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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, January 28, 2026, Vol. 29, No. 20
Headlines
A U S T R A L I A
BPS FINANCIAL: To Pay AUD14MM in Penalties Over Crypto Qoin Wallet
CIRUS CIRCUS: Second Creditors' Meeting Set for Feb. 3
CONCAVE GLOBAL: Second Creditors' Meeting Set for Feb. 4
HELLYER METALS: Goes Into Liquidation
INNOVA GROUP: Second Creditors' Meeting Set for Feb. 3
PERFORMANCE CENTRE: First Creditors' Meeting Set for Feb. 4
SHARRP PTY: Second Creditors' Meeting Set for Feb. 2
TURQUOISE V TRUST: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
C H I N A
MARKOR HOME: Shutters Stores as Property Slump Bites
XINYUAN REAL ESTATE: Moves to OTC Markets Following NYSE Delisting
I N D I A
ADORATEX: CRISIL Reaffirms B Rating on INR10cr Packing Credit
CAPITOL HILL: CRISIL Keeps D Debt Ratings in Not Cooperating
CREATIVE YARN: CRISIL Keeps B- Debt Ratings in Not Cooperating
CREDENCE ECOFIBRE: CRISIL Cuts Rating on INR80cr Term Loan to B+
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
DEEPAK CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
DELTA SUGARS: CRISIL Keeps B- Debt Ratings in Not Cooperating
DHANSHREE SEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
DREAMLIGHT MERCHANT: CRISIL Keeps B+ Ratings in Not Cooperating
GOVARDHAN COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating
IL&FS GROUP: Chronos Properties Renews Bank Guarantee for BKC Bid
JAYAMURUGAN ALLOYS: CRISIL Keeps B Ratings in Not Cooperating
KESHAV OVERSEAS: CRISIL Lowers Rating on INR25cr LT Loan to B
MADHAV STORES: CRISIL Keeps B Debt Ratings in Not Cooperating
MAHABELL INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
MAHALAXMI JWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
RAJ AGROCHEM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAMA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
ROY APPARELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHIVSHAKTI BARRELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SRINIVASA CHEMICAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
SURENDRA MULTISPECIALITY: CRISIL Withdraws B+ Rating on Term Loan
SWASTIK AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
VAISHNODEVI OIL: CRISIL Withdraws B+ Rating on INR8.5cr Loan
VARDHMAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
J A P A N
NIDEC CORP: Moody's Assigns Ba3 CFR, Alters Outlook to Neg.
NIDEC CORP: To Unveil Recovery Plan After Accounting Scandal
M A L A Y S I A
1MDB: MACC Probing International Law Firm Over Alleged 1MDB Links
M O N G O L I A
MONGOLIA: Fitch Affirms 'B+' Rating on Long-Term Instruments
N E W Z E A L A N D
CHOCOLATE FISH: Wellington Cafe to Close Doors on Feb. 1
COEHAVEN COMPANY: Creditors' Proofs of Debt Due on Feb. 26
NZ NATIONAL: Court to Hear Wind-Up Petition on Feb. 24
PARADISE DEVELOPERS: Court to Hear Wind-Up Petition on Feb. 5
POSITIVE TRAFFIC: Creditors' Proofs of Debt Due on Feb. 27
PRAKASH TRANSPORT: Court to Hear Wind-Up Petition on Feb. 4
P A K I S T A N
UNITED ENERGY: S&P Withdraws 'B' Issuer Rating on USD Bond
S I N G A P O R E
HACHIKO EFFICIENCY: Court to Hear Wind-Up Petition on Feb. 6
MA SUPREME: Court to Hear Wind-Up Petition on Feb. 13
NANYANG OPTICAL: Creditors' Meeting Set for Feb. 13
TRIDENT WATER: Creditors' Meeting Set for Feb. 6
VITAKIDS PTE: Placed in Liquidation
S R I L A N K A
SRI LANKA: Central Bank Likely to Hold Rates Ahead of IMF Review
V I E T N A M
BANK FOR INVESTMENT: Moody's Affirms Ba2 LT Deposit, Issuer Ratings
VIETCOMBANK: Moody's Affirms 'Ba2' LT Bank Deposit, Issuer Ratings
VIETINBANK: Moody's Affirms 'Ba2' LT Bank Deposit & Issuer Ratings
VIETNAM BANK: Moody's Affirms 'Ba2' LT Deposit & Issuer Ratings
X X X X X X X X
KYRGYZSTAN: Fitch Affirms 'B' Rating on Long-Term Instruments
- - - - -
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A U S T R A L I A
=================
BPS FINANCIAL: To Pay AUD14MM in Penalties Over Crypto Qoin Wallet
------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) said Jan.
