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       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

          Wednesday, December 17, 2025, Vol. 28, No. 251

                           Headlines



A U S T R A L I A

2DEGREES GROUP: S&P Upgrades ICR to 'BB' on Earnings Growth
AKASHA BREWING: Second Creditors' Meeting Set for Dec. 18
AVANTI AU 2025-1: Moody's Assigns B2 Rating to AUD1.05MM F Notes
CONCAVE INTERNATIONAL: First Creditors' Meeting Set for Dec. 19
DICKY BILL: AUD10 Million Debt Shock as Creditors Chase Millions

EDITHVALE GENERAL: First Creditors' Meeting Set for Dec. 19
GREAT MONEY 2025-1: Moody's Assigns B2 Rating to AUD1.53MM F Notes
HUSTLE BOXING: Collapses Into Administration
HUSTLE BOXING: First Creditors' Meeting Set for Dec. 18
RECYCLE AND RESOURCE: S&P Lowers ICR to 'CCC' on Slower Earnings

SPECIAL GASES: Second Creditors' Meeting Set for Dec. 18
STAR ENTERTAINMENT: Steve McCann Steps Down as CEO
[] AUSTRALIA: More Than 1,000 Businesses Closing Every Day


C H I N A

CHINA PHARMA: Subsidiary Acquires Captopril Patent for $6.3MM


H O N G   K O N G

[] Hong Kong to See More Debt Restructuring, Liquidator Says


I N D I A

ACTIVE CHAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
ADITI DEVA: CARE Keeps B- Debt Rating in Not Cooperating Category
AG8 VENTURES: CARE Keeps D Debt Rating in Not Cooperating Category
ANJANI PIPES: CARE Keeps C Debt Rating in Not Cooperating Category
B.V.L. EXPORTS: ICRA Withdraws D Rating on INR125cr LT Loan

BALAJI STEEL TUBE: CARE Keeps D Debt Rating in Not Cooperating
BARODA AGRO: ICRA Withdraws D Rating on INR14cr LT Cash Credit
DESAI DISTRIBUTORS: ICRA Keeps D Debt Rating in Not Cooperating
IIFL FINANCE: S&P Affirms 'B+/B' ICR & Alters Outlook to Positive
JAYARAJ FORTUNE: ICRA Keeps B+ Debt Rating in Not Cooperating

JNANA BANDHU: CARE Keeps D Debt Rating in Not Cooperating Category
K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
MAA BAMESWARI: ICRA Keeps B Debt Ratings in Not Cooperating
MAGNOLIA MARTINIQUE: ICRA Keeps B+ Debt Rating in Not Cooperating
MAHA SAI: ICRA Keeps B Debt Ratings in Not Cooperating Category

MANISHA TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating
MANJU SHREE: ICRA Keeps B+ Debt Ratings in Not Cooperating
MKD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
NEHA INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
NEW LAKSHMI: CARE Lowers Rating on INR8cr LT Loan to B-

NICOMET INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
PRAMILA PROJECTS: CARE Lowers Rating on INR15cr LT Loan to D
RAJVIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
RR FAB: CARE Keeps C Debt Rating in Not Cooperating Category
SATHWIK EXPORTS: CARE Keeps C Debt Rating in Not Cooperating

SRINIVASA FEED: CARE Keeps B- Debt Rating in Not Cooperating
TULSI COTTON: CARE Keeps B Debt Rating in Not Cooperating Category


N E W   Z E A L A N D

CINZAH ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 16
CONART CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 23
EZMILK LIMITED: Court to Hear Wind-Up Petition on Feb. 5
NOOK HOMES: Creditors' Proofs of Debt Due on Jan. 12
SAIL CITY: Creditors' Proofs of Debt Due on Jan. 31

[] NZ: Inland Revenue Liquidates Nearly 900 Companies in One Year


S I N G A P O R E

BLK MIC ASIA: Creditors' Proofs of Debt Due on Jan. 5
INNOVATE INDUSTRIES: Deloitte Singapore Appointed as Liquidators
MVM VENDING: Court to Hear Wind-Up Petition on Dec. 26
SC LOWY: Creditors' Proofs of Debt Due on Jan. 6
YOU LE TIAN: Court to Hear Wind-Up Petition on Dec. 26



S O U T H   K O R E A

QOO10 GROUP: Court Declares Bankruptcy of Unit


S R I   L A N K A

SRI LANKA: Economy Grew 5.4% in Third Quarter of 2025

                           - - - - -


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A U S T R A L I A
=================

2DEGREES GROUP: S&P Upgrades ICR to 'BB' on Earnings Growth
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating and
issue credit rating on 2degrees Group Ltd. (2degrees) to 'BB' from
'BB-'. At the same time, S&P affirmed the recovery rating of '3'.

S&P said, "The stable rating outlook reflects our expectation that
2degrees will maintain its market share while executing growth
initiatives that raise its earnings and help it deleverage over the
next two years. We estimate the company's debt-to-EBITDA ratio to
move toward 3.5x over the next one to two years.

"We expect 2degrees to continue to improve its credit metrics
through earnings growth and reducing net debt as the company
retains cash and transitions to positive free cash flow."

The creditworthiness of the New Zealand-based integrated
telecommunications company (telco) will also benefit from its
owners, Macquarie Asset Management (MAM) and Aware Super,
continuing to prioritize deleveraging over shareholder returns.

S&P said, "The upgrade reflects our view that 2degrees will
continue to deleverage through earnings growth and cash generation.
We expect earnings growth to stem from (1) price increases, (2)
incremental growth in the company's subscriber base and average
revenue per user, and (3) cost savings. The company has completed
the post-merger integration phase of its 2022 merger with Orcon,
which has enabled it to improve its margins to about 25% in fiscal
2025 (year ended June 30) from 21.7% in fiscal 2023. We forecast
further margin expansion to about 26% by fiscal 2028."

That said, earnings growth could moderate due to intensified
competition as the other major telco incumbents seek to maintain
their market shares. S&P's sensitivity analysis suggests that
2degrees could withstand a reduction in margins of approximately
100 basis points relative to our base case before its
debt-to-EBITDA ratio deteriorates by about 0.2x, reaching 4.0x in
fiscal 2026.

S&P said, "We expect the company's decreasing capital intensity
will enhance free cash flow generation and help reduce net debt.
Capital intensity--measured as capital expenditure (capex) as a
proportion of revenue--is likely to fall to 11%-13% by fiscal 2028
from 13.4% in fiscal 2025, with the completion of the company's
integration with Orcon and no immediate need for further material
spectrum acquisitions. This should further enhance the
debt-to-EBITDA ratio, which has improved since 2021 on earnings
growth. We forecast the company's S&P Global Ratings adjusted
debt-to-EBITDA ratio will gradually improve toward 3.0x by fiscal
2028, from 3.8x in fiscal 2025. This will build headroom to manage
potential capex from fiscal 2028 that may be required for spectrum
acquisitions.

"We continue to expect the owners, MAM and Aware Super, to
prioritize deleveraging over shareholder returns. In our view, MAM
and Aware have a long-term focus on investing in the telco business
and consolidating 2Degrees' capital structure through deleveraging.
Accordingly, we assume the company will not pay dividends over the
next three years."

2degrees' scale and operations in a market with limited growth
prospects are a rating constraint. The company's operations in a
relatively small and mature market in a single country limit its
long-term growth prospects. S&P said, "As such, we anticipate that
any future market growth will be very modest. Competition in this
market is rational and is primarily based on service and pricing
strategies among the dominant telcos, in our view. As such, we do
not anticipate any aggressive price discounting in pursuit of
material market share gains."

S&P believes 2degrees should be able to solidify its market
position thanks to its low-cost business model, range of price
competitive products across key mobile and broadband products, with
no significant gap in network quality relative to competitors. The
company's position has benefited from incremental market share
growth over the past three years improving to about 21.2% in 2024
from about 19% in 2020.

In addition, the New Zealand telco market benefits from a
well-established regulatory framework, providing stability and
clarity. This supports telcos in making informed decisions
regarding planning and investment in significant infrastructure and
network expansion.

S&P said, "The stable rating outlook reflects our expectation that
2degrees will maintain its market share while executing growth
initiatives that raise its earnings and help it deleverage over the
next two years. We estimate the company's debt-to-EBITDA ratio to
move toward 3.5x over the next one to two years.

"We could lower the rating if we expect 2degrees' debt-to-EBITDA
ratio to remain above 4.0x. This may occur if the company loses
market share and earnings come under pressure, or if it undertakes
actions such as material debt-funded capex or shareholder returns.

"Downside rating pressure may also occur if margins decline
materially, indicating weaker profitability than we anticipate,
such that we view the business risk profile of the company to have
weakened.

"We may raise the rating if 2degrees continues to improve
profitability while deleveraging its capital structure such that it
can keep its debt-to-EBITDA ratio below 3.25x while maintaining a
robust financial policy framework supportive of creditworthiness."

Upside will also be dependent on no material erosion of the
company's market share in its key mobile and broadband businesses.


AKASHA BREWING: Second Creditors' Meeting Set for Dec. 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of Akasha Brewing
Company Pty Ltd has been set for Dec. 18, 2025, at 11:30 a.m. via
Teams Meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 17, 2025 at 5:00 p.m.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on Nov. 26, 2025.


