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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 26, 2026, Vol. 29, No. 18
Headlines
A U S T R A L I A
CHALAMBAR GOLF: Second Creditors' Meeting Set for Jan. 30
GLOWER PTY: First Creditors' Meeting Set for Feb. 3
GRAYS ECOMMERCE: First Creditors' Meeting Set for Jan. 30
INFINITY PHARMACY: Wesfarmers Drops Rescue Deal at Last Hour
TABLETOP 2: First Creditors' Meeting Set for Jan. 30
TIMETECH PTY: First Creditors' Meeting Set for Feb. 4
UNITED GLOBAL: Former Financial Adviser's Ban Varied to 3 Years
C H I N A
CHINA VANKE: Dollar Bondholders Want More Say as Debt Talks Loom
H O N G K O N G
DALIAN WANDA: Fitch Cuts IDR to 'RD', Then Hikes IDR to 'CC'
VAST LUCK: No Reliable Evidence Chain Can Settle Debts, Judge Says
I N D I A
CLOUDSYNAPPS INDIA: Voluntary Liquidation Process Case Summary
DEVI ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
ENVIRO GREEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
GALAXY CONVEYORS: CRISIL Keeps B Debt Rating in Not Cooperating
GIRDHAR TENTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GUJARAT COTFIB: ICRA Keeps D Debt Ratings in Not Cooperating
GURUKRUPA CORPORATION: ICRA Keeps D Ratings in Not Cooperating
HARANAI SAHAKARI: ICRA Keeps B+ Debt Ratings in Not Cooperating
HIGH TECH TEXOLENE: ICRA Keeps D Debt Ratings in Not Cooperating
HIGH TECH WEAVES: ICRA Keeps D Debt Ratings in Not Cooperating
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
HINDUSTHAN CALCINED: ICRA Keeps D Debt Ratings in Not Cooperating
IDQ INNOVATION: Voluntary Liquidation Process Case Summary
INDO GERMAN: ICRA Keeps B+ Debt Rating in Not Cooperating
KANJ PRODUCTS: CRISIL Keeps B Debt Rating in Not Cooperating
KMC CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
KNK CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
M.G. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHESH RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Ratings in Not Coop.
RAJARAM SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating
RENEW TREASURY: Fitch Rates New Sr. Secured USD Notes 'BB-'
SAMDARIYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating
SPRING MERCHANDISERS: CRISIL Keeps D Ratings in Not Cooperating
SUSTAINABLE OUTREACH: Insolvency Resolution Process Case Summary
TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating
VELKO INFRATEK: ICRA Keeps B+ Debt Ratings in Not Cooperating
VIL INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
WOODHILL INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
I N D O N E S I A
KAWASAN INDUSTRI: S&P Withdraws 'CCC+' LT Issuer Credit Rating
J A P A N
NISSAN MOTOR: Chery Automobile to Buy Plant in South Africa
M A L A Y S I A
CAPITAL A: Officially Completes PN17 Regularisation Plan
N E W Z E A L A N D
ALPHA CONSTRUCT: Creditors' Proofs of Debt Due on Feb. 26
FIRST AID: Creditors' Proofs of Debt Due on Feb. 23
JADETOWN UYGHUR: Closing Mt Eden Premises Amid Liquidation
KNOPFHONEY LIMITED: Court to Hear Wind-Up Petition on Feb. 4
STITCH PERFECT: Court to Hear Wind-Up Petition on Feb. 27
VAO CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 11
S I N G A P O R E
1939 PRIVATE: Commences Wind-Up Proceedings
DIGITAL SOLUTION: Placed in Provisional Liquidation
FATHOMX PTE: Creditors Meeting Set for Feb. 3
GATEWAY FUND: Placed in Provisional Liquidation
GOLDEN ENERGY: Moody's Affirms B1 CFR, Alters Outlook to Negative
SUPERFOOD KITCHEN: Creditors' Meeting Set for Feb. 6
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A U S T R A L I A
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CHALAMBAR GOLF: Second Creditors' Meeting Set for Jan. 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Chalambar Golf
Club, Ararat Inc. has been set for Jan. 30, 2026, at 11:00 a.m. via
Microsoft Teams.
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. 29, 2026 at 5:00 p.m.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Aug. 12, 2024.
GLOWER PTY: First Creditors' Meeting Set for Feb. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Glower Pty
Ltd will be held on Feb. 3, 2026, at 2:00 p.m. via virtual meeting
technology.
Garth O'Connor-Price and Laurence Fitzgerald of William Buck were
appointed as administrators of the company on Jan. 21, 2026.
GRAYS ECOMMERCE: First Creditors' Meeting Set for Jan. 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Grays
eCommerce Group Limited, Grays (NSW) Pty Limited, and Grays (VIC)
Pty Limited will be held on Jan. 30, 2026, at 12:00 p.m. via
virtual meeting technology.
Jason Preston and Damien Pasfield of McGrathNicol were appointed as
administrators of the company on Jan. 19, 2026.
INFINITY PHARMACY: Wesfarmers Drops Rescue Deal at Last Hour
------------------------------------------------------------
The Australian Financial Review reports that Wesfarmers abruptly
called off plans to support the largest franchisee in its Priceline
pharmacy network before surprising lenders by pushing it into
receivership, leaving creditors owed more than AUD400 million.
The Perth-based conglomerate, in a plan it called Project Coral,
was close to providing an equity injection for Infinity Pharmacy
Group, reconfiguring its debt and setting up a new management
company, according to people briefed on the discussions who asked
for anonymity to speak freely and documents seen by The Australian
Financial Review.
Instead, in December, Wesfarmers put more than 50 of its stores
into receivership, creating significant uncertainty for creditors,
employees and the Priceline network, the Financial Review relates.
According to the Financial Review, the reversal of a plan to
support a major part of the Priceline business suggests that
Wesfarmers' hopes of turning its health division, established in
2022, into another earnings powerhouse alongside its Kmart and
Bunnings chains are proving more difficult than anticipated.
The Financial Review notes the conglomerate launched into health
when it acquired Australian Pharmaceutical Industries off the ASX,
taking control of the Priceline chain and a drug wholesaling arm.
While returns are improving, turning around the Australian
Pharmaceutical Industries business and managing the Priceline
network has proven more complex than expected, the report says. The
company is also facing intense competition from Chemist Warehouse,
the discount pharmacy chain that has merged with major wholesaler
Sigma Healthcare and is now listed on the ASX.
Stabilising Infinity was a key part of Wesfarmers' hopes of turning
around Australian Pharmaceutical Industries. The company had been
working on a deal for months, with a non-binding term sheet signed
off by Wesfarmers chief executive Rob Scott and chief financial
officer Anthony Gianotti, according to the Financial Review.
After expanding rapidly over several years, mostly in Queensland
and NSW, financial pressure had mounted for Infinity and its bills
went unpaid. Its secured lenders are now owed more than AUD400
million while Australian Pharmaceutical Industries is owed AUD110
million.
Pushing 54 of Infinity's stores into receivership forced the rest
of its 91-store network into voluntary administration, the
Financial Review states.
Westpac, National Australia Bank and Commonwealth Bank are owed
about AUD145 million, according to company documents.
Wesfarmers' move to protect its network surprised Infinity's
largest lenders, and other creditors including ASX-listed Paragon
Care, medical lender Medpro and private credit group Global Credit
Investments.
The Financial Review relates that people with knowledge of the
matter who requested anonymity due to the sensitivity of the
situation said Wesfarmers wanted to prevent Infinity from being
sold to rival Chempro, which had been in discussions to buy most of
the network about a year ago.
Chempro made an indicative offer to purchase the stores in
Queensland and NSW, which valued Infinity at about AUD570 million,
including debt. Under that deal, all creditors would have been
repaid, but it would have stripped Wesfarmers of a vital
wholesaling contract and weakened the Priceline brand.
Infinity Pharmacy Group operated 120 sites throughout Australia,
which are mostly Priceline-branded stores.
TABLETOP 2: First Creditors' Meeting Set for Jan. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tabletop 2
Investments Pty Ltd, trading as Jackie O's Cafe and Bar, will be
held on Jan. 30, 2026, at 10:00 a.m. via virtual meeting.
