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251216.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, December 16, 2025, Vol. 28, No. 250 Headlines A U S T R A L I A JORDAN DEVELOPMENTS: First Creditors' Meeting Set for Dec. 18 PLAYTIME PRE-SCHOOL: Second Creditors' Meeting Set for Dec. 17 RON CROUCH: Enters Voluntary Administration RON CROUCH: First Creditors' Meeting Set for Dec. 18 SALADS OF AUSTRALIA: First Creditors' Meeting Set for Dec. 17 SECRETS INTERNATIONAL: First Creditors' Meeting Set for Dec. 19 THINK TANK 2025-5P: S&P Assigns Prelim. B(sf) Rating on F Notes VOYAGER CMBS 2025-1: S&P Assigns B+(sf) Rating on Class F Notes [] ASIC Fines 12 Large Companies for Failing to Lodge Reports C H I N A CHINA VANKE: Vows to Improve Bond Delay Plan After Failed Vote SENMIAO TECHNOLOGY: Faces Nasdaq Delisting Over Negative Equity WEST CHINA CEMENT: Moody's Ups CFR to B3, Outlook Positive I N D I A ANNIES APPAREL: NCLAT Dismisses Sebi Bid to Recover Penalty ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating BAWA APPLIANCES: CRISIL Keeps D Debt Ratings in Not Cooperating BHATI ASSOCIATES: CRISIL Keeps C Debt Rating in Not Cooperating BHUMYA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating BIRAMANE HOSTEL: CRISIL Keeps D Debt Ratings in Not Cooperating D. M. JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating DEVKIRAN PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating ESSAL INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating GANESA HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating GANESA MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating GLOBAL HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating GOYAL ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating HEMCO GARMENTS: CRISIL Keeps B- Debt Ratings in Not Cooperating HOWRAH MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating INTENSIV-FILTER: CRISIL Keeps D Debt Ratings in Not Cooperating JAGANNATH POLYPACKS: CRISIL Keeps C Ratings in Not Cooperating JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating KRISH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating VEERGANAPATHI STEELS: CRISIL Keeps D Rating in Not Cooperating M A L A Y S I A 1MDB: Malaysia to Get Picasso, Matisse Artworks Linked to Lawyer CAPITAL A: Aireen Omar Steps Down After 20 Years N E W Z E A L A N D CHANCE VOIGHT: FMA Confirms Investigation Into Group SAFETY FIRST: Court to Hear Wind-Up Petition on Feb. 4 SAIL CITY: Creditors' Proofs of Debt Due on Jan. 31 TRONIX ELECTRICAL Court to Hear Wind-Up Petition on Feb. 4 WAIROA EARTHWORKS: Creditors' Proofs of Debt Due on Jan. 22 P H I L I P P I N E S ALLHOME CORP: Allegedly Offers Farmlands and GCs to Pay Suppliers S I N G A P O R E GANO GLOBAL: Creditors' Proofs of Debt Due on Jan. 5 GENONEFIVE PTE: First Creditors' Meetings Set for Dec. 17 LAMINAAR AVIATION: Court Enters Wind-Up Order ORCHID 4: Creditors' Proofs of Debt Due on Jan. 5 UIL (SINGAPORE): Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= JORDAN DEVELOPMENTS: First Creditors' Meeting Set for Dec. 18 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Jordan Developments Pty Ltd ATF Shreeve Family Trust No.4 (Trading name: Billboard Media) will be held on Dec. 18, 2025 at 10:00 a.m. at the offices of Hall Chadwick, at Level 40, 2 Park Street, in Sydney, NSW and simultaneously via teleconferencing facilities. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Dec. 8, 2025. PLAYTIME PRE-SCHOOL: Second Creditors' Meeting Set for Dec. 17 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Playtime Pre-School Centre Association Incorporated has been set for Dec. 17, 2025, at 10:30 a.m. via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 16, 2025 at 4:30 p.m. Scott Andersen and Nathan Deppeler of Worrells was appointed as administrator of the company on Nov. 12, 2025. RON CROUCH: Enters Voluntary Administration ------------------------------------------- SkyNews.com.au reports that family truck business Ron Crouch Transport has fallen into voluntary administration this week after 47 years of driving Australian roads. According to SkyNews.com.au, Executive Director Geoff Crouch announced with a heavy heart on Dec. 9 that the voluntary step was taken to provide clarity for employees, customers and suppliers amid the business dealing with industry pressures. "It is with the heaviest of hearts that I have had to take the necessary action of placing Ron Crouch Transport under the control of a Voluntary Administrator," SkyNews.com.au quotes Mr. Crouch as saying. "For the purposes of clarity and to ensure facts are not misrepresented I stress that this is a voluntary action. "Whilst I love and have a passion for the Australian transport industry, as we all know it is a tough one that takes no prisoners." He added staff shortages, government regulations and the current economic environment all played a part in the heavy decision, SkyNews.com.au relays. "Challenging economic conditions, pressure on rates, driver shortage, the never ending burden of government over regulation . . . all have played their part," he added. "Ultimate responsibility, of course though is mine. "The first action for the Administrator will be to seek a buyer for RCT which will result in the best possible outcome for all staff and creditors. "In the meantime, with the valued support of my financiers, suppliers, customers and amazing staff, it will be business as usual." "May I take this opportunity to sincerely thank and appreciate the many hundreds of team members that have contributed to RCT over the last 47 years, and in particular, the 120 current team members who will be affected the most." Founded by Mr. Crouch's parents in 1978, the truck business has served Australia with depot and warehouse facilities in Sydney, Melbourne, Adelaide, Brisbane and Wagga Wagga. RON CROUCH: First Creditors' Meeting Set for Dec. 18 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Ron Crouch Transport Pty Ltd will be held on Dec. 18, 2025 at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Dec. 8, 2025. SALADS OF AUSTRALIA: First Creditors' Meeting Set for Dec. 17 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Salads of Australia Pty Ltd and Salads of Australia Investments Pty Ltd will be held on Dec. 17, 2025 at 12:00 p.m. via Microsoft Teams. Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant Thornton were appointed as administrators of the company on Dec. 8, 2025. SECRETS INTERNATIONAL: First Creditors' Meeting Set for Dec. 19 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Secrets International Pty Ltd - Secrets Wholesale Pty Ltd - Secrets Shhh Pty Ltd - Secrets Shhh Leasing Pty Ltd - Secrets Shhh Franchising Pty Ltd - Secrets Shhh Retail Leasing Pty Ltd - Secrets Online Pty Ltd - Simudia Pty Ltd - Secrets Leasing Pty Ltd will be held on Dec. 19, 2025 at 11:00 a.m. via Microsoft Teams. Kelly-Anne Trenfield and John Park and Kate Warwick of FTI Consulting were appointed as administrators of the company on Dec. 10, 2025. THINK TANK 2025-5P: S&P Assigns Prelim. B(sf) Rating on F Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to six of the seven classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Commercial Series 2025-5P Trust. Think Tank Commercial Series 2025-5P Trust is a securitization of loans to commercial borrowers, secured by first-registered mortgages over Australian commercial and residential properties originated by Think Tank Group Pty Ltd. The preliminary ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for each class of rated note." The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity facility sized at 1.5% of the outstanding balance of the rated notes, and the principal draw function. An extraordinary expense reserve of A$250,000, funded from day one by Think Tank Group, will be available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. Preliminary Ratings Assigned Think Tank Commercial Series 2025-5P Trust Class A, A$640.00 million: AAA (sf) Class B, A$55.00 million: AA (sf) Class C, A$46.00 million: A (sf) Class D, A$30.00 million: BBB (sf) Class E, A$17.00 million: BB (sf) Class F, A$7.50 million: B (sf) Class G, A$4.50 million: Not rated VOYAGER CMBS 2025-1: S&P Assigns B+(sf) Rating on Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven of the eight classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes issued by Perpetual Corporate Trust Ltd. as trustee of Voyager CMBS Trust 2025-1. Voyager CMBS Trust 2025-1 is a securitization of loans to small-ticket commercial borrowers, secured by first-registered mortgages over Australian small-ticket commercial or residential properties originated by BC Invest Loans Pty Ltd. (BCS). The ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance are similar to those for residential mortgage loans, we have applied similar assumptions. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for each class of rated note." The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity facility sized at 1.5% of the outstanding aggregate invested amount of the rated notes, and the principal draw function. An extraordinary expense reserve of A$250,000, funded from day one by BCS, will be available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. S&P's ratings also reflect the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned Voyager CMBS Trust 2025-1 Class A1-AU, A$390.00 million: AAA (sf) Class A2, A$90.00 million: AAA (sf) Class B, A$40.50 million: AA (sf) Class C, A$37.50 million: A (sf) Class D, A$21.00 million: BBB (sf) Class E, A$10.50 million: BB (sf) Class F, A$6.30 million: B+ (sf) Class G, A$4.20 million: Not rated [] ASIC Fines 12 Large Companies for Failing to Lodge Reports ------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has issued infringement notices to 12 large proprietary companies for allegedly failing to lodge their FY24 audited financial reports on time. The notices were issued as the result of a three-month surveillance following ASIC's increased focus on non-lodgement of financial reports by large proprietary companies. All 12 companies, which ASIC issued infringement notices of at least AUD187,800 each, totalling over AUD2.2 million, have paid in full. The following companies have paid an infringement notice: - Aje Hold Co Pty Ltd - Bing Lee Electrics Pty Ltd - Bob Jane Corporation Pty Ltd - Frank Green Holdings Pty Ltd - Harris Scarfe Pty Ltd - Global Retail Brands Pty Ltd - Grill'd Pty Ltd - McCain Foods (Aust) Pty Ltd - MJ Bale Group Pty Ltd* - Outdoor Supacentre Pty Ltd - Pearl Corporation of Australia Pty Ltd - White Fox Boutique Pty Ltd * MJ Bale Group paid an infringement notice of AUD198,000, as its alleged contravention occurred after the penalty unit value increased. Payment of an infringement notice does not constitute an admission of guilt or liability. The specific reasons for ASIC's concerns are set out in the infringement notice on the Infringement Notices Register. For all companies that have paid the infringement notice but have outstanding financial reports, ASIC's investigation remains open. ASIC's Focus on Non-Lodgement of Financial Reports As part of its surveillance, ASIC examined a range of data sources to identify companies with significant revenue, assets or large numbers of employees that had not lodged financial reports. ASIC engaged with 217 companies and alleges that 70% (151) were non-compliant for failing to lodge a financial report for one or more financial years FY23 and/or FY24. Following ASIC's queries, 103 companies lodged financial reports (see Table 1) and a further 41 are in the process of doing so. ASIC prioritised engagement with larger, more material companies and queried whether they met financial reporting thresholds for FY23 and/or FY24. ASIC also contacted companies that had received an auditor breach report for non-lodgement of financial reports. ASIC Commissioner Kate O'Rourke said: 'Large proprietary companies are legally obliged to provide financial reports to ensure that those dealing with these businesses can make informed decisions. 'ASIC is concerned by the substantial number of companies that appear to have not met their obligations either by lodging late or failing to lodge at all. 'ASIC calls on the directors of large proprietary companies and other entities with financial reporting obligations to proactively review their reporting obligations and ensure financial reports are lodged in a timely manner. 'We also remind auditors of these entities to notify ASIC if they are aware or suspect that a company is not complying with its lodgement obligations,' said Ms O'Rourke. ASIC intends to take further action against some of the companies that were the subject of the recent surveillance, including some of companies that are still in the process of lodging their financial reports. ASIC's Ongoing Work on Financial Reporting ASIC remains focussed on driving improved compliance by companies and other entities with financial reporting obligations. Financial reports play an important role assisting creditors and other users of the reports in making informed decisions when dealing with large companies. 'Targeting financial reporting misconduct including failure to lodge financial reports is an ASIC enforcement priority for 2026. ASIC will continue to monitor and address lodgement failures, including taking regulatory action for ongoing non-compliance,' said Ms O'Rourke. 'ASIC intends to undertake further surveillance work relating to the compliance by large proprietary companies and other entities with financial reporting obligations in 2026. 