AVANTI AU 2025-1: Moody's Assigns B2 Rating to AUD1.05MM F Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited as trustee of
Avanti AU Auto ABS Trust 2025-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Avanti AU
Auto ABS Trust 2025-1

AUD287.00 million Class A Notes, Assigned Aaa (sf)

AUD27.30 million Class B Notes, Assigned Aa2 (sf)

AUD13.65 million Class C Notes, Assigned A2 (sf)

AUD6.30 million Class D Notes, Assigned Baa2 (sf)

AUD12.60 million Class E Notes, Assigned Ba2 (sf)

AUD1.05 million Class F Notes, Assigned B2 (sf)

The AUD2.10 million Class G Notes are not rated by Moody's.

Avanti AU Auto ABS Trust 2025-1 is a cash securitisation of
receivables backed by motor vehicles. The receivables were
originated and are serviced by Branded Financial Services Pty
Limited (BFS), a wholly owned and operated subsidiary of Avanti
Finance Limited (Avanti Finance).

This is Avanti Finance's third auto loan ABS transaction in
Australia.

The receivables are extended either to commercial (52.4%) or
consumer (47.6%) obligors based in Australia. Loans backed by
passenger, light commercial and heavy commercial vehicles represent
approximately 72.7%, 22.6% and 4.6% of the securitised pool,
respectively. And, loans backed by used and new vehicles represent
60.9% and 39.1% of the securitised pool, respectively.

BFS is a finance company offering auto loans to consumer and
commercial obligors in Australia and New Zealand. BFS was
established in 2010 by Ateco Automative Group and was acquired by
Avanti Finance in 2019. As of March 2025, BFS's Australian retail
receivables portfolio was approximately AUD902 million.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 2.0% of the aggregated invested amount of all notes, the
legal structure, the experience of BFS as servicer and presence of
the back-up servicing arrangements.

The back-up servicer in this transaction, Verofi Pty Limited
(Verofi), is a small entity, which is a challenge. While Verofi's
team is experienced, the company employs a limited number of core
staff, posing key-person risk. This weakens the back-up servicing
arrangements. The ability of the Trustee to promptly appoint a
replacement servicer should Verofi be unable for any reason to step
in as the servicer somewhat mitigates this risk. Furthermore, the
risk of payment disruption is mitigated by the liquidity facility,
covering around four months of stressed fees and interest
payments.

Key transactional features are as follows:

-- Initially, principal collections will be allocated
sequentially. Once stepdown conditions are satisfied, all notes,
other than Class G Notes, will receive their pro-rata share of
principal. Stepdown conditions include, among others, 32.5%
subordination to the Class A Notes and no unreimbursed
charge-offs.

-- Westpac Banking Corporation (Aa2/P-1/Aa1(cr)/P-1(cr)) will
provide an interest rate swap in the transaction, hedging the
interest rate mismatch between the assets bearing a fixed rate of
interest, and floating rate liabilities. The notional balance of
the swap will follow a schedule based on amortisation of the pool
assuming a certain prepayment rate.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 22.5%. Moody's mean default for
this transaction is 5.3%. The assumed recovery rate is 35%.
Expected defaults, recoveries and PCE are parameters used by us to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate auto loan ABS.

Other key pool features are as follows:

-- Interest rates in the portfolio range from 3.0% to 18.4%, with
a weighted average interest rate of 11.7%.

-- Loans with balloon payments at the end of the term represent
around 17.1% of the pool.

-- The weighted average seasoning of the portfolio is 9.2 months.
The weighted average remaining term is 55 months.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


CONCAVE INTERNATIONAL: First Creditors' Meeting Set for Dec. 19
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Concave
International Pty Ltd will be held on Dec. 19, 2025 at 12:00 p.m.
via Zoom.

Antony Resnick and Henry Kwok of DVT Mcleods were appointed as
administrators of the company on Dec. 11, 2025.


DICKY BILL: AUD10 Million Debt Shock as Creditors Chase Millions
----------------------------------------------------------------
ABC News reports that administrators for failed Australian salad
farm company Dicky Bill have revealed its business debts to
hundreds of staff and suppliers could exceed AUD10 million.

Dicky Bill went into voluntary administration late last month,
leaving 180 workers scrambling to find new jobs in the lead up to
Christmas.

The report by Cor Cordis shows suppliers are owed AUD6.5 million,
while another AUD1 million is owed to 165 staff, but those figures
could grow, the ABC discloses.

Restructuring firm Cor Cordis was appointed the administrator for
Dicky Bill on December 1.

Speaking to the ABC Victorian Country Hour, administrator Sam Kaso
said the debts were "quite substantial", and could exceed AUD10
million.

"Trade creditors are owed circa AUD6.5 million, and we're still
working through the claims," he said.

"It's quite a substantial amount, and likely as we go through the
process, those amounts tend to increase as we have the chance to
reconcile the position."

Mr. Kaso said the first administrators' meeting was held on Dec.
11.

The ABC says Warakirri Asset Management is the owner of the two
properties leased to Dicky Bill Australia, at Maffra, Victoria and
Drinan, Queensland.

It has confirmed new tenants for the two farms, and aims to bring
them back into full production from January 1, 2026.

                          About Dicky Bill

Dicky Bill operates two farms at Maffra, Victoria and Drinan, west
of Bundaberg in Queensland, growing leafy salad vegetables and
herbs year-round.

On Nov. 27, 2025, owner Ryan McLeod put the company into voluntary
administration, owing hundreds of thousands of dollars to
creditors.


EDITHVALE GENERAL: First Creditors' Meeting Set for Dec. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Edithvale
General Store Pty Ltd ATF Edithvale General Store Trust will be
held on Dec. 19, 2025 at 11:00 a.m. via Microsoft Teams.

Nedin Talic of C/- Charles & Co. was appointed as administrator of
the company on Dec. 9, 2025.


GREAT MONEY 2025-1: Moody's Assigns B2 Rating to AUD1.53MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited as trustee of
Great Money Fortune Trust 2025-1. This is Great Money Pty Ltd's
first term RMBS transaction.

Issuer: Perpetual Corporate Trust Limited in respect of Great Money
Fortune Trust 2025-1

AUD287.25 million Class A1 Notes, Assigned Aaa (sf)

AUD53.62 million Class A2 Notes, Assigned Aaa (sf)

AUD16.08 million Class B Notes, Assigned Aa2 (sf)

AUD8.80 million Class C Notes, Assigned A2 (sf)

AUD4.97 million Class D Notes, Assigned Baa2 (sf)

AUD5.36 million Class E Notes, Assigned Ba2 (sf)

AUD1.53 million Class F Notes, Assigned B2 (sf)

The AUD3.06 million Class G1 Notes and AUD2.33 million Class G2
Notes are not rated by us. Class A1 Notes and Class A2 Notes are
collectively referred to as Class A Notes; and Class G1 Notes and
Class G2 Notes are collectively referred to as Class G Notes.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated by Great Money Secured Funding Pty Ltd, a wholly
owned subsidiary of Great Money Pty Ltd (Great Money). Great Money
will act as the servicer. Great Money is a privately held, non-bank
residential mortgage lender in Australia that commenced loan
origination in 2022. Since inception, Great Money has originated
approximately AUD500 million in mortgage loans with AUD430 million
in loans under management, as of October 2025. Great Money
primarily originates loans through accredited mortgage managers and
their affiliated brokers.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance; evaluation of the capital structure and credit
enhancement provided to the notes; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.5% of the rated note balance subject to a floor of
AUD5,664,150; the legal structure; and the presence of AMAL Asset
Management Limited as standby servicer.

According to Moody's analysis, credit strengths of the transaction
include 25.0% subordination available to the Class A1 Notes,
compared with 10.9% Moody's Individual Loan Analysis (MILAN)
Stressed Loss and limited exposure to loans with a scheduled
loan-to-value ratio above 80%. However, Moody's notes that the
transaction features some credit weaknesses such as short operating
history of Great Money Secured Funding Pty Ltd as the originator
and Great Money as the servicer and relatively high borrower
concentration risk (the largest, top 10 and top 20 loan facilities
represent 0.89%, 7.25%, and 13.65% of the pool as of pool cutoff
date).

Moody's MILAN Stressed Loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 10.9%. Moody's
median expected loss for this transaction is 1.3%, which represents
a stressed, through-the-cycle loss relative to Australian
historical data.

The key transactional features are as follows:

-- Principal collections will be distributed on a sequential basis
initially, starting with the Class A1 Notes. Starting from the
second anniversary from closing, and subject to the step-down
conditions being satisfied, all classes of notes may participate in
proportional principal collections distribution, with Class G
Notes' share of principal collections will be allocated in a
reverse sequential order, starting from Class F Notes. Class G
Notes do not receive any principal while any other notes remain
outstanding.

-- The step-down conditions include, among others, no unreimbursed
charge-offs and the subordination to the Class A2 Notes at least
doubling since closing.

The key pool features are as follows:

-- The pool has a weighted-average scheduled loan-to-value (LTV)
ratio of 72.8%.  Approximately 1.8% of the pool are loans with a
scheduled LTV above 80% and no loans in the pool have a scheduled
LTV above 90%.