Danny Vrkic of DV Recovery Management was appointed as
administrator of the company on Jan. 22, 2026.
TIMETECH PTY: First Creditors' Meeting Set for Feb. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Timetech Pty
Ltd will be held on Feb. 4, 2026, at 12:00 p.m. via
teleconference.
John Maxwell Morgan of BCR Advisory was appointed as administrator
of the company on Jan. 22, 2026.
UNITED GLOBAL: Former Financial Adviser's Ban Varied to 3 Years
---------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) said that
former United Global Capital (UGC) financial adviser Milutin
Petrovic has had a six year ban varied to three years by the
Administrative Review Tribunal.
Mr. Petrovic will be banned from providing financial services,
performing any function involved in carrying on of a financial
services business and controlling an entity that carries on a
financial services business for three years.
In January 2025, Mr. Petrovic sought a review of a decision to ban
him for six years which was made by a delegate of ASIC. The
Administrative Review Tribunal heard the matter in June and July
2025. The decision to vary the ban was issued on Dec. 11, 2025.
Mr. Petrovic was banned from providing financial services,
performing any function involved in carrying on of a financial
services business and controlling an entity that carries on a
financial services business for six years effective from January
2025.
Mr. Petrovic applied to the Administrative Review Tribunal for a
review of ASIC's decision. Mr. Petrovic also applied for stay and
confidentiality orders and that application has been withdrawn. The
substantive review application was heard on June 30 and July 1 and
July 2, 2025.
The banning took effect from Jan. 15, 2025, was stayed on an
interim basis on Feb. 28, 2025, and resumed on March 26, 2025 when
that stay was dissolved.
The banning arose from Mr. Petrovic's role as a financial adviser
of UGC. ASIC was concerned that UGC and its representatives gave
conflicted personal advice to clients, specifically those advised
to establish a self-managed superannuation fund (SMSF) and invest
in highly speculative investments related to Joel Hewish (UGC's
director). This included a company called Global Capital Property
Fund Limited (GCPF).
About United Global Capital
United Global Capital was based in Melbourne and held Australian
financial services (AFS) licence no. 496179 since August 18, 2017.
It provided financial services including financial advice to
clients across Australia.
Related property investment company, Global Capital Property Fund
Limited (GCPF) was an authorised representative of UGC from March
25, 2020.
ASIC made interim stop orders on July 5 and July 21, 2022
preventing the offer of shares to retail investors under GCPF's
prospectus as well as further interim stop orders on August 29 and
September 13, 2022 preventing the issue of shares due to a
deficient target market determination.
On June 20, 2024, ASIC obtained interim orders from the Federal
Court freezing the assets of UGC and GCPF.
On July 5, 2024, UGC entered voluntary administration and on August
9, 2024 UGC's creditors resolved to wind-up UGC and appoint David
Stimpson of SV Partners as liquidator.
In September 2024, ASIC applied to the Federal Court for orders to
appoint provisional liquidators to GCPF and to wind-up GCPF. On
October 3, 2024, the Federal Court made orders for Global Capital
Property Fund (GCPF) to be wound up on just and equitable grounds,
appointing Ross Blakely and Kelly-Anne Trenfield of FTI Consulting
as liquidators.
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C H I N A
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CHINA VANKE: Dollar Bondholders Want More Say as Debt Talks Loom
----------------------------------------------------------------
Bloomberg News reports that some China Vanke dollar bondholders are
urging the distressed builder to consider options such as
debt-to-equity swaps, as they seek to avoid getting sidelined in
what would be one of the country's largest-ever restructurings.
Debt advisory firm PJT Partners, on behalf of creditors holding 15%
of Vanke's dollar bonds, sent a letter with the proposals to the
company on Jan. 22, according to people familiar with the matter,
Bloomberg relays. That marks one of the first formal requests from
any investors in Vanke's US$1.3 billion of outstanding dollar
notes, though more holders would need to get on board to increase
their clout in any negotiations.
Bloomberg relates that the creditors also suggested exchanging
existing bonds at a discount to their face value for new notes
backed by offshore assets, the people said. The group holds about
US$200 million of Vanke's two dollar bonds, due in 2027 and 2029.
Bloomberg says the outreach comes as Vanke, one of the last major
Chinese developers to so far avoid default, has been working to
amass support to delay payments on some of its local bonds. It
recently won the backing of creditors for one such plan, after
sweetening an initial proposal with 40% upfront cash payments, and
holders of two other notes are voting on a similar offer.
Despite that, authorities recently asked the company to prepare a
debt restructuring plan, as it strains under nearly US$50 billion
in interest-bearing liabilities.
Vanke's dollar notes are trading at around 25 cents on the dollar,
while the majority of its yuan-denominated bonds have climbed to
about CNY40, fuelled by hopes the developer may offer the same
upfront cash payments on all outstanding onshore notes, Bloomberg
states.
In the letter, bondholders urged the company not to use offshore
assets as credit enhancements to the exclusion of dollar note
investors, the people said, Bloomberg relays.
PJT told creditors in a call in January that they could consider
calling a default on Vanke's offshore bonds, based on certain
"cross-acceleration" clauses in the company's dollar bond offering
documents, according to Bloomberg.
Under these clauses, if other debts amounting to more than US$50
million aren't paid on time or "within any originally applicable
grace period", bondholders can demand full payment of all the
company's notes. That's as long as creditors representing at least
25% of the outstanding amount of any dollar bond agree.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.
Fitch Ratings, on Dec. 24, 2025, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.
S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27, 2025.
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H O N G K O N G
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DALIAN WANDA: Fitch Cuts IDR to 'RD', Then Hikes IDR to 'CC'
------------------------------------------------------------
Fitch Ratings has downgraded Dalian Wanda Commercial Management
Group Co., Ltd.'s (Wanda Commercial) and Wanda Commercial
Properties (Hong Kong) Co. Limited's (Wanda HK) Long-Term
Foreign-Currency Issuer Default Ratings (IDRs) to 'RD' (Restricted
Default) from 'C' on completion of the amendment to the terms of
the USD400 million bonds issued by Wanda Commercial's subsidiary,
which met the definition of a distressed debt exchange (DDE) under
Fitch's Corporate Rating Criteria.
Fitch has simultaneously upgraded the IDRs to 'CC' from 'RD',
reflecting Wanda Commercial's post-restructuring profile. Fitch has
also affirmed the ratings on the US dollar notes guaranteed by
Wanda HK and issued by Wanda Properties Global Co. Limited at 'C'
with a Recovery Rating of 'RR5'. Fitch believes that the margin of
safety for Wanda Commercial's liquidity remains low, as it still
faces significant short-term financial obligations.
Fitch rates Wanda HK and Wanda Commercial under Fitch's Parent and
Subsidiary Linkage (PSL) Rating Criteria. The companies' IDRs are
the same, reflecting very high credit risk. Wanda HK is Wanda
Commercial's fully owned sole offshore financing platform and
overseas investment-holding company.
Key Rating Drivers
Bond Amendment Completed: Fitch believes the completion of the
amendment to the terms of the USD400 million bonds, issued by Wanda
Properties Global and guaranteed by Wanda HK, constitutes a DDE in
accordance with Fitch's Corporate Rating Criteria. Fitch considers
the extension of the maturity date by two years as a material
reduction in terms while the restructuring would allow the issuer
to avoid an eventual probable default. The amendment to the bond
terms was completed on 8 January 2026.
Tight Liquidity: Fitch believes Wanda Commercial's liquidity is
still tight as Fitch estimates it has about CNY20 billion of
short-term debt obligations. Fitch expects Wanda Commercial to seek
to roll over most of the short-term loans. Cash flow from
operations, after proceeds from potential asset disposals, may be
just sufficient to repay loan amortisations in 2026-2027, with
limited room for further debt repayment. Its capital market access
has been affected by a prolonged property market downturn in
China.
The company reported CNY4 billion in cash at end-June 2025, but
Fitch believes most of the reported cash may not be available for
debt repayment. The company has repaid the USD300 million in bonds,
which matured on 12 January 2026, with proceeds from previous asset
disposals.
