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251230.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, December 30, 2025, Vol. 28, No. 260 Headlines A U S T R A L I A BRIGHTE GREEN 2025-1: Moody's Ups Rating on Class F-A Notes to B1 DERRIMUT NUTRITION: Commences Wind-Up Proceedings ESSENTIAL FACILITIES: First Creditors' Meeting Set for Jan. 6 FIRE & SAFETY: First Creditors' Meeting Set for Jan. 5 FLOOR CONSTRUCT: Second Creditors' Meeting Set for Jan. 21 MINERAL COMMODITIES: First Creditors' Meeting Set for Jan. 2 STAR ENTERTAINMENT: Group CFO and COO Resigns C H I N A HO WAN KWOK: Weddle Law Loses Bid for Interlocutory Appeal I N D I A BADRI KEDAR: CRISIL Keeps B+ Debt Rating in Not Cooperating C & C CONSTRUCTIONS: Closes Trading Window Amid Liquidation DHARAN INFRA-EPC: Insolvency Resolution Process Case Summary EFFULGENCE TRADING: CRISIL Keeps D Ratings in Not Cooperating GKB OPHTHALMICS: CRISIL Moves D Debt Ratings to Not Cooperating GURU RAMAKRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating JUMBO FINVEST: NCLAT Rejects Insolvency Plea Against Company KADAMBRI HEALTHCARE: CRISIL Keeps D Rating in Not Cooperating R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating RAM RAYON: CRISIL Keeps D Debt Ratings in Not Cooperating RAMNANDI ESTATE: CRISIL Keeps D Debt Ratings in Not Cooperating ROOP RAM: CRISIL Keeps B- Debt Ratings in Not Cooperating RUBBER O: CRISIL Keeps D Debt Ratings in Not Cooperating Category S S AGROZONE: CRISIL Moves D Debt Ratings to Not Cooperating S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating S.S MEDICAL: CRISIL Keeps C Debt Rating in Not Cooperating S.S. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating SABITRI RICE: CRISIL Keeps C Debt Ratings in Not Cooperating SANTOSH W/O: CRISIL Keeps D Debt Rating in Not Cooperating SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating SIDHU INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating SONALI EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating SUBRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating TIMES FERRO: CRISIL Keeps B- Debt Ratings in Not Cooperating TIRUPATI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating TNR INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating VINOD CONSTRUCTION: CRISIL Lowers Long/Short Term Ratings to D VIRYA MICRO: Voluntary Liquidation Process Case Summary VISHAL JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating I N D O N E S I A ISHH RAJ SILICON: Insolvency Resolution Process Case Summary M A L A Y S I A TECHBASE INDUSTRIES: Loss Widens to MYR25.6MM in Q1 Ended Oct. 31 N E W Z E A L A N D CERTUSBIO LIMITED: Creditors' Proofs of Debt Due on Jan. 30 FUTUREVERSE CORPORATION: Creditors' Proofs of Debt Due on Feb. 2 LA LA LAND: Chocolate Shop Goes Into Liquidation, Owing NZD90,000 LQNZ6 (FPGD): Creditors' Proofs of Debt Due on Jan. 30 VIP CAR: Creditors' Proofs of Debt Due on Jan. 23 P A K I S T A N PAKISTAN HOTELS: Liquidators Seek Six-Month Extension From Court S I N G A P O R E 21A CONSTRUCTION: Court to Hear Wind-Up Petition on Jan. 2 AUTOBAHN RENT: Fails to Get Court Protection Against Creditors C-QUEST CAPITAL: Commences Wind-Up Proceedings CSG HOLDINGS: Creditors' Proofs of Debt Due on Jan. 23 UNCHARTED PARTNERS: Commences Wind-Up Proceedings VALUENERGY PTE: Placed Under Provisional Liquidation T H A I L A N D JKN GLOBAL: Former Miss Universe Chief Sentenced 2 Years - - - - - ================= A U S T R A L I A ================= BRIGHTE GREEN 2025-1: Moody's Ups Rating on Class F-A Notes to B1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on four classes of notes issued by Brighte Green Trust 2025-1. The affected ratings are as follows: Issuer: Brighte Green Trust 2025-1 Class B-A Notes, Upgraded to Aa1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned Aa2 (sf) Class D-A Notes, Upgraded to Baa1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned Baa2 (sf) Class E-A Notes, Upgraded to Ba1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned Ba2 (sf) Class F-A Notes, Upgraded to B1 (sf); previously on Mar 27, 2025 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and good collateral performance to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the December 2025 payment date, the note subordination available for the Class B-A, Class D-A, Class E-A and Class F-A Notes has increased to 12.6%, 5.6%, 1.4% and 0.6% respectively, from 8.8%, 3.9%, 1% and 0.4% at closing. Principal collections have been distributed on a sequential basis since closing. Current outstanding notes balance as a percentage of the total closing balance is 69.6%. As of end-November 2025, 1% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred 0.3% (as a percentage of the original portfolio balance) of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 2.25% of the outstanding pool balance (equivalent to 1.9% of the original pool balance) at closing. Moody's have also maintained Moody's Aaa portfolio credit enhancement assumption at 16% and recovery rate assumption at 15%. Moody's have considered sensitivity scenarios with higher default assumptions and lower recovery rates to evaluate the resiliency of the note ratings. The transaction is a securitisation of Australian unsecured consumer Buy Now Pay Later and unsecured loan receivables originated by Brighte Capital Pty Limited. The majority of receivables are originated to homeowners to fund solar panel and home batteries installations. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. DERRIMUT NUTRITION: Commences Wind-Up Proceedings ------------------------------------------------- Members of Derrimut Nutrition Bar Pty Ltd, Ultimate Performance Supplements Pty Ltd, and Protein 247 Pty Ltd on Dec. 22, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Stephen Dixon HM Advisory Level 21 114 William Street Melbourne, Vic ESSENTIAL FACILITIES: First Creditors' Meeting Set for Jan. 6 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Essential Facilities Services Australia (EFS) Pty Ltd Former Name: Essential Facilities Services Australia Pty Ltd will be held on Jan. 6, 2026 at 11:00 a.m. via Teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Dec. 22, 2025. FIRE & SAFETY: First Creditors' Meeting Set for Jan. 5 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Fire & safety services co. Pty ltd will be held on Jan. 5, 2026 at 11:00 a.m. at the offices of Cor Cordis Perth, M Level, 28 The Esplanade, in Perth, WA, and via virtual meeting technology. Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as administrators of the company on Dec. 19, 2025. FLOOR CONSTRUCT: Second Creditors' Meeting Set for Jan. 21 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Floor Construct Pty Limited has been set for Jan. 21, 2026, at 10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria Square, in Adelaide, SA. 