-- 25.8% of loans in the pool are to self-employed individual
borrowers.

-- Investment and interest-only (IO) loans represent 49.2% and
14.4% of the pool respectively.

-- The portfolio has a weighted average seasoning of 5.1 months.

-- As of the pool cut-off date, no borrowers had a history of
adverse credit at the time of credit assessment. Additionally, 0.2%
of the loans are 1-30 days delinquent, with none in arrears for
more than 30 days as of the pool cut-off date.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job and the housing markets are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expects include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and
insufficient transactional governance.


HUSTLE BOXING: Collapses Into Administration
--------------------------------------------
Kylie Stevens at Daily Mail Australia reports that a once-popular
gym chain backed by high-profile investors and which listed sports
stars among its clientele has collapsed.

Hustle Boxing went into voluntary administration on Dec. 15, six
years after business partners Tim McGann and Simon Maree opened the
first premises in Sydney's Potts Point, followed by a second gym in
inner-city Newtown, according to Daily Mail.

The chain, which promised 'the most unintimidating boxing class in
Australia', expanded to Brisbane's Fortitude Valley in 2022 before
that gym went into liquidation just two years later.

BDO auditors Duncan Clubb and Andrew Sallway have been appointed as
administrators 'as a result of several unanticipated events that
severely impacted the performance of the business,' Daily Mail
discloses.

'The current intention of the VA is to preserve the business by way
of sale or recapitalisation,' a BDO statement said.

'In this regard the business is continuing to trade as usual whilst
the administrator explores these options.

'The directors are actively working with the administrator to
support these goals.'

The chain's financial backers included pub mogul Arthur Laundy,
businessman Mark Bouris, and Olympic gold medallist sailor Tom
Slingsby.

Daily Mail says former NRL player Daniel Conn was an inaugural
employee until he was charged over several incidents at the Potts
Point gym.

That premises is currently listed on Google as temporary closed
while the Newtown gym remains open

He later pleaded guilty to intimidation and stalking, destroying
property and breaching an AVO.

Hustle Boxing's website and social media platforms remain active
with no mention of the voluntary administration, Daily Mail notes.



HUSTLE BOXING: First Creditors' Meeting Set for Dec. 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hustle
Boxing Potts Point Pty Ltd, Hustle Boxing Newtown Pty Ltd and
Hustle Boxing Pty Ltd in its own right and as trustee for the
Hustle Boxing Unit Trust, will be held on Dec. 18, 2025 at 10:00
a.m. via Microsoft Teams.

Duncan Clubb and Andrew Sallway of BDO were appointed as
administrators of the company on Dec. 8, 2025.


RECYCLE AND RESOURCE: S&P Lowers ICR to 'CCC' on Slower Earnings
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Recycle and
Resource Operations Pty Ltd. (Bingo) to 'CCC' from 'CCC+'. At the
same time, S&P lowered the issue credit rating on the company's
term-loan B (TLB) facilities to 'CCC' from 'CCC+' (recovery rating:
'3').

S&P said, "The negative outlook reflects our view that persisting
weak macroeconomic conditions make it likely that free operating
cash flow (FOCF) will remain negative in the next 12 months,
further squeezing liquidity. The negative outlook also reflects our
view that the company's bond trading discounts and enduring high
leverage in the run-up to the maturities of its debt facilities
heightens the likelihood of a distressed debt exchange.

"Bingo has made cost cuts, but earnings growth has still stalled,
in our view. Accordingly, it is unlikely the company can deleverage
and achieve a sustainable capital structure in the foreseeable
future.

"We anticipate that S&P Global Ratings-adjusted debt to EBITDA at
the Australia-based waste management company will remain at about
10x for fiscals 2026 and 2027 (ending June 30). We consider
liquidity to be weak.

"The downgrade reflects our view that Bingo is increasingly
struggling to generate earnings growth to deleverage sufficiently
to achieve a sustainable capital structure. We expect Bingo's
earnings will follow a flatter trajectory than we previously
anticipated. Persistent weak macroeconomic conditions coupled with
uncertainty regarding the level of benefit from recent price
increases, that in the near term seem to have dampened volumes,
means earnings are unlikely to show material growth.

"We now forecast an S&P Global Ratings adjusted EBITDA of A$100
million to A$110 million for fiscal 2026 (ending June 30) down from
our previous forecast of A$110 million to A$120 million for the
period. The company is therefore unlikely to grow sufficiently to
deleverage below 10x debt to EBITDA ahead of the maturity of its
first-lien term loans and delayed draw term loan in July 2028.

"We see risks of a below-par debt exchange occurring. Bingo's Term
Loan B (TLB) bonds are thinly traded in the secondary market but
have been trading below 80 cents in the dollar since mid-January
2025. Given that Bingo's high leverage is likely to persist and the
company's weak cash flow generation and liquidity position, we
believe the potential for a debt restructure and below-par
debt-exchange has increased. Were any such exchange to occur
whereby lenders do not receive the full amount originally promised,
we would consider this a default under our criteria.

"We expect Bingo to have sufficient liquidity to meet its
obligations till the second half of 2026. Liquidity will be
supported by the A$60 million remaining capacity under its
shareholder loan obtained in late 2024. In our view, extending the
revolving credit facility maturing in July 2026 will be essential
to maintain liquidity to the end of fiscal 2027. We forecast
negative FOCF of about A$40 million to A$50 million in fiscal 2026
and about A$5 million to A$15 million in fiscal 2027, with a return
to neutral cash flow by the end of fiscal 2028. Unanticipated
working capital outflow due to collection delays and other
restructuring costs could further burden Bingo's cash position over
this period, at a time when the group is required to make a number
of one-off penalty and levy payments. In addition, the company has
settled the bridging finance facility it entered into in late 2024
to settle the Eastern Creek land purchase option obligation, by
entering into a new loan facility amounting to A$51.3 million
maturing in September 2027."

Bingo has taken steps to reduce cash burn and enhance its
break-even EBITDA. These steps include: (1) reducing capital
expenditure (capex) to about A$45 million in fiscal 2025, the
lowest in the last three to four years, with further reductions to
come, (2) reducing costs including with further operational
improvements planned for fiscal 2026, and (3) increased focus on
working capital management. As a result, S&P now estimates that
Bingo will need about A$120 million to A$130 million in EBITDA to
service its debt and cover maintenance capex, a reduction from its
previous estimate of A$140 million made 12 months ago.

The negative outlook reflects the possibility S&P could lower the
ratings within the next 12 months if it believes the prospect of a
distressed exchange or other form of default is inevitable.

S&P's could lower the rating if:

-- Bingo's liquidity materially deteriorates, such as if the
company is unable to refinance its revolver; or

-- S&P believes there is a high probability of default or a
distressed exchange over the next six to 12 months. This could
occur if the company's earnings and cash flow further weaken and
increase pressure on its capital structure.

S&P could revise the outlook to stable or raise the rating if Bingo
achieves a material improvement in earnings and free cash flow that
enables substantial deleveraging such that the company's capital
structure becomes more sustainable. In addition, the company would
need to materially improve its liquidity position.


SPECIAL GASES: Second Creditors' Meeting Set for Dec. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Special Gases
Enterprises Pty Ltd has been set for Dec. 18, 2025, at 11:00 a.m.
at the offices of LangdonGrant, at Suite 209, 134 Logis Boulevard,
in Dandenong South, VIC.

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. 17, 2025 at 1:00 p.m.

Ian Graham Grant and Paul William Langdon of LangdonGrant were
appointed as administrators of the company on Nov. 14, 2025.


STAR ENTERTAINMENT: Steve McCann Steps Down as CEO
--------------------------------------------------
The Australian Financial Review reports that Star Entertainment
chief executive Steve McCann will step down from his position as
the new owners of the struggling casino operator take control and
attempt to turn around its finances.

Bruce Mathieson jnr, whose billionaire family is the second-largest
shareholder, will become executive chairman. He was appointed
chairman earlier this month, as first flagged by The Australian
Financial Review.

The Financial Review relates that Mathieson jnr said Mr. McCann,
who will remain with the business until July, had navigated one of
the most complex periods in Star's history.

"Steve joined at a time of crisis for Star and has helped to
deliver a critical financial reset for the business and
successfully progressed our remediation plan, which has laid the
foundations for Star's long-term future success. We wish him well
in his next endeavours," the Financial Review quotes Mathieson jnr
as saying.

Mr. McCann joined Star on July 8 last year on a AUD2.5 million
salary that included a AUD7.5 million sign-on bonus and a AUD5
million no-hurdle short-term bonus.

According to the Financial Review, the arrival coincided with the
signing of the company's financial accounts for the previous year,
when Mr. McCann realised he had a serious problem. Star was not on
top of cash flow forecasts, particularly those related to its
soon-to-open AUD3.8 billion Queen's Wharf casino in Brisbane. The
company which also runs precincts in Sydney and the Gold Coast,
engaged PwC to quantify the problem, which quickly revealed an
immediate cash crunch.

The Financial Review notes that the problem was so significant that
the company's auditors and Star's board of directors decided they
could not sign off on its annual accounts.

By September last year, Mr. McCann had secured a short-term
lifeline of AUD150 million from lenders that came with a range of
conditions but enough time to resolve some of the longstanding
challenges. By January, Star was operating under provisions that
protected directors from insolvent trading.

Mr. McCann's ultimate solution was to sell Star's Sydney Events
Centre and its 50 per cent stake in the Queen's Wharf precinct to
its business partners, Chow Tai Fook Enterprises and Far East
Consortium. The move provided Star with immediate liquidity and
removed Star's debt guarantee. Star did receive funding, but the
long-term agreement still hasn't been finalised.

Star was on the brink of entering voluntary administration again in
March when American casino giant Bally's Corporation came to the
table with a shock AUD300 million deal to take control.

Bally's, which owns 19 casinos in the US, ultimately completed that
deal alongside Investment Holdings, the vehicle owned by the
billionaire Mathieson family. The deal was finalised in November
after probity approvals were received. Bally's owns about 38 per
cent of Star, and Investment Holdings controls about 23 per cent.

Soo Kim, chairman of Star's new controlling investor, American
casino giant Bally's, foreshadowed McCann's departure in April,
when he said in an interview that the ASX-listed gaming operator
needed new executives.

"The definition of insanity is doing the same thing over again and
again and expecting a different result," he said. "We need to put
different executives in there – this particular mix of executives
has generated poor . . . performance."

According to the Financial Review, Mr. McCann said on Dec. 16 that
the new investment provided an opportunity for the casino group to
move in a new direction and onto a path to recovery.

"Now is the right time for new leadership to be put in place with
the experience and passion to build on that momentum," the
Financial Review quotes Mr. McCann as saying.

Mathieson jnr is the son of publican Bruce Mathieson and a former
director at Endeavour, the hotels and bottle shop business that was
spun out of Woolworths and in which the family remains a major
investor.

Audited accounts show the company's net loss reached AUD427.7
million, or AUD215.5 million before one-off items including
redundancy costs, penalties, and an impairment on its Queen's Wharf
precinct in Brisbane, the Financial Review discloses.

                      About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

The casino operator posted a statutory net loss after tax of
AUD471.5 million for the year ended June 30, 2025.

As reported in the the Troubled Company Reporter-Asia Pacific in
late November 2025, Queensland and New South Wales gaming
authorities have given the green light to a US-led rescue package
for the embattled Star Entertainment.

Earlier this year, Star agreed to a AUD300 million lifeline from US
gambling giant Bally's, as well as Investment Holdings Pty Ltd,
which is controlled by pub baron Bruce Mathieson and his family.

The move was approved by shareholders in June, ABC News said.
Combined the two companies will own more than half of the embattled
casino operator.


[] AUSTRALIA: More Than 1,000 Businesses Closing Every Day
----------------------------------------------------------
News.com.au reports that more than 1,000 Australian businesses are
closing their doors every day, with updated figures revealing the
challenging reality facing entrepreneurs across the country.

An update on previously released figures from the Australian Bureau
of Statistics shows 370,000 businesses closed down this year,
news.com.au discloses.

Despite the high closure rate, 437,150 new businesses started
trading over the same period, meaning there were actually 67,150
more businesses opening than closing across the year.

This is relatively flat over the past five-year period.

Both figures are higher than they were in 2023 and 2024, indicating
a period of increased economic activity and business turnover.

According to news.com.au, CreditorWatch chief economist Ivan
Calhoun said despite the confronting closure figures, it was a
usual business cycle and not a sign the economy was in trouble.

"The Australian economy keeps growing, the population keeps
growing, as we are a very large economy these days," news.com.au
quotes Mr. Calhoun as saying.

"So it is not surprising that there is an awful lot of new
businesses created each year or that a lot of businesses close each
year."

As of June 30, Australia now has 2,729,648 actively trading
businesses with 994,178 of these businesses employing others.

News.com.au relates that the data also shows specific sectors are
driving the growth, with non-market sectors that primarily rely on
government support experiencing the highest number of new business
entrances.

Healthcare and social assistance businesses surged by 6.6 per cent
compared to last year, while the construction sector added 76,414
new businesses.

News.com.au adds that Mr. Calhoun said the healthcare and social
assistance sector remained a major growth area for the economy,
driven by demographic changes and government support programs.

"Economists have been remarking for the last two years that there
has been perhaps too much growth in that industry, with some of it
attributed to the NDIS," he said.

"We are seeing the population ageing so there's extra demand for
services and we have provided the NDIS, which provides very
valuable assistance to people with disabilities."

However, Mr. Calhoun warned the rapid growth in the sector had
raised concerns about exploitation of government funding,
news.com.au relays.

"The part of the NDIS people don't want to see is businesses
overcharging due to it being a government service," he said.




=========
C H I N A
=========

CHINA PHARMA: Subsidiary Acquires Captopril Patent for $6.3MM
-------------------------------------------------------------
China Pharma Holdings, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on December
4, 2025, Hainan Helpson Medical & Biotechnology Co., Ltd, a wholly
owned subsidiary of the Company, entered into a Technology Transfer
Agreement with Lijie Tang.

The Transferor owns an invention patent of a Captopril microcapsule
and Method for Its Preparation.

Pursuant to the Agreement, the Transferor will transfer the
ownership of the Invention Patent to Helpson.

The Transferor or its designated third party shall provide relevant
technical services, which include but are not limited to product
research and development, writing of registration materials,
registration application and other technical services.

The transfer price as contemplated by the Agreement is $6.3
million, which will be paid in the form of common stock of the
Company, par value $0.001 per share, at $1.80 per share.

                         About China Pharma

China Pharma Holdings, Inc. is a specialty pharmaceutical company
that develops, manufactures, and markets a diversified portfolio of
products, focusing on conditions with high incidence and high
mortality rates in China, including cardiovascular, CNS,
infectious, and digestive diseases. The Company's cost-effective
business model is driven by market demand and supported by new
GMP-certified product lines covering the major dosage forms. In
addition, the Company has a broad and expanding nationwide
distribution network across all major cities and provinces in
China. The Company's wholly-owned subsidiary, Hainan Helpson
Medical & Biotechnology Co., Ltd., is located in Haikou City,
Hainan Province.

Singapore-based Enrome LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated March
31, 2025, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2024, citing as of December 31,
2024, the Company had a working capital deficit of $1.7 million and
had an accumulated deficit of $44 million. In addition, the Company
had incurred net losses of $4.7 million and had negative cash flows
from operating activities of $0.5 million for the year ended
December 31, 2024. This condition raises substantial doubt about
the Company's ability to continue as a going concern.

As of September 30, 2025, the Company had $15.8 million in total
assets, $7.5 million in total liabilities, and $8.3 million in
total stockholders' equity.




=================
H O N G   K O N G
=================

[] Hong Kong to See More Debt Restructuring, Liquidator Says
------------------------------------------------------------
South China Morning Post reports that Hong Kong and mainland China
are set to see more corporate restructuring and liquidation in
commercial real estate, restaurants and retail shops in 2026 due to
the weak economy and changes in consumer behaviour, according to
veteran liquidator Derek Lai Kar-yan.

The Post relates that the challenging economic environment,
however, provides opportunities for experts like Lai, 60, who is
known in the industry as the "King of Liquidation". He left
Deloitte after 36 years with the firm and last week was appointed
by EY as senior partner and leader of Asia-Pacific turnaround and
restructuring.

According to the Post, Lai plans to expand EY's restructuring team
from 80 to 130 people next year as he believes many struggling
companies need help from experts.

"I believe it is the right time to build a new high-quality
restructuring team to help corporations that need rescue," Lai said
in an exclusive interview with the South China Morning Post.

"While the weak economy has seen many companies struggle to repay
their debts, it creates the demand for restructuring and
liquidation professionals to help them turn around the business and
sell assets to repay their bondholders or banks," Lai said.

The Post, citing companies Registry data, discloses that a rising
trend of firms closing down in the past few years - 88,232 in 2022,
94,002 in 2023, 116,073 in 2024 and 84,549 in the first 10 months
of this year.

The Post relates that Lai said there were a number of reasons for
this, including the property market downturn and the work-from-home
trend, which had cut demand for office space, hurting many
developers, particularly in the commercial real estate sector.

US and China trade tensions have hit many manufacturers and
exporters on the mainland and in Hong Kong, while the shift to
online shopping and the habit of Hongkongers crossing the border to
dine at lower cost has impacted many shops and restaurants in the
city.

"But the worst may be over as the strong stock market rally this
year helped companies raise funds from issuing bonds or shares at a
higher valuation to repay debts," the report quotes Lai as saying.

The Benchmark Hang Seng Index rose almost 35 per cent year on year
in the first nine months, making it one of the world's
best-performing major indices. The rally was fuelled by Chinese
tech stocks, particularly after artificial intelligence start-up
DeepSeek made a breakthrough with its low-cost, high-efficiency AI
models.

However, more important was the change in mindset among companies.
Lai said firms were more willing to engage restructuring
professionals to address their debt problems, which increased the
likelihood of a successful result.

"When I first started as a liquidator 36 years ago, and even about
a decade ago, companies did not want to talk about their debts,"
Lai said. "There were about 80 per cent of cases in which I found
that the companies' debt problems were so bad that the firms had
few assets left to do any restructuring. The only solution was to
go for liquidation to sell remaining assets to repay creditors."