Limited Access to WMPs: Wanda Commercial held around CNY43 billion
of investments in wealth management products (WMPs) and CNY54
billion of tradable financial assets at end-June 2025. However,
Fitch gives no cash credit to these investments, as Fitch believes
there are limits on Wanda Commercial's access to the investments.
Uncertain Asset Sales: Fitch believes Wanda Commercial will
continue to sell some of its investment properties to repay part of
its financial obligations. However, the sales are subject to
execution risks and Fitch expects the disposals to weaken its
business profile.
Linkage Assessment: Fitch has determined that a parent-subsidiary
relationship exists between Wanda Commercial and Wanda Group. Fitch
assesses Wanda Commercial's IDR based on its Standalone Credit
Profile (SCP), which is the same as Fitch's internal assessment of
the group's consolidated profile. Any improvement in the
subsidiary's SCP without corresponding improvement in the group's
consolidated credit profile could constrain Wanda Commercial's
rating, based on the 'Open' legal ringfencing and 'Open' access and
control under the PSL criteria's "strong subsidiary, weak parent"
approach.
Peer Analysis
The IDRs on Wanda Commercial and Wanda HK are driven by the high
level of credit risks related to the repayment of its debt
obligations.
Corporate Rating Tool Inputs and Scores
Fitch scored Wanda Commercial as follows, using its Corporate
Rating Tool (CRT) to produce the SCP:
-- Business and financial profile factors: Management (ccc,
moderate), Access to Capital (ccc-, moderate), Liability Profile
(ccc-, higher), Property Portfolio (bbb, lower), Rental Income Risk
Profile (bbb, lower), Profitability (bbb-, lower), Financial
Structure (ccc-, moderate), and Financial Flexibility (ccc-,
higher);
-- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 40% for the forecast year 2025, and 40% for the forecast year
2026;
-- The 'B+' to 'CC' considerations result in -1 notch adjustment;
-- The governance assessment of 'Deficient' results in no
adjustment;
-- The operating environment assessment of 'bbb-' results in no
adjustment;
-- The SCP is 'cc'.
Fitch scored Wanda HK as follows, using its CRT to produce the
SCP:
-- Business and financial profile factors: Management (ccc,
moderate), Access to Capital (ccc-, moderate), Liability Profile
(ccc-, higher), Property Portfolio (b-, lower), Rental Income Risk
Profile (b, lower), Profitability (bb-, lower), Financial Structure
(ccc-, moderate), and Financial Flexibility (ccc-, higher);
-- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 40% for the forecast year 2025, and 40% for the forecast year
2026;
-- The 'B+' to 'CC' considerations results in -1 notch adjustment;
-- The governance assessment of 'Deficient' results in no
adjustment;
-- The operating environment assessment of 'bbb-' results in no
adjustment;
-- The SCP is 'cc'.
Recovery Analysis
The recovery analysis assumes that Wanda HK would be liquidated in
a bankruptcy. Fitch assumes a 10% administrative claim.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in the sale or
liquidation processes conducted during a bankruptcy or insolvency
proceeding and distributed to creditors, and the following
assumptions:
- Advance rate of 0% is applied to excess cash after netting off
payables and other payables.
- Advance rate of 50% is applied to investment properties, which
are mainly shopping malls. The investment properties generate
rental yields of above 6%. Fitch excludes the value of investment
properties under Wanda Hotel Development Company Limited (Wanda
Hotel), as Wanda HK's shareholdings in Wanda Hotel are pledged.
- Advance rate of 0% to accounts receivable and other receivables
from Wanda Group-related parties to reflect the parent's liquidity
stress.
- Advance rate of 0% on inventory, which are products under
development and have insignificant value.
The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR5' for the offshore senior
debt.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
For Wanda Commercial and Wanda HK:
-- Any announcement of a default or default-like process
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
For Wanda Commercial and Wanda HK:
-- Improvement in Wanda Group's consolidated profile.
Liquidity and Debt Structure
Fitch estimates Wanda Commercial has about CNY20 billion of
short-term debt obligations, while the company reported CNY4
billion of cash at end-June 2025. Fitch believes most of the
reported cash may not be available for debt repayment.
Issuer Profile
Wanda Commercial is China's largest shopping mall owner and one of
the largest commercial property owners rated by Fitch.
RATING ACTIONS
Entity / Debt Rating Recovery Prior
------------- ------ -------- -----
Dalian Wanda Commercial
Management Group Co., Ltd.
LT IDR RD Downgrade C
LT IDR CC Upgrade
Wanda Commercial
Properties (Hong Kong)
Co. Limited
LT IDR RD Downgrade C
LT IDR CC Upgrade
Wanda Properties Global
Co. Limited
senior unsecured LT C Affirmed RR5 C
VAST LUCK: No Reliable Evidence Chain Can Settle Debts, Judge Says
------------------------------------------------------------------
South China Morning Post reports that a Hong Kong judge has said
his decision to order the winding-up of bakery chain Taipan's
parent company is due to there being "no reliable evidence" that
the business can settle its outstanding rent of more than HK$2
million (US$256,500).
In a written judgment released on Jan. 20, Deputy Judge Gary Lam
Chin-ching of the High Court said Vast Luck Company Limited had
twice failed to pay its debts, resulting in a breach of what the
business earlier stated in court, the Post relates.
The winding-up order was handed down verbally earlier last week,
with the court later providing the written judgment explaining its
decision.
Court documents showed the company owed the order's petitioner a
debt of more than HK$2 million, representing outstanding rent due
and owed between June 2025 and August 2025, the Post discloses.
"Further and in any event, there was no reliable evidence as to the
company's ability to settle the debt," Lam said in his judgment.
Vast Luck's Taipan bakery chain was recognised as a top Hong Kong
brand for its invention of "snow skin" mooncakes, but shut down all
its branches in June last year after 41 years in business, the Post
recalls.
The bakery chain owed more than HK$32 million in unpaid wages,
severance payments and other debts, prompting over 200 workers to
seek help from labour authorities, the Post discloses.
In his judgment, Lam said the company had twice failed to make
payments, breaching what it had promised through "affirmation on
oath and/or by counsel".
The Post says the business promised on Dec. 15, 2025, to make
payments on January 12. It then stated at a hearing on the due date
that it would settle the amount four days later.
Despite earlier promising not to oppose an immediate winding-up
order if it failed to make payment on January 16, the company had
opted to challenge the move.
The Post adds that the judge said the business had known by the
January 12 hearing's end that it was likely to be told to wind up
if no draft or cashier order was delivered to the petitioner by
3:30 p.m. on January 16.
But he noted that Vast Luck and its unidentified investors had
waited until January 15 to have funds remitted, arguing that there
was no reason for a delay unless the business was in negotiations.
"I did not accept that the company would still have to negotiate
until January 15, 2026, as alleged in the draft second affirmation,
because such an allegation was contrary to Ricky Liu's first
affirmation, where [he] said essentially that funds had been
approved and what remained was formality and remittance," the Post
quotes Judge Lam as saying.
The judge was referring to Vast Luck director Ricky Liu Chi-keung.
According to the Post, Taipan had previously faced a mass boycott
by mainland Chinese retailers after state-run media outlet People's
Daily slammed the son of the bakery's founder for supporting the
city's anti-government protests in 2019.
In 2021, the bakery was acquired by Liu, who spoke of his
patriotism to state media in an attempt to re-establish
cross-border business ties.
But the chain still struggled through a prolonged downturn in the
following years that also rocked the wider retail sector, the Post
says.
The Post adds that the Labour Department has also levelled 103
charges against Liu, Vast Luck and two of its subsidiaries over
HK$1.31 million in unpaid wages owed to Taipan employees.
The case will be heard at Kowloon City Court in March.
Vast Luck Company Limited acquired Taipan Bread & Cakes in 2021.
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CLOUDSYNAPPS INDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Cloudsynapps India Private Limited
IT Plaza, E-8, Gulmohar Colony,
Bhopal 462039, Madhya Pradesh
Liquidation Commencement Date: January 8, 2026
Court: National Company Law Tribunal, Allahabad Bench
Liquidator: Mayuri Daga
194, Om Shiv Colony,
Lalghati, Bhopal 462030
Tel: (989) 364-0476
Email: cloudsynapps@gmail.com
Last date for
submission of claims: February 7, 2026
DEVI ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devi
Enterprises - Erode (Devi; part of the Astalakshmi group) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 12 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
Crisil Ratings has been consistently following up with Devi for
obtaining information through letter and email dated December 5,
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 Devi, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Devi
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Devi continues to be 'Crisil B/Stable Issuer not cooperating'.
