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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
Monday, December 29, 2025, Vol. 28, No. -1
Headlines
A U S T R A L I A
DARWIN BASKETBALL: First Creditors' Meeting Set for Dec. 31
IPG PACIFIC: First Creditors' Meeting Set for Dec. 31
IPG YAMANTO: First Creditors' Meeting Set for Dec. 31
MEDICAL DATA: First Creditors' Meeting Set for Jan. 2
SHIELD MASTER: ASIC Failed to Warn of Risks, Says Equity Trustees
T M PHARM: First Creditors' Meeting Set for Dec. 31
THINK TANK 2023-1: S&P Raises Class F Notes Rating to BB+(sf)
TURQUOISE IV: S&P Assigns B+(sf) Rating on Class F Notes
C H I N A
CHINA EVERGRANDE: China Court Moves Unit Assets to State Control
CHINA JINMAO: Sells 5-Star Ritz-Carlton Hotel for US$322 Million
LIAONING PORT: Unit Enters Court-Accepted Bankruptcy Liquidation
SHANDONG ENERGY: Moody's Withdraws 'Ba2' Corporate Family Rating
[] CHINA: Local Governments Repay USD475 Million of Hidden Debt
I N D I A
ADG AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
ASHIRVAD INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating
COCHIN SURFACTANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating
EASTMAN METTCAST: ICRA Keeps C+ Debt Ratings in Not Cooperating
EDISON ENERGY: CARE Keeps B- Debt Rating in Not Cooperating
ESSEL LUCKNOW: CARE Reaffirms D Rating on INR181.10cr NCDs
FRIENDS AGRO: ICRA Keeps D Debt Rating in Not Cooperating
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
JAY AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
MEGHA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating
MEHTA BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MEMON HEALTH: ICRA Keeps B+ Debt Ratings in Not Cooperating
PADMAVATHE AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
PRANAV FOUNDATIONS: CARE Keeps D Debt Ratings in Not Cooperating
SHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
SUGANTHI EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
VIMALSCOP PRODUCT: ICRA Keeps B+ Debt Rating in Not Cooperating
VINAYAK COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating
VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating
M A L A Y S I A
1MDB: Ex-PM Najib Razak Jailed for 15 More Years
N E W Z E A L A N D
AQUACEUTICALS NEW ZEALAND: BDO Tauranga Appointed as Liquidators
HYPOTHESIS TRAINING: Creditors' Proofs of Debt Due on Jan. 22
NOVODENTE LIMITED: Creditors' Proofs of Debt Due on Jan. 28
QE HEALTH: Sale Fails After Health NZ Rejects Contract Transfer
RESORTISTS LIMITED: Creditors' Proofs of Debt Due on Feb. 6
WENMARK MARKETING: Creditors' Proofs of Debt Due on Feb. 5
S I N G A P O R E
21A Construction: Court to Hear Wind-Up Petition on Jan. 2
365 FOOD: Court Enters Wind-Up Order
CSG HOLDINGS: Creditors' Proofs of Debt Due on Jan. 23
SPHERE HOLLAND: Commences Wind-Up Proceedings
VALUENERGY PTE: Creditors' Meetings Set for Jan. 6
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A U S T R A L I A
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DARWIN BASKETBALL: First Creditors' Meeting Set for Dec. 31
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Darwin
Basketball Association Incorporated will be held on Dec. 31, 2025
at 10:00 a.m. via Microsoft Teams.
S R Sellahewa and S G Reid of Rodgers Reidy NT were appointed as
administrators of the company on Dec. 17, 2025.
IPG PACIFIC: First Creditors' Meeting Set for Dec. 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of IPG Pacific
Fair Pty Ltd, IPG Woodford Pty Ltd, Krina K Pty Ltd and Infinity
Pharmacy Group Pty Ltd will be held on Dec. 31, 2025 at 11:00 a.m.
via virtual meeting technology.
Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of
Teneo were appointed as administrators of the company on Dec. 18,
2025.
IPG YAMANTO: First Creditors' Meeting Set for Dec. 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of IPG Yamanto
Central Pty Ltd, Kaandex Pty Ltd, and Jade Browns Plains Pty Ltd
will be held on Dec. 31, 2025 at 11:00 a.m. via virtual meeting
technology.
Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of
Teneo were appointed as administrators of the company on Dec. 19,
2025.
MEDICAL DATA: First Creditors' Meeting Set for Jan. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Medical Data
Services Pty Ltd will be held on Jan. 2, 2026 at 11:00 a.m. at the
offices of TI Group (NSW) Pty Ltd, at Level 1, 17 Brookhollow
Avenue, in Norwest, NSW, and via virtual meeting technology.
Darrin Paine of TI Group (NSW) was appointed as administrator of
the company on Dec. 22, 2025.
SHIELD MASTER: ASIC Failed to Warn of Risks, Says Equity Trustees
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The Australian Financial Review reports that Equity Trustees said
the corporate regulator should have warned it of its concerns about
the defective Shield Master Fund that was available on its
superannuation platform before the scheme collapsed, owing
mum-and-dad investors more than AUD160 million.
The Financial Review relates that the ASX-listed wealth platform
operator said in a defence filed last week to the Federal Court
that had it been aware of the Australian Securities and Investments
Commission's probe into the managed investment scheme, it would
have removed the product from its systems.
ASIC sued Equity Trustees in August, alleging numerous governance
and due diligence failures led to it exposing consumers to a scheme
it did not understand, and therefore breached its obligations to
members, the Financial Review recalls.