If the restructuring was done earlier, businesses could sell assets
to improve cash flow or repay debts, he added, the Post relays.




=========
I N D I A
=========

ACTIVE CHAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Active Char
Products Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable);ISSUER NOT
COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         0.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Active Char Products Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Mfar Group was promoted by Dr. P. Mohamed Ali, who has over 30
years of experience in engineering, construction and projects and
is the Founder and Managing Director of Galfar Engineering &
Contracting LLC (GECL) having a turnover of around INR7000 crore.
GECL is one of the leading construction companies in Oman and has a
significant presence in Qatar, Oman, UAE, Yemen, Kuwait and India.
He has been awarded the prestigious Oman Civil Order and the
Pravasi Bharatiya Samman awards. Mfar Group entered India in 1996
and through its six companies has operations across construction,
hospitality, manufacturing, and real estate sectors. However,
Mohammad Ali was sentenced to 15 years jail term and slapped a fine
of OMR 1.7 million after convicting him of five graft cases in oil
and gas sector in Oman by the Oman court. However, as per
Management's comments, he is free of allegations and is actively
managing Galfar Company.


ADITI DEVA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aditi Deva
Mills Private Limited (ADMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.92       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 18, 2024, placed the rating(s) of ADMPL under the
'issuer non-cooperating' category as ADMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ADMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 3, 2025, September 13, 2025, September 23, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Incorporated in February 2013, Aditi Deva Mills Private Limited
(ADMPL) is engaged in the rice milling activities at its plant
located at Aurangabad, Bihar with aggregate installed capacity of
39,936 MTPA. The company has started commercial operations from
November, 2016 onwards. The company procures its raw material from
local market and sells its finished products across India. Mr.
Manish Kumar (aged, 45 years), having more than decade long
experience in the rice milling industry, looks after the day to day
operations of the company. He is supported by other directors Mr.
Alok Kumar (aged, 39 years) and a team of experienced
professionals.

AG8 VENTURES: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AG8
Ventures Limited (AVL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     150.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of AVL under the
'issuer non-cooperating' category as AVL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AVL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Originally incorporated in 1997 as Aakriti Dwellings Pvt. Ltd., AVL
is the flagship company of the Bhopal based "Aakriti Group". AVL is
engaged in development of multi-storied residential as well as
commercial properties around Bhopal region. In addition to the real
estate sector, "Aakriti Group" has presence in sugar, hospitality
and education industry.


ANJANI PIPES: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Anjani
Pipes Industries (SAPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 12,
2024, placed the rating(s) of SAPI under the 'issuer
non-cooperating' category as SAPI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAPI continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 28, 2025,
October 8, 2025, October 18, 2025 among others.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Sri Anjani Pipes Industries (SAPI) was established in the year 2013
as a partnership firm, by Mr. G Sanjeeva Reddy and Mrs G Madhavi.
However, the firm achieved commercial operations from October 2015.
The firm is engaged in manufacturing different types of pipes i.e
HDPE pipes of various sizes starting 63mm to 315mm, PVC pipes
ranging from 25 mm to 350 mm and LLDPE pipes ranging from 12 mm 16
mm, at Mehbubnagar district of Telangana state. These pipes are
mainly used for irrigation works (micro and drip), water supply and
gas supply. In addition to the said industries, the above-mentioned
pipes are also used in the
following sectors like drainage and telephone cable pipes used by
telecom operators.


B.V.L. EXPORTS: ICRA Withdraws D Rating on INR125cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
B.V.L. Exports Private Limited in accordance with its withdrawal
policy and closure of the rated facilities, as evidenced by the No
Due Certificate issued by the lenders. Consequently, there are no
dues pending from B.V.L. Exports Private Limited towards the rated
bank facilities, and the withdrawal is based on the confirmation
received from the lenders regarding the same.  

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         125.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                   

B.V.L. Exports Private Limited was incorporated in 2000 and is
involved in trading of tobacco. The company has a godown in Ongole
District which it has rented out to ITC Limited for tobacco
storage. It continued to operate as a tobacco exporter till 2004
when it transferred its entire tobacco export business to Indian
Tobacco Traders. The company then ventured into granite mining by
acquiring granite quarry in Ongole District of Andhra Pradesh. The
company mines black galaxy variety of granite. However, the company
restarted its tobacco trading business from Dec. 24, 2014.


BALAJI STEEL TUBE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Steel Tube Industries (SBSTI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 11, 2024, placed the rating(s) of SBSTI under the
'issuer non-cooperating' category as SBSTI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBSTI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 27, 2025, October 7, 2025, October 17, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 09, 2015 with the main object of carrying out
business of manufacturing steel tubes from hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner),
Mrs. Rama Latha (Partner) and Mr. Rama Gopi Krishna (Partner. The
project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is INR8.80 crore which is proposed to be funded through
bank term loan of INR3.50 crore, Partners' capital of INR5.20 crore
and remaining through unsecured loan of INR 0.10 crore. As on
December 31, 2016, the firm has incurred expenses of INR3.60 crore
(around 40.90% of total project cost) towards the civil works and
purchase of Plant & Machinery and the same was funded by the
partners' capital.

BARODA AGRO: ICRA Withdraws D Rating on INR14cr LT Cash Credit
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Baroda Agro Chemicals Limited in accordance with its withdrawal
policy and closure of the rated facilities, as evidenced by the No
Due Certificate issued by the lenders. Consequently, there are no
dues pending from Baroda Agro Chemicals Limited towards the rated
bank facilities, and the withdrawal is based on the confirmation
received from the lenders regarding the same. The Key Rating
Drivers and their Description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn. The

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                  

   Long-term         10.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Term Loan                     

   Short Term-       (5.75)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Withdrawn

   Short-term         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Withdrawn
   Others                       

Baroda Agro Chemicals Limited (BACL) was incorporated in 1996 by
Mr. K.V Rao. BACL is engaged in the manufacture of insecticide,
pesticide and fungicide formulations. The company operates from its
manufacturing facility located at Halol nearVadodara city with an
installed capacity of ~265 KL/per day. BACL enters contract
manufacturing as well as job work with respect to generic pesticide
formulation and can produce formulations in varying forms like
Emulsifiable Concentrates (EC), Dusting Powders (DP), Granules (G),
Wettable Powders (WP), Soluble Powders (SP), Suspension
Concentrates (SC), Flowables Slurries (FS), Water Disbursable
Granules (WDG), Dry Flowables (DF) and Soluble Granules (SG).


DESAI DISTRIBUTORS: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Desai Distributors (DD) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        26.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with DD, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Established in the year 1996, Desai Distributors (DD) is a
partnership firm promoted by Desai family and is having
distributorship of Hindustan Unilever Limited (HUL) since
inception. The firm is distributor of HUL's products in Vadodara,
Gujarat, covering 40 Sq km area covering Padra, Karjan, Dabhoi,
Asodar etc. across Vadodara. It supplies HUL's products to ~5000
retailers. The firm has distributorship for almost all of HUL's
products under home care, personal care and food and drinks'
segments except Lakme, Elle 18 and Kwality Wall's and pureit
brands. Four of the five partners are engaged in the firm since its
inception and are actively managing the operations of the firm for
past 2 decades. Till FY2018, the firm also had distributorship for
Vodafone SIM cards in Vadodara which used to form 10-15% of total
revenue for the firm. However, the firm has discontinued the
business.


IIFL FINANCE: S&P Affirms 'B+/B' ICR & Alters Outlook to Positive
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on the long-term issuer
credit rating on IIFL Finance Ltd. to positive from stable. At the
same time, S&P affirmed its 'B+' long-term and 'B' short-term
issuer credit ratings on the India-based nonbank financial
institution.

S&P also affirmed its 'B+' long-term foreign currency issue rating
on IIFL's outstanding U.S. dollar-denominated senior secured
notes.

S&P expects IIFL Finance Ltd. to strengthen its market share in
gold loans over the next 12 months while maintaining robust
capitalization.

Portfolio pruning and reduced exposure to microfinancing should
gradually reduce credit losses for the India-based nonbank
financial institution.

The outlook revision reflects IIFL's strengthening market share in
the gold financing business. This is a year after a central bank
embargo on the company sanctioning or disbursing fresh gold loans
was lifted. S&P expects IIFL to maintain very strong levels of
capitalization over the next 12 months.

S&P said, "We also anticipate the company's portfolio pruning and
reduced exposure to microfinancing will lower its credit costs. We
believe IIFL's credit costs will peak this fiscal year (ending
March 31, 2026), but remain higher than those of rated peers owing
to the company's weaker borrower profile.

"We expect IIFL to sustain its growth in gold-backed financing. The
company is benefitting from elevated gold loan prices and robust
consumer demand. These factors, together with IIFL's extensive
branch network, have helped the company grow its gold loans assets
under management (AUM) by 2.2x in the 12 months to Sept. 30, 2025.
IIFL's market share in the gold loan segment is now second only to
Muthoot Finance Ltd. among nonbank financial institutions in
India.