Setup in 1995 and based out of Chittode (near Erode, Tamil Nadu),
Astalakshmi is involved in trading and refining of edible oil. The
day-to-day operation of the proprietorship firm is managed by the
proprietor Mr. Ramesh Kumaar.
Devi was set up in 1995 by Mr. Ramesh Kumaar and his wife Mrs. Devi
Ramesh and is engaged in the trading and refining of edible oil.
The day-to-day operation of the proprietorship firm is managed by
the proprietor Mr. Ramesh Kumaar.
ENVIRO GREEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Enviro Green Alloys Inc. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Enviro Green
Alloys Inc.'s performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Enviro Green Alloys Inc., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Enviro Green Alloys Inc., incorporated in 2011, is involved in
manufacturing pure lead, lead alloys and lead oxides through
recycling lead scrap arising out of used lead in batteries and
sheathing. With an installed capacity of 2,800 MTPA, EGA caters to
battery manufacturers in the domestic markets. EGA operates in
three shifts and employs about 45 employees.
GALAXY CONVEYORS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Galaxy
Conveyors Private Limited (GCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.7 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with GCPL for
obtaining information through letter and email dated December 5,
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 GCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GCPL continues to be 'Crisil B/Stable Issuer not cooperating'.
GCPL, incorporated in 1990 manufactures conveyor belts at its unit
in Rajkot, Gujarat.
GIRDHAR TENTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Girdhar Tents
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Girdhar Tents
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Girdhar Tents Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The company belongs to Singhal family of Indore having standing of
over 50 years in tentage manufacturing and hiring business. The
company has been operating since 1994 and engaged in different type
of activities comprising of manufacturing and trading of tentage
material, hiring of tentage material and supply, erection and
maintenance of tentage materials, camps, pandal etc on turnkey
basis for big events and happenings. The company is also running a
marriage garden in the name of "Girdhar Mahal" at the prime
location of the city. Promoter of the project, Mr. Pradyumna
Singhal, aged 51 years has inherited this business from his father
Late Shri Satyabhan Singhal who was a renowned personality of the
Indore City at his time. Thus the company is being managed by
competent personnel.
GUJARAT COTFIB: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Gujarat
Cotfib (GC) in the 'Issuer Not Cooperating' category. The rating
are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 13.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.33 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding GC's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with Gujarat Cotfib, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information
Established in 2008, Gujarat Cotfib (GC) is a partnership firm. The
firm reconstituted its partnership in 2016 wherein out of existing
nine partners, six partners took retirement and the firm is
presently managed by three partners i.e. Mr. Girdhar Vekariya, Mr.
Amit Vekariya and Mr. Vijay Vekariya. GC is engaged in the business
of cotton ginning and pressing of raw cotton to produce cotton
bales and cottonseeds. The firm is also engaged in crushing of
cotton seeds to produce cotton seed oil and oil cake. The firm's
manufacturing facility is located at Tapi Gujarat and is currently
equipped with 40 ginning machines and 1 pressing machine having a
capacity to produce 350 cotton bales per day and 8 expellers to
produce cotton seed oil with a capacity of producing 15 tons of oil
per day.
GURUKRUPA CORPORATION: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Gurukrupa Corporation
(Gurukrupa) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 18.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating continues to
Cash Credit remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Gurukrupa's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Gurukrupa Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in April 2015, Gurukrupa Corporation (Gurukrupa)
constructs residential projects. Gurukrupa is currently executing a
residential project namely, Sanskruti Skydeck located in Surat. The
firm is a group company of the Sanskruti Group and is promoted by
Mr. Parimal Savalia and Mr. Rakesh Desai. The promoters of the
group have been present in the construction business for over a
decade.
HARANAI SAHAKARI: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Haranai Sahakari Soot Girni
Ltd. (HSSGL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.55 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.12 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding HSSGL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with HSSGL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
HSSGL was registered in 1994 under the Maharashtra Co-operative
Society Act, 1960 for setting up a spinning unit of 25,000 spindles
of ring frame though it became operational in October 2009. HSSGL
is manufacturing carded warp cotton yarn of count 20s to 40s using
long staple cotton. The society in Phase I has installed 13,780
spindles which became operational FY'2016. In Phase II, the company
intends to take the total spindle count to 35,616 spindles, the
said project is expected to be completed and operational in
FY2019.
HIGH TECH TEXOLENE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of High Tech Texolene Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 5.84 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding High Tech
Texolene Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with High Tech Texolene Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in the year 2010, High Tech Texolene Limited is
engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located Kim, Surat.
HIGH TECH WEAVES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of High
Tech Weaves (India) Private Limited (HTWPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.47 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 7.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding HTWPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with HTWPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in the year 1991, High Tech Weaves (India) Private
Limited (HTWPL) is engaged in the manufacturing of sizing and
warping yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for over
a decade.
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of High Tech Filatex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 6.18 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
issuer 'Issuer Not Cooperating'
category
Cash Credit 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
issuer 'Issuer Not Cooperating'
category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding High Tech Filatex
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with High Tech Filatex Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in the year 2010, High Tech Filatex Private Limited is
engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located Kim, Surat.
HINDUSTHAN CALCINED: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Hindusthan
Calcined Metals Private Limited (HCMPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding HCMPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with HCMPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Hindusthan Calcined Metals Private Limited (HCMPL) was incorporated
in the year 2003 and is engaged in the manufacturing of sponge
iron. The company is promoted by Mr S.K Modi and his family
members. The manufacturing unit is located in Bellary district of
Karnataka with an installed capacity of 200 MT per day. Other group
companies of HCMPL are involved in mining and related businesses.
IDQ INNOVATION: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: IDQ Innovation Private Limited
D-65, Suite #ZBC-026, Ground Floor
Defence Colony, New Delhi,
Delhi, India - 110024
Liquidation Commencement Date: January 7, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Srilakshmi Purushotham
Guru &Jana LLP
No. 41, Patalamma Temple Street,
Basavanagudi,
Near South End Circle,
Bengaluru - 560004,
Karnata, India
Email: sri@gurujana.com
Tel: (080) 4220 2020
Last date for
submission of claims: February 6, 2026
INDO GERMAN: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Indo German
Carbons Limited (IGCL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding IGCL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with IGCL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1995, Indo German Carbons Limited (IGCL) is a 100%
Export Oriented Unit (EOU) situated in Cochin Special Economic Zone
(CSEZ) to manufacture coconut shell-based activated carbon that
finds its application majorly in water purification and gold
extraction. IGCL has the capacity to manufacture 4800 MT of
activated carbon per annum. IGCL primarily caters to the export
market and around 5060% of its sales are made to its wholly owned
marketing subsidiary in the United States on a yearly basis.
KANJ PRODUCTS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kanj Products
Private Limited (KPPL) continues to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 8.7 Crisil B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with KPPL for
obtaining information through letter and email dated December 5,
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 KPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KPPL continues to be 'Crisil B/Stable Issuer not cooperating'.
KPPL is based in Uttarakhand. Incorporated in 2007 as a partnership
firm, Padm Services, and reconstituted as a private limited company
in 2017, KPPL has been contract-manufacturing talcum powder for
Emami Ltd, Reliance Retail Ltd, and CPL since the past 15 years. It
is currently adding a new product line for liquid soaps, face wash,
and shampoos.
KMC CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of KMC Constructions Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 274.00 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
Long Term- 255.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 426.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding KMC Constructions
Limited's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with KMC Constructions Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Initially known as Krishna Mohan Constructions, the company was
promoted as a partnership firm in 1970. Subsequently the company
was converted into a public limited company in 1996 and the name
was changed to KMC Constructions Ltd. Currently, all the major
strategic decisions of the company are taken by Mr. Raja Mohan
Reddy (founder) and his two sons (Mr. Vikram Reddy and Mr. Pruthvi
Kumar Reddy) while the day to day management is conducted by the
second generation. KMC has a track record in roads and bridges
sector with long experience in development of highways, roads &
bridges, earth movement projects and development & maintenance of
airport runways and taxi tracks. Its customers include several
government and public-sector organization across the country.