27 that the Federal Court has found BPS Financial Pty Ltd must pay
$14 million in pecuniary penalties over its promotion and operation
of its 'Qoin Wallet' crypto product.
BPS Financial promoted the Qoin Wallet as a non-cash payment
facility linked to a digital crypto token called 'Qoin'.
In 2024, the Federal Court found that BPS Financial engaged in
unlicensed conduct over almost three years by issuing and providing
financial advice about the Qoin Wallet without holding an
Australian Financial Services License. The Court also found that
BPS Financial engaged in misleading and deceptive conduct when it
made several false and misleading representations about the Qoin
Wallet.
In 2025, the Full Federal Court found that BPS Financial engaged in
unlicensed conduct over an additional 10-month period because BPS
could not rely on the 'authorised representative' exemption under
the Corporations Act when issuing the Qoin Wallet.
The Court has ordered BPS Financial is to pay total penalties of
AUD14 million, made up of:
* AUD2 million for unlicensed conduct, and
* AUD12 million for misleading and deceptive conduct in
connection with making false and misleading statements.
ASIC Chair Joe Longo said the outcome sent a strong message to the
crypto industry.
'The size of these penalties underscores the seriousness of BPS
Financial's misconduct and is intended to send a strong message of
deterrence to the digital asset industry.
'Given the nature of these products, providers must have the
appropriate licenses and authorisations, and investors must be able
to make decisions based on clear and correct statements, especially
as crypto products can be highly volatile, inherently risky and
complex.
'ASIC will not hesitate to act where investors are potentially
exposed to unlicensed financial advice, misleading and deceptive
conduct, and risky products.
'The digital asset industry is well on notice that its products
will continue to be a focus for ASIC. We want to encourage
innovation and new services for consumers, but not at their
expense,' the Chair said.
In delivering her judgement, Justice Downes stated BPS 'engaged in
serious and unlawful misconduct during the period from January 2020
until mid-2023'.
Her Honour said the AUD2 million penalty for the unlicensed conduct
achieves the primary purpose of deterrence, both to BPS and to the
digital asset industry as a whole.
Her Honour also said the cumulative penalty of AUD12 million for
the misleading representations 'properly reflects the mitigating
factors while also accounting for the objective recklessness of the
conduct, involvement of senior management, the serious and
misleading nature of the representations, the characteristics of
the target audience and BPS's inadequate compliance systems'.
In addition to the pecuniary penalties, the Court also ordered:
* BPS be permanently restrained from making any false or
misleading representation concerning the number of holders of the
Qoin Wallet, the ability of Qoin Tokens to be exchanged for fiat or
other crypto-assets, and that the Qoin Wallet has been officially
approved and/or officially registered,
* BPS be restrained for 10 years from carrying on a financial
services business without holding an Australian financial services
licence,
* BPS publish an adverse publicity notice on the Qoin Wallet
application and take steps to request the publisher of the
'qoin.com' website to also publish an adverse publicity notice,
and
* BPS pay most of the costs incurred by ASIC for the
proceeding.
ASIC encourages consumers to be cautious about claims made in
connection with crypto‑assets and crypto‑related products.
ASIC's Moneysmