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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

          Thursday, December 18, 2025, Vol. 28, No. 252

                           Headlines



A U S T R A L I A

AKULA TECH: Lays Off 70% of Staff Months After Satellite Launch
BEDFORD SERVICES: Second Creditors' Meeting Set for Dec. 19
BICHER & SON: First Creditors' Meeting Set for Dec. 24
COSMO AU: First Creditors' Meeting Set for Dec. 23
DAVID JONES: Closes Two Stores After More Than 30 Years

FIRST MUTUAL: Federal Court Appoints Receivers Over Assets
GREVILLE 162: First Creditors' Meeting Set for Dec. 22
HUMM GROUP: Receives AUD385 Million Takeover Offer
PAYFURL PTY: First Creditors' Meeting Set for Dec. 23
PEPPER MORTGAGE 2023-1: S&P Assigns BB(sf) Rating on Cl. E-1 Notes

STAR ENTERTAINMENT: Soo Kim Named Chairman; Mathieson Jr to CEO


C H I N A

CHINA VANKE: Seeks 30-Trading-Day Grace Period for Note Due Dec. 15


I N D I A

BABASAHEB DESHMUKH: CRISIL Keeps D Rating in Not Cooperating
BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGATJEE STEELS: CRISIL Keeps D Debt Rating in Not Cooperating
BOSTIN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating

BYJU'S: RP Extends Deadline to Submit EoI to Jan. 15
COCHIN FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
D. VANSH: CRISIL Keeps C Debt Rating in Not Cooperating Category
DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating
DEEPAK COTTON: CRISIL Keeps D Debt Rating in Not Cooperating

DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating
ELLORA CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
ESSEM ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating

GYAN SHAKTI: CRISIL Keeps D Debt Rating in Not Cooperating
H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
JANPATH PALACE: CRISIL Keeps D Debt Rating in Not Cooperating

JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating
JSM PROTEINS: CRISIL Keeps D Debt Ratings in Not Cooperating
K K POLYCOLOR: CRISIL Keeps D Debt Ratings in Not Cooperating
KCS INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
KHUSHI TRADEX: CRISIL Keeps D Debt Ratings in Not Cooperating

LEMON ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
NATURE NURSERY: CRISIL Keeps D Debt Rating in Not Cooperating
SOLAS FIRE: CRISIL Lowers Long/Short Term Loan Ratings to D
[] SOUTH KOREA: Court Urges Broad Licenses in Mega Bankruptcies


N E W   Z E A L A N D

CLEARVIEW INSTALLATIONS: Khov Jones Appointed as Administrators
COOPER & CO: Creditors' Proofs of Debt Due on Feb. 10
MINDI LIMITED: Court to Hear Wind-Up Petition on Feb. 23
OCEANE HOLDINGS: Grant Bruce Reynolds Appointed as Liquidator
RUDRA LIMITED: Court to Hear Wind-Up Petition on Feb. 23



S I N G A P O R E

CENTURY INFINITE: Court Enters Wind-Up Order
HSD ENGINEERING: Placed in Liquidation
MR UNCLE: Court to Hear Wind-Up Petition on Dec. 26
POWA GENERAL: Court Enters Wind-Up Order
WUXI ADVANCED: Creditors' Proofs of Debt Due on Jan. 10


                           - - - - -


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

AKULA TECH: Lays Off 70% of Staff Months After Satellite Launch
---------------------------------------------------------------
SmartCompany reports that Melbourne-based space and defence
technology company Akula Tech has laid off 70% of its staff, months
after successfully completing a satellite launch.

Akula Tech, founded in 2022 by Preetham Akula, has reduced its
headcount from 13 employees, including the founder, to four. The
company also has one business development representative.

A spokesperson for Akula Tech confirmed to SmartCompany that "there
have been eight redundancies" in the business.

According to SmartCompany, the company said two factors led to this
decision: a funding crunch, "and the other one is definitely not
having enough support from the current government in Victoria".

"New South Wales and South Australia support [other spacetech
startups] a lot more than what Victoria has been able to provide us
with," they added.

"When things went well, the government did appreciate the fact that
there was a successful launch and the company was based out of
Melbourne, but that's where it ends."

SmartCompany relates that the spokesperson said, "all the
redundancies were put under a condition saying if money was raised
within the next two months, everybody will have their jobs back".

"It was a conditional redundancy we had to go through because of
lack of funding", they added. "If we're able to do what we're
thinking of doing in the next couple of months, we will get
everybody back."

SmartCompany has not been able to independently verify the veracity
of the claim.

At the end of August this year, the business successfully launched
Australia's first AI-powered smart satellite, Nexus-01. According
to the spokesperson, the launch was privately funded.


BEDFORD SERVICES: Second Creditors' Meeting Set for Dec. 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bedford
Services and Advisory Ltd has been set for Dec. 19, 2025, at 12:00
p.m. via virtual technology.

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. 18, 2025 at 4:00 p.m.