KNK CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KNK
Construction Private limited (KNK) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 90 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 30 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 25 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Overdraft 30 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with KNK for
obtaining information through letter and email dated December 5,
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 KNK, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KNK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KNK continues to be 'Crisil D/Crisil D Issuer not cooperating'.
KNK was set up in fiscal 2017 by merging the group companies, KNK
Nexgen Construction Pvt Ltd and KNK Swami and Co. It constructs
factories, industrial houses, and commercial and residential
buildings for the Government of Karnataka and private entities
outside the state.
M.G. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of M.G. Brothers Industries
Private Limited (MGBIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.75 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.25 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MGBIPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with MGBIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in July 2000, MG Brothers Industries Private Limited
(MGBIPL) is the sole authorized dealer for sale of Machines, Spares
and services of TELCON Construction Equipment in Nellore District
and the sole authorized dealer of TAFE Tractors along with the sale
of spare parts and services in Chittoor. The company is also
engaged in development of land for commercial purposes.
MAHESH RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Mahesh Rice Mill (MRM) in the
'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MRM's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with MRM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Mahesh Rice Mill (MRM) was established in 1993 as partnership firm.
The Company is primarily engaged in the milling of Rice with an
installed capacity of 3 Tons per hour in Taraori, Karnal District
(Haryana). The company has Sortex plant with capacity of 3
tons/hour.
NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagarsheth
Shipbreakers (NS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Line of Credit 60 CRISIL D (Issuer Not
Cooperating)
Line of Credit 25 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NS for
obtaining information through letter and email dated December 5,
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 NS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NS
continues to be 'Crisil D Issuer not cooperating'.
NS was set up in 1983 and is engaged in ship-breaking in Alang,
Gujarat. The firm's operations are managed by Mr. Mukund Nagarsheth
and his son, Mr. Devang Nagarsheth.
RAJARAM SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajaram
Solvex Limited (RSL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.95 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 18.45 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RSL for
obtaining information through letter and email dated December 5,
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 RSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RSL continues to be 'Crisil B/Stable Issuer not cooperating'.
RSL was incorporated in 1991, promoted by Mr Bhagat Patil, Mr
Jayant Patil, and Mr Manikrao Patil. It extracts and refines and
oil from soya bean seeds and produces DOCs. Its registered office
and manufacturing facility are in Sangli, Maharashtra. The company
has an extraction capacity of 800 tonne per day (tpd) and refining
capacity of 100 tpd.
RENEW TREASURY: Fitch Rates New Sr. Secured USD Notes 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the proposed senior
secured US dollar notes to be issued by ReNew Treasury IFSC Private
Limited (RTIPL), a fully owned subsidiary of ReNew Private Limited
(ReNew, BB-/Stable) - a subsidiary of ReNew Energy Global Plc
(REGP, BB-/Stable).
The proposed notes' proceeds would be on-lent to ReNew or its
subsidiaries and will be mostly used to repay US dollar notes
issued by Diamond II Limited (note rating: 'BB-'), a fully owned
subsidiary of REGP. The balance, if any, will fund future capex and
investments. The proposed notes will be secured by charges over the
notes' and receivables' accounts.
The proposed notes will be guaranteed by both REGP and ReNew on a
joint and several basis and are rated at the same level as the
Issuer Default Ratings (IDRs) of REGP and ReNew, at 'BB-'.
According to the notes' indenture, the joint guarantee will cover
the amount of the outstanding notes, together with any premiums and
accrued interest. The guarantee from ReNew will be limited to 110%
of the notes issued by RTIPL.
Key Rating Drivers
Leading Renewable Power Producer: REGP's large and diversified
operating renewable portfolio of 11.6GW provides economies of scale
and operating advantages, mitigating concentration risk. Its
projects, including those under construction, are diversified by
source and geography, reducing risks from adverse climatic
conditions. Fitch expects the plant load factor (PLF) of its wind
projects, which account for around 40% of total EBITDA, to improve
to above 27% in the financial year ending March 2026 (FY26), from
26% in FY25 when weather patterns affected wind generation.
Wind PLFs rebounded 2pp yoy to 37% in 1HFY26, supporting a 24%
EBITDA growth over the period, along with contribution from
commissioned projects and the solar manufacturing segment. EBITDA
growth was moderated by the fall in PLFs in solar generation to 22%
in 1HFY26 (1HFY25: 24%) due to curtailment in the state of
Rajasthan, driven by grid bottlenecks. Fitch forecasts curtailments
to reduce by 4QFY26 with the commissioning of evacuation
infrastructure.
Manufacturing Neutral to Profile: Fitch said, "We expect the
increased scale of REGP's solar module and cell manufacturing to
provide backward integration for in-house demand as well as add to
cash flow from third-party sales. We expect EBITDA from solar
equipment sales to third parties to rise to around INR15 billion by
FY27, or around 15% of total EBITDA, notwithstanding the higher
variability in the segment's EBITDA margins compared to power
generation. This is balanced by the segment's low capital intensity
and short payback period."
Lower Capex Intensity, Complex Projects: Fitch said, "We expect
REGP's capex intensity to drop below 50% in FY26 (FY25: 95%) after
the commissioning of large projects under construction and delays
in capex on some of its committed projects caused by transmission
network readiness issues. The increasing scale and complexity of
REGP's committed projects, which are mostly hybrid and firm and
dispatchable renewable energy (FDRE) projects, could also result in
a slower capex pace."
Adequate Financial Profile: Fitch said, "We expect REGP's EBITDA
net leverage to ease to below 7.0x (FY25: 8.5x) in the medium term
due to moderating investment plans. Capex is likely to average
about INR75 billion a year in FY26-FY28 (FY25: INR94 billion). We
expect REGP's financial profile to remain adequate for the 'BB-'
ratings, given cash flow visibility from the renewable portfolio
combined with lower receivables. It previously sold operating
projects or stakes in under-construction projects to manage its
financial profile."
Lower Receivables: Fitch said, "We expect REGP's receivable days to
continue improving to 77 in FY26 due to increasing exposure to
sovereign-owned entities that make timely payments, and the receipt
of payments from state utilities under late payment surcharge
rules. Receivable days improved to 90 in FY25 (FY24: 102), as state
utilities cleared part of their long outstanding dues while REGP's
exposure to them fell to 42%, from around 60% in FY24, as a larger
part of its recently commissioned capacity is tied up with
sovereign-owned counterparties."
Adequate Debt-Service Coverage: Fitch expects the cash flow from
operations (CFO)-based debt-service coverage ratio to remain at
around 1x in the medium term as larger operational capacity boosts
cash flow and receivables improve. This supports adequate liquidity
at the holding companies and projects outside the restricted
groups. Fitch defines the ratio as CFO + interest expense/scheduled
project debt amortisations + interest expense at the ReNew and REGP
holding-company level and unrestricted projects, excluding the two
restricted groups.
No Notching for Subordination: Fitch said, "We do not notch down
the rating of the proposed and existing US dollar notes issued by
ReNew, or by subsidiaries of ReNew and REGP, as we assess an at
least average recovery for noteholders. The subordination risk is
mitigated by the cash available for upstreaming from operating
projects after servicing their own debt obligations. Our view
benefits from REGP's large scale and diversity,"
Structural Subordination Risk: Fitch said, "We do not expect total
debt at the ReNew and REGP holding-company level, including the
proposed notes, to increase materially in the near to medium term.
Headroom against an increase in structural subordination is
particularly low at REGP and its offshore subsidiaries, as measured
by the CFO-based debt service coverage and holding company interest
coverage ratios. A material increase in debt at REGP or its
offshore subsidiaries could lead to negative rating action on REGP
or notes issued by these subsidiaries."
Peer Analysis
Fitch views Greenko Energy Holdings (BB-/Stable) and Continuum
Green Energy Holdings Limited (CGEHL, B+/Stable) as REGP's close
peers. Greenko, like REGP, is one of India's leading power
producers, with a focus on renewable energy. However, REGP's
operating capacity has increased above Greenko's in recent years,
as Greenko is focusing on pumped hydro storage projects, which have
a longer gestation period than wind and solar power generation
projects.