'We are stepping up enforcement action against financial reporting misconduct and will continue to leverage a range of data sources to identify potential non-compliance, including notifications by auditors,' she said. Financial Reporting Obligations Large proprietary companies must prepare and lodge a financial report and a director's report within four months after the end of the financial year unless ASIC has granted relief. A proprietary company is classified as 'large' if it meets at least two of the following criteria for a financial year: - the consolidated revenue of the company and any entities it controls is AUD50 million or more - the consolidated gross assets of the company and any entities it controls is AUD25 million or more - the company and any entities it controls have 100 or more employees. Whether a company meets these criteria can depend on how the business is structured. ========= C H I N A ========= CHINA VANKE: Vows to Improve Bond Delay Plan After Failed Vote -------------------------------------------------------------- Bloomberg News reports that distressed developer China Vanke Co said it would improve on plans to push back a looming bond payment after creditors rejected its initial proposal, raising the risk of a default. Bloomberg relates that Vanke, once China's biggest homebuilder by sales, also said that it would hold a noteholder meeting last Thursday [Dec. 11] to discuss next steps for its two billion yuan (US$283 million) security, which matures on Dec. 15. Vanke failed to obtain sufficient support for its plan to delay paying the bond, a filing with the National Association of Financial Market Institutional Investors showed late on Dec. 13. Its proposal, along with two others on the ballot, would have allowed a one-year extension. All three fell short of the more than 90% support required for passage. Bloomberg says the failed vote underscores the challenges China's property crisis still poses for developers. On Dec. 15, China's National Bureau of Statistics released data showing that new-home prices in 70 cities dropped 0.39% in November from the previous month, when they saw their biggest decline in a year, Bloomberg discloses. The readings highlight the persistence of the years-long downturn, and how it has become a hurdle to economic growth. Bloomberg relates that the slump has sparked record defaults and liquidations or restructurings at property giants such as Country Garden Holdings Co and China Evergrande Group. Policymakers pledged recently to intensify efforts to stabilise the housing market, but stopped short of measures some economists think are needed to revive the sector that's crucial to the broader economy. "The voting outcome suggests that, despite Vanke's bondholder base being dominated by large banks, investors were broadly dissatisfied - and in some cases clearly resistant - to the extension proposal," Bloomberg quotes Li Kai, the founder of Beijing Shengao Fund Management Co., as saying. Bloomberg notes that Vanke must now find money to pay the bond by the end of Monday or within a grace period of five business days, or come to some separate agreement to push back the deadlines. If the grace period passes with no payment and no other agreement, creditors could call default - once an unthinkable outcome. The immediate concern if there were to be a default ahead "is what is the fixed income market reaction," Charlene Chu, a senior analyst at Autonomous Research, told Bloomberg TV. Vanke, China's last major developer to have so far avoided default, had long benefited from a perception held by many investors that authorities would help keep it afloat, according to Bloomberg. That belief stemmed from the fact that the company's largest shareholder is state-owned Shenzhen Metro Group Co. More than CNY30 billion in shareholder loans from Shenzhen Metro provided a critical lifeline, helping the cash-strapped builder avoid defaults this year, Bloomberg says. But the support came under scrutiny in recent months after Shenzhen Metro signalled plans to tighten borrowing terms. That shift sparked a drop in Vanke's securities to deeply distressed levels. Earlier this month, financial and state asset regulators from Shenzhen asked for bondholders' understanding of Vanke's current financial stress, recalls Bloomberg. No creditors voted in favour of Vanke's original plan to postpone its local bond, which was a 12-month delay on principal and interest due without any upfront cash payments or instalments, Bloomberg notes. 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. SENMIAO TECHNOLOGY: Faces Nasdaq Delisting Over Negative Equity --------------------------------------------------------------- Senmiao Technology Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, it received a letter from the listing qualifications staff of Nasdaq informing the Company that, as reported in its quarterly report on Form 10-Q for the period ended September 30, 2025, because the Company's stockholders' equity was ($132,073), as of September 30, 2025, it did not meet the alternatives of market value of listed securities or net income from continuing operations, and we no longer comply with the Listing Rule. As a company listed on the Nasdaq Capital Market, Senmiao is required to maintain a minimum of $2,500,000 in stockholders' equity for continued listing per Listing Rule 5550(b)(1). The Company has 45 calendar days to submit a plan to the Staff to regain compliance. If the Company's plan is accepted, it may be granted an extension of up to 180 calendar days from the date of the letter, or until May 30, 2026, to evidence compliance. In determining whether to accept the plan, the Staff will consider such things as the likelihood that the plan will result in compliance with Nasdaq's continued listing criteria, the Company's past compliance history, the reasons for its current non-compliance, other corporate events that may occur within our review period, its overall financial condition, and public disclosures. If the Staff does not accept the Company's plan, it will have the opportunity to appeal that decision to a Hearings Panel. The Nasdaq notification has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. The Company's intends to actively monitor our stockholders' equity and will consider options available to us to achieve compliance with the Listing Rule. There can be no assurance that it will be able to regain compliance with the Listing Rule or will otherwise be in compliance with the other listing standards for the Nasdaq Capital Market. If the Company's common stock ultimately were to be delisted for any reason, it could negatively impact the Company by: (i) reducing the liquidity and market price of the Company's common stock; (ii) reducing the number of investors willing to hold or acquire its common stock; (iii) limiting the Company's ability to use a registration statement to offer and sell freely tradable securities, thereby preventing it from accessing the public capital markets; and (iv) impairing the Company's ability to provide equity incentives to its employees. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company reported net losses from continuing operations of $3.47 million and $3.85 million for the fiscal years ended March 31, 2025 and 2024, respectively. Operating losses may persist as the Company expects higher expenses tied to customer acquisition, business development, and potential expansion into new revenue-generating activities. Senmiao said it does not expect proceeds from future public offerings or anticipated cash flows to be sufficient to meet working capital needs and capital expenditures over the next 12 months from July 10, 2025. The Company warned that without significant revenue generation, it may need to curtail or cease operations. WEST CHINA CEMENT: Moody's Ups CFR to B3, Outlook Positive ---------------------------------------------------------- Moody's Ratings has upgraded West China Cement Limited's (WCC) Corporate Family Rating to B3 from Caa1 and senior unsecured rating to Caa1 from Caa2. The outlook is positive. Previously the ratings were on review for upgrade. The rating action concludes the review for upgrade initiated on November 18, 2025. This rating action follows the