Melissa Joy Smith, Robert Bruce Smith, Matthew Wayne Caddy and Mark
Thomas Knight of McGrathNicol were appointed as administrator of
the company on Nov. 17, 2025.


BICHER & SON: First Creditors' Meeting Set for Dec. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bicher & Son
Pty Ltd (Trading as Machiavelli Ristorante Italiano) will be held
on Dec. 24, 2025 at 2:00 p.m. via zoom conference.

Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of the company on Dec. 14, 2025.


COSMO AU: First Creditors' Meeting Set for Dec. 23
--------------------------------------------------
A first meeting of the creditors in the proceedings of Cosmo Au Pty
Ltd will be held on Dec. 23, 2025 at 10:00 a.m. via virtual meeting
technology.

David Coyne of BRI Ferrier was appointed as administrator of the
company on Dec. 12, 2025.


DAVID JONES: Closes Two Stores After More Than 30 Years
-------------------------------------------------------
Daily Mail Australia reports that David Jones has announced its
shock closures of two popular department stores after running for
more than 30 years.

Daily Mail relates that the luxury department retail chain
confirmed it will shut the Castle Hill and Tuggerah stores
permanently in the New Year.

According to the report, shoppers are saddened by the unexpected
news after seeing a sign at the Castle Towers location in Sydney.

'After 34 years of serving our community, our David Jones Castle
Towers store will be closing on Sunday January 18, 2026,' the sign
read.

'The team would like to thank all our wonderful customers for your
support.'

Daily Mail says customers living in the area are encouraged to
visit their nearest David Jones locations - including Parramatta,
Macquarie Centre, Hornsby and its newly refurbished Chatswood Chase
store.

'You can continue to shop all of your favourite brands across
fashion, beauty and homewares online or visit our surrounding
stores,' the retailer added.

About 90km north of Sydney, the Tuggerah store on the Central Coast
confirmed it was closing on January 12 after three decades of
business, according to Daily Mail.

'We're sad to announce that we'll be closing the doors of our
Tuggerah store,' the retailer said.

'On behalf of all of us at David Jones, we want to thank you for
being a loyal customer over the past 30 years.'

The closest David Jones store to visit includes Kotara, Green Hills
and Hornsby.

We're sad to announce that we'll be closing the doors of our
Tuggerah store,' the retailer said, Daily Mail relays.

'On behalf of all of us at David Jones, we want to thank you for
being a loyal customer over the past 30 years.'

Daily Mail says the closest David Jones store to visit includes
Kotara, Green Hills and Hornsby.

David Jones currently has around 40 stores across Australia.

                         About David Jones

David Jones Pty Limited is an Australian upmarket department
store.

As Troubled Company Reporter-Asia Paicific in mid-June 2025,
Anchorage Capital Partners is considering ways of providing
financial support to ailing retailer David Jones as the department
store slides into a deep loss and warns of challenging conditions.

Anchorage acquired David Jones in 2022 from Woolworths Holdings,
the South African retailer which also owns Country Road Group, the
report notes. It does not publicise its accounts, but filings with
the corporate regulator show the company slid to a AUD74.4 million
loss in the 12 months to June 29, the Australian Financial Review
said.


FIRST MUTUAL: Federal Court Appoints Receivers Over Assets
----------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has acted
to appoint receivers over the assets of Gregory Raymond Cotton and
First Mutual Private Equity Pty Ltd as it investigates concerns
about alleged misuse of investor funds.

Following an application by ASIC, the Federal Court ordered on
Dec. 15, 2025 that Robert Woods and Salvatore Algeri, of Deloitte
SRT Pty Ltd, be appointed as receivers to the property of Mr.
Cotton and First Mutual. The orders made on Sept. 10, 2025 freezing
their assets remain in place.

The Receivers have been appointed until 17 April 2026 and they are
required to:

     * identify and secure the property of the Defendants;

     * determine the amount of investor funds received by the
Defendants;

     * identify the uses made of investor funds by the Defendants;

     * provide a report to the Court on these matters by Feb. 20,
2026.

ASIC took this action due to its concerns about the use of investor
funds by Mr. Cotton (including for gambling) to enable the
Receivers to identify any assets belonging to the Defendants,
including loans made to third parties.

On the application of the Defendants, the Court also ordered that
they be allowed to withdraw a further sum AUD250,000 from the bank
accounts which are subject to the freezing orders, for the sole
purpose of paying their legal costs.

The next hearing has been fixed for April 10, 2026.

ASIC is investigating First Mutual Private Equity Pty Ltd and its
director, Gregory Raymond Cotton, due to concerns that they may
have allegedly raised up to AUD131 million in investor funds and
that ASIC's investigation indicates that around AUD80 million has
allegedly been spent on gambling, with no actual investment
activity found. At present, around AUD7.1 million of total assets
of the funds invested have been identified.

ASIC secured initial freezing orders over their assets in August
2025 to protect funds while the investigation continues.


GREVILLE 162: First Creditors' Meeting Set for Dec. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Greville 162
Holdings VIC Pty Ltd (Trading name: Rossi Bar) will be held on Dec.
22, 2025 at 11:00 a.m. via Teams Videoconferencing Facility.

Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed
as administrators of the company on Dec. 11, 2025.


HUMM GROUP: Receives AUD385 Million Takeover Offer
--------------------------------------------------
Angira Bharadwaj at The Australian Financial Review reports that
Credit Corp made a AUD385 million bid to acquire Humm Group, just
weeks after a push by chairman Andrew Abercrombie to buy the
commercial and buy now, pay later lender collapsed.

According to the Financial Review, Humm said it received a
non-binding indicative 77 cents per share offer from Credit Corp,
which specialises in debt collection, on November 19. Credit Corp
said if that proposal was rejected, it would go directly to
shareholders and seek to buy 50.1 per cent of the company's shares
at 72¢ per share.

The Financial Review relates that Humm said it was considering the
offer. "The board is prepared to work constructively with Credit
Corp to see if a proposal can be developed that it is prepared to
recommend for consideration by the shareholders," it added.

The Financial Review says the offer for Humm also comes at a
turbulent time for the company, as it navigates an attempt by
activist investor Jeremy Raper and the Collins Street Value Fund to
remove three directors from the board through an extraordinary
meeting. They are pushing back on how the board handled the earlier
offer by Mr. Abercrombie, Humm's largest shareholder.

Mr. Raper said the board could not be trusted to oversee the latest
offer after their handling of Mr. Abercrombie's bid, the Financial
Review relates. He also questioned why the Humm board sat on the
latest offer for almost a month. "It seems clear to me that they
have only disclosed this because they received a request for the
removal of three directors including the chairman," the Financial
Review quotes Mr. Raper as saying.

"Are shareholders expected to think that after engaging with the
chairman on a 58¢ low-ball offer, without undertaking a wider
market check on alternatives, that [the board] are now best
positioned to engage on this?"

Mr. Raper had previously nominated himself, former Packer family
lieutenant Garry Sladden and ex-Humm director Rajeev Dhawan for
directorships. Dhawan quit in 2022 after a disagreement with Mr.
Abercrombie.

Mr. Abercrombie's non-binding AUD286 million bid to take the
company private failed on November 6, according to the Financial
Review. The offer was a long way from the AUD335 million bid
offered by Latitude Financial for Humm consumer finance business in
2022. Mr. Abercrombie opposed that offer saying it was too low,
before five directors including John Wylie, walked and the proposed
deal fell over.

The Financial Review notes that the recent investor backlash
against the board follows revelations that Humm director Andrew
Darbyshire refused to sign off on the company's full-year accounts,
due to differences of opinion with others on the board about the
accounting treatment of items such as software.

The Australian Financial Review reported in November that Mr.
Abercrombie had requested multiple revisions to a September quarter
trading update, raising concerns from senior staff that investors
were receiving inconsistent information. The Financial Review is
not suggesting any wrongdoing by Mr. Abercrombie, only that
employees had made those claims.

Last month, at a fiery annual meeting, the Humm board fronted angry
investors who peppered them with questions about how the
Abercrombie offer was handled and why there were delays to the
release of accounts.

Humm chief financial officer Adrian Fisk quit earlier this week,
the Financial Review says. A former KPMG financial services
partner, Mr. Fisk had been in the job since 2021.

Credit Corp told its shareholders on Dec. 17 that there was "no
certainty a transaction will eventuate." The company said it was
seeking access to due diligence information, which has not yet been
provided, the Financial Review relays.

Humm Group is a non-bank offering business financing products,
credit cards, and buy now, pay later services. It allows clients to
purchase items worth up to AUD50,000 from one of its merchant
partners and pay in instalments.


PAYFURL PTY: First Creditors' Meeting Set for Dec. 23
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Payfurl Pty
Ltd will be held on Dec. 23, 2025 at 10:30 a.m. via via electronic
means.

Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on Dec. 11, 2025.


PEPPER MORTGAGE 2023-1: S&P Assigns BB(sf) Rating on Cl. E-1 Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to two classes of prime
residential mortgage-backed securities (RMBS) issued by New Zealand
Guardian Trust Co. Ltd. as trustee of Pepper Mortgage Nevada Trust
2023-1. At the same time, S&P affirmed its ratings on the class A,
class D, and class E notes and lowered its rating on the class C
notes. Pepper Mortgage Nevada Trust 2023-1 is a securitization of
prime residential mortgages originated by Hongkong and Shanghai
Banking Corp. Ltd. (New Zealand branch).

The assigned ratings and rating actions follow the execution of an
amending deed signed by all noteholders that introduces multiple
changes. The changes include a rebalancing of the capital
structure, adjustment of the yield reserve amount, and issuance of
class E1 and class E2 notes. S&P lowered the rating on the class C
notes to reflect rebalancing of the capital structure.

S&P's ratings reflect the factors outlined below.