"IIFL's very strong capitalization will support growth. We forecast
the company's risk-adjusted capital (RAC) ratio will moderately
decline to 18%-19% over the next two years, compared with 20.4% as
of March 31, 2025. This reflects our expectation of increased
issuance of gold-backed loans and mortgages over the period.

"We expect IIFL's return on assets to improve to 2.3%-2.6% in
fiscal years 2027 and 2028, compared with 1.9% annualized for the
six months ended Sept. 30, 2025. The improvement in profitability
will be primarily driven by lower credit costs.

"We anticipate IIFL's credit costs will peak in fiscal 2026. The
company's credit costs were elevated at 3.5% annualized for the
first half of fiscal 2026. This reflects ongoing stress in the
microfinance segment and IIFL's offering in the past of riskier
products such as micro-ticket loans against property and unsecured
digital loans to micro, small, and medium enterprises. The company
has since discontinued these products and has reduced exposure to
microfinance loans. We therefore expect a gradual improvement in
credit costs over the next two years to 2.2%-2.3% of total loans."

IIFL's access to funding will remain highly susceptible to market
sentiment. The company's funding profile is dependent on
confidence-sensitive wholesale funding. IIFL is more susceptible to
market volatility and public perception than peers that are backed
by strong parent groups. This vulnerability is evident in IIFL's
higher funding costs. Covenant breaches at the company's
microfinance subsidiary could also increase funding costs over the
next 12 months.

S&P said, "We maintain a one-notch downward adjustment in assessing
IIFL's stand-alone credit profile (SACP). This is due to a
combination of structural and transient factors. Our approach
reflects the company's higher credit losses than those of rated
peers. It is also driven by IIFL's reliance on confidence-sensitive
funding."

IIFL's microfinance subsidiary is in breach of certain financial
covenants for about 11% of its borrowings. None of the lenders have
enforced on the breach. That said, the breach could increase the
microfinance subsidiary's funding costs.

S&P said, "Our positive outlook on the long-term issuer credit
rating on IIFL reflects our view that the company will strengthen
its market share and maintain robust capitalization over the next
12 months.

"We believe IIFL's credit costs peaked in fiscal 2026 and will
start to decrease. The company will likely maintain its access to
funding despite that being sensitive to market confidence."

S&P may revise the rating outlook to stable if IIFL's:

-- Asset quality does not improve, due to, for example, strategic
missteps such as a higher risk appetite or weak underwriting; or

-- Funding access weakens.

S&P said, "We could also downgrade IIFL if a material corporate
event, such as a demerger, occurs and weakens the company's
creditworthiness.

"We could raise the rating if: (1) IIFL's asset quality improves,
such that credit losses and stressed assets sustainably fall in
line with those of rated peers in similar businesses; and (2) the
company maintains its revenue stability, capital position, and
funding access."


JAYARAJ FORTUNE: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Jayaraj
Fortune Packaging Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable);ISSUER NOT
COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term           5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund based-                     COOPERATING; Rating continues
   Cash Credit                     to remain in the 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Jayaraj Fortune Packaging Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Jayaraj Fortune Packaging Private Limited was incorporated in 2007
and is promoted by Mr. P S R Prasad and Ms. B P L Pratheesha. The
manufacturing facility is in Nallapadu village in Guntur district
of Andhra Pradesh. The company is involved in the manufacturing of
corrugated fibre boxes and caters to the tobacco, textile, FMCG and
agricultural products sector and has installed capacity of 15000
MTPA. The company specializes in manufacturing of C48 cartons which
are used for packaging of tobacco products and caters to local
manufacturers & traders and also exports its products to countries
such as UAE, Cambodia and Sri Lanka.


JNANA BANDHU: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jnana
Bandhu Education Trust (JBET) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 8, 2024, placed the rating(s) of JBET under the
'issuer non-cooperating' category as JBET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JBET continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
24, 2025, September 3, 2025, September 13, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Jnana Bandhu Education Trust (JBET) was founded in 2011-12 by Mr M
R Kumarswamy at a rural area between Pandavapura and Mandya in the
state of Karnataka. The trust to start with took over Adhithya
School from different trustees and also started Jnana Bandhu
Vidhyalaya in the year 2011-12. In 2014-15, the trust started Jnana
Bandhu Pre-University College in Pandavapura, Karnataka, which is
recognized by the State Government of Karnataka.


K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of K.P. Saha Private Limited
Unit-Maa Bameswari Rice Mill in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.69        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term-          0.13        [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with K.P. Saha Private Limited Unit-Maa Bameswari Rice Mill, ICRA
has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

K.P. Saha Private Limited was set up in 1990 and its rice mill unit
Maa Bameswari Rice Mill (MBRM) was set up and started operations in
December 2010 at Dhaniakhali, West Bengal. K.P. Saha also owns two
cinema halls at Kalyani and Kolkata, West Bengal. MBRM is engaged
in production of parboiled rice and has a milling capacity of 96 MT
per day on a double-shift basis, translating into an annual milling
capacity of 28,800 MT.


MAA BAMESWARI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Maa Bameswari
Cold Storage Private Limited (MBCS) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.94        [ICRA]B (Stable) ISSUER NOT
   Working                         COOPERATING; Rating continues
   Capital Loan                    to remain under 'Issuer Not
                                   Cooperating' category

   Long term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long term-          0.25        [ICRA]B (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/          0.08        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short-term          6.50        [ICRA] A4; ISSUER NOT
   Seasonal                        COOPERATING; Rating continues
   Cash credit                     to remain under the 'Issuer
                                   Not Cooperating' category

As part of its process and in accordance with its rating agreement
with MBCS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Maa Bameswari Cold Storage Private Limited (MBCS) had set up its
cold storage unit at Goghat in the Hooghly district of West Bengal
in 2005. Promoted by the Kolkata-based Saha and the Shaw families,
MBCS has a storage capacity of 19,300 metric tonnes (MT) at
present.


MAGNOLIA MARTINIQUE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Magnolia
Martinique Clothing Private Limited (MMC) in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        25.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with MMC, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Magnolia Martinique Clothing Pvt. Ltd. (MMC) was originally
incorporated as Rakesh Mohan Electricals Pvt. Ltd. in July 2005 and
was not operational till it was taken over by the present promoters
in 2007-08. The name of the company was consequently changed to MMC
in February 2008. MMC is engaged in the manufacturing and export of
woven and knitted garments for women and kids. The operations were
earlier carried out in other promoter companies namely Magnolia
Blossom which was established in 1993 and Magnolia Clothing Pvt.
Ltd. which was established in 2006. To consolidate and streamline
the operations, all the operations were moved to a new company,
MMC. MMC commenced operations from May 2008 from a leased premise
owned by another promoter company, Magnolia Clothing Pvt. Ltd. in
Okhla (Delhi). The operations were later shifted to another leased
premise in Noida (Uttar Pradesh) and presently the company has
three manufacturing units (all leased) in Noida with a total
installed capacity of manufacturing 16.50 lacs garment pieces per
annum.


MAHA SAI: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Maha Sai Laboratories (MSL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.25        [ICRA]B(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with MSL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Maha Sai Laboratories (MSL) was set up in 2011 by Mr. CH Narasimha
Reddy. MSL is involved in purification and distillation of
industrial solvents. The promoter has about 20 years of experience
in the pharmaceutical industry. The facility is located in
Gummadidala, Medak district of Telangana and has a capacity of 58
KL with a total of five reactors.


MANISHA TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manisha
Textiles Private Limited (MTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.41       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of MTPL under the
'issuer non-cooperating' category as MTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Manisha Textiles Private Limited was incorporated in the year 2008
by the Kukreja family and it is engaged in manufacturing of grey
fabric, which finds its application in the manufacturing of various
kinds of readymade garments, clothing, etc. The manufacturing unit
is situated at Bhiwandi, Thane.


MANJU SHREE: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Manju Shree Syntex Private
Limited (MSSPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable);ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.66        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.31        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with MSSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2005 as a private limited company, MSSPL is engaged
in the manufacturing of grey and finished fabric for suiting at its
unit in Bhilwara for direct sales under its brand name "Spectrum"
and "Da Vinchi" as well as on job-work basis for its clients. The
company started its operations in 2007 by installing 20 Dornier
looms. Thereafter, in 2009, the company installed 8 Sulzer double
width looms while another 21 Sulzer looms (16 double width and 5
single width) were added in February 2012. In April 2013, the
company sold its 20 Dornier looms and at present it is operating 29
Sulzer looms (5-single width and 24-double width).


MKD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mkd
Infrastructure & Projects Private Limited (MIPPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of MIPPL under the
'issuer non-cooperating' category as MIPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

MIPPL, incorporated in the year 2012, is promoted by Mr. Paresh
Rathi, Director, and is engaged in the construction of building for
private players in the state of Maharashtra.

NEHA INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Neha
International Ltd. (NIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     23.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 21, 2024, placed the rating(s) of NIL under the
'issuer non-cooperating' category as NIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 6, 2025, September 16, 2025, September 26, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Established in 1993, Neha International Ltd (NIL) (ISIN:
INE874D01022) is engaged into trading of agricultural products
mainly Maize, Soya Bean, Sun Flower, Edible oils etc. The company
has been promoted by Mr G Vinod Reddy, who has about two decades of
experience in the line of activity. The company got listed on BSE
expand in February 1995. Neha at the group level is into
floriculture space also exporting cut roses to Europe and Middle
Eastern markets in Saudi Arabia, Qatar and UAE, through its
subsidiaries (based in Ethiopia) and step down subsidiaries. Being
primarily into trading, the company procures the agricultural
products from small local traders and sells it to big traders &
poultry farms domestically.