However, in its defence, Equity Trustees described some of the
claims made against it by ASIC as "vague and embarrassing" and said
its governance processes were in line with industry best practice.
The Financial Review says the Shield Master Fund and another failed
investment product, First Guardian, were available to consumers on
several retail super platforms, including one offered by Macquarie,
but collapsed in mid-2024 after collectively securing nearly AUD1
billion in investment.
Investors were phoned by lead generators and financial advisers who
used high-pressure sales tactics to push them to switch out of
their existing superannuation fund into a platform that could
invest in Shield or First Guardian. About 12,000 people were
exposed.
ASIC is investigating whether the two schemes misused investor
money, and some platform operators have described First Guardian as
fraudulent, the Financial Review notes.
About Shield
Shield Master Fund is a registered managed fund whose responsible
entity is Keystone Asset Management Ltd. It was registered in May
2021.
In February 2024, the Australian Securities & Investments
Commission (ASIC) halted new offers of investments in Shield. ASIC
made interim stop orders on four product disclosure statements for
Shield.
In June 2024, ASIC took action to secure the assets held within
Shield. ASIC sought orders to preserve the assets of the scheme so
that they may be recovered, to the extent available, for the
benefit of investors while the investigation is continuing.
ASIC understands that, since February 2022, funds totalling more
than AUD480 million have been invested in Shield by at least 5,800
consumers, who accessed Shield primarily through superannuation
platforms, the trustees for which were Macquarie Investment
Management Limited and Equity Trustees Superannuation Limited. The
investigation to date suggests that potential investors were called
by lead generators and referred to personal financial advice
providers who advised investors to roll their superannuation assets
into a retail choice superannuation fund available on a choice
platform and then to invest part or all of their superannuation
into Shield.
ASIC is investigating the circumstances surrounding Shield. ASIC is
investigating Keystone Asset Management Ltd and its directors and
officers, the role of the superannuation trustees, certain
financial advisers who recommended investors invest in Shield, the
lead generators, and others.
On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were
appointed as joint and several liquidators of Keystone Asset
Management Ltd.
T M PHARM: First Creditors' Meeting Set for Dec. 31
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A first meeting of the creditors in the proceedings of T M Pharm
Pty Ltd and IPG Oasis No. 2 Pty Ltd will be held on Dec. 31, 2025
at 11:00 a.m. via virtual meeting technology.
Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of
Teneo were appointed as administrators of the company on Dec. 22,
2025.
THINK TANK 2023-1: S&P Raises Class F Notes Rating to BB+(sf)
-------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of Australian
nonconforming and prime residential mortgage-backed securities
(RMBS) notes sponsored by Think Tank Group Pty Ltd. At the same
time, S&P affirmed its ratings on four classes of notes.
The raised ratings reflect an increase in the percentage of credit
support, in the form of subordination, provided to each class of
rated notes and which, coupled with the transactions' cash flows,
is sufficient to withstand the stresses S&P applies at each note's
respective rating level.
As of Oct. 31, 2025, total arrears for both pools are above the
Standard & Poor's Performance Index (SPIN) for Australian
nonconforming mortgages. As of Oct. 31, 2025, loans greater than 30
days in arrears for Think Tank Residential Series Trust 2023-1 is
6.70% and 6.50% for Think Tank Residential Series Trust 2023-3.
Neither pool have experienced any losses to date.
Some of our ratings are constrained below model-implied outcomes
due to the increasing borrower concentrations arising in the
portfolios as the pools amortise. The top 10 borrower comprise
7.99% for 2023-1, and 6.81% for 2023-3.
Ratings Raised
Think Tank Residential Series 2023-1 Trust
Class B: to AAA (sf) from AA+ (sf)
Class C: to AA+ (sf) from AA- (sf)
Class D: to A+ (sf) from A- (sf)
Class E: to BBB+ (sf) from BBB- (sf)
Class F: to BB+ (sf) from B+ (sf)
Think Tank Residential Series 2023-3 Trust
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BBB- (sf) from BB (sf)
Class F: to BB- (sf) from B (sf)
Ratings Affirmed
Think Tank Residential Series 2023-1 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
Think Tank Residential Series 2023-3 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
TURQUOISE IV: S&P Assigns B+(sf) Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to five classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Turquoise
IV Trust. Turquoise IV Trust is a securitization of nonconforming
and prime residential mortgages originated by Bluestone Mortgages
Pty Ltd. (Bluestone).
The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility and the principal draw function. Our analysis is
on the basis that the rated notes are fully redeemed via the
principal waterfall mechanism under the transaction documents by
their legal final maturity date, and S&P assumes the notes are not
called at or beyond the call-option date.
S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and to
Royal Bank of Canada as liquidity facility provider. The
transaction documents for the facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Turquoise IV Trust
Class A, A$920.00 million: Not rated
Class B, A$10.00 million: AA (sf)
Class C, A$37.50 million: A (sf)
Class D, A$15.00 million: BBB (sf)
Class E, A$8.00 million: BB (sf)
Class F, A$3.50 million: B+ (sf)
Class G1, A$4.00 million: Not rated
Class G2, A$2.00 million: Not rated
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C H I N A
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CHINA EVERGRANDE: China Court Moves Unit Assets to State Control
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Mingtiandi reports that offshore creditors hoping to recoup some of
their losses in the bankruptcy of China Evergrande Group received
some unwelcome news this past week when the board of China
Evergrande New Energy Vehicle, the developer's automotive unit and
one of its most significant overseas assets, informed the Hong Kong
stock exchange that ownership of key company subsidiaries had been
transferred to units of the Guangzhou municipal government.