S&P said, "We have considered the credit risk of the underlying
collateral portfolio, including the presence of borrower
concentration whereby the top 10 borrowers comprise 16% of the
portfolio balance, with the top two comprising over 5.1%. We
believe credit support is sufficient to withstand the stresses we
apply. Credit support for the rated notes comprises note
subordination and excess spread. Assessment of credit risk takes
into account the underwriting standards and approval process of the
originator, The Hongkong and Shanghai Banking Corp. Ltd. (New
Zealand branch), and the servicing standards of Pepper New Zealand
Ltd. as servicer of the loans in the portfolio.

"Our ratings take into account the availability of the yield
enhancement reserve, the principal turbo mechanism, and the
provision of an extraordinary expense reserve.

"We believe various mechanisms to support liquidity within the
transaction, including a liquidity facility equal to 1.5% of the
outstanding balance of the rated notes and principal draws, are
sufficient under our stress assumptions to ensure timely payment of
interest.

"We've factored into our ratings the counterparty exposure to Bank
of New Zealand as liquidity facility provider, bank account
provider, and interest-rate swap provider. Transaction documents
for the facilities include downgrade language consistent with S&P
Global Ratings' counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which has been established as a special-purpose entity and
meets our criteria for insolvency remoteness."

  Ratings Assigned

  Pepper Mortgage Nevada Trust 2023-1

  Class E1, NZ$2.28 million: BB (sf)
  Class E2, NZ$1.95 million: B (sf)

  Ratings Affirmed

  Pepper Mortgage Nevada Trust 2023-1

  Class A, NZ$153.50 million: AAA (sf)
  Class D, NZ$3.55 million: A (sf)
  Class E, NZ$1.86 million: BBB (sf)

  Ratings Lowered

  Pepper Mortgage Nevada Trust 2023-1

  Class C, NZ$3.38 million: to AA (sf) from AAA (sf)


STAR ENTERTAINMENT: Soo Kim Named Chairman; Mathieson Jr to CEO
---------------------------------------------------------------
Inside Asian Gaming reports that a day after the company's Group
Managing Director and CEO Steve McCann stepped down, Star
Entertainment Group has announced further management changes with
Bruce Mathieson Jr stepping aside as Chairman of the Board of
Directors, replaced by Bally's Corp chair Soo Kim.

Inside Asian Gaming relates that Mathieson Jr, who only served as
Chairman for a matter of weeks following Star's 2025 AGM, has
instead been appointed CEO, subject to agreement on final
documentation. He will remain an Executive Director.

According to the report, Star also announced early on Dec. 17 that
Peter Hodgson and Toni Thornton have resigned as non-executive
directors of Star, with the board now comprising Soo Kim, Bruce
Mathieson Jnr and George Papanier.

"We are fortunate to have Bruce lead our company as CEO," Inside
Asian Gaming quotes Soo Kim as saying.

"George and I understand what an honor and responsibility it is to
join and contribute to the Board. We are confident our best days
are ahead."

Inside Asian Gaming notes that the departures of Hodgson and
Thornton mean there are no longer any directors linked with Star's
previous heirarchy remaining and follows the recent AUD300 million
investment by Bally's Corp and the Mathieson family's Investment
Holdings Pty Ltd to secure a controlling 61% stake in the embattled
casino operator.

                     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.




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

CHINA VANKE: Seeks 30-Trading-Day Grace Period for Note Due Dec. 15
-------------------------------------------------------------------
Reuters reports that China Vanke is seeking to extend the grace
period for a 2 billion yuan (HK$2.21 billion) bond payment to 30
trading days, from the current five, a filing showed.

The developer also proposed to extend principal repayment by one
year and pay 60 million yuan in interest by December 22, the filing
to National Association of Financial Market Institutional Investors
showed, Reuters relays.

The bond in question was due December 15, and has five-business-day
grace period.

Reuters notes that the developer's first attempt to extend
repayment was rejected by holders, and it is holding a second
meeting with bondholders that will start on Dec. 18 and culminate
with voting on December 22 at 0200 GMT.

Reuters relates that the package also seeks a waiver of procedural
time limits to speed up the timetable for convening the meeting
before the current five-business-day grace period expires; failure
to pass the waiver would trigger a default.

Each of the three proposals requires at least 90 percent approval.

The cash-strapped developer surprised the market last month by
seeking a debt extension after billions of loans support from its
state shareholder Shenzhen Metro this year, adds Reuters.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on China Vanke Co. Ltd. and its subsidiary,
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also
affirmed its 'B-' issue rating on Vanke HK's senior unsecured
notes. S&P removed the ratings from CreditWatch, where they were
placed with developing implications on March 5, 2025.

The negative rating outlook on China Vanke reflects S&P's view that
the company's liquidity could tighten in the face of deteriorating
sales and a bond maturity wall over the next 12 months.

The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also
downgraded the Long-Term IDR on China Vanke's wholly owned
subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK),
to 'CCC', from 'CCC+', and its senior unsecured rating and the
rating on its outstanding senior notes to 'CCC', from 'CCC+', with
a Recovery Rating of 'RR4'. The ratings are removed from Rating
Watch Negative.