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 Jan. 21, 2026, at 9:00 a.m. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on Nov. 5, 2025. MINERAL COMMODITIES: First Creditors' Meeting Set for Jan. 2 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Mineral Commodities Limited, MRC Exploration Australia Pty Ltd, MRC Graphite (Norway) Pty Ltd, MRC Graphite Pty Ltd and MRC Trading (Aust) Pty Ltd will be held on Jan. 2, 2026, at 1:00 p.m. via virtual facilities only. Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were appointed as administrators of the company on Dec. 18, 2025. STAR ENTERTAINMENT: Group CFO and COO Resigns --------------------------------------------- The Star Entertainment Group Limited announced on Dec. 29 that the Group Chief Financial Officer, Frank Krile has resigned and will be leaving The Star effective Dec. 29, 2025. Group Chief Operating Officer, Jeannie Mok, has also resigned and will be leaving The Star at the end of January 2026. The Star said the company will commence a process to identify a new Group Chief Financial Officer and will update the market in due course. CEO Bruce Mathieson Jnr, said: "I would like to thank Frank and Jeannie for their significant contribution to the business and particularly their assistance in progressing our remediation plan. I wish them both well in their future endeavours". As required by ASX Listing Rule 3.16.4, the Board has now confirmed the appointment of Mr. Bruce Mathieson Jnr as its Group Chief Executive Officer and Managing Director (subject to receiving necessary outstanding regulatory and ministerial approvals in New South Wales and Queensland). 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 ========= HO WAN KWOK: Weddle Law Loses Bid for Interlocutory Appeal ---------------------------------------------------------- Judge Kari A. Dooley of the United States District Court for the District of Connecticut denied Weddle Law, PLLC's motion for leave to appeal the partial ruling of the United States Bankruptcy Court for the District of Connecticut on its motion to dismiss the adversary proceeding captioned as LUC A. DESPINS, CHAPTER 11 TRUSTEE, Plaintiff, v. WEDDLE LAW, PLLC, Defendant, ADV. PRO. NO. 24-5188 (Bankr. D. Conn.). This appeal arises out of an adversary proceeding commenced in the United States Bankruptcy Court in the District of Connecticut by Chapter 11 Trustee Luc. A. Despins, appointed in the Chapter 11 case of Ho Wan Kwok, against Appellant Weddle Law, PLLC. The MTD Order adjudicated the outstanding issues raised in Weddle's Motion to Dismiss that were not addressed by the Bankruptcy Court's Memorandum of Decision and Order dated March 4, 2025 (the "Omnibus MTD Order"), which resolved four common issues raised by Weddle and dozens of other non-debtor entities similarly seeking dismissal of the Trustee's Complaints against them. In short, the instant MTD Order finally resolved what remained of Weddle's Motion to Dismiss following the Omnibus MTD Order. The Trustee has now filed hundreds of adversary proceedings seeking to avoid transfers nominally made by entities that are or were alter egos of, and beneficially owned by, the Debtor. All of the Complaints in these underlying adversary proceedings allege that the Debtor, through his alter ego shell companies, transferred property to various third-party entities, to include, as alleged in this case, Weddle, and that those transfers were either fraudulent transfers or unauthorized post-petition transfers. The Trustee seeks to claw back these transfers for the benefit of the Estate. On February 13, 2024, the Trustee filed the instant Adversary Proceeding, alleging that Weddle received unauthorized post-petition transfers from the Debtor through his alter egos, HCHK Technologies, HCHK Property, and G Club Operations. On April 28, 2025, Weddle timely filed the instant Motion for Leave to Appeal. Weddle contends that an interlocutory appeal is appropriate because: (1) the case presents novel, controlling issues of law regarding the validity of Weddle's judicial and equitable estoppel defenses, and whether the relevant alter egos are necessary parties to the Adversary Proceeding; (2) that these novel issues provide a "genuine doubt" as to whether the MTD Order applied the correct legal standards; and (3) a decision in Weddle's favor would terminate the Adversary Proceeding, and permitting an interlocutory appeal would not otherwise complicate the Debtor's broader Chapter 11 proceeding. Weddle contends that as part of a settlement agreement in a prior adversary proceeding, to which it was not a party, the Trustee agreed that certain associated professional fees could be paid from the assets of the Debtor's alter egos, including HCHK Technologies, HCHK Property, and/or G Club Operations. According to Weddle, this position is inconsistent with the Trustee's claim in this Adversary Proceeding that those same alter egos' post-petition transfers of legal fees to Weddle are voidable. Weddle argues that the Trustee is equitably estopped from seeking avoidance of the postpetition transfers made to Weddle through the Debtor's alter egos, insofar as the Trustee did not include those alter egos as debtors, include their assets as estate assets, or seek joint administration of these entities, and that as such, Weddle was unaware whether the legal services it was providing to the alter egos "interfered with the bankruptcy proceeding, violated the bankruptcy stay, or related in any way to a debtor's funds." Weddle argues that interlocutory review is warranted on the issue of whether the Trustee should have joined the relevant alter ego entities to the Adversary Proceeding as "indispensable parties." The Trustee argues that the estoppel and joinder issues raised by Weddle are not appropriate for interlocutory appeal, and that regardless, the Court should exercise its "unfettered discretion" to deny interlocutory review. The Court agrees with the Trustee that Weddle has not met the standard for interlocutory appeal. The District Court finds Weddle fails to demonstrate that the issues it seeks to raise on appeal involve pure, controlling questions of law for which there are substantial grounds for a difference of opinion. The appeal is styled WEDDLE LAW, PLLC, Appellant, v. LUC A. DESPINS, CHAPTER 11 TRUSTEE, Appellee, Case No. 3:25-cv-00680-KAD (D. Conn.). A copy of the Court's Memorandum of Decision dated November 20, 2025, is available at https://urlcurt.com/u?l=qQAR0z from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. ========= I N D I A ========= BADRI KEDAR: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Badri Kedar Udyog Private Limited (SBKUPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBKUPL 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 SBKUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBKUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBKUPL continues to be 'Crisil B+/Stable Issuer not cooperating'. SBKUPL, incorporated in 2011 by Mr. Amit Sarawgi and based in Ranchi (Jharkhand), trades in fabrics in the domestic market. Initially, the company was in the civil construction business. However, the promoters decided to discontinue the construction business and entered the trading business in 2013-14 (refers to financial year, April 1 to March 31). C & C CONSTRUCTIONS: Closes Trading Window Amid Liquidation ----------------------------------------------------------- TipRanks reports that C & C Constructions Ltd. has announced that its trading window for dealing in the company's securities will remain closed for designated persons and their immediate relatives from Jan. 1, 2026 until 48 hours after the declaration of its unaudited financial results for the quarter and nine months ended Dec. 31, 2025. TipRanks relates that the board meeting date for approving these results will be communicated to the stock exchanges in due course, even though trading in the company's shares remains suspended due to its ongoing liquidation, underscoring the company's obligation to continue complying with SEBI's insider trading regulations. India-based C & C Constructions Limited provides a wide range of construction services on a nationwide and global basis. The Company's services include the development of highways, airports, and bridges, as well as the laying of fiber optic cable and the manufacture and erection of telecommunications antennas. DHARAN INFRA-EPC: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Dharan Infra-Epc Limited formerly known as Karda Constructions Ltd & KBC Global Ltd 2nd Floor, Gulmohar Status Above Business Bank, Samarth Nagar, Nashik, Maharashtra, India 422005 Insolvency Commencement Date: December 12, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: June 10, 2026 Insolvency professional: Palak Swapnil Desai Interim Resolution Professional: Palak Swapnil Desai 901, 9th Floor, Park Vistas, Lallubhai Park Road, Near MTNL, Andheri (W), Mumbai 400058 Email: palakdesai77@gmail.com Email: cirp.dharaninfra@gmail.com Last date for submission of claims: December 26, 2025 EFFULGENCE TRADING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Effulgence Trading and Services Private Limited (Arka Carbon) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 45 CRISIL D (Issuer Not Cooperating) Letter of Credit 23 CRISIL D (Issuer Not Cooperating) Letter of Credit 13 CRISIL D (Issuer Not Cooperating) Letter of Credit 19 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Effulgence Trading and Services Private Limited (Previously known as: Arka Carbon) 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 Arka Carbon, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Arka Carbon is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Arka Carbon continues to be 'Crisil D/Crisil D Issuer not cooperating'. SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in indigenous and imported coal. The group also provides logistic services through Shree Ganpatlal. Established in 1984 by members of the Bindal family for trading in indigenous coal, the group is now focused on imported coal; it both directly imports coal from international suppliers and relies on merchant importers in India. GKB OPHTHALMICS: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of GKB Ophthalmics Limited (GKB) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.6 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Bank Guarantee 0.3 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 3.7 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Export Packing 0.5 Crisil D (ISSUER NOT Credit COOPERATING; Rating Migrated) Letter of Credit 0.7 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 2 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working 1.3 Crisil D (ISSUER NOT Capital Facility COOPERATING; Rating Migrated) Working Capital 1 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) In accordance with the terms of the rating agreement with GKB, Crisil Ratings has sent repeated reminders for payment of fees towards the surveillance exercise through letters and emails dated September 5, 2025, and November 25, 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 while using the rating assigned/ reviewed with the suffix 'ISSUER NOT COOPERATING'. On account of lack of management cooperation towards non-payment of fees, Crisil Ratings has migrated the ratings on bank facilities of GKB to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1981, GKB commenced operations in 1983. The company manufactures ophthalmic lenses, such as single-vision glass, single-vision plastic, bifocal plastic and photochromic plastic lenses. Mr KG Gupta, Mr Vikram Gupta and Mr Gaurav Gupta are the promoters of the company. GURU RAMAKRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Guru Ramakrishna Tubes (SGRT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.52 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.48 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SGRT 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 SGRT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGRT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGRT continues to be 'Crisil D/Crisil D Issuer not cooperating'. SGRT was set up as a partnership firm of Mr Chakka Rama Krishna Rao and his family members. The firm started commercial operations on November 24, 2016, manufactures pre-galvanized iron pipes from hot-rolled mild steel coils. JUMBO FINVEST: NCLAT Rejects Insolvency Plea Against Company ------------------------------------------------------------ The Economic Times reports that appellate tribunal NCLAT has rejected Equitas Small Finance Bank's appeal to initiate insolvency proceedings against Jumbo Finvest, upholding a National Company Law Tribunal order in the matter. Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated, ET relates. This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI. According to ET, the banking sector regulator on Jan. 16, 2020, barred it from increasing the size of its balance sheet and was prohibited from accessing public funds in any form until further notice, as well as lending. It was submitted that in view of the order of the RBI, Jumbo Finvest actually is not in the business of a financial service provider, and the protection which is envisaged in the provisions of the Code cannot be held to be applicable in the facts of the present case. However, NCLAT said: "We are not persuaded to accept the submission that in view of the order of prohibition issued by RBI, the Respondent (Jumbo Finvest) shall lose its character and nature of the financial service provider." ET says NCLAT observed that Jumbo Finvest's registration was cancelled on October 14. This clearly means that it was a registered financial service provider till the date the registration was cancelled. "We are of the view the provisions of the Code shall be applicable, and the mechanism provided in the Code for initiating CIRP against the financial service provider has to be in accordance with the Code," said a two-member NCLAT bench comprising Justice Ashok Bhushan and Member (Technical) Barun Mitra, ET relays. ET notes that Financial Service Providers (FSPs) like NBFCs, banks, and insurers were initially excluded from the standard Corporate Insolvency Resolution Process (CIRP) under IBC, but were later brought under special provisions via notifications and rules (like the FSP Rules, 2019) for systemic ones. Now, CIRP can be initiated against them, but usually, the relevant regulator, like RBI, must file the application, not just any creditor, requiring regulator approval for resolution plans to ensure public interest and fit-and-proper management. "Thus, we do not find any error in the order of the Adjudicating Authority rejecting the section 7 application. We make it clear that rejection of the section 7 application shall not preclude the Appellant from taking such remedy available in law with regard to its dues against the Respondent," said NCLAT. KADAMBRI HEALTHCARE: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kadambri Healthcare Private Limited (KHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 9 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KHPL 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 KHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KHPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of KHPL to 'Crisil B-/Stable Issuer not cooperating'. KHPL was incorporated in 2009. The company operates a 50-bed, mother-and-child hospital at Ghaziabad (U.P), specialising in gynaecology and paediatrics. It is managed by Mr. Nishant Tyagi, Mr. Hari Kishan Jalan, Mr. Sameer Saurabh Arora, Mr. K Ramalingam. R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R.S.V. Cotton Industries (RSV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Rupee Term Loan 0.17 CRISIL D (Issuer Not Cooperating) Term Loan 2.83 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSV 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 RSV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSV continues to be 'Crisil D Issuer not cooperating'. RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses cotton. The firm commenced operations in November 2013. Its manufacturing facilities are at Anjangaon in Amravati, Maharashtra. VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr. Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It commenced operations in February 2013. Its manufacturing facilities are at Murtizapur in Akola, Maharashtra. The daily operations of both entities are managed by Mr. Sudhakar Kakad and Mr. Vivek Kakad. The Kakad family has been in the business of cotton trading for more than a decade. RAM RAYON: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ram Rayon (SRR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.56 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.09 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRR 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 SRR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRR continues to be 'Crisil D Issuer not cooperating'. Established in July 2014, SRR is a partnership firm promoted by Surat -based Patodia family. It is engaged in sizing and warping of filament yarn. Its processing facility at Surat has installed capacity of 500 tonne per month. RAMNANDI ESTATE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ramnandi Estate Private Limited (REPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.04 CRISIL D (Issuer Not Cooperating) Term Loan 4.93 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with REPL 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 REPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on REPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of REPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in August 2011, REPL is promoted by Mr. Akhouri Gopal. The company is the sole authorised dealer of HMIL passenger vehicles in the Gaya district of Bihar. It has one showroom-cum-workshop in Gaya. ROOP RAM: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Roop Ram Industries Private Limited (RRIPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 28 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 1 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RRIPL 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 RRIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RRIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RRIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2016, RRIPL is setting up a 12 MW solar power project at Sirsa. Commercial operations have started from December 2019. Mr Joginder Singh and Mr Rohit Mann are the promoters. RUBBER O: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rubber O Malabar Products Private Limited (ROM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.73 CRISIL D (Issuer Not Cooperating) Long Term Loan 5.27 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ROM 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 ROM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ROM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ROM continues to be 'Crisil D Issuer not cooperating'. ROM was incorporated in 2011, the firm is engaged in Manufacturing of Rubber Conveyor Belts and managed by Mohammed Rashid and M. Usman. S S AGROZONE: CRISIL Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------ Crisil Ratings has migrated the rating on bank facilities of S S Agrozone Private Limited (SSAPL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.50 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 2.82 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Working Capital 1.20 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) In accordance with the terms of the rating agreement with SSAPL, Crisil Ratings has sent repeated reminders for payment of fees towards the surveillance exercise through letters and emails dated October 10, 2025 and November 25, 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 while using the rating assigned/ reviewed with the suffix 'ISSUER NOT COOPERATING'. On account of lack of management cooperation towards non-payment of fees, Crisil Ratings has migrated the rating on bank facilities of SSAPL to 'Crisil D Issuer not cooperating'. Incorporated in 2012, by Mr. Sanjay Pandey (promoter and managing director), SSAPL manufactures poultry feed. The Lucknow (Uttar Pradesh)-based