company's settlement on December 04, 2025 of a new USD senior notes issuance alongside a tender offer for $400 million of its $600 million 4.95% notes due in July 2026 (2026 USD notes). "The one-notch upgrade reflects a substantial reduction in WCC's refinancing risk linked to its 2026 USD notes post transaction. WCC's recent management initiatives, including the sales of assets and new bonds issuance - underscore the company's proactive approach to manage its debt profile and liquidity needs," says Gerwin Ho, a Moody's Ratings Vice President and Senior Credit Officer. "The positive outlook reflects Moody's expectations that the company's operating scale and leverage will continue to improve over the next 12-18 months, supported by increasing revenue and cash flow contributions from its higher-margin overseas businesses," adds Ho. RATINGS RATIONALE WCC's B3 CFR reflects the company's exposure to industry cyclicality; limited operating scale and product diversification; and high execution risks and investment requirements associated with its overseas expansion. In addition, the company maintains a financial policy, with onshore operations heavily relying on short-term bank borrowings. These factors altogether offset the impact of the company's dominant market share in cement production in central and southern Shaanxi province, and its long track record of operations; and its moderate debt leverage. WCC delivered strong operating results for the first half of 2025, with revenue rising 46% year-over-year to RMB5.4 billion and gross profit increasing 67% to RMB1.6 billion. The improvement was fueled by stronger profitability in onshore operations and revenue growth from higher-margin overseas businesses. WCC has successfully repatriated its first dividend income from the Ethiopian project in December 2025. There is also a track record of repatriating funds from other overseas projects throughout 2025. The company remains dedicated to its long-term plan for overseas funds repatriation. Moody's expects WCC's revenue will continue to grow over the next 12–18 months as the new overseas capacities will come online. Moody's anticipates the company's total revenue will reach approximately RMB11 billion in 2026, up from RMB8.3 billion in 2024. Additionally, Moody's expects the EBITDA margin to improve to around 36% versus 32% for 2024. Consequently, WCC's leverage, as measured by Moody's adjusted debt/EBITDA, will likely improve to 3.0x in 2026, down from 3.8x in the LTM June 2025. This level positions the company strongly at B3 rating category. Although WCC's liquidity remains weak because short-term debt continues to significantly exceed cash balance, this risk is mitigated by its track record of rolling over short-term debt, most of which comprises onshore bank borrowings. In addition, WCC's debt maturity profile has been extended after it successfully issued $400 million of 9.9% senior notes due in December 2028. Moody's expects the company will use the proceeds from the new issuance, together with cash on hand, for repurchasing, redeeming or repaying the existing indebtedness (including the 2026 USD notes) and for working capital purposes. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The rating action considers WCC's improved governance, evidenced by the company's recent management initiatives, including the sales of assets and new bonds issuance – which underscore the management's proactive approach to manage its debt profile and liquidity needs. The company's improvement in financial strategy and risk management will temper its ESG risks, hence the revision of its governance issuer profile score (IPS) to G-4 from G-5 and its credit impact scores (CIS) to CIS-4 from CIS-5. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's will upgrade the rating if WCC well executes on its overseas expansion plans and maintains good access to funding in the domestic market. Specific credit metrics indicative of a B2 CFR include adjusted debt/EBITDA below 4.0x and EBIT/interest coverage above 2.0x, both on a sustained basis. Downgrade is not very likely given the positive outlook. The rating outlook could be revised to stable if the company encounters major operational disruption or its financial or liquidity profile weakens. The principal methodology used in these ratings was Building Materials published in September 2025. WCC's B3 CFR is below the scorecard-indicated outcome of Ba3 for the last 12 months ended June 30, 2025. The difference reflects the company's reliance on short term debts and its large exposure to emerging market country risks. West China Cement Limited (WCC) is a leading cement producer in terms of capacity in China's Shaanxi province. As of June 2025, its annual production capacity was 37.3 million tons. Most of WCC's plants are located in the central and southern parts of Shaanxi province. The company also has an established presence in Sichuan and Guizhou in China, and in Mozambique, Ethiopia, the Democratic Republic of the Congo and Uzbekistan through its new facilities and acquisitions. WCC was 32.2% owned by its founder and chairman Zhang Jimin, and 29.0% owned by Anhui Conch Cement Company Limited as of June 2025. WCC listed on the Hong Kong Stock Exchange in August 2010. ========= I N D I A ========= ANNIES APPAREL: NCLAT Dismisses Sebi Bid to Recover Penalty ----------------------------------------------------------- Business Standard reports that the NCLAT has set aside an appeal by Sebi, where the markets regulator had asked the tribunal to recover the penalty imposed by it against an entity related to the diversion of funds in the Religare Finvest matter, saying such claims cannot be filed once the liquidation process begins under IBC. Business Standard relates that there was no infirmity in the decision of the liquidator in not admitting the claim of Sebi arising out of the order passed by the Adjudicating Officer (AO) and filed after a delay of 797 days after the liquidation commencement date, it said. According to Business Standard, the appellate tribunal upheld the order by NCLT and the liquidator of Annies Apparel, observing that the Insolvency & Bankruptcy Code (IBC) clearly freezes all claims as on the liquidation commencement date. "The statutory provisions of the IBC read with attendant Liquidation Process Regulations, we are clear that the statutory intent of the IBC clearly freezes all claims as on the liquidation commencement date," said NCLAT. This accords inviolable sanctity to the liquidation commencement date and does not give any flexibility or latitude to the Liquidator to entertain claims beyond this particular date. The Liquidator has acted squarely within the four corners of IBC and LPR (Liquidation Process Regulations) framed thereunder and the Adjudicating Authority has not committed any error in affirming the decision of the Liquidator to reject the claims of Sebi basis the AO, said NCLAT, Business Standard relays. According to Business Standard, the National Company Law Appellate Tribunal (NCLAT) direction came over an appeal filed by the Securities and Exchange Board of India (Sebi), which had moved NCLAT to recover a penalty of INR21.80 lakh from Annies Apparel, going to liquidation after it failed to attract a buyer during insolvency process. Business