The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch
with developing implications the following ratings: the 'B-'
long-term issuer credit ratings on China Vanke and on China Vanke's
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and
the 'B-' issue ratings on Vanke HK's senior unsecured notes.




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

BABASAHEB DESHMUKH: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Babasaheb
Deshmukh Shetkari Sahakari Soot Girni Maryadit (Babasaheb)
continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             22.4       CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with Babasaheb
for obtaining information through letter and email dated November
10, 2025 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Babasaheb, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Babasaheb is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of Babasaheb continues to be 'Crisil D Issuer not
cooperating'.  

Set up in 1990, Babasaheb manufactures cotton yarn at its unit in
Sangli (Maharashtra), which has installed capacity of 19,488
spindles. Operations are managed by Mr. Sukumar Powar.


BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji Paper
and Newsprint Private Limited (BPN) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          2          CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          2          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            10          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            15          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        6.25       CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          5.15       CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         13.98       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Short Term     5.53       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital         2.01       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Working Capital         1.58       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

Crisil Ratings has been consistently following up with BPN for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BPN, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BPN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPN continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 1998 and promoted by Kolkata-based Mr Ram Avtar
Agarwal, BPN initially traded paper. In 2004, the company purchased
the assets of Neptune Paper Mills Ltd, a company referred to the
Board for Industrial and Financial Reconstruction. The acquired
factory was refurbished and BPN commenced manufacturing of writing
and printing paper in 2005 with an installed capacity of 10 tonne
per day (tpd) capacity has expanded gradually to 130 tpd.


BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benara Autos
Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          2.5         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill         0.5         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Letter of Credit     0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit       1.5         CRISIL D (Issuer Not
                                    Cooperating)

   Standby Fund-        0.4         CRISIL D (Issuer Not
   Based Limits                     Cooperating)

Crisil Ratings has been consistently following up with BAPL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components such
as engine bearing, hoses, rubber parts, and oil seals for the
domestic and global markets.


BHAGATJEE STEELS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhagatjee
Steels Private Limited (BSPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            16        Crisil D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with BSPL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSPL continues to be 'Crisil D Issuer not cooperating'.  

The company is into Manufacturing MS ingots, angles, flats,
channels, rounds, squares etc. with an installed capacity of 24000
metric tonnes per annum (MTPA) for structural steels and 50000 MTPA
for MS ingots.


BOSTIN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Bostin
Engineers Private Limited (BEPL) continue to be 'Crisil D/Crisil D
Issuer not cooperating'.  

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       2.5        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit         10          CRISIL D (ISSUER NOT
                                   COOPERATING)

   Inland/Import        2.4        CRISIL D (ISSUER NOT
   Letter of Credit                COOPERATING)

Crisil Ratings has been consistently following up with BEPL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

BEPL, incorporated in 1990, is a Howrah (West Bengal)-based company
that manufactures and installs pressure boilers, boiler parts, heat
exchangers, steam pipelines, pressure vessels, and pipe fittings
for players in the power industry; it also installs process
equipment at customer's site. Mr. Dilip Bose and Mr. Deepak Bose
are the main promoters individually having more than 2 decades of
operational experience in the fittings and engineering industry.


BYJU'S: RP Extends Deadline to Submit EoI to Jan. 15
----------------------------------------------------
The Economic Times reports that Byju's parent Think & Learn's
resolution professional (RP) has again extended the deadline to
submit expressions of interest (EoIs) for the edtech company's
assets, this time to January 15.

"Some bidders have asked for additional time and information about
the assets to carry out due diligence, following which the RP has
extended the deadline by a month," ET quotes a person in the know
as saying.

The original cut-off date of September 24 had been moved to
November 13. This was again extended to December 15 by EY-backed RP
Shailendra Ajmera.

According to ET, the sale process will give bidders the option to
acquire all of Think & Learn or specific assets, including Aakash
and other units such as GeoGebra, WhiteHat Jr and Toppr.

The assets on offer also cover inventory, receivables, fixtures and
furniture, the Byju's Learning app, as well as other intangible
assets and course material.

Submission of an EoI does not guarantee shortlisting or approval
for the next phase, ET notes. The RP, along with the committee of
creditors of Think & Learn, will review eligibility and then issue
a provisional list of prospective resolution applicants. The list
will now be issued on January 25.

Earlier, ET had reported that the Ronnie Screwvala-led Upgrad,
along with Ranjan Pai's Manipal Group, had submitted an EoI to bid
for select assets such as Great Learning and Aakash, along with
other assets.

ET says Manipal Group is already the largest shareholder in
coaching centre operator Aakash. Think and Learn is also trying to
protect its 25% stake in that company.

Aakash's board of directors recently concluded a INR100 crore
rights issue and approved the allotment of shares to Manipal Group,
and Byju Raveendran-owned entity Beeaar Investco. The two entities
have invested INR58 crore and INR16 crore, respectively, in line
with their shareholdings of 58.8% and 16%.

