. According to BusinessDesk, PwC's Malcolm Hollis and Wendy Somerville were appointed as liquidators of Bains Fruit Productions, Bains Hort Group, Bains Farms, Bains Bros and GDP Orchards on Dec. 8. The liquidators have taken control of the companies, BusinessDesk notes. Bains Hort specializes in providing comprehensive solutions for investing in and managing kiwifruit orchards in Te Puke. They cater to investors interested in supporting local agriculture while achieving strong financial returns. The company also collaborates with local growers to ensure high-quality production through hands-on management and innovative technology. IPAPER & PAINT: Heath Gair Appointed as Liquidator -------------------------------------------------- Heath Gair of Palliser Insolvency on Dec. 2, 2025, was appointed as liquidator of Ipaper & Paint NZ Limited. The liquidator may be reached at: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington PO Box 57124 Mana Porirua 5247 NATASHA NAVNITA: Waterstone Insolvency Appointed as Receivers ------------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on Dec. 8, 2025, were appointed as receivers and managers of Natasha Navnita Reddy. The receivers and managers may be reached at: Damien Grant Adam Botterill Waterstone Insolvency PO Box 352 Shortland Street Auckland 1140 PHARMA GROUP: Creditors' Proofs of Debt Due on Jan. 9 ----------------------------------------------------- Creditors of Pharma Group 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. 4, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 PIPE CARE: Court to Hear Wind-Up Petition on Feb. 4 --------------------------------------------------- A petition to wind up the operations of Pipe Care Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:45 a.m. Lila Spies and Marthinus Willem de Jager Spies filed the petition against the company on Oct. 17, 2025. The Petitioner's solicitor is: Tina Abigail Hwang c/o Queen City Law Level 8 19 Victoria Street West Auckland Central Auckland 1010 THERMAWISE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 26 ------------------------------------------------------------------ A petition to wind up the operations of Thermawise Construction Limited will be heard before the High Court at Palmerston North on Feb. 26, 2026, at 10:00 a.m. Kiwi Construction (NZ) Limited filed the petition against the company on Nov. 6, 2025. The Petitioner's solicitor is: Alison Green Green Law 204 Broadway Avenue Palmerston North ================= S I N G A P O R E ================= CENTURY ENGINEERING: Court to Hear Wind-Up Petition on Dec. 19 -------------------------------------------------------------- A petition to wind up the operations of Century Engineering Aire Services Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 5, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 CHIP SENG: Court to Hear Wind-Up Petition on Dec. 19 ---------------------------------------------------- A petition to wind up the operations of Chip Seng Contractor Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 5, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 FKS HOLDINGS: Court to Hear Wind-Up Petition on Dec. 19 ------------------------------------------------------- A petition to wind up the operations of FKS Holdings Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 5, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 FUKUSEN RESTAURANT: Court to Hear Wind-Up Petition on Dec. 19 ------------------------------------------------------------- A petition to wind up the operations of Fukusen Restaurant Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Nov. 5, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 J-COOL PLUS: Court to Hear Wind-Up Petition on Dec. 19 ------------------------------------------------------ A petition to wind up the operations of J-Cool Plus Engineering Pte. Ltd. will be heard before the High Court of Singapore on Dec. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Dec. 2, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ===================== S O U T H K O R E A ===================== TERRAFORM LABS: Do Kwon Sentenced in US$40BB Crypto Fraud Scam -------------------------------------------------------------- Pete Brush of Law360 reports that a Manhattan federal judge sentenced Terraform Labs founder Do Kwon to 15 years in prison Thursday, December 11, 2025, concluding that his role in orchestrating a massive fraud involving the collapse of the stablecoin TerraUSD and related cryptocurrency Luna inflicted catastrophic financial losses on investors. The judge said Kwon's conduct caused "real people to lose $40 billion in real money," describing the deception as an "epic" fraud that devastated lives and wiped out substantial investment value across global markets. Kwon, who pleaded guilty in August 2025 to conspiracy to defraud and wire fraud charges in Manhattan federal court, has faced scrutiny from US prosecutors and regulators for misleading investors about the stability and security of his crypto ecosystem. Prosecutors had sought a 12-year sentence, but the judge imposed 15 years, emphasizing the wide reach of the scam and the depth of investor harm. The case highlights the legal and regulatory fallout from one of the largest financial frauds in cryptocurrency history, the report states. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. 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