Standard relates that Sebi had received certain complaints regarding financial mismanagement and diversion of funds in Religare Finvest Ltd (RFL), which was a subsidiary of Religare Enterprises Ltd. (REL). An investigation was conducted, after which Annies Apparel (Corporate Debtor) was served a show cause notice on Feb. 15, 2021, purportedly for diversion/misutilization of funds of REL through RFL, the report recalls. While Sebi had proceeded with their inquiry against Annies Apparel, the latter came under liquidation on March 15, 2021. The Liquidator appointed for the company has fixed April 14, 2021 as the last date for submission of claims for the stakeholders after making public announcements. Meanwhile, the Adjudicating Officer of Sebi passed an Adjudication Order on Oct. 31, 2022 imposing a monetary penalty of INR21.80 lakh on Annies Apparel. Claiming that Sebi was unaware of the liquidation proceedings of Annies Apparel, they filed their claim with the Liquidator on June 20, 2023, Business Standard says. There was a delay of 797 days in filing the claim from the public announcement by the liquidator, Business Standard notes. The Liquidator rejected the claim filed by Sebi on June 22, 2023 on the ground that the amount claimed vide the AO was not a debt which had arisen prior to the liquidation commencement date. This was challenged by Sebi before the Delhi bench of the National Company Law Tribunal (NCLT). However, the insolvency tribunal rejected the claims of Sebi on June 4, 2024. Sebi subsequently moved to the appellate tribunal NCLAT by filing an appeal against the NCLT order, Business Standard notes. ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arya Construction (AC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AC 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 AC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AC continues to be 'Crisil D/Crisil D Issuer not cooperating'. AC, based in Wardha, Maharashtra, was set up in 1986 by Mr. Vijaykumar Raju. The firm undertakes construction activities for state and central governments. BAWA APPLIANCES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bawa Appliances Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.59 CRISIL D (Issuer Not Cooperating) Term Loan 1.41 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPL 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 BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2012, and promoted by the New Delhi-based Mr. Sanjeev Kapoor, BAPL manufactures Liquefied petroleum gas (LPG) stoves and related components, and other kitchen utensils and also trades in steel sheets. BHATI ASSOCIATES: CRISIL Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhati Associates Private Limited (BAPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL A4 (Issuer Not Cooperating) Cash Credit 8 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPL 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 BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Established in 1984 in Ghaziabad, Uttar Pradesh, by Mr Harish Chowdhary, BAPL constructs government buildings and roads on tender basis in Madhya Pradesh and Uttar Pradesh. BHUMYA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhumya Tea Company Private Limited (BTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 28.92 CRISIL D (Issuer Not Cooperating) Term Loan 14.29 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BTCPL 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 BTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BTCPL continues to be 'Crisil D Issuer not cooperating'. BTCPL was set up as a proprietorship concern and was reconstituted as a private limited company after it was taken over by Mr Sanjay Prakash Bansal in 2003. The company plants and processes organic Assam tea. Its tea estate, Jamguri Tea Estates, is in Golaghat, Assam. It also manufactures conventional tea by purchasing leaves from other tea estates. BIRAMANE HOSTEL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Biramane Hostel (BH) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 3.49 CRISIL D (Issuer Not Cooperating) Term Loan 6.51 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BH 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 BH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BH continues to be 'Crisil D Issuer not cooperating'. BH is an AOP of the Biramane family based in Maharashtra. The AOP provides hostel services to boarding students of Vidya Niketan High School & Junior College and Vidya Niketan High School at Panchgani (Maharashtra), which is run by Biramane Education Foundation (a group trust). D. M. JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of D. M. Jewellers (DMJ) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DMJ 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 DMJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DMJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DMJ continues to be 'Crisil D Issuer not cooperating'. DMJ is a proprietorship firm set up by Ms Dipti Lathigara in 2005. The firm sells gold, silver, diamond, and other precious stone-studded ornaments at its showroom in Navsari, Gujarat. The firm is presently managed by Mr. Manish Lathigara. DEVKIRAN PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Devkiran Paper Mills Private Limited (DPMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.51 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.99 CRISIL D (Issuer Not Cooperating) Term Loan 7.25 CRISIL D (Issuer Not Cooperating) Working Capital 3 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with DPMPL 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 DPMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DPMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in April 1985 in Bengaluru (Karnataka), DPMPL manufactures kraft paper. Its products are used for manufacturing corrugated boxes. DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dholadhar Developers Private Limited (DDPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.2 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Term Loan 8 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DDPL 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 DDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DDPL continues to be 'Crisil C Issuer not cooperating'. DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up Maximus Mall, a commercial complex with a 2-screen multiplex, at Dharamsala. The project commenced commercial operations in April 2017. The company's founder has entrepreneurial experience of 48 years. ESSAL INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Essal Infrastructure Private Limited (EIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL D (Issuer Not Cooperating) Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EIPL 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 EIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. EIPL, based in Raipur (Chhattisgarh), was established in 2004 by Mr. Anand Aggarwal and his father. The company is engaged in civil construction and executes projects for state government authorities such as Naya Raipur Development Authority and Chhattisgarh Housing Board. FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Frost Falcon Distilleries Limited (FFDL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.50 CRISIL D (Issuer Not Cooperating) Cash Credit 5.