In a statement to the exchange, Shawn Siu, China Evergrande NEV
chairman said that, by order of a mainland court, shares in NEV
Guangdong and SA Guangdong, both mainland registered units of the
company had been transferred by the court to entities under the
local State-owned Assets Supervision and Administration Commission
following claims by local creditors, Mingtiandi relates.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group. Edward Middleton and Tiffany Wong of
Alvarez & Marsal were appointed as the liquidators.
CHINA JINMAO: Sells 5-Star Ritz-Carlton Hotel for US$322 Million
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South China Morning Post reports that China Jinmao Holdings, the
property development arm of state-backed Sinochem Holdings, has
sold a tourism subsidiary that owns the five-star Ritz-Carlton
hotel on Hainan Island for CNY2.26 billion (US$322 million), as it
pursues asset restructuring amid a prolonged downturn in mainland
China's real estate market.
The Post relates that Shanghai Jinmao, the developer's wholly owned
unit, reached an agreement with Sanya Luanmao on Dec. 23 to sell
its 100 per cent stake in Sanya Tourism, which solely owned the
Ritz-Carlton Sanya Yalong Bay, China Jinmao said in a statement to
the Hong Kong stock exchange on Dec. 24.
"Since its opening, the Ritz-Carlton Sanya Yalong Bay has
demonstrated mature and stable operations with favourable
profitability and cash flow, positioning it as a prime candidate
for the company's boutique portfolio strategy," China Jinmao said.
"Asset securitisation will maximise the valuation and liquidity of
the hotel assets."
According to the Post, the restructuring may enable China Jinmao to
better weather the property slump that has thrown even the
industry's biggest players – including China Vanke – into
financial stress.
With official data showing that home prices continued to decline in
November, major investment banks said Beijing would need to roll
out bolder measures to arrest the decline and lessen the drag on
economic growth.
The transaction price represented a roughly 6 per cent premium to
the evaluated net-asset value of CNY2.14 billion for Sanya Tourism
at the end of March, according to the statement cited by the Post.
The deal would be transacted through the China Beijing Equity
Exchange, a trading venue for unlisted companies and company
assets.
Sanya Tourism was established in 2004 and the Ritz-Carlton Sanya
hotel opened in 2008 with 446 guest rooms. The tourism unit posted
a net income of CNY34.6 million in the first quarter of the year.
Full-year profit for 2024 was CNY57.9 million, the Post discloses.
Sanya Luanmao is a wholly owned subsidiary of Citic Securities,
China's biggest publicly traded brokerage.
About China Jinmao
China Jinmao Holdings Group Limited (SEHK:0817), the subsidiary of
state-owned Sinochem Corporation, engages in the property
development business.
As reported in the Troubled Company Reporter-Asia Pacific in late
September 2025, Moody's Ratings has affirmed Ba2 China Jinmao
Holdings Group Limited's (China Jinmao) corporate family rating and
the backed senior unsecured rating on the USD notes issued by
Franshion Brilliant Limited, a wholly-owned subsidiary of China
Jinmao; and the B1 backed preferred stock rating. The notes are
unconditionally and irrevocably guaranteed by China Jinmao.
Moody's have also maintained the negative rating outlooks.
LIAONING PORT: Unit Enters Court-Accepted Bankruptcy Liquidation
----------------------------------------------------------------
TipRanks reports that Liaoning Port Co., Ltd. has announced that
the Dalian Economic and Technological Development Zone People's
Court has formally accepted a bankruptcy liquidation application
for its subsidiary DCT Logistics Co., Ltd., in which the group
holds an indirect 100% equity interest through two wholly owned
subsidiaries.
TipRanks relates that the company emphasized that DCT Logistics is
an independent legal entity and that neither the listed parent nor
its other subsidiaries bear guarantee responsibilities or joint
liabilities for the subsidiary's debts, and it expects the
bankruptcy to have no impact on the group's current production and
operations and no material effect on profits in the current or
future periods, though final implications will depend on the
outcome of the liquidation process and related audits.
Liaoning Port Co., Ltd. (HKEX:2880), together with its
subsidiaries, provides cargo handling, transportation, port
operations, and logistics services in China and internationally.
SHANDONG ENERGY: Moody's Withdraws 'Ba2' Corporate Family Rating
----------------------------------------------------------------
Moody's Ratings has withdrawn Shandong Energy Group Company
Limited's (Shandong Energy) Ba2 corporate family rating and b2
Baseline Credit Assessment.
Prior to the withdrawal, the outlook on Shandong Energy's rating
was stable.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).
COMPANY PROFILE
Shandong Energy is the largest coal mining group in Shandong
province and the third-largest coal mining group in China in terms
of coal production volume in 2024. The company is also involved in
other businesses, including high-end coal chemical, logistics and
trading, power generation, machinery manufacturing, financial
services and others.
[] CHINA: Local Governments Repay USD475 Million of Hidden Debt
---------------------------------------------------------------
Yicai Global reports that seven provinces have cleared CNY3.34
billion (USD475 million) of illegally incurred hidden debt flagged
by an official audit this summer, according to a National Audit
Office report, as China's financial regulators step up corrective
measures.
Three regions repaid CNY3.2 billion of implicit debt accumulated by
letting state owned enterprises fund construction projects in
exchange for fiscal funds, and two others paid back CNY115 million
(USD16.4 million) they illegally raised from public welfare bodies,
the report showed Dec. 22, Yicai relays.
Hidden debt -- local government borrowing not recorded on official
balance sheets -- poses significant systemic risks, Yicai notes.