Fitch said, "We view REGP's business profile as stronger than
Greenko's due to REGP's lower resource and execution risks. REGP
has higher exposure to solar-based projects at 53%, while Greenko
has 28% exposure to solar and 14% to hydro. Higher execution risk
in Greenko's key projects will lead to weaker financial metrics
than REGP in the next 18-24 months."
However, Greenko has better financial access due to strong support
from Singapore sovereign wealth fund GIC, which has enabled the
company to access fresh equity for its investments and
acquisitions, and cash generated from operations to manage
leverage. Consequently, both issuers are rated at the same level.
CGEHL's counterparty risk is lower than that of REGP, with around
80% of capacity contracted to commercial and industrial customers
with timely payments. However, CGEHL's better counterparty profile
is offset by its higher near-term net leverage of above 10x,
compared with REGP's 7x. This, along with REGP's larger-scale,
diversified operating assets with a higher proportion of solar
assets, results in CGEHL's one-notch lower rating.
Fitch's Key Rating-Case Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- PLFs in line with the average historical performance or resource
assessment studies
- Plant-wise tariff in line with respective power purchase
agreements
- Asset-level EBITDA margins of 80%-93%, in line with historical
performance, and overall EBITDA margins to decrease to around
65% (FY25: 75%), with increasing earnings contribution from its
lower-margin manufacturing business
- Average receivable days to decrease to 77 in FY26 (FY25: 90),
helped by regular payments from state distribution companies
under the government's late payment surcharge scheme and ReNew's
increasing exposure to sovereign-owned entities
- Capex to average around INR75 billion a year from FY26 to FY28
(1HFY26: INR45 billion, FY25: INR94 billion)
- No dividend payout in the medium term.
Corporate Rating Tool Inputs and Scores
Fitch scored REGP as follows, using its Corporate Rating Tool (CRT)
to produce the Standalone Credit Profile (SCP):
- The business and financial profile factors (assessment, relative
importance): Management (bbb, lower), Sector Characteristics (bbb,
moderate), Market and Competitive Positioning (bb+, moderate),
Diversification and Asset Quality (bbb, moderate), Company
Operational Characteristics (bbb, higher), Profitability (bb,
moderate), Financial Structure (ccc, moderate), and Financial
Flexibility (b+, higher).
- The quantitative financial subfactors are assessed based on
custom financial period parameters of 10% weight for the historical
financial year ended March 2025 (FY25), 30% for the forecast year
FY26, 30% for the forecast year FY27 and 30% for the forecast year
FY28.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'bb+' results in no
adjustment.
- The SCP is 'bb-'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- EBITDA net interest coverage below 1.5x for a sustained period
- Material increase in structural subordination risk at ReNew
and/or the REGP holding-company level, measured by a sustained
decline in their holding company-level CFO-based debt-service
coverage ratios (including cash flow from unrestricted projects) to
below 1.0x
- Significant and prolonged deterioration of the receivable
position
- Failure to adequately mitigate foreign-exchange risk.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- EBITDA net leverage below 5.0x on a sustained basis, provided
there is no significant increase in REGP's overall business risk
profile.
Liquidity and Debt Structure
REGP had cash and cash equivalents of around INR72 billion at
end-1HFY26, against INR139 billion in debt maturing over the next
12 months, including short-term debt of INR65 billion and Diamond
II notes of USD525 million (about INR45 billion) maturing in July
2026. Fitch expects REGP to refinance its maturities in a timely
manner.
Fitch expects the company to generate negative free cash flow in
the near to medium term due to capacity additions. However, this is
likely to be mitigated by REGP's policy of funding the equity
portion of capex through a mix of capital recycling and internal
accruals, and its adequate access to onshore and offshore debt
markets.
Issuer Profile
ReNew is one of India's leading renewable-energy companies with a
total portfolio of about 18.5GW. The projects, mainly wind and
solar, are spread across 10 states.
SAMDARIYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Samdariya Builders Pvt. Ltd.
(SBPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 29.57 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term- 20.19 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 0.24 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SBPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with SBPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Samdariya Builders Pvt. Ltd. (SBPL) is a group company of Samdariya
Group, Jabalpur, and the group was incorporated in 1947 to carry on
the business as builders, contractors, developers, colonizers and
real estate agents. The company also operates a mall "Samdariya
Mall" at civic centre Jabalpur, in the central hub of Jabalpur
city, which was the first Mall of Jabalpur. Samdariya Mall is a
shopping and entertainment destination for Jabalpur. It's a mix of
Multiplex Cinema, Hyper Market, Retail Area, Entertainment Area and
Restaurant and Food Court. Apart from this, the company also has
interest in developing real estate projects. This apart, the
company is also engaged in the business of Cement trading,
construction, Jewelery wholesaling and mall operations.
SPRING MERCHANDISERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Spring
Merchandisers Private Limited (SMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Inland/Import 6.5 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Crisil Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated December 5,
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 SMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SMPL, incorporated in 1995, manufactures brass, zinc, copper, and
aluminium ingots and trades in non-ferrous scrap. The operations
are managed by Mr. Ajay Garg and his sons, Mr. Gaurav Garg and Mr.
Anirudh Garg. The company is based in Mumbai and has a
manufacturing unit in Daman.
SUSTAINABLE OUTREACH: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sustainable Outreach and Universal Leadership Limited
Plot No - E/42/D, Chandaka Industrial Estate,
Bhubaneswar, Orissa,
India - 751024
Insolvency Commencement Date: June 16, 2026
(Order Received
on June 18, 2026)
Court: National Company Law Tribunal, Cuttack Bench
Estimated date of closure of
insolvency resolution process: July 15, 2026
Insolvency professional: Vicky Dang
Interim Resolution
Professional: Vicky Dang
B-41, 2nd floor,
Vishnu Garden Part-1,
Ganga Ram Vatika, New Delhi - 110018
Email: vikkydang@gmail.com
A-47, Basement,
Kailash, Colony,
New Delhi-110048
Email: cirpsoull@gmail.com
Last date for
submission of claims: January 31, 2026
TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Tulsiani Constructions &
Developers Limited (TCDL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 30.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding TCDL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with TCDL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Tulsiani Constructions & Developers Limited (TCDL) is a flagship
company of the Tulsiani Group which has several companies
undertaking real estate project in Lucknow, Allahabad and other
regions of Uttar Pradesh. TCDL is promoted by Allahabad based
Tulsiani family and is engaged in the business of construction of
residential and commercial building in Allahabad for last 14 years.
TCDL is currently undertaking three residential projects in Lucknow
and Aallahabad region.
VELKO INFRATEK: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Velko
Infratek Projects Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 1.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Velko Infratek
Projects Private Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Velko Infratek Projects Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Founded in 1973 as a sole proprietorship under the name of
Velagapudi Ramarao, the name of the entity is changed to Velko
Infratek Projects Private Limited in January 2014. The company is a
special class contractor for Andhra Pradesh government and has
executed several projects for various government departments and
municipalities in the past like Vijayawada Municipal Corporation,
Public Health Department, A.P Transco, NABARD (National Bank of
Agriculture & Rural Development), APSIDC (Andhra Pradesh State
Irrigation Development Corporation Limited), APRWSSP (Andhra
Pradesh Rural Water Supply & Sanitation Project) etc. The company
is mainly into civil construction work of providing rural and urban
drinking water supply.
VIL INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VIL
International Private Limited (VIL) 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 9.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with VIL for
obtaining information through letter and email dated December 5,
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 VIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
VIL, based in Chennai, trades in timber and medium-density fibre
boards. It was set up by Mr. Venkat Immanni and Mr. Satya Rao in
2001.
WOODHILL INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Woodhill
Infrastructure Limited (WIL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 122.00 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Non-fund based- to remain in the 'Issuer Not
Others Cooperating' category
Long Term/ 2.00 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain in the 'Issuer Not
Cooperating' category
Long-term (5.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Continues to remain under the
Limits-Others 'Issuer Not Cooperating'
Category
Long-term 63.00 [ICRA]D; ISSUER NOT COOPERATING;
fund based- Continues to remain under the
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information Woodhill Infrastructure
Limited's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Woodhill Infrastructure Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Woodhill Infrastructure Limited (WIL) (formerly Woodhill Engineers
and Builders Private limited) was incorporated in October 1990 and
is an EPC contractor, primarily engaged in construction of roads
(widening, strengthening and resurfacing), bridges and flyovers.