However, the board put Think & Learn's share allotment on hold,
citing concerns that the INR25 crore remitted by it did not comply
with the Foreign Exchange Management Act (FEMA), the Companies Act,
2013, or external commercial borrowing (ECB) guidelines, ET
relays.

                           About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, the National Company Law Tribunal (NCLT) on July 16 ordered
insolvency proceedings against the company after a complaint by the
Board of Control for Cricket in India (BCCI) for not paying US$19
million in dues. Pankaj Srivastava was appointed as the interim
resolution professional.

Reuters said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than US$3 billion. Byju's has
denied any wrongdoing.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.

However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
US$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.


COCHIN FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cochin Frozen
Food Exports Private Limited (CFFEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting        15         CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          27         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       3         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

Crisil Ratings has been consistently following up with CFFEPL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CFFEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
CFFEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CFFEPL continues to be 'Crisil D/Crisil D Issuer not
cooperating'.  

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


D. VANSH: CRISIL Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D. Vansh
Enterprises (DVE) continues to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             17       CRISIL C (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with DVE for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DVE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DVE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DVE continues to be 'Crisil C Issuer not cooperating'.  

DVE was established in 2008 as a proprietorship firm. It is engaged
in wholesale and retail distribution of liquor such as Indian-made
foreign liquor (IMFL) and country liquor in Punjab.


DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dainik Savera
News and Media Network (DSMN) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.08     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               3.92     CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with DSMN for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DSMN, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DSMN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DSMN continues to be 'Crisil D Issuer not cooperating'.  

DSMN was set up in December 2012 and is owned and managed by Mr
Shital Vij and his family members. The firm operates a printing
press in Jalandhar, Punjab, through which it publishes Dainik
Savera Times, a regional newspaper with circulation in Jammu,
Punjab, Haryana, Chandigarh, Delhi, and Himachal Pradesh


DEEPAK COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deepak Cotton
Factory (DCF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             14       CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with DCF for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DCF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCF continues to be 'Crisil D Issuer not cooperating'.  

DCF was set up in 2006, promoted by Mr. Tarsem Chand Bansal as a
proprietorship firm. The firm operates a ginning unit for
manufacturing cotton bales, and trades in cotton seeds. It also has
an oil crushing unit. The manufacturing units are based in Mansa,
Punjab, with an installed capacity of 250 bales per day, which is
almost fully utilised.


DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Delta Iron
and Steel Company Private Limited (Delta; part of the Delta group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           19.7       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.05      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      33.25      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      74         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      37.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      25.75      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      11.75      CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with Delta for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Delta, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Delta
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Delta continues to be 'Crisil D/Crisil D Issuer not cooperating'.


The Delta group is promoted by Mr Akshay Jain and Mr Dhanesh Mehta.
Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.


DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Diana Heights
(DH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               9        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with DH for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DH, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DH
continues to be 'Crisil D Issuer not cooperating'.  

DH was established as Diana Tourist Home in Athani (Kerala) in
2010. The firm got its present name in 2012. It is promoted by
Kerala-based Mr. Jose G Mathew and family. The firm commenced
operations in April 2010 as a restaurant-bar in Athani and started
operating as a five star hotel since March 2015.


ELLORA CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ellora
Construction Private Limited (Ellora) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           14.27      CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with Ellora for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Ellora, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Ellora is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Ellora continues to be 'Crisil D Issuer not
cooperating'.  

Set up in December 2005 as a partnership between Mr Saleem Ahmed
Bismillah Khan and his wife Mrs Sameena Sultana, Ellora was
reconstituted as a private limited company in April 2008. The
company undertakes construction and executes work orders for
buildings, roads, and infrastructure projects.


ESSEM ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Essem
Enterprise - Kolkata (ESSEM) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         1.43        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            8.00        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.57        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

Crisil Ratings has been consistently following up with Essem for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Essem, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Essem
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Essem continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Essem, a Kolkata based proprietorship firm is engaged in civil
construction business. Mr. Santanu Mukherjee is the proprietor of
the firm.


G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of G. K. E.
Medical Private Limited (GKE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with GKE for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GKE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GKE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GKE continues to be 'Crisil D Issuer not cooperating'.  

GKE was set up as a partnership firm in 1986 and was reconstituted
as a private limited company in 2009. The company distributes
pharmaceutical formulations in the form of tablets, syrups, and
injectibles in Kolkata (primary revenue contributor) and other
districts of West Bengal.


GYAN SHAKTI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gyan Shakti
Education Welfare Trust (GSEWT) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with GSEWT for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GSEWT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GSEWT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GSEWT continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in December 2013, with the registered office in New
Delhi, GSEWT has set up a public school'affiliated to the Central
Board of Secondary Education'at Crossings Republik, Ghaziabad,
Uttar Pradesh.


H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H. K. Timbers
Private Limited (HKTPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.00       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      8.75       CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with HKTPL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HKTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HKTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HKTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


HKTPL, set up in December 2012, is promoted by the Rudani family.
It has taken over the business of its group entity, HKT, engaged in
processing and sale of timber. HKTPL has a timber processing
facility in Gandhidham, Gujarat.


HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel IDA
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility       2         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       3         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with Hotel IDA
for obtaining information through letter and email dated November
10, 2025 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Hotel IDA, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Hotel IDA is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Hotel IDA continues to be 'Crisil D/Crisil D Issuer
not cooperating'.  

Set up as a partnership firm by Mr Rabinder Aurora, Mr Ratik
Aurora, and Mr Maneet Aurora, Hotel IDA runs a hotel in Dehradun.


J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.G. Agro
Foods (JGAF) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit            4        CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Cash          2        CRISIL D (Issuer Not
   Credit Limit                    Cooperating)

   Term Loan              4        CRISIL D (Issuer Not
                                   Cooperating)

   Warehouse Receipts     2        CRISIL D (Issuer Not
                                   Cooperating)

Crisil Ratings has been consistently following up with JGAF for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JGAF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JGAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JGAF continues to be 'Crisil D Issuer not cooperating'.  

JGAF was established in 2013 as a partnership firm by Mr. Vijay
Kumar Chhabra, Mr. Pritam Dass, and Mr. Pawan Kumar. The firm
processes basmati rice at its plant at Ghubaya village, Jalalabad,
in Punjab. It has a total milling and sorting capacity of 2 tonnes
per hour.


JANPATH PALACE: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Janpath Palace
(JP) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             16         CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with JP for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of JP
continues to be 'Crisil D Issuer not cooperating'.  

JP was formed as a proprietary firm of Mr Manmohan Singh Kapur in
2015. The Hosiarpur (Punjab)-based firm is engaged in operating
banquet halls for wedding ceremonies.


JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jas Orchid
Resorts Private Limited (JAS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.3        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.3        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   30.62       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             9.58       CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with JAS for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JAS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JAS continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

JAS was incorporated in 2004, promoted by Mr. Sanjeev Pinjha, Mr.
Jaspal Singh, and Mr. Jagdeep Singh, and operates a 145 room luxury
hotel in Amritsar, Punjab. The company has an operations and
maintenance agreement with Intercontinental Hotel group for
management of its hotel under the Holiday Inn brand.


JSM PROTEINS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSM Proteins
Private Limited (JSM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       4         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      11         CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with JSM for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'


Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JSM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSM continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Set up by Mr. Manoj Wadhwa in 2010, JSM is a trader and distributor
of edible oil, dairy products, and sugar, mainly in Haryana. The
company commenced commercial operations in February 2011 after the
edible oil trading business of its group entity, Shubh Marketing,
was transferred to it.


K K POLYCOLOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K K Polycolor
Asia Limited (KKPA) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.75        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         10.8         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     4.5         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            4.95        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with KKPA for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KKPA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KKPA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKPA continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

KKPA is promoted by Kolkata-based Ladha family. It manufactures
calcium compounds and colour masterbatches.


KCS INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KCS Infratech
LLP (KCS) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              7.5       CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with KCS for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KCS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KCS continues to be 'Crisil D Issuer not cooperating'.  

Set up as a limited liability partnership firm in November 2017 by
Mr Ajay Vaish, Mr Mahesh Tiwari, Mr Rakesh Jaiwal, Mr Ramesh Vaish,
and Mr Suresh Chandra, KCS crushes stone. Its plant has capacity of
200 tonne per month.


KHUSHI TRADEX: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khushi Tradex
Private Limited (KTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Inventory Funding      10         CRISIL D (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with KTPL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KTPL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

Incorporated in 2005, KTPL started commercial operations from
January 2010. It is an authorised dealer for General Motors India
Pvt Ltd in Wazirpur Industrial Area, Delhi. KTPL operated one
showroom, Triumph Motors, and two service stations in New Delhi.
KTPL, previously promoted by the Rajasthan-based Mehra family, was
taken over by the Delhi-based Bhatia family in June 2012. Mr GS
Bhatia, Mr PK Bhatia, and Mr Gaurav Bhatia are the key promoters.


LEMON ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lemon
Electronics Limited (LEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      35         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    55         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

Crisil Ratings has been consistently following up with LEL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of LEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LEL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Fastrack was incorporated in February 2008 in Noida, Uttar Pradesh.
The company imports mobile phones from China and Taiwan, and sells
these in India under the Lemon brand. It commenced operations in
June 2008. Fastrack was founded by Mr. Sandeep Mushran, Mr. M S
Malik, and Mr. Gopal Kalra, to tap into opportunities in the mobile
handset segment in India. In June 2015, the company ventured into
marketing of other electronic products such as LED bulbs, LED TVs,
and music systems under the same brand.


NATURE NURSERY: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nature Nursery
(NN) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         11        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with NN for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NN, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NN is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NN
continues to be 'Crisil D Issuer not cooperating'.  

Established in 2008, NN, a partnership concern, is one of the
largest nurseries in Central India spread over 24 acres of land
offering wide range of plants and garden accessories. The firm is
based in Indore, Madhya Pradesh.