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.61 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.09 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FFDL 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 FFDL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FFDL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FFDL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in Sonipat in 1980 by Mr. O.P Katyal, FFDL manufactures extra-neural alcohol and rectified spirits. Currently the day to days operations are being managed by Mr. Rajesh Katyal, son of Mr. O.P Katyal. GANESA HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Ganesa Hitech Agroo Foods (GHAF) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil D (Issuer Not Cooperating) Long Term Loan 3.3 Crisil D (Issuer Not Cooperating) Proposed Working 3.7 Crisil D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with GHAF 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 GHAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHAF continues to be 'Crisil D Issuer not cooperating'. GHAF was set up as a partnership firm in December 2014 in Salem. The firm mills and processes paddy into rice, rice bran, broken rice and husk. Its operations are managed by its partner Mr P Madheswaran. GANESA MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ganesa Modern Rice Mill (GMRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 2.90 CRISIL D (Issuer Not Cooperating) Long Term Bank 0.72 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with GMRM 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 GMRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GMRM continues to be 'Crisil D Issuer not cooperating'. Set up in 1976, GMRM is engaged in milling and processing of paddy into rice, rice bran, broken rice and husk. Its rice mill is located at Attur (Tamil Nadu). The firm is promoted by Mr. P. Madheswaran. GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ganpati Steels (GS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GS 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 GS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GS continues to be 'Crisil D Issuer not cooperating'. GS is a partnership of Mr Ashish Gupta and Ms Nirupama Gupta. It manufactures and trades in galvanised iron, barbed, and stay wires. Manufacturing unit is in Bhilai, Chhattisgarh. Operations are primarily managed by Mr Ashish Gupta. GLOBAL HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Global Health Research and Management Institute (GHRMI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 70 CRISIL D (Issuer Not Cooperating) Long Term Loan 40 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GHRMI 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 GHRMI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHRMI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHRMI continues to be 'Crisil D Issuer not cooperating'. GHRMI is a registered society under Rajasthan Society Registration Act. They are setting up a Multi-Specialty Hospital named Pacific Institute of Medical Science at Udaipur, Rajasthan with 750 beds and medical college offering MBBS course with Students intake of 150 p.a. at Udaipur. GOYAL ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Goyal Energy and Steel Private Limited (GESPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GESPL 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 GESPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GESPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GESPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2004 and promoted by Mr Deepak Agarwal and Mr Ritesh Agarwal, GESPL manufactures billets and structural steel products such as angles, rounds, strips, sections and channels, and trades in steel products. It has two manufacturing units in Raipur, Chhattisgarh. GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Guru Kirpa Foods Private Limited (GKFPL; part of the Guru Kirpa group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.00 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 1.67 CRISIL D (Issuer Not Cooperating) Term Loan 0.33 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GKFPL 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 GKFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GKFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GKFPL continues to be 'Crisil D Issuer not cooperating'. GKFPL is engaged in hulling and milling of paddy and processing of basmati rice. It was founded by Mr. Subhash Chander in Ghubaya village at Jalalabad (Punjab) in 2000. HEMCO GARMENTS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Hemco Garments Private Limited (HGPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 4 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HGPL 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 HGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HGPL continues to be 'Crisil B-/Stable Issuer not cooperating'. HGPL, incorporated in 2009 in Dehradun, manufactures and sells detergent powders, cakes, soaps, shampoos, and other personal and homecare products. It is promoted by Mr Rajiv Rana and family. HOWRAH MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Howrah Mills Co. Limited (HMCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.22 CRISIL D (Issuer Not Cooperating) Bank Guarantee 1.78 CRISIL D (Issuer Not Cooperating) Cash Credit 17.6 CRISIL D (Issuer Not Cooperating) Cash Credit 34.8 CRISIL D (Issuer Not Cooperating) Letter of Credit 14 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.02 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 15.00 CRISIL D (Issuer Not Cooperating) Term Loan 3.58 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HMCL 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 HMCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HMCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HMCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HMCL, set up in 1890, manufactures jute products with a capacity of 44,000 tonnes per annum. The company manufactures a wide range of products, including hessian, jute yarn, jute cloth, and decorative bags. It has leased out warehouses built on part of its land-bank, and receives an annual rental income of around Rs.45 million. INTENSIV-FILTER: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of IFHPL; part of the Intensiv-Filter Himenviro Private Limited (IFHPL; part of the Intensive Filter group) group continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Inland/Import 6 CRISIL D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with IFHPL 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 IFHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IFHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IFHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007 as HETPL, IFHPL is promoted by Mr Manoj Garg, based in Noida, Uttar Pradesh. The company is engaged in the designing, engineering and installation of air pollution control equipment, and de-dusting and filtration equipment. In 2012, HETPL acquired the German company, Intensive Filter