The Ministry of Finance, the People's Bank of China, and the
National Financial Regulatory Authority identified the violations
in June and have since gathered data to coordinate their cleanup.
According to Yicai, five regions generated CNY5.9 billion of hidden
debt by using SOEs to advance construction funding repaid from
public budgets, the NAO's audit found. Meanwhile, 15 local
financing vehicles across 11 regions raised CNY150 million (USD21.3
million) in implicit debt from over 1,600 individuals, 45
charities, and village collectives through non-standard financial
products and loans.
Yicai relates that the audit also discovered that some local
governments falsely "resolved" CNY2.3 billion of liabilities by
directly altering debt ledgers, recategorising government debt as
corporate debt, or using new borrowing to repay old obligations.
Moreover, the NAO found that 18 SOEs and local government financing
vehicles in 17 regions had illegally pooled nearly CNY4.7 billion
of agricultural loans held in the names of names of villagers and
village collectives and used the funds to service their own debt
principal and interest. So far, nine regions have returned CNY1.8
billion of such improperly collected loans, Yicai relays.
According to the NAO, 98 percent of the 2,186 issues that required
immediate correction were rectified as of Sept. 30, and timetables
and roadmaps for the remainder have already been drawn up.
The three financial watchdogs blamed these problems on a lack of
long-term planning at the local level, short-term borrowing to
chase performance targets, and illegal fundraising to plug fiscal
gaps, Yicai says. They also faulted insufficient cross-department
supervision, incomplete data sharing mechanisms, and weak
accountability measures for failing to deter violations.
Yicai adds that the PBOC pledged to enhance information sharing
with local governments and financial regulators, keep a close eye
on disguised or irregular debt reduction behavior, and guide
financial institutions to support the debt resolution of LGFVs
For its part, the NFRA vowed to instruct banks and other financial
institutions to implement policies supporting debt resolution, and
to legally and compliantly carry out restructuring and replacement
of existing LGFV debts, Yicai notes.
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I N D I A
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ADG AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of ADG Agrotech Private Limited
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA] B(Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA] B(Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the afore said policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is base don't he best available information.
Incorporated in October 2012 as a private limited company, ADG
Agrotech Private Limited (AAPL) is involved in milling of raw rice
with an installed capacity to manufacture 12,000 MTPA of rice. The
manufacturing facility of the company is located in Burdwan
district of West Bengal, a popular paddy growing region.
ASHIRVAD INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
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ICRA has kept the long-term and short-term ratings of Ashirvad
Industries & Infrastructure (AII) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.40 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 10.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AII, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 1998 as a partnership firm, Ashirvad Industries &
infrastructure (AII) is in to cotton ginning business and act as a
toll collection agent on state and national highways in Gujarat. In
addition to this, the firm has also commenced trading in currency
derivative instruments from FY2015 onwards. AII's manufacturing
facility is located at Rajkot in Gujarat and is equipped with 18
ginning machines and 1 pressing machine with total production
capacity to manufacture ~200 cotton bales per day. Currently, the
firm is operating two toll collection projects in the state of
Gujarat. The partners have been associated with toll collection
activity for over fifteen years with number of projects
successfully completed.
CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating Chirag Agrofins Private Limited
(CAPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1991, Chirag Agrofins Private Limited (CAPL) is
involved in real estate development. Currently, the company is
executing one project in Malad, Mumbai, where it is constructing a
commercial-cum residential complex. CAPL is a part of the Bhagat
Group promoted by Mr. Suraj Prakash Bhagat and his family. Apart
from real estate development, the Bhagat Group is also involved in
brewing and distilleries. The group has executed twelve real estate
projects in Mumbai.
COCHIN SURFACTANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Cochin
Surfactants Private Limited (CSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with CSPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2002, CSPL can manufacture 1800 MT of activated
carbon in a year from its plant set up in Edayar, Kochi. It caters
majorly caters to IGCL's requirement. Incorporated in 2004, ACPPL
can manufacture 4680MTPA of activated carbon in a year from its
plant set up in Edayar, Kochi.
DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings for the Bank
Facility of DMK Particleboard LLP in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 7.10 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.65 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with DMK Particleboard LLP, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in February 2016, DMK Particleboard LLP is engaged in
manufacturing of wooden plain particleboard and pre-laminated
particleboard in the dimension of 8"x4" and 8"x3" used in the
furniture. The commercial operations of the firm began in April
2017 at its manufacturing facility located in Morbi (Gujarat). The
firm currently has an installed capacity of manufacturing 6,00,000
sheets per annum. The partners are also associated with Nidhi
Minerals (engaged in trading of ceramic raw material), Amardeep
Industries (engaged in manufacturing sanitary wares) and Umiya
Electricals (engaged in trading of electrical goods).
EASTMAN METTCAST: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Eastman Mettcast Limited (EML) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUERNOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 15.00 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.00 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with EML, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited and
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries, at its manufacturing
facility located in Hambran, Ludhiana, Punjab. In December 2013,
the company was taken over by Mr. Subhash Goel and his family and
currently both the families are jointly managing the operations of
the company.
EDISON ENERGY: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Edison
Energy India Private Limited (EEIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.02 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 18, 2024, placed the rating(s) of EEIPL under the
'issuer non-cooperating' category as EEIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 3, 2025, September 13, 2025, September 23, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Edison Energy India Private Limited (EEIPL) was incorporated in May
2015 and is engaged in generation of power through solar energy,
located in Tamil Nadu. EEIPL has two solar power plants of capacity
15.25 MW located in Illupur, Pudukottai & 2 MW located in Dindugal.
Both the plants started generating units since March 2016. The
company has tied up with Tamil Nadu Generation & Distribution
Corporation Limited (TANGEDCO) for both the plants under long term
PPA (25 years) for sale of power at the fixed tariff of INR7.01 per
unit. The day to day operations of the EEIPL are managed by Mr. C
Prasanna Kumar, the Managing Director of the company.