NEW LAKSHMI: CARE Lowers Rating on INR8cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
New Lakshmi Jewellery (NLJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 8, 2024, placed the rating(s) of NLJ under the
'issuer non-cooperating' category as NLJ had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NLJ continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
24, 2025, September 3, 2025, September 13, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of NLJ have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

New Lakshmi Jewellery (NLJ) store was started as a small chit
business at Trichy, Tamil Nadu by Mr. Palanisamy in 1961. Later,
the founder entered into the jewellery business with a small retail
showroom of 1,000 square feet. The business was taken over by Mr.
Eswaramoorthy (son of Mr. Palanisamy) in the year 1981. NLJ
currently has only one retail showroom consisting of two floors &
operating at 6800 sq. ft. area in Trichy. The firm is engaged in
retailing of gold ornaments, silver articles, diamonds and
precious stones. NLJ had ventured into export of jewellery during
FY15 to countries such as Canada, USA, Dubai, Switzerland,
Malaysia, Singapore.


NICOMET INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Nicomet
Industries Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term        144.76       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         5.24       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

As part of its process and in accordance with its rating agreement
with Nicomet Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity s management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is base don't he best available
information.

Nicomet Industries Limited is a closely held limited company,
originally incorporated in 1993 as a private limited company under
the name 'Metec International Pvt. Ltd'. The company commenced its
operations in 1997. Currently, it is being managed by Rajendra
Agrawal, Mr. Ankit Agrawal & Mr. Atul Agrawal. The company is
engaged in manufacturing of Nickel, Cobalt metals and other related
products like Nickel Sulphate, Nickel Nitrate and Cobalt Sulphate.
The company has its registered office in Mumbai and a manufacturing
facility at Goa.


PRAMILA PROJECTS: CARE Lowers Rating on INR15cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pramila Projects Private Limited (PPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D Downgraded from
   Facilities                      CARE B+; Stable

   Short Term Bank
   Facilities          13.00       CARE D Downgraded from CARE A4

Rationale and key rating drivers

Revision in ratings assigned to the bank facilities of PPPL take
into account ongoing delay in debt servicing wherein there is
overutilisation in cash credit account for more than 30 days.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay free track record of debt servicing for more than 90 days.

Negative factors: Not Applicable

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Delays in debt servicing: As per management confirmation and
lender feedback, there is ongoing overutilisation in cash credit
account for more than 30 days on account of invocation of bank
guarantee.

Liquidity: Poor

The company's liquidity profile remains poor due to ongoing
overdrawal in its cash credit limit and invocation of bank
guarantee.

PPPL was incorporated during 2007 in Bhubaneswar, Odisha. PPPL is a
Odisha based company engaged in providing different types of
structural construction services to manufacturing companies, which
includes design drawing, land development, construction of shades
and installation of machineries etc. The company is currently
focused on design, fabrication, and installation of pre-engineered
steel buildings for government as well as private companies. The
day-to day operations are looked after by Mrs. Swarupa Patra, MD,
along with other director, Mr. Pravash Chandra Patra, and a team of
experienced personnel.


RAJVIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajvir
Industries Limited. (Rajvir) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      172.51      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           10.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 3, 2024, placed the rating(s) of RIL under the
'issuer non-cooperating' category as RIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
19, 2025, August 29, 2025, September 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Rajvir Industries Limited (RIL) (ISIN No: INE011H01014) was
incorporated on September 1, 2004. Rajvir is engaged in
manufacturing of cotton yarn, mélange, synthetics, modal, dyed
products, compact yarn, flame-retardant, supima, silk, wool,
cashmere and angora blend with its facilities located in
Mahboobnagar (one unit), Tandur (one unit) and a dyeing plant at
Mahboobnagar. The company has facilities from ginning to spinning
of different kinds (raw white, mélange) and varied counts (10-40,
20-25, 10-60, 40-60 etc.). The company has range that covers
everything from 100% cotton/organic/fairtrade/combed yarns, blended
yarns (polyester, viscose, modal, spun silk and flame- retardant)
etc. As on March 31, 2017 the company has installed capacity of 1,
11,840 spindles.

RR FAB: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RR Fab
Constructions (RFC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.80      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.40      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 11, 2024, placed the rating(s) of RFC under the
'issuer non-cooperating' category as RFC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RFC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 27, 2025, October 7, 2025, October 17, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

RR FAB Constructions (RFC), formerly known as R&R Fabricators, was
established in 1985 by Mr. S. Ramachandra as a proprietorship
concern, for executing civil construction works. Subsequently, it
was converted into partnership firm on May 5, 2010 with Mr. R.
Somesh joining as partner. RFC is engaged in execution of civil
construction works like construction of buildings, commercial
apartments in the state of Karnataka under direct tender basis. The
firm is currently executing civil construction works for private
entities.


SATHWIK EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sathwik
Exports (SE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 8, 2024, placed the rating(s) of SE under the 'issuer
non-cooperating' category as SE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 24, 2025,
September 3, 2025, September 13, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Karnataka based, Sathwik Exports (SE) was established in 2003 as a
partnership firm by Mr. Janardhana Nayak and his family members. SE
is engaged in the manufacturing of Desiccated Coconut Powder. The
firm purchases Coconut from the farmers located in and around
Karnataka. The firm sells its final products to the customers
located in Madhya Pradesh, Uttar Pradesh, Delhi and Gujarat. The
current installed capacity for the manufacturing of Desiccated
Coconut Powder is 80,000 units per month. The firm generates 85 per
cent of the revenue by manufacturing and export of Desiccated
Coconut Powder and the remaining 15 per cent of the revenue by
selling its by products such as Coconut Chips, Husks and Coconut
Shells respectively.


SRINIVASA FEED: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Feed Mixing Plant (SFMP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 12, 2024, placed the rating(s) of SFMP under the
'issuer non-cooperating' category as SFMP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SFMP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 28, 2025, October 8, 2025, October 18, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Ongole based Srinivasa Feed Mixing Plant (SFMP) was established in
the year 2008 as a proprietorship concern by Mr. Syamu Bellam. The
promoter has more than a decade of experience in the feed
manufacturing industry. The entity is engaged in manufacturing of
cattle feed with an installed capacity of 10 TPH with an actual
capacity of 3000 TPM. SFMP sells the products to the customers
located in Kerala, Tamil Nadu, Maharashtra, Telangana and Andhra
Pradesh. The firm also supplies the products to Department of
Animal Husbandry. The firm procures maize, broken rice from farmers
in and around ongole and molasses from sugar cane factories.


TULSI COTTON: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tulsi Cotton Mills Private Limited (TCMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 21, 2024, placed the rating(s) of TCMPL under the
'issuer non-cooperating' category as TCMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TCMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 7, 2025, October 17, 2025, October 27, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of TCMPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Pali (Rajasthan) based Tulsi Cotton Mills Private Limited (TCMPL)
was formed in 1988 as a partnership firm in the name of Tulsi
Textile by Mr. Fateh Chand Jain along with his family members to
set up unit for manufacturing of cotton sarees and other dress
materials. Further, in 1992, the firm had been converted into
private limited company and changed its name to its current name
TCMPL. The company is engaged in processing, dyeing, printing and
manufacturing of cotton and synthetic sarees and dress materials.




=====================
N E W   Z E A L A N D
=====================

CINZAH ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 16
------------------------------------------------------------
Creditors of Cinzah Enterprises Limited are required to file their
proofs of debt by Jan. 16, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 10, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


CONART CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 23
-------------------------------------------------------------
Creditors of Conart Construction Limited are required to file their
proofs of debt by Jan. 23, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 11, 2025.

The company's liquidator is:

          Larissa Helen Logan
          17B Farnham Street
          Parnell
          Auckland 1052


EZMILK LIMITED: Court to Hear Wind-Up Petition on Feb. 5
--------------------------------------------------------
A petition to wind up the operations of Ezmilk Limited will be
heard before the High Court at Christchurch on Feb. 5, 2026, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 28, 2025.

The Petitioner's solicitor is:

          Rosa Brooke
          Inland Revenue, Legal Services
          663 Colombo Street
          Christchurch Central
          Christchurch


NOOK HOMES: Creditors' Proofs of Debt Due on Jan. 12
----------------------------------------------------
Creditors of Nook Homes Limited are required to file their proofs
of debt by Jan. 12, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 8, 2025.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road 1446
          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


[] NZ: Inland Revenue Liquidates Nearly 900 Companies in One Year
-----------------------------------------------------------------
Radio New Zealand reports that Inland Revenue made applications to
wind up more than 120 business in November, as it draws to the end
of a year in which it moved to liquidate almost 900 businesses with
tax owing.

According to RNZ, Keaton Pronk, an insolvency practitioner at
McDonald Vague, said the 167 winding up applications in November,
including 127 from IRD, was the highest in six years. It included a
group of 45 sushi companies.