company has the capacity to manufacture 8 metric tons of feed per month. S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.B. Industries (SB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SB 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 SB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SB continues to be 'Crisil D/Crisil D Issuer not cooperating'. SB was established in Delhi by Mr. Bhutani in 1984. The firm manufactures and markets electrical wires and cables. S.S MEDICAL: CRISIL Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.S Medical Systems (India) Private Limited (SSMSIPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL A4 (Issuer Not Cooperating) Cash Credit 6 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSMSIPL 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 SSMSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSMSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSMSIPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Established in 1975, SSMSIPL manufactures and assembles medical equipment used in hospitals, pathologies, laboratories, at its unit at Bhimtal in Nainital. S.S. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.S. Industries - Hinganghat (SSI) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.25 CRISIL B/Stable (Issuer Not Cooperating) Proposed Working 1.75 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SSI 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 SSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSI continues to be 'Crisil B/Stable Issuer not cooperating'. SSI was formed as a proprietorship firm by Mr Shantilal Kochar in 2012. The firm gins and presses raw cotton and extracts oil from cotton seeds at its unit in Hinganghat, Maharashtra. SABITRI RICE: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sabitri Rice Mills Private Limited (SRMPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 CRISIL A4 (Issuer Not Cooperating) Cash Credit 9 CRISIL C (Issuer Not Cooperating) Proposed Long Term 0.7 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SRMPL 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 SRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRMPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. SRMPL, promoted by Mr. Dilip Kumar Agarwalla in 2007 and based in Karanjia, Odisha, processes paddy into raw and parboiled rice. It also sells broken rice and rice bran, which are by-products of the milling process. SANTOSH W/O: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Santosh W/O Sh. Vinod Kumar Warehouse (SVKW) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7.85 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVKW 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 SVKW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVKW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVKW continues to be 'Crisil D Issuer not cooperating'. SVKW was set up in 2014 by the proprietor, Mr Santosh Jhajhria. The firm has constructed a 35,000-tonne warehouse in Fatehabad, Haryana. SVKW has signed a 10-year lease agreement with HAFED to store agricultural products in the warehouse. The firm is promoted by Ms Santosh Jhajhria, while the day-to-day operations are managed by their son, Mr Udayvir Jhajhria. SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shashi Structural Engineers Private Limited (SSEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 11 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 12.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSEPL 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 SSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSEPL, promoted by Mr Amresh K Tiwari, supplies aggregates and earthwork material to large civil construction players. It also undertakes work for road construction on lower layers up to the granular sub-base. SIDHU INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sidhu Industrial Corporation (Sidhu) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.9 CRISIL D (Issuer Not Cooperating) Term Loan 3.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Sidhu 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 Sidhu, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sidhu is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Sidhu continues to be 'Crisil D Issuer not cooperating'. Sidhu was set up in 1987 as a proprietorship concern by Mr Parshotam Singh. This firm is based in Punjab; it manufactures and fabricates various locomotive parts such as roofs, side walls, partitions and underframes. SONALI EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sonali Exim Private Limited (SEPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.25 CRISIL D (ISSUER NOT COOPERATING) Proposed Cash 9.54 CRISIL D (ISSUER NOT Credit Limit COOPERATING) Working Capital 0.71 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with SEPL 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 SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SEPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010, SEPL exports (One star export house) and trades in or wholesales dress materials and other fabrics. The company is owned and managed by Deepak Agarwal. SUBRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Subra Enterprises (SE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SE 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil D Issuer not cooperating'. SE, set up in 2012, is based in Chennai. It trades in agro commodities. Its operations are managed by Mr. A S Sharath Chandran and his son, Mr. Shiyaam Sharath. TIMES FERRO: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Times Ferro Alloys Limited (TFAL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25.96 CRISIL B-/Stable (ISSUER NOT COOPERATING) Corporate Loan 4.47 CRISIL B-/Stable (ISSUER NOT COOPERATING) Funded Interest 1.89 CRISIL B-/Stable (ISSUER NOT Term Loan COOPERATING) Term Loan 2.49 CRISIL B-/Stable (ISSUER NOT COOPERATING) Working Capital 3.92 CRISIL B-/Stable (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with TFAPL 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 TFAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TFAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TFAPL continues to be 'Crisil D Issuer not cooperating'. TFAL was set up in 2008 by Mr. T C Agarwal. It produces ferrous alloys such as silico manganese and Ferro manganese. The company's production facilities are in Durgapur (West Bengal). TIRUPATI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tirupati Industries - Rajkot (TI) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.25 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 5.75 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 4.75 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with TI 