ESSEL LUCKNOW: CARE Reaffirms D Rating on INR181.10cr NCDs
----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Essel Lucknow Raebareli Toll Roads Limited (ELTRL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 181.80 CARE D Reaffirmed
debentures
Rationale and key rating drivers
The rating assigned to long-term non-convertible debentures (NCDs)
of ELTRL reflects the default status due to non-payment of
additional interest of INR36.00 crore, due as on September 30,
2025. The continuation of the default status reflects the company's
weak liquidity position. CARE Ratings Limited (CareEdge Ratings)
acknowledges that ELTRL has serviced the principal and interest
obligation on the outstanding NCDs; however, the additional
interest of 220 basis points arising due to downgrade in external
credit rating remains unpaid. Despite having debt service reserve
account (DSRA) balance of INR32.55 crore as on November 30, 2025,
partially covering the ensuing six-month interest and one
half-yearly principal payment, the DSRA balance was not utilised.
The rating takes cognisance that Agra Gwalior Pathways Private
Limited (AGPPL) holds 100% outstanding NCDs as on November 30,
2025, and controls ELTRL's operations. The company has certain
project maintenance commitments with the National Highways
Authority of India (NHAI; rated 'CARE AAA; Stable'). However, ELTRL
has underperformed in maintaining the project stretch per NHAI's
road quality standards, leading to significant delays and multiple
instances of annuity deductions by the concessioning authority. The
absence of funded maintenance reserves further exacerbates the
company's ability to finance ongoing maintenance activities.
Additionally, cash flows remain strained due to the ongoing funding
requirements to cover the significantly higher-than-expected major
maintenance expenses. The rating assigned to instruments having
ISINs as INE465N07181, INE465N07199, and INE465N07207 amounting to
INR26.70 crore, INR27.60 crore, and INR27.00 crore earlier are
fully repaid and there is no outstanding against such instruments
as on date.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in liquidity position along with regularisation of
debt servicing for continuous period of at least 90 days
* Timely receipt of annuities without any deduction and completion
of major maintenance activity in satisfaction to NHAI.
Negative factors:
Not applicable
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of key rating drivers:
Key weakness
* Ongoing delays in debt servicing: ELTRL continues to be in
default due to the non-payment of additional interest of INR36.00
crore, due as on September 30, 2025. ELTRL has serviced the
principal and interest obligation on outstanding NCDs; however, the
additional interest of 220 basis points (25 basis points due to
every notch downgrade in external credit rating) remains unpaid.
The continuation of the default status is due to the company's poor
liquidity position. Despite having DSRA balance of INR32.55 crore
as on November 30, 2025, which partially covers ensuing six months
interest and one half-yearly principal payment, the DSRA balance
was not utilised. The strain in liquidity is primarily due to
underperformance in maintaining the project stretch according to
NHAI's road quality standards, leading to significant delays and
multiple instances of deductions form the annuities. Absence of
funded maintenance reserves further exacerbates the company's
ability to finance the ongoing maintenance activities.
Key strength
* Low credit risk associated with the annuity provider:
Incorporated by the Government of India (GoI) under act of the
Parliament as a statutory body, NHAI functions as the nodal agency
for development, maintenance and management of national highways in
the country. NHAI's credit rating factors in high
level of support received by NHAI from GoI due to its strategic
importance for implementing road sector projects including phases
of National Highways Development Project (NHDP). Being a
quasi-government body, the risk arising from NHAI defaulting on the
annuity payments is minimal.
Liquidity: Poor
Poor liquidity is marked by stretched cashflows to cover the
requirement of project maintenance and debt servicing. The company
reportedly had free cash balance of INR13.26 crore and partial DSRA
balance of INR32.55 crore as on November 30, 2025. Incorporated on
December 29, 2011, ELRTRL is an special purpose vehicle (SPV)
promoted by Essel Infraprojects Limited (EIL; rated 'CARE D; Issuer
not cooperating') for 'Four laning of Lucknow-Raebareli section
from km 12.700 to km 82.700 (70 km length) of NH-24B in Uttar
Pradesh under NHDP Phase IVA on design, built, finance, operate and
transfer (DBFOT)-Annuity Basis'
per the tender awarded by NHAI, (rated 'CARE AAA; Stable'). Per the
CA, concession period of the project is 17 years (including
construction period of 912 days). The SPV attained provisional
commissioning certificate on January 16, 2015, and final commercial
operation date (COD) on April 14, 2015.
FRIENDS AGRO: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Friends Agro Industries (FAI) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 9.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with FAI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Friends Agro Industries (FAI) is a partnership firm established in
January 2010. The firm is primarily engaged in milling of basmati
rice and non-basmati rice. FAI's milling unit is based out of
Jalalabad, Punjab. The firm purchases paddy from the local mandis
and markets in and around Jalalabad. The partners purchased the
mill in January 2010 and installed a Sortex machine. Now the firm
sells value added sorted rice instead of raw rice which the earlier
entity sold. The distribution is done through a network of brokers
situated across Delhi, Rajasthan, Punjab, and Haryana. The product
is sold under an unregistered brand named "Aneja Gold".
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of High Tech Garments Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 4.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 5.70 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with High Tech Garments Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in the year 2005, High Tech Garments Private Limited
is engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.