The customer profile of the company's order book comprises mainly
state and central government agencies/departments. The board of WIL
comprises of Mr. Deepak Kant Gupta, Mr. Shiv Kumar Kasana, Mr.
Vivek Bhati and Mr. Siddhartha Singh.
=================
I N D O N E S I A
=================
KAWASAN INDUSTRI: S&P Withdraws 'CCC+' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on Kawasan Industri Jababeka Tbk. PT at the company's
request. S&P also withdrew its 'CCC+' long-term issue rating on the
Indonesia-based integrated township developer's senior secured
notes.
At the time of the withdrawal, the outlook on the long-term issuer
credit rating was positive.
=========
J A P A N
=========
NISSAN MOTOR: Chery Automobile to Buy Plant in South Africa
-----------------------------------------------------------
The Japan Times reports that Chery Automobile, China's top car
exporter, agreed to buy Nissan's vehicle-manufacturing plant in
South Africa, the latest evidence of the growing global dominance
of Chinese brands.
Chery will buy the land, buildings and associated assets of Nissan
facilities in Rosslyn, Pretoria, including the nearby stamping
plant that's used to make body parts such as doors, it said in a
statement, The Japan Times relays. The transaction will take place
in mid-2026, subject to conditions.
The Japan Times says the move is the latest - and most significant
- marker of Chinese auto manufacturers' growing presence in South
Africa, the largest economy on the continent. That comes at the
cost of more established players from Japan, the U.S. and Europe,
which have lost market share to cheaper imports from China and
India.
Due to an agreement with Chery, Nissan would not to disclose the
value of the transaction, it said, The Japan Times relays. The
Rosslyn plant dates back to the 1960s, and produced vehicles
including pick-ups that became popular locally.
The Japan Times notes that the Chinese carmarker overtook Suzuki as
the second-biggest passenger-car seller in South Africa in
December, just four years after re-entering the market. The nation
is strategic because it offers entry into the region under the
Africa Continental Free Trade Agreement, Tony Liu, chief executive
of Chery's local unit, said in an interview in October.
Africa has a similar population size to India, and "still has the
biggest potential to grow in the next decades," he said. "The
population is young and we think it has great potential."
The Japan Times adds that the sale is part of Nissan's broad
restructuring as the Japanese carmaker tries to rebound from its
worst financial crisis in decades. As well as shutting factories,
the company is cutting 20,000 jobs, reducing production and has
even sold its headquarters.
Chery's acquisition underscores Chinese manufacturers' aggressive
expansion plans as they face slowing momentum and overcapacity at
home, notes the report. They're already winning greater share of
Europe's EV market, despite tariffs, by offering software-heavy
cars at prices legacy automakers struggle to match.
South Africa also offers Chery an entry point into a small but
growing market in the continent that has among the world's lowest
car-ownership levels.
Any change of ownership of the plant should protect jobs, National
Union of Metalworkers of South Africa General Secretary Irvin Jim
said, according to The Japan Times.
Nissan "has been having difficulties," he said by phone, the report
relays. "As a result, we should be positive if there's a company
that takes it over, and there's an investment."
He repeated calls for government to increase tariffs on companies
"dumping" imported cars on the local market.
About Nissan Motor
Japan-based Nissan Motor Co., Ltd. manufactures and distributes
automobiles and related parts. The Company produces luxury cars,
sports cars, commercial vehicles, and more. Nissan Motor markets
its products worldwide.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
20, 2025, S&P Global Ratings lowered its long-term ratings on
Nissan Motor Co. Ltd. and its overseas subsidiaries to 'BB-' from
'BB' and affirmed its short-term ratings at 'B'. The negative
outlook reflects S&P's view that prolonged weak profitability and
negative FOCF may further deteriorate the company's
creditworthiness.
The TCR-AP reported in mid-July 2025, Fitch Ratings has assigned a
rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior
unsecured US dollar and euro notes. The proposed notes are rated
in line with Nissan's Long-Term Foreign-Currency Issuer Default
Rating (IDR), as they represent the company's direct, unsecured and
unsubordinated obligations, and rank pari passu with all its other
unsecured and unsubordinated debt. The proceeds will be used for
general corporate purposes. The company expects the proceeds from
the new notes to be used to prefund the refinancing of maturing
notes. Fitch does not expect the company's net debt balance after
issuance to change materially, leaving the company's financial
structure unchanged.
Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) and
senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.
Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.
===============
M A L A Y S I A
===============
CAPITAL A: Officially Completes PN17 Regularisation Plan
--------------------------------------------------------
Capital A Berhad's PN17 regularisation plan is officially completed
on January 23, following the lodgment of the sealed High Court
order confirming a capital reduction of RM5,507,594,000.
This milestone caps the end-phase actions already communicated: the
completion of the aviation business disposal (AirAsia Berhad and
AirAsia Aviation Group Limited) to AirAsia X Berhad (AAX) on Jan.
16, 2026, the listing and distribution of AAX shares to entitled
Capital A shareholders on Jan. 19, 2026, and the High Court
approval of the capital reduction on Jan. 21, 2026.
Tony Fernandes, CEO Capital A said, "I'm thrilled to share that
we've finished every step in our PN17 regularisation plan, and are
now working towards the uplift. It's a powerful moment after a long
journey from the dark days of Covid. I'm very proud of the team who
rebuilt this business together, and also grateful to our partners
and guests who have stood by us.
"The momentum is real for Capital A. Teleport, our logistics arm,
just raised USD50 million pre-IPO capital at USD500 million
valuation to scale globally. Furthermore, our non-aviation
businesses under Capital A have posted four consecutive profitable
quarters (Q4 2024 to Q3 2025), and with our shareholders' funds
turning positive as we complete this regularisation plan, we have
addressed all PN17 criteria. I am truly excited to unlock all the
potential of Capital A in our next journey from here."
Post-regularisation, Capital A will operate as a group focused
around five businesses: Asia Digital Engineering (MRO), Teleport
(logistics), AirAsia MOVE (travel platform), AirAsia Next (brand &
IP) and Santan (F&B). Together with a consolidated AirAsia Group,
the ecosystem is designed to lower costs, grow revenue and deliver
sustainable value to customers and shareholders.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.
Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.
=====================
N E W Z E A L A N D
=====================
ALPHA CONSTRUCT: Creditors' Proofs of Debt Due on Feb. 26
---------------------------------------------------------
Creditors of Alpha Construct Limited, Gellatly Builders Limited and
Watan Limited are required to file their proofs of debt by Feb. 26,
2026, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 19, 2026.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
FIRST AID: Creditors' Proofs of Debt Due on Feb. 23
---------------------------------------------------
Creditors of First Aid and CPR Training Company Limited are
required to file their proofs of debt by Feb. 23, 2026, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 15, 2026.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
JADETOWN UYGHUR: Closing Mt Eden Premises Amid Liquidation
----------------------------------------------------------
NZ Herald reports that Auckland restaurant Jadetown Uyghur Cuisine
is closing its Mt Eden premises after going into liquidation last
week.
Liquidator Brenton Hunt, of Insolvency Matters, was appointed to
Watan Ltd on January 19, NZ Herald discloses.
KNOPFHONEY LIMITED: Court to Hear Wind-Up Petition on Feb. 4
------------------------------------------------------------
A petition to wind up the operations of Knopfhoney Limited will be
heard before the High Court at Auckland on Feb. 4, 2026, at 10:00
a.m.
Otairi Limited filed the petition against the company on Oct. 17,
2025.
The Petitioner's solicitor is:
Martin James Logan
Pitt & Moore, Solicitors
78 Selwyn Place
Nelson
STITCH PERFECT: Court to Hear Wind-Up Petition on Feb. 27
---------------------------------------------------------
A petition to wind up the operations of Stitch Perfect Holdings
Limited will be heard before the High Court at Auckland on Feb. 27,
2026, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 8, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
VAO CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 11
-----------------------------------------------------------
A petition to wind up the operations of Vao Construction Limited
will be heard before the High Court at Auckland on Feb. 11, 2026,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 23, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
1939 PRIVATE: Commences Wind-Up Proceedings
-------------------------------------------
Members of 1939 Private Limited on Jan. 20, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Tan Lye Heng Paul
c/o CACS Corporate Advisory
36 Robinson Road
#11-01 City House
Singapore 068877
DIGITAL SOLUTION: Placed in Provisional Liquidation
---------------------------------------------------
Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on Jan. 20, 2026,
was appointed as provisional liquidator of Digital Solution
InterasiaPte. Ltd.