GmbH, and the name was changed to IFHPL. HEECPL, incorporated in 1993, is promoted by Mr Manoj Garg. The company is engaged in the designing, engineering and manufacturing of pollution control equipment (mainly air pollution). Its manufacturing facilities are at Shamli and Noida (both in Uttar Pradesh). JAGANNATH POLYPACKS: CRISIL Keeps C Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jagannath Polypacks Limited (JPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 4.5 CRISIL C (Issuer Not Cooperating) Proposed Long Term 2.0 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JPL 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 JPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Jagannath Polypacks, incorporated in in 2007, manufactures PP woven sacks for the cement and fertilizer industries. Its promoters, the Cuttack-based Mr. M K Subudhi and his family, have industry experience of three decades. The company's manufacturing facility at Jagatpur in Cuttack began commercial operations in March 2012. JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jairam Maruti Mills (JMM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.78 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Long Term Loan 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.69 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JMM 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 JMM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JMM continues to be 'Crisil D/Crisil D Issuer not cooperating'. JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It manufactures cotton yarn and converts it into fabric .The firm is based in Coimbatore (Tamil Nadu). KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Khanna Builders and Developers (KBD) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KBD 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 KBD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KBD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KBD continues to be 'Crisil D Issuer not cooperating'. KBD, set up in 2002, is part of the Jabalpur-based Khanna group. KBD develops residential real estate, primarily in Jabalpur, and is executing a residential township project, Sukh Sagar Valley - Phase 2, with 190 units. The projects in this phase of the township include Casa Elita, Casa Victoria, Sunflower ' 2, Lily -2, Tulip -2, and Pearl. The Khanna group is managed by Mr. Baljinder Singh Khanna, supported by his sons, Mr. Amandeep Singh Khanna and Mr. Ramandeep Khanna. KRISH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Krish Agro Farms Private Limited (KAFPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Term Loan 3.3 CRISIL D (Issuer Not Cooperating) Term Loan 3.7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAFPL 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 KAFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013 and owned by Mr Chandra Jeet Shaw, KAFPL processes and mills non-basmati and parmal rice and produces broken rice and rice bran at its unit in Hooghly, West Bengal. VEERGANAPATHI STEELS: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shri Veerganapathi Steels Private Limited (SVSPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVSPL 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 SVSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVSPL continues to be 'Crisil D Issuer not cooperating'. SVSPL was established in 1998 and trades in steel products such as channels, pipes, angles, plates, thermo-mechanically treated bars, and round/square bars. =============== M A L A Y S I A =============== 1MDB: Malaysia to Get Picasso, Matisse Artworks Linked to Lawyer ---------------------------------------------------------------- Bloomberg News reports that Malaysia said it will get 12 artworks including those by Pablo Picasso, Joan Miro and Henri Matisse after discussions with US officials to repatriate assets tied to the global corruption scandal at 1MDB. The works are being held by Christie's and Sotheby's auction houses in the US and estimated to have a combined value of over $30 million, the Malaysian Anti-Corruption Commission said in a statement on Dec. 13, Bloomberg relates. They were purchased by Jasmine Loo, a former lawyer for the state investment fund, and have been under the custody of the US Justice Department (DOJ). Talks between the MACC, the DOJ and the Federal Bureau of Investigation (FBI) last week in the US also covered fugitive Low Taek Jho and Fugees rapper Pras Michel, who was sentenced to 14 years in prison in part for conspiring to aid Low, according to Bloomberg. Low, the alleged mastermind behind the 1MDB scandal that saw US$4.5 billion illegally syphoned, is said to be hiding in China. Malaysia has been working for years to repatriate Low, who was first charged in absentia in 2018 by a local court with eight counts of money laundering. In September, Malaysia said it had recovered more assets linked to Low with Singapore's help, following a global civil forfeiture settlement between the financier and the DOJ, Bloomberg recalls. The DOJ has said that “there remain assets belonging to Jho Low in Singapore which are not included in the US Settlement Agreement,” the MACC said on Dec. 13. Bloomberg adds that MACC also said other issues discussed involved former Goldman Sachs Group banker Tim Leissner; businessman Tarek Obaid and his company PetroSaudi; and Riza Aziz, the movie producer stepson of the former Prime Minister Najib Razak. The FBI and DOJ reaffirmed their commitment to cross-border cooperation and enhanced international coordination with Malaysia “to ensure that all remaining assets located overseas can be traced, seized and recovered in accordance with the law,” the MACC, as cited by Bloomberg, said. A US court sentenced Leissner to two years in prison in May after he pleaded guilty to helping loot 1MDB, Bloomberg recalls. The German citizen was at the centre of what US prosecutors described as one of the largest financial frauds in history in which billions of US dollars were syphoned from the fund. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. CAPITAL A: Aireen Omar Steps Down After 20 Years ------------------------------------------------ The Malaysian Reserve reports that Capital A Bhd announced that Aireen Omar is stepping down, concluding a 20-year tenure during which she drove innovation, growth, and digital transformation across the group's aviation and technology businesses. According to The Malaysian Reserve, Aireen began her career at AirAsia as head of corporate finance, later becoming ED and CEO of AirAsia Bhd, leading the airline through its strongest years from 2012 to 2017. She subsequently held leadership roles in Capital A's Investment and Ventures division and served as group CEO of BigPay, overseeing product innovation and regional expansion, the report says. Capital A CEO Tony Fernandes thanked Aireen for her contributions, noting her pivotal role in transforming the group into a digital-first organization, adds The Malaysian Reserve. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== CHANCE VOIGHT: FMA Confirms Investigation Into Group ---------------------------------------------------- The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – said it is investigating Christchurch-based Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group. Following the FMA seeking appointment of interim liquidators over six Chance Voight entities, the Court has appointed Malcolm Hollis, John Fisk and Lara Bennett of PwC New Zealand as interim liquidators over the 6 entities with effect from Dec. 10, 2025. The investigation is ongoing. Investors or creditors with questions on the interim liquidation process should contact PwC New Zealand at 03 374 3000, nz_cvi@pwc.com Further to the above, the FMA noted that in November 2025, a Chance Voight subsidiary took ownership of Patterson Wealth Partners Limited, a licensed financial advice provider (FSP 347406). The FMA cannot comment further due to court suppression orders and an FMA confidentiality order. SAFETY FIRST: Court to Hear Wind-Up Petition on Feb. 4 ------------------------------------------------------ A petition to wind up the operations of Safety First Traffic Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:00 a.m. IGM Technology Limited filed the petition against the company on Oct. 15, 2025. The Petitioner's solicitor is: T. Cooley Brookfields, Lawyers Tower One, 9th Floor 205 Queen Street Auckland SAIL CITY: Creditors' Proofs of Debt Due on Jan. 31 --------------------------------------------------- Creditors of Sail City Construction Limited are required to file their proofs of debt by Jan. 31, 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: Adele Irene Hicks Stephen Speers Keen Grant Thornton New Zealand Ltd PO Box 10712 Wellington TRONIX ELECTRICAL Court to Hear Wind-Up Petition on Feb. 4 ---------------------------------------------------------- A petition to wind up the operations of Tronix Electrical Services Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 6, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WAIROA EARTHWORKS: Creditors' Proofs of Debt Due on Jan. 22 ----------------------------------------------------------- Creditors of Wairoa Earthworks Limited, Anatolia Te Atatu Limited, Anatolia Tauranga Limited and Johnston Grove Limited are required to file their proofs of debt by Jan. 22, 2026, to be included in the company's dividend distribution. Wairoa Earthworks commenced wind-up proceedings on Dec. 9, 2025. Anatolia Te Atatu, Anatolia Tauranga and Johnston Grove commenced wind-up proceedings on Dec. 11, 2025. The company's liquidator is: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington ===================== P H I L I P P I N E S ===================== ALLHOME CORP: Allegedly Offers Farmlands and GCs to Pay Suppliers ----------------------------------------------------------------- Bilyonaryo.com reports that grumblings from small and medium enterprises in the Filipino Chinese business community are growing as AllHome of ultra bilyonaryo Manny Villar allegedly turns a deaf ear to suppliers chasing overdue receivables. According to Bilyonaryo.com, Babbler said affected SMEs aired their concerns in a popular Fil-Chi group chat, claiming the one stop home center for hardware, appliances and furniture has been settling some obligations with farmlands and gift certificates (GCs) instead of cash. Bilyonaryo.com says the farmlands were supposedly valued at PHP100,000 per square meter, but one chat participant remarked that these properties were probably bought at around PHP500 per sqm. Bilyonaryo.com relates that one vendor said it took more than 200 days to collect what they were owed and that they were eventually paid in GCs. Another chat user said AllHome had not been returning their calls and, when it did respond, indicated it was short of cash to settle the account. AllHome has hit hard times, with sales dropping 28% to PHP5.598 billion in the first nine months of the year due to a "subdued property market, which has historically been a significant driver of construction and furnishing-related expenditure," Bilyonaryo.com relays. It posted a net loss of PHP36.5 million during the period, reversing a PHP342 million profit a year earlier. AllHome booked PHP150.4 million in losses in the third quarter alone, Bilyonaryo.com discloses. AllHome's reliance on a property driven home improvement cycle has made it vulnerable to slowdowns in the sector. Its high fixed cost structure, particularly depreciation and store related lease expenses, has made profitability highly dependent on sales volume and helped push the company into a net loss despite efforts to cut operating expenses. Finance costs of more than PHP400 million a year continue to eat into operating profit and limit room to maneuver if sales remain weak. Bilyonaryo.com adds that the company's cash buffer has also narrowed due to debt repayments and capital spending, raising the risk that any further hit to sales or working capital could tighten liquidity. AllHome Corp. (PSE:HOME) -- www.allhome.com.ph -- is engaged in buying, selling, distributing, marketing, at wholesale and retail, of all kinds of goods, commodities, wares and merchandise. HOME offers a line of products for home improvement and construction, including for maintenance, repairs and renovations, and decorating. The Company has three store formats in operation under the "AllHome" brand: large mall-based store, large-free-standing store, and small specialty store. As of Dec. 31, 2024, HOME has 72 stores in operation. ================= S I N G A P O R E ================= GANO GLOBAL: Creditors' Proofs of Debt Due on Jan. 5 ---------------------------------------------------- Creditors of Gano Global Supplements Pte Ltd and Knowledge Capital Pte Ltd are required to file their proofs of debt by Jan. 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 28, 2025. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 GENONEFIVE PTE: First Creditors' Meetings Set for Dec. 17 --------------------------------------------------------- Genonefive Pte. Ltd. will hold a meeting for its creditors on Dec. 17, 2025, at 2:30 p.m., via electronic means. Agenda of the meeting includes: a. to present a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of Liquidators nominated by the company; and c. any other business. Messrs. Tan Wei Cheong and Lim Loo Khoon of Deloitte were appointed as provisional liquidators of the Company on Nov. 27, 2025. LAMINAAR AVIATION: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on Nov. 21, 2025, to wind up the operations of Laminaar Aviation Infotech Pte. Ltd. Leena Marc Carvalho, Bruno Marc Tomlinson, Ravichandran Deepalakshmi, and Kunal Khosla filed the petition against the company. The company's liquidator is: Ms Chan Li Shan c/o Agile 8 Solutions 133 Cecil Street #14-01, Keck Seng Tower Singapore 069535 ORCHID 4: Creditors' Proofs of Debt Due on Jan. 5 ------------------------------------------------- Creditors of Orchid 4 Investments VCC are required to file their proofs of debt by Jan. 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 27, 2025. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 UIL (SINGAPORE): Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Nov. 28, 2025, to wind up the operations of UIL (Singapore) Pte. Ltd. Tan Wei filed the petition against the company. The company's liquidators are: Mr. Wong Joo Wan Ms. Tina Phan Mei Ting Alternative Advisors 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***