JAY AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jay Agro
Industries (JAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.51 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 18, 2024, placed the rating(s) of JAI under the
'issuer non-cooperating' category as JAI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JAI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 3, 2025, September 13, 2025, September 23, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Vadodara-based (Gujarat) JAI was promoted by Mr Nimmagadda Prasad
and Ms. Aruna Prasad for manufacturing of Pesticides in 2003. JAI's
manufacturing plant is located in Vadodara, Gujarat having for
production of Agrochemicals, Pesticides and Insecticides. JAI is an
ISO 9001: 2008 and UKAS Quality Management certified firm.
MEGHA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Megha Marketing in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Megha Marketing, ICRA has been trying to seek information from
the entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Megha Marketing was incorporated in March 2006 with the objective
of promoting and marketing products manufactured by Megha Springs
Pvt. Ltd, Megha Bottling, Megha Fruit Processing Pvt. Ltd. and
Mahima Shankar Processed Food Pvt. Ltd., all of which belong to the
Shankar Group of Companies. Megha Marketing is controlled by two
partners Smt. Suma Bhat (45%) and Smt. Lalitha Bhat (55%). The firm
markets the products in four different segments viz. bottled fruit
juices under brand "Sip On", aerated beverages like club soda and
soft drinks under brand "Bindu", packaged drinking water under
brand "Bindu" and processed food items (mostly potato chips and
packaged snacks) under the brand "Snak up". The group companies
have their manufacturing units in Puttur (Karnataka). MM sells its
products in Karnataka, Andhra Pradesh, Kerala,Tamil Nadu,
Maharashtra, Goa and Orissa.
MEHTA BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Mehta Brothers Gems Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- (35.00) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mehta Brothers Gems Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
base don't he best available information.
Mehta Brothers Gems Private Limited was established in 1966 as a
partnership firm by Mr. Dinesh Mehta & Mr. Jagdish Mehta. In 2005,
the entity's legal status was converted into a private limited
company. The company is engaged in the business of manufacturing
cut and polished diamond of size ranging medium to high carat in
different shapes and colour. The company has its registered office
at Mumbai and dedicated processing facilities at Borivali and
Goregaon in Mumbai.
MEMON HEALTH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Memon Health
Care Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 2.60 [ICRA]B+ (Stable) ISSUER NOT
Limit COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Fund based- 4.07 [ICRA]B+ (Stable) ISSUER NOT
Limit COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Unallocated 3.33 [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
As part of its process and in accordance with its rating agreement
with Memon Health Care Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2006, MHCPL commenced operations as an oncology
hospital under the name Sanjeevani CBCC USA Cancer Hospital in
Raipur, Chattisgarh. Currently the operations are conducted in two
adjacent hospital buildings having a combined capacity of 75 beds.
PADMAVATHE AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Padmavathe Agro Cold
Storage Llp in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B- (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sri Padmavathe Agro Cold Storage Llp, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2014, Sri Padmavathe Agro Cold Storage Llp is
partnership concern managed and owned by seventeen partners. The
firm has a cold storage facility in Chennai with a capacity of
storing 6500 MT of agro related products such as pulses, chillies,
spices, among others. The firm commenced its operations from April
2017.
PRANAV FOUNDATIONS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pranav
Foundations Private Limited (PFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 17, 2024, placed the rating(s) of PFPL under the
'issuer non-cooperating' category as PFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 2, 2025, September 12, 2025, September 22, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone.
Outlook: Not applicable
Chennai-based PFPL, incorporated in June 1996, is a real estate
development company primarily focused on small scale residential
projects. The promoters have over two decades of real estate
experience. The company also owns a four-floor banquet hall in a
prime location of the city with a seating capacity of 1000 people
per floor.
SHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shankar
Agro Food (SAF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 17, 2024, placed the rating(s) of SAF under the
'issuer non-cooperating' category as SAF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 2, 2025, November 12, 2025, November 22, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Shankar Agro Food (SAF) was established in April 2009 as a
partnership concern by Mr. Kewal Krishan, Mr. Bal Krishan, Mr.
Jagdish Rai and Mr. Raghav Garg. Earlier the business operations
were being managed through a proprietorship firm under the name of
"M/s Shankar Agro Food" since 2005 and the business was
subsequently taken over by SAF. The firm is engaged in processing
of paddy and also does the same on job work basis for 'Shakti Bog
Foods Limited'. The manufacturing unit of the firm is located at
Moga, Punjab.
SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating Shivam Pipe Industries (SPI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SPI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
SPI is a partnership firm, promoted by Guwahati-based Mr. Ratan Lal
Bhati and commenced operations in 2012. Its plant is located at
Kamalpur in Guwahati, wherein initially it had a manufacturing
capacity of 12,000 mtpa of mild steel pipes and steel tubular
poles. In April 2017, the firm commissioned additional MS pipe and
Galvanisation capacity of 12,000 mtpa each. However, the operations
of the expended capacity was discontinued subsequently.
SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skyworld
Exim (SE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 3, 2024, placed the rating(s) of SE under the
'issuer non-cooperating' category as SE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 19, 2025, October 29, 2025 and November 8, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Skyworld Exim (SE) was formed in the year 2007 by Mr Rajnish Gupta.
The firm is managed by Mr. Gupta and his father, Mr. Jai Bhagwan
Gupta. SE is engaged in the import & domestic trading of fabrics,
paper, paper material, foils & multilayer packaging films.