The provisional liquidator may be reached at:
Ellyn Tan Huixian
Forvis Mazars Consulting
135 Cecil Street
#10-01 Philippine Airlines Building
Singapore 069536
FATHOMX PTE: Creditors Meeting Set for Feb. 3
---------------------------------------------
Fathomx Pte. Ltd. will hold a meeting for its creditors on Feb. 3,
2026, at 11:00 a.m., via video conferencing.
Agenda of the meeting includes:
a. to lay before the creditors a full Statement of Affairs of
the Company, showing the assets and liabilities, together
with a list of creditors and the estimated amount of their
claims;
b. to confirm the appointment of Mr. Chan Yee Hong, licensed
Insolvency Practitioner, of CLA Global TS Risk Advisory Pte.
Ltd. of 80 Robinson Road, #25-00, Singapore 068898, as
Liquidator of the Company for the purpose of such voluntary
winding up and that the Liquidator’s fees be based on his
normal scale rates and disbursements incurred be paid out of
the Company’s assets;
c. to consider and if deemed fit appoint a Committee of
Inspection; and
d. Any other business.
Chan Yee Hong of CLA Global TS Risk Advisory was appointed as
provisional liquidator of the Company on Jan. 14, 2026.
GATEWAY FUND: Placed in Provisional Liquidation
-----------------------------------------------
Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on Jan. 20, 2026,
was appointed as provisional liquidator of Gateway Fund 1 Pte.
Ltd.
The provisional liquidator may be reached at:
Ellyn Tan Huixian
Forvis Mazars Consulting
135 Cecil Street
#10-01 Philippine Airlines Building
Singapore 069536
GOLDEN ENERGY: Moody's Affirms B1 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed Golden Energy and Resources Pte.
Ltd.'s (GEAR) B1 corporate family rating and the B1 rating on its
senior secured notes due in 2027. The outlook has been changed to
negative from stable.
"The change in outlook to negative reflects Moody's views that
holding company interest coverage will weaken over the next 12
months as dividend inflows fall short of cash needs. GEAR has
adequate standalone liquidity over this period, but its buffer has
narrowed," says Yu Sheng Tay, a Moody's Ratings Assistant Vice
President and Analyst.
"Despite higher coal prices in January, operational disruptions at
GEAR's metallurgical coal subsidiaries could limit their ability to
fully capitalize on the favorable price environment. This will
constrain earnings growth and raise the risk that GEAR will need to
provide funding support," adds Tay.
RATINGS RATIONALE
The affirmation of GEAR's B1 CFR reflects Moody's views that,
despite the company now being weakly positioned at the B1 level
following its 2025 financial performance and recent operational
challenges, its credit profile continues to show characteristics
consistent with the current rating. These include ownership of
metallurgical coal assets with meaningful scale across Queensland
and New South Wales, a track record of maintaining operations
through the cycle, and exposure to commodity prices that, if
sustained at current levels, could support a recovery in subsidiary
earnings and dividend flows.
These strengths are balanced against weakening holding company cash
flow coverage. Based on Moody's price assumption of $180 per ton,
Moody's expects dividend cash flow from GEAR's 59% stake in
Stanmore Resources Limited (Stanmore) and 7% stake in PT Golden
Energy Mines Tbk (GEMS) to be insufficient to cover holding company
interest cost and overheads in 2026.
Holding company interest coverage, measured as dividends received
over holding company interest expense, already fell below Moody's
1.5x downgrade threshold in 2025 following a decline in dividends
received to about $50 million from more than $100 million in 2024.
The decline mainly reflected weaker metallurgical coal prices that
reduced Stanmore's earnings. Moody's estimates Stanmore's 2025
EBITDA was about half of 2024 levels.
Force majeure declarations in January 2026 by both Stanmore and
GEAR's 51% owned Illawarra Coal Holdings Pty Ltd (IMC) increase
uncertainty around the subsidiaries' earnings in 2026. The
declarations followed weather-related disruptions at Stanmore and a
roof failure incident at IMC's Dendrobium mine. Moody's expects
production recovery to extend beyond the first quarter, increasing
the risk of missed output targets and limiting GEAR's ability to
fully benefit from the higher coal prices recorded in January.
Moody's expects Stanmore's capacity to increase dividends is also
constrained by rising costs, lease and loan repayment obligations
and ongoing capital spending requirements.
At Golden M NSW Pty Ltd (GM3), which holds GEAR's 51% stake in IMC,
credit quality remains under pressure from high debt service and
capital spending needs. Moody's expects GM3 will need waivers for
its debt service coverage covenant later this year because of high
interest costs on its $625 million acquisition loan. Failure to
obtain waivers could require funding support from GEAR and its
partners. Moody's expects GM3 to raise additional debt in 2026 to
fund about $100 million of debt service and around $280 million of
capital spending.
Moody's projects GEAR to generate EBITDA of about $600 million over
the next 12 to 18 months, broadly in line with 2025. Leverage,
measured by debt to EBITDA, will remain above Moody's 3.0x
downgrade threshold.
LIQUIDITY
Moody's expects GEAR to maintain adequate holding company liquidity
over the next 12 months, with limited headroom.
Despite lower dividend cash flow in 2025, GEAR raised around $110
million in net proceeds by divesting a portion of its stake in GM3,
reducing its interest to 51% from 70%. On a standalone basis,
Moody's estimates GEAR had cash of about $30 million-$40 million at
the end of 2025.
The cash balance, together with dividends from Stanmore and other
investments, will cover holding company overheads of around $20
million and annual bond coupon payments of about $43 million. That
said, headroom will likely narrow by end-2026, increasing
refinancing risk for the $506 million bond due in 2027.
GEAR has alternative liquidity of about $340 million, represented
by its 8% stake in Stanmore and 7% stake in GEMS as of January 2026
that GEAR could divest if needed. The company also holds a 50%
stake in the Queensland-based Ravenswood Gold Mine.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely. Moody's could
revise the outlook to stable if operating performance at Stanmore
and GM3 improves such that earnings and cash flow increase, and if
liquidity at the holding company strengthens through higher
dividend inflows, asset divestments, and timely progress in
refinancing the 2027 notes.
Specific indicators Moody's would consider to stabilize the outlook
include interest coverage at GEAR on a standalone basis above 1.5x
and consolidated adjusted debt/EBITDA below 3.0x.
Conversely, Moody's could downgrade the ratings if GEAR's cash
flows cannot cover interest expense and overheads on a standalone
basis; if the company provides additional funding support to
subsidiaries or joint ventures that weakens liquidity; if it adopts
aggressive financial policies such as high shareholder returns or
maintains a materially lower holding company cash balances than
historical levels; if credit quality at Stanmore or GM3
deteriorates significantly; or if there is insufficient progress in
refinancing the senior secured notes due 2027.
Specific indicators Moody's would consider for a downgrade include
interest coverage at GEAR on a standalone basis below 1.5x or
consolidated adjusted debt/EBITDA rising above 3.0x.
The principal methodology used in these ratings was Mining
published in April 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
Headquartered in Singapore, Golden Energy and Resources Pte. Ltd.
(GEAR) is a privately-owned energy and resources company with
investments in coal and gold in Australia. GEAR's primary
investments include a 59% effective stake in Stanmore Resources
Limited, a 51% effective stake in Illawarra Metallurgical Coal, and
a 50% joint venture stake in gold producer Ravenswood Gold Mine.
SUPERFOOD KITCHEN: Creditors' Meeting Set for Feb. 6
----------------------------------------------------
Superfood Kitchen Pte. Ltd. will hold a meeting for its creditors
on Feb. 6, 2026, at 3:00 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to confirm the appointment of liquidators; and
c. any other business.
*********
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 2026. 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 ***