For the year to November, Inland Revenue (IRD) applied to wind up
just under 900 companies.

"In January they had advertised 100 which was massive compared to
what they had done in previously Januaries.

"They always ramp up towards the end of the year but they've
exceeded what they've done in the last five years quite easily."

He said IRD had taken a soft approach through the Covid years but
now significantly changed its approach, RNZ relays.

"You look at the winding up applications they did over that time,
sometimes they weren't doing any in a month, they were just posting
. . . then their debt is now blowing out to NZD9 billion and
they've got a government sitting there saying we want that money so
we can spend it, which is reasonable. They have bills that they
need to pay.

"So IRD is now taking an approach where they need to try and go and
collect that NZD9b."

He said there was a new generation of business owners that had
never dealt with a hard-line IRD.

"This is what they've done in the past . . . but you've got a bunch
of your business owners that weren't operating back then. So they
don't recall the IRD taking a tougher approach," RNZ quotes Mr.
Pronk as saying.

"Because their debt has blown out, they can't allow it to continue
to grow because there's a reason we all pay taxes and everyone
should be paying their fair share evenly and it's IRD's
responsibility to go out there and collect that."

He said he did not expect to see any let-up in 2026, RNZ relates.

"It's going to take at least until the middle of next year at a
minimum. They are still going to be pushing hard.

"The debt is not specific to one industry or one business type -
what we're dealing with is very widespread and it's taking a while
to resolve. It's not a quick recession, it's gone on for a couple
of years and every industry is affected."

He said the work was paying off for IRD because it had a rate of
return of about eight times what it spent on its recovery efforts.

RNZ relates that Mr. Pronk said people should not be taken by
surprise by the efforts.

"IRD certainly sends out a lot of correspondence to let them know
that they're in debt.

"It's whether or not they've chosen to ignore it. I mean, some of
the appointments that we see is just simply a case where they
haven't kept their registered office updated on the company's
office or the contact details with the IRD.

"It's not just the IRD, it's other creditors that have chased
businesses and they'll say, well, we never knew. And it's your
responsibility to keep your contact details for your registered
office correct.

"The thing with IRD debt is it's very hard to claim that you didn't
know you owed it if you're paying staff and you're not paying the
PAYE, what do you think is going to happen here?"




=================
S I N G A P O R E
=================

BLK MIC ASIA: Creditors' Proofs of Debt Due on Jan. 5
-----------------------------------------------------
Creditors of BLK Mic Asia Holdco (Singapore) 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:

          Don M Ho
          David Ho Chjuen Meng
          c/o DHA+ PAC  
          9 Raffles Place
          #08-04 Republic Plaza
          Singapore 048619


INNOVATE INDUSTRIES: Deloitte Singapore Appointed as Liquidators
----------------------------------------------------------------
Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore on Dec. 3,
2025, were appointed as liquidators of Innovate Industries Pte
Ltd.

The liquidators may be reached at:

          Tan Wei Cheong
          Lim Loo Khoon
          Deloitte Singapore
          SR&T Restructuring Services Pte Ltd
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


MVM VENDING: Court to Hear Wind-Up Petition on Dec. 26
------------------------------------------------------
A petition to wind up the operations of MVM Vending Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 26, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 2, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


SC LOWY: Creditors' Proofs of Debt Due on Jan. 6
------------------------------------------------
Creditors of SC LOWY PI (SG) VCC and SC Lowy PI A (SG) are required
to file their proofs of debt by Jan. 6, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 28, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


YOU LE TIAN: Court to Hear Wind-Up Petition on Dec. 26
------------------------------------------------------
A petition to wind up the operations of You Le Tian Holdings Pte.
Ltd. will be heard before the High Court of Singapore on Dec. 26,
2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 3, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098




=====================
S O U T H   K O R E A
=====================

QOO10 GROUP: Court Declares Bankruptcy of Unit
----------------------------------------------
Yonhap News Agency reports that Interpark Commerce, an online
retail subsidiary of e-commerce giant Qoo10 Group hit by an
insolvency crisis last year, was declared bankrupt by a court Dec.
16.

According to Yonhap, the Seoul Bankruptcy Court made the ruling one
year and four months after Interpark Commerce applied for
rehabilitation proceedings in August 2024.

Creditors have until Feb. 20 next year to file claims. Yonhap says
the creditors' meeting and claims investigation will be held on
March 17, 2026.

Yonhap notes that Interpark Commerce has suffered serious financial
difficulties and a chain of exodus of sellers and customers since
July last year, when Qoo10 Group's two other subsidiaries -- TMON
and WeMakePrice -- filed for court receivership due to liquidity
problems that resulted in massive delayed payments to vendors on
their platforms.

Yonhap says the court began rehabilitation proceedings for
Interpark Commerce in November last year but failed to find
potential acquisition candidates. It decided to terminate the
rehabilitation proceedings at the beginning of this month.

                            About Qoo10

Singapore-based Qoo10 Group retails e-commerce products. The
Company offers personal care, sports apparel, consumer electronics,
home furnishing, food, toys, and other consumer products. Qoo10
serves customers worldwide. Qoo10 owns Korean online shopping
platforms TMON and WeMakePrice.

As reported the Troubled Company Reporter-Asia Pacific on Sept. 11,
2024, the Seoul Bankruptcy Court on Sept. 10 granted a
rehabilitation process for liquidity crisis-hit e-commerce
platforms TMON and WeMakePrice, allowing them to restructure their
debts to creditors under the supervision of court-appointed
custodians.

According to Yonhap News Agency, the decision came more than a
month after TMON and WeMakePrice filed for court-supervised
rehabilitation, following overdue payments to vendors operating on
their platforms that reached nearly KRW1 trillion (US$744
million).

In November 2024, a liquidator was appointed to take over
management of the insolvent company after Korea Culture Promotion
(KCP), which operates culture portal sites and issues culture gift
certificates in South Korea, sued Qoo10 for nearly KRW76 billion
(SGD69 million) in unpaid debt, The Straits Times said.

Singapore's High Court approved the winding up of Qoo10 in November
2024 and allowed 21st Century Healthcare, which said it is owed
SGD954,115, to replace KCP as the claimant.

A committee of inspection - a group that represents the interests
of the creditors - was appointed on Jan. 17, 2025, to supervise and
assist the liquidator with the administration of Qoo10's affairs.
This includes appointing lawyers, approving the liquidator's fees
and starting legal proceedings for asset recovery.

In June 2025, TMON was acquired by Korean grocery delivery platform
Oasis Corp.




=================
S R I   L A N K A
=================

SRI LANKA: Economy Grew 5.4% in Third Quarter of 2025
-----------------------------------------------------
Reuters reports that Sri Lanka's economy grew 5.4% year-on-year in
the third quarter of 2025, official data showed on Dec. 15,
signaling a sustained recovery from the decade's worst financial
crisis in 2022.

The island nation's economy had grown 4.9% in the preceding
quarter, Reuters notes.

Sri Lanka's agriculture sector grew by 3.6% in the third quarter
from a year earlier, while industrial output expanded by 8.1%, and
services grew by 3.5%, the census and statistics department said in
a statement, Yonhap relays.

According to Reuters, the island nation, which was emerging from
the worst economic crisis in decades that peaked in 2022, is
reeling from a severe cyclone that hit in late November.

Cyclone Ditwah left 643 people dead and at its peak affected nearly
10% of the 22 million population. Floods caused by torrential rain
damaged crucial infrastructure and the island's agriculture sector,
authorities said.

Growth is projected at 4.5% this year by the central bank but
analysts say growth could slow to about 3% in 2026 due to Ditwah.

"We are expecting a 0.5%-0.7% contraction in the economy due to the
cyclone. The impact will be tempered as reconstruction spending,
which could be about $2 billion, will also drive growth next year,"
Yonhap quotes Shehan Cooray, head of research at HNB Stockbrokers,
as saying.

Sri Lanka, which is already under a four-year, $2.9 billion program
from the International Monetary Fund, has sought $200 million in
emergency funds from the global lender, according to Yonhap. The
IMF expects the Sri Lankan economy to grow 3.1% in 2026.

An IMF team will visit in January for a fresh assessment before
releasing the sixth tranche of the original program, recalls
Yonhap.

The World Bank is making up to $120 million in emergency support
available by repurposing funds from ongoing projects.

"This will support recovery and help restore essential services and
infrastructure - including health care, water, education,
agriculture, and connectivity - in the areas hit hardest by the
cyclone," it said in a statement.

                           About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia.  Sri Jayawardenepura Kotte is its legislative capital, and
Colombo is its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

S&P Global Ratings, on Sept. 19, 2025, raised its long- and
short-term foreign currency sovereign credit ratings on Sri Lanka
to 'CCC+/C' from 'SD/SD'. S&P also affirmed its 'CCC+/C' long- and
short-term local currency ratings. The outlook on both the
long-term foreign and local currency ratings is stable. The
transfer and convertibility assessment remains 'CCC+'.

Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR
to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024.  Fitch
also upgraded the Long-Term Local-Currency IDR to 'CCC+', from
'CCC-', to align with the Long-Term Foreign-Currency IDR.

Moody's also upgraded Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca on Dec. 23, 2024.  The outlook is stable.



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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.

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