SSG INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SSG
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 62.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated December 17, 2024, placed the rating(s) of SIPL under the
'issuer non-cooperating' category as SIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 2, 2025, November 12, 2025, November 22, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
SIPL was incorporated in 2004 by Mr. Harjit Singh Sahni. The
company is engaged in providing design and infrastructure services
in civil and electrical contracts on turnkey basis, which primarily
involves installation and commissioning of electrical substations,
water treatment plants, sewerage treatment plants, construction of
underground reservoirs and rainy wells primarily in state of Uttar
Pradesh and Northern India.
SUGANTHI EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suganthi
Educational Trust (SET) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 63.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated November 14, 2024, placed the rating(s) of SET under the
'issuer non-cooperating' category as SET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SET continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 30, 2025, October 10, 2025, October 20, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Suganthi Educational Trust (SET) was established in the year 1996
by Dr G. Kathamuthu, founder chairman of the trust, to provide
higher education for engineering and management students. SET
belongs to GKM group. SET operates through GKM College of
Engineering & Technology (GKMCET), GKM Institute of Marine Sciences
& Technology (GKMMST), GKM Polytechnic College (GKMPC), GKM College
of Physical Education (GKMCPE) and GKM Vidyashram (GKMV). GKM group
of educational institution provides education from Pre-KG to post
graduation and various certificate courses.
SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sunstar Overseas Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 568.45 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 211.44 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 45.11 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sunstar Overseas Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sunstar Overseas Limited was initially started as a partnership
firm in 1989, by the founder promoters Mr. Man Mohan Sarup
Aggarwal, Navita Aggarwal, Rama Rani and Sadhna Aggarwal. It was
converted into Public limited company in theyear 1995 with initial
promoters and three new promoter being Mr. Naresh Aggarwal, Mr.
Rakesh Aggarwal and Mr.Kapil Aggarwal.
Sunstar Overseas Limited is an integrated rice milling company. The
company is primarily into the milling of basmati rice, with non
basmati rice forming a very negligible portion. The company is not
engaged in further processing of the by products like husk and the
bran. They are all sold in the market except for husk of which
35-40% is used for steaming process (par boiling activity and to
reduce moisture content in paddy). SOL was operating three plants
(Bahalgarh, Moradabad and Amritsar) with total milling capacity of
73 TPH. The Moradabad plant has been shifted to company's factory
in Bahalgarh as the lease has expired, however the total capacity
remains same.
VIMALSCOP PRODUCT: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Vimalscop Product in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Vimalscop Product, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Vimalscop Product is engaged in the business of fabric processing
with its processing unit based out of Balotra (Rajasthan), which is
a hub for processing of poplin fabric due to favourable weather
conditions. The firm is promoted by Mr. Subhash Chand Mehta since
2013, who has been involved in this line of business for more than
two decades.
VINAYAK COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Vinayak Cottex in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.67 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with VC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in February 2013, Vinayak Cottex (VC) is engaged in
cotton ginning and pressing at its facility located at Amreli in
Gujarat. The plant is equipped with 24 ginning machines, 1 pressing
machine and 6 crushing machines with production capacity of 60 MT
cotton bales per day and 38 MT Oil per day. VC is a partnership
firm with the promoters having experience in the cotton industry.
VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vizag
RE-Bars Private Limited (VRPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 95.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 17, 2024, placed the rating(s) of VRPL under the
'issuer non-cooperating' category as VRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 2, 2025, September 12, 2025, September 22, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone.
Outlook: Not applicable
Incorporated on November 28, 1995, Vizag Rebars Pvt Ltd (VRPL) is
primarily engaged in the trading of steel and steel products at
Vijayawada, Andhra Pradesh. The company is promoted by Mr. T
Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao.
During November 2012, the company has forayed into manufacturing
activity by taking a re-rolling mill (with an installed capacity of
45,000 TPA) from Steel Exchange India Limited.
===============
M A L A Y S I A
===============
1MDB: Ex-PM Najib Razak Jailed for 15 More Years
------------------------------------------------
Reuters reports that Malaysia's influential former premier Najib
Razak was jailed on Dec. 26 for a further 15 years and fined US$2.8
billion for power abuse and money laundering in the biggest trial
of the multibillion-dollar 1MDB scandal, a ruling that could have
big political ramifications.
According to Reuters, Malaysia and U.S. investigators said at least
$4.5 billion was stolen from 1Malaysia Development Berhad, a state
fund Najib co-founded in 2009 during the first of his nine years in
power in the Southeast Asian country.
More than $1 billion allegedly made its way into accounts linked to
72-year-old Najib, who was first imprisoned in 2022 in another 1MDB
case and has long insisted he has been made the scapegoat for
Malaysia's biggest-ever financial scandal.
During a verdict that took five hours to deliver, high court judge
Collin Lawrence Sequerah said Najib's contention that he was
repeatedly deceived by others at 1MDB was implausible and to
believe that would "stretch the imagination into the realms of pure
fantasy," according to Reuters.
Reuters says the ruling could fuel further tensions in Prime
Minister Anwar Ibrahim's governing alliance, which includes the
once dominant United Malays National Organisation (UMNO) party,
over which Najib has retained significant influence even from
jail.
On a day of reckoning for arguably Malaysia's most divisive
politician, Najib was found guilty of all four counts of abuse of
power and all 21 money laundering charges, after a marathon legal
battle that included multiple appeals and a partial royal pardon,
Reuters notes.
"The contention by the accused that the charges against him were a
witch hunt and politically motivated were debunked by the cold,
hard and incontrovertible evidence against him that pointed towards
the accused having abused his own powerful position in 1MDB,
coupled with the extensive powers conferred upon him," Reuters
quotes Judge Sequerah as saying in the verdict.