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 TI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TI continues to be 'Crisil D Issuer not cooperating'. TI was set up as a partnership firm in 2014 by brothers Mr Ashish Talaviya and Mr Ashwin Talaviya, and their family members. It is based in Rajkot, Gujarat, and extracts groundnut oil and produces de-oiled cakes. TNR INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of TNR Industries Private Limited (TIPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL C (Issuer Not Cooperating) Proposed Long Term 8 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TIPL 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 TIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TIPL continues to be 'Crisil C Issuer not cooperating'. TIPL, set up in 2011, manufacture of Unplasticized Polyvinyl Chloride (UPVC) and leasing of RMC facility. Based in Hyderabad, the company is promoted by Mr T Narsimha Rao and his family. VINOD CONSTRUCTION: CRISIL Lowers Long/Short Term Ratings to D -------------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of Vinod Construction (VC) to 'Crisil D/Crisil D' from 'Crisil BB-/Stable/Crisil A4+'. The ratings downgrade reflects delays in servicing of term debt obligation on account of weak liquidity. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB-/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The ratings reflect delays of 12 days in meeting term loan obligation due to stretched liquidity and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoters in the engineering, procurement and construction (EPC) industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of VC. Key Rating Drivers - Weaknesses * Delay in debt servicing: VS has delayed repaying term loan by 12 days in December 2025 due to stretched liquidity. * Large working capital requirement: Gross current assets were around 297 days as on March 31, 2025, as compared to 192 days as on March 31, 2024. This was due to stretched receivables of 13 days and inventory of 189 days. Since the firm deals with government entities, it has to offer them extended credit. However, credit of more than 190 days provided by the supplier partially supports the working capital cycle. The working capital cycle will remain stretched over the medium term and will be closely monitored. Key Rating Drivers - Strengths * Extensive experience of the partners: The two decade-long experience of the promoters in the civil construction industry, their strong understanding of market dynamics and established relationships with suppliers and customers will continue to support the business risk profile. In fiscal 2025, the firm booked revenue of INR25.9 crore. Its order book was INR42.8 crore as of December 2025, which will support the business risk profile going forward. Liquidity Poor The company has delayed meeting its debt obligation for 12 days in December 2025 due to weak liquidity. This was due to stretched working capital cycle, driven by high inventory and receivables. Additionally, the company has significant fixed debt obligation against low net cash accrual. Large working capital requirement and leveraged capital structure will continue to constrain liquidity. Rating sensitivity factors Upward factors * Timely track record of debt servicing for at least 90 days * Improvement in the financial risk profile with increased capital and lower dependence on debt Set-up in 1998 as a partnership firm by Mr. Vinod Rank and his family members, VC constructs buildings for government departments in Gujarat. VIRYA MICRO: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Virya Micro Finance Private Limited No 5, ONYX CENTRE, 2nd Floor, Museum Road, High Court, Bangalore, Bangalore North, Karnataka, India, 560001 Liquidation Commencement Date: December 5, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Hari Babu Thota #41/1, llth Cross, 8th Main, 2nd Block, Jayanagar, Bengaluru - 560011 Email: liqvolhbt@gmail.com Mobile: +9197402 37291 Last date for submission of claims: January 4, 2026 VISHAL JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Vishal Jewellers (SVJ) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Working 7.5 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SVJ 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 SVJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVJ continues to be 'Crisil D Issuer not cooperating'. SVJ was set up in 1983 at Pune as a partnership between Mr Kantilal Sonigara and family. The firm retails in gold, silver and diamond jewellery at its showroom in Nigadi, Pune; the size of this showroom is about 3,000 square feet. ================= I N D O N E S I A ================= ISHH RAJ SILICON: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Ishh Raj Silicon Private Limited 204/29, Near To Raja Kothi School Rashan Dukan, Gulab Bari, Ajmer, Ajmer, Rajasthan, India, 305001 Insolvency Commencement Date: December 12, 2025 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: June 10, 2026 Insolvency professional: Kamal Kumar Jadwani Interim Resolution Professional: Kamal Kumar Jadwani Flat No. 605, Wing-B, Sadguru Complex II (A-B), Film City Road, Goregaon East, Adjacent to Satellite Tower, Mumbai Suburban, Maharashtra, 400063 Email: kamaljadwani@gmail.com -- and -- 10, Centre Point, 1St Floor, World Trade Centre, Centre-1 Building, Cuffe Parade, Mumbai, Maharashtra, 400005 Email: ishhraj.cirp@gmail.com Last date for submission of claims: December 26, 2025 =============== M A L A Y S I A =============== TECHBASE INDUSTRIES: Loss Widens to MYR25.6MM in Q1 Ended Oct. 31 ----------------------------------------------------------------- The Malaysian Reserve reports that Techbase Industries Bhd posted a wider net loss for the first quarter ended Oct. 31, 2025, as weaker sales and higher operating expenses weighed on performance. The apparel manufacturing company recorded a net loss of MYR25.6 million, compared with a loss of MYR8.1 million in the corresponding period a year earlier, the Malaysian Reserve discloses. Revenue declined 12% year-on-year to MYR33.12 million, mainly due to lower contributions from its apparel and textile divisions. The Malaysian Reserve relates that the losses were driven largely by reduced sales volumes and a sharp increase in other operating expenses, including fair value losses on investments. Basic loss per share widened to 8.46 sen from 2.69 sen previously. The company did not declare any dividend. Looking ahead, Techbase said the global business environment remains challenging amid geopolitical uncertainties, currency volatility and evolving trade policies, The Malaysian Reserve relays. As at Oct. 31, 2025, Techbase's total borrowings stood at MYR39.17 million, while cash and cash equivalents amounted to MYR47.13 million, the report adds. Techbase Industries Berhad, an investment holding company, operates in apparel business in Malaysia, the United States, Europe, Asia, and internationally. The company operates through four segments: Apparels, Textile, Advertising, and Others. It offers outerwear, tops and bottoms, and children and adult wear for running, training, performance sport, casual sportswear, gym, and yoga, as well as fabric face masks. It also manufactures fabrics, such as single and double knit, semi-jacquard, and digital knit fabrics. In addition, it offers property investment, agency, and management services, as well as advertising services on multimedia boards. Further, the company involved in the e-commerce sale of casual wear and sportswear apparels. ===================== N E W Z E A L A N D ===================== CERTUSBIO LIMITED: Creditors' Proofs of Debt Due on Jan. 30 ----------------------------------------------------------- Creditors of Certusbio Limited are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 17, 2025. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 FUTUREVERSE CORPORATION: Creditors' Proofs of Debt Due on Feb. 2 ---------------------------------------------------------------- Creditors of Futureverse Corporation Limited are required to file their proofs of debt by Feb. 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 16, 2025. The company's liquidators are: Andrew Grenfell Kare Johnstone McGrathNicol Level 17 41 Shortland Street Auckland LA LA LAND: Chocolate Shop Goes Into Liquidation, Owing NZD90,000 ----------------------------------------------------------------- The Press reports that a boutique chocolate café formerly based at an upmarket Christchurch shopping complex has been forced into liquidation by the court – owing nearly NZD90,000 in taxes. On December 16, the NZ Insolvency and Trustee Service published an insolvency report for La La Land Chocolate Garden, which had operated out of The Tannery in Woolston. This comes more than a year after it ceased trading, in February 2024. According to the report, La La Land was put into liquidation by the High Court in Christchurch on November 13 this year, following an application by Inland Revenue, The Press discloses. The Press relates that the report listed Inland Revenue as the chocolate shop's sole, unsecured creditor, with the department making a claim for about NZD89,870. It said the cause of the liquidation "appears to be related to a failure to account for taxation". According to The Press, the liquidator said it was still "in the process of establishing communication" with La La Land's sole director, listed on the Companies Register as Monika Suchecka. "In the meantime, the liquidator is conducting searches and investigations through various databases and other avenues to locate any assets of interest that are of benefit for creditors in this liquidation." Ms. Suchecka was also listed as the sole director and shareholder of La La Land Patisserie, based in Raglan. She recently spoke to the Waikato Times about her journey to opening the chocolate café in 2018, after moving to New Zealand 13 years ago. Her best seller was a thick, European-style orange and chilli hot chocolate, which she claimed one couple flew in by private plane from Auckland just to try. Back down in Christchurch, the Companies Register also listed her as the former sole director and shareholder of a now-removed chocolate café that previously operated out of the Malthouse Cottage on lower Colombo St, which went by the name La La Land, The Press adds. LQNZ6 (FPGD): Creditors' Proofs of Debt Due on Jan. 30 ------------------------------------------------------ Creditors of LQNZ6 (FPGD) Limited (formerly Fernbrook Property (GD) Limited) are required to file their proofs of debt by Jan. 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2025. The company's liquidators are: Andrew Grenfell Kare Johnstone McGrathNicol Level 17 41 Shortland Street Auckland VIP CAR: Creditors' Proofs of Debt Due on Jan. 23 ------------------------------------------------- Creditors of Vip Car Care Hobsonville Limited and Vip Car Care Limited are required to file their proofs of debt by Jan. 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 =============== P A K I S T A N =============== PAKISTAN HOTELS: Liquidators Seek Six-Month Extension From Court ---------------------------------------------------------------- Pakistan Today reports that the liquidators of Pakistan Hotels Developers Limited have moved the Sindh High Court seeking a six-month extension in the company's liquidation period, according to a material disclosure issued to the Pakistan Stock Exchange. In the filing, the liquidators said the additional time has been requested to complete outstanding matters in line with applicable laws and regulatory requirements, Pakistan Today relates. They said the extension would allow an orderly conclusion of the liquidation process. Pakistan Today says the disclosure was made under PSX Listing Regulations to keep the exchange informed of material developments related to the company's ongoing liquidation proceedings. Pakistan Hotels Developers Limited (PSX:PHDL) is principally engaged in hotel business and owns and operates a Five Star Hotel known as Regent Plaza Hotel and Convention Centre, Karachi. PHDL commenced liquidation process on Dec. 31, 2024, following the approval of a Special Resolution passed in the company's General Meeting. As per the Companies Act, 2017, PHDL aims to complete its winding-up proceedings by December 2025, which includes the settlement of debts, taxes, liabilities, and the resolution of any ongoing court cases, according to Profit. ================= 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 151 Chin Swee Road #08-14 Manhattan House Singapore 169876 AUTOBAHN RENT: Fails to Get Court Protection Against Creditors -------------------------------------------------------------- The Straits Times reports that Autobahn Rent A Car and its related businesses, which owe more than SGD300 million, had their application for creditor protection dismissed by the High Court on Dec. 26, according to lawyers involved in the case. ST relates that the company, which offers vehicle rental, motor repair and financing, intends to appeal against the decision. The majority of vehicles under Autobahn Rent A Car and its related business are rented out as private-hire cars used for ride-hailing services. The group also owns Shariot, which is a vehicle-sharing service. Submitted documents show that creditors include finance companies and major banks. Among them, DBS is owed SGD103 million, UOB SGD17 million and OCBC SGD12.5 million. In total, the debt exceeds SGD300 million, ST discloses. On Nov. 28, the group of companies applied for a six-month moratorium to halt creditor actions, including