SOLAS FIRE: CRISIL Lowers Long/Short Term Loan Ratings to D
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Solas Fire Safety Equipment Private Limited (SFSEPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         Crisil D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'Crisil A4/ISSUER NOT
                                     COOPERATING')

Crisil Ratings has been consistently following up with SFSEPL for
obtaining information through letters and emails dated August 12,
2024 and October 16, 2025 and among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SFSEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SFSEPL is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, Crisil Ratings has
downgraded the rating to 'Crisil D/Crisil D Issuer Not Cooperating'
from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating'. As per
information available in the public domain, there remains
delinquency in company accounts and clarity about the same from the
management and bankers is continuing to remain awaited.

Incorporated in 1999, SFSEPL supplies and installs fire hydrant
systems, automatic fire sprinklers, and access control systems,
primarily in south India. The promoter, Mr Shenoy, manages the
daily operations.


[] SOUTH KOREA: Court Urges Broad Licenses in Mega Bankruptcies
---------------------------------------------------------------
ChosunBiz reports that the Supreme Court Rehabilitation and
Bankruptcy Committee (Rehabilitation and Bankruptcy Committee)
recommended that courts improve the physical and institutional
infrastructure to handle major rehabilitation filings - so-called
mega cases - more efficiently.

ChosunBiz relates that the Rehabilitation and Bankruptcy Committee
said on Dec. 15 that at its 23rd regular meeting it adopted a
recommendation urging active consideration of measures such as
issuing a comprehensive business license to continue operations in
order to prevent a sharp erosion of corporate value in major
rehabilitation filings with significant economic and social impact,
as indicated by the number of stakeholders and the scale of asset
and liability.

To enhance the efficiency, transparency and speed of rehabilitation
proceedings, the Rehabilitation and Bankruptcy Committee also
proposed studying ways to simplify service and notice procedures
for numerous stakeholders and the procedures for filing and voting
on claims, ChosunBiz relays. It added that there is a need to draw
up directions for institutional improvements by referring to U.S.
mega cases and examples from other countries.

ChosunBiz says Chun Dae-yup, head of the National Court
Administration, presented appointment letters at the committee
member appointment ceremony that day to Chairperson Bahk Jae-wan,
who will continue in the role, and to Commissioners Kim Yeon-mi,
Lee Eun-jae and Hong Sung-joon. Commissioner Cho Jae-cheol was
newly appointed.




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

CLEARVIEW INSTALLATIONS: Khov Jones Appointed as Administrators
---------------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Dec. 16, 2025, were
appointed as Administrators of Clearview Installations Limited.

The Administrators may be reached at:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


COOPER & CO: Creditors' Proofs of Debt Due on Feb. 10
-----------------------------------------------------
Creditors of Cooper & Co Real Estate Albany Limited are required to
file their proofs of debt by Feb. 10, 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:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland)
          PO Box 3678
          Auckland 1140


MINDI LIMITED: Court to Hear Wind-Up Petition on Feb. 23
--------------------------------------------------------
A petition to wind up the operations of Mindi Limited will be heard
before the High Court at Hamilton on Feb. 23, 2026, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 5, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


OCEANE HOLDINGS: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Dec. 11, 2025, was
appointed as liquidator of Oceane Holdings Limited.

The liquidator may be reached at:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


RUDRA LIMITED: Court to Hear Wind-Up Petition on Feb. 23
--------------------------------------------------------
A petition to wind up the operations of Rudra Limited will be heard
before the High Court at Hamilton on Feb. 23, 2026, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 17, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton




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

CENTURY INFINITE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Dec. 5, 2025, to
wind up the operations of Century Infinite Tech. Pte. Ltd.

DBS Bank Ltd. filed the petition against the company.

The company's liquidators are:

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


HSD ENGINEERING: Placed in Liquidation
--------------------------------------
Seah Chee Wei of Rock Stevenson on Dec. 3, 2025, was appointed as
liquidator of HSD Engineering Pte Ltd.

The liquidator may be reached at:

          Seah Chee Wei
          Rock Stevenson
          60 Paya Lebar Road
          #04-03 Paya Lebar Square
          Singapore 409051


MR UNCLE: Court to Hear Wind-Up Petition on Dec. 26
---------------------------------------------------
A petition to wind up the operations of Mr Uncle & Auntys Kitchen
Pte. Ltd. will be heard before the High Court of Singapore on Dec.
26, 2025, at 10:00 a.m.

DBS Bank Ltd. filed the petition against the company on Dec. 5,
2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


POWA GENERAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 5, 2025, to
wind up the operations of Powa General Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


WUXI ADVANCED: Creditors' Proofs of Debt Due on Jan. 10
-------------------------------------------------------
Creditors of Wuxi Advanced Therapies Singapore Pte. Ltd. are
required to file their proofs of debt by Jan. 10, 2026, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 5, 2025.

The company's liquidators are:

          Mr. Purandar Janampalli Rao
          Ms. Ee Meng Yen Angela
          c/o EY Corporate Advisors  
          One Raffles Quay
          North Tower 18th Floor
          Singapore 048583



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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