Sentences were handed down of 15 years for each count of power
abuse and five years for each money laundering charge, to be served
concurrently, after Najib's current jail term ends in 2028, Reuters
states.
Reuters adds that Najib was ordered to pay fines of MYR11.39
billion ($2.82 billion), and the court said MYR2.08 billion in
assets must be recovered from him. Failure to deliver on both would
result in additional jail time, it said.
Najib's lawyer Muhammad Shafee Abdullah said he would appeal the
ruling today, Dec. 29, Reuters reports.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
In July 2020, the High Court convicted former Prime Najib Razak on
all seven counts of abuse of power, money laundering and criminal
breach of trust and was sentenced to 12 years imprisonment and
fined MYR210 million.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as $780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
AQUACEUTICALS NEW ZEALAND: BDO Tauranga Appointed as Liquidators
----------------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Dec.
11, 2025, were appointed as liquidators of Aquaceuticals New
Zealand Limited.
The liquidators may be reached at:
BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
HYPOTHESIS TRAINING: Creditors' Proofs of Debt Due on Jan. 22
-------------------------------------------------------------
Creditors of Hypothesis Training Limited are required to file their
proofs of debt by Jan. 22, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 19, 2025.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
NOVODENTE LIMITED: Creditors' Proofs of Debt Due on Jan. 28
-----------------------------------------------------------
Creditors of Novodente Limited, Armidale Street Limited and 32
Sydney Street Limited are required to file their proofs of debt by
Jan. 28, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 15, 2025.
The company's liquidator is:
Heath Gair
Palliser Insolvency
Level 2, 40 Lady Elizabeth Lane
Wellington
QE HEALTH: Sale Fails After Health NZ Rejects Contract Transfer
---------------------------------------------------------------
NZ Herald reports that the potential sale of Rotorua's QE Health
collapsed because Health New Zealand Te Whatu Ora refused to
transfer its contracts, rendering the business "unsaleable", the
business's former chief executive said.
The government agency disputes this, saying it does not believe its
contracting decisions led to QE Health's closure on Dec. 19, NZ
Herald relates.
According to NZ Herald, the liquidation of QE Health has been
described as "deeply saddening", as financial records point to the
strain it was under.
The charity-owned business ended the 2023-24 financial year with a
NZD1.345 million deficit, NZ Herald discloses citing the latest
publicly available information.
QE Health was placed into liquidation on Nov. 20, 2025.
QE Health operated health and wellness centre for people with all
forms of arthritis and chronic pain.
RESORTISTS LIMITED: Creditors' Proofs of Debt Due on Feb. 6
-----------------------------------------------------------
Creditors of Resortists Limited, et al., are required to file their
proofs of debt by Feb. 6, 2026, to be included in the company's
dividend distribution.
The other entities involved are:
- Futurist Housing Limited (traded as Cambridge Homes Auckland),
- Auckland Steam 'N' Dry Limited (trading as Carpet Cleaning
Auckland),
- Top Coat Interior Limited (trading as Top Coat Interior), and
- Central Membrane Roofing Limited.
Resortists Limited and Futurist Housing commenced wind-up
proceedings on Dec. 17, 2025.
Auckland Steam commenced wind-up proceedings on Dec. 18, 2025.
Top Coat Interior and Central Membrane commenced wind-up
proceedings on Dec. 19, 2025.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ)
PO Box 45220
Te Atatu
Auckland 0651
WENMARK MARKETING: Creditors' Proofs of Debt Due on Feb. 5
----------------------------------------------------------
Creditors of Wenmark Marketing Limited are required to file their
proofs of debt by Feb. 5, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 19, 2025.
The company's liquidator is:
Craig Young
Restructuring Services Limited
PO Box 87340
Auckland
=================
S I N G A P O R E
=================
21A Construction: Court to Hear Wind-Up Petition on Jan. 2
----------------------------------------------------------
A petition to wind up the operations of 21A Construction Pte. Ltd.
will be heard before the High Court of Singapore on Jan. 2, 2026,
at 10:00 a.m.
Hock Hin Leong Timber Trading (Pte) Ltd filed the petition against
the company on Dec. 9, 2025.
The Petitioner's solicitors are:
M/s David Ong & Co, Advocates & Solicitors
151 Chin Swee Road
#08-14 Manhattan House
Singapore 169876
365 FOOD: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 12, 2025, to
wind up the operations of 365 Food Service Pte. Ltd.
Ebuy Pte. Ltd. filed the petition against the company.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia
50 Havelock Road #02-767
Singapore 160050
CSG HOLDINGS: Creditors' Proofs of Debt Due on Jan. 23
------------------------------------------------------
Creditors of CSG Holdings Pte. Ltd. are required to file their
proofs of debt by Jan. 23, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 17, 2025.
The company's liquidators are:
Lam Seng Tiong
Loh Li Er Lydia
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
SPHERE HOLLAND: Commences Wind-Up Proceedings
---------------------------------------------
Members of Sphere Holland Pte. Ltd. and Sphere Millenia Pte. Ltd on
Dec. 16, 2025, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way #03-06C
Shenton House
Singapore 068805
VALUENERGY PTE: Creditors' Meetings Set for Jan. 6
--------------------------------------------------
Valuenergy Pte. Ltd. will hold a meeting for its creditors on Jan.
6, 2026, at 10:30 a.m., at 105 Cecil Street, #15-02 The Octagon,
in Singapore.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
Mr. Chan Kwang Cheng and Ms. Tee Lian Choy of Messrs Jordans
Insolvency Unit Pte Ltd were appointed as provisional liquidators
of the Company on Dec. 17, 2025.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***