the repossession of assets, while they work out a proposed scheme of arrangement. A moratorium is a court-supervised process that enables financially distressed companies to negotiate with creditors to restructure their debts and continue operating. After the application is made, an automatic moratorium of 30 days is granted under the Insolvency, Restructuring and Dissolution Act 2018. In response to The Straits Times, Mr. Clarence Lun of Fervent Chambers, which represents Autobahn, said on Dec. 26 that the application for further moratorium was dismissed, and while his client respects the decision of the court, he has been instructed to file an appeal. Mr. Parwani Vijai of Parwani Law, the firm representing seven creditors in the application, including Motor Way Credit and Supreme Cars Financial Services, told ST that the application has been dismissed, adding that his clients are relieved by the decision and are now working on the next steps on recovering what is owed to them. Most of the debt relates to vehicle hire-purchase agreements, with the business loans, mortgages and fees making up the remainder. Autobahn Rent A Car and its group of related companies were reported to have a fleet of 1,700 vehicles, having grown from 500 vehicles over the past few years after the Covid-19 pandemic. On Dec. 26 evening, Autobahn Rent A Car posted on its Facebook page informing hirers of its vehicles of the High Court hearing, and that it was appealing against the decision, ST notes. Business operation, the company said, will continue as usual. It added: "Autobahn remains committed to discharging its responsibilities and safeguarding the interests of its partners. The safety, mobility and continuity of service for hirers remain a key priority," ST relays. C-QUEST CAPITAL: Commences Wind-Up Proceedings ---------------------------------------------- Members of C-Quest Capital SG India Led Private Limited on Dec. 18, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Goh Tiong Hong 60 Paya Lebar Road #10-03 Paya Lebar Square Singapore 40905 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 UNCHARTED PARTNERS: Commences Wind-Up Proceedings ------------------------------------------------- Members of Uncharted Partners Pte. Ltd. and Uncharted Holdings1 Pte. Ltd. on Dec. 16, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Timothy James Reid Ng Yau Yee Theresa c/o Baker Tilly Reid 600 North Bridge Road #05-01 Parkview Square Singapore 188778 VALUENERGY PTE: Placed Under Provisional Liquidation ---------------------------------------------------- Mr. Chan Kwang Cheng and Ms. Tee Lian Choy of Messrs Jordans Insolvency Unit on Dec. 17, 2025, were appointed as provisional liquidators of Valuenergy Pte. Ltd. The provisional liquidators may be reached at: Mr. Chan Kwang Cheng Ms. Tee Lian Choy Messrs Jordans Insolvency Unit 105 Cecil Street #15-02 The Octagon Singapore 069534 =============== T H A I L A N D =============== JKN GLOBAL: Former Miss Universe Chief Sentenced 2 Years -------------------------------------------------------- Bangkok Post reports that the Bangkok South Kwaeng Court has sentenced Jakkaphong "Anne" Jakrajutatip, founder of JKN Global Group, to two years' imprisonment without suspension after finding her guilty of fraud involving a 30‑million‑baht corporate bond investment. The ruling was delivered in absentia after she failed to appear in court and remains at large. Bangkok Post relates that the verdict was handed down on Dec. 26 in a criminal case filed by Raveewat Maschamadol against JKN Global Group Plc and Jakkaphong for jointly committing fraud. According to the court, between July 24 and Aug. 8, 2023, the defendants deceived the plaintiff by presenting false information and concealing material facts that should have been disclosed, Bangkok Post relays. They persuaded the plaintiff to invest in corporate bonds issued by JKN Global Group despite knowing the company was facing severe financial difficulties and would be unable to repay the investment on the agreed date. According to Bangkok Post, the court found that Jakkaphong, as a key executive, was fully aware of the company's financial condition at the time of the bond sale. Through the deception, the defendants obtained assets worth THB30 million from the plaintiff, causing financial damage. Bangkok Post says the plaintiff sought legal action under Section 341 of the Criminal Code, which deals with fraud. On the day of the verdict, a representative of JKN Global Group appeared in court. However, Jakkaphong, who has been under an arrest warrant for more than a month, failed to appear. The court found both defendants guilty under Sections 341 and 83 of the Criminal Code. JKN Global Group was fined THB40,000, while Jakkaphong was sentenced to two years in jail. She had also failed to appear for a verdict hearing previously scheduled for Nov. 25, which the court interpreted as an attempt to evade legal proceedings. An arrest warrant was subsequently issued. She remains at large. About JKN Global JKN Global Group PCL (BKK:JKN) -- https://jknglobalgroup.com/ -- together with its subsidiaries, engages in content distribution business in Thailand. It operates through five segments: Sales of Program Rights, Advertising Services, Sale of Products, Miss Universe License Management Business, and Other Business. The company is involved in the distribution of contents of the movies, series, and documentaries; and production and distribution of non-alcoholic beverages. It also provides advertising services; offers television stations; engages in the manufacture and distribution of health, beauty, and consumer products; and produces and distributes television programs that granting the copyright to the Miss Universe pageant and relating to the Miss Universe pageant's activities. In addition, the company offers studio leasing, costume rental, and artist management services, as well as organizes events; and retail sale through mail order, television, radio, and telephone. It also exports its products. The company was formerly known as JKN Global Media Public Company Limited and changed its name to JKN Global Group Public Company Limited in May 2022. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 10, 2023, JKN Global Group Plc, the SET-listed media company that owns the Miss Universe beauty pageant brand, has petitioned for debt rehabilitation as it seeks to solve a liquidity squeeze. The business rehabilitation request was submitted to the Central Bankruptcy Court on Nov. 8, JKN said in a filing to the Stock Exchange of Thailand. According to Bangkok Post, the company has petitioned to adjust interest rates on existing debt and extend its debt repayment period, and proposed itself as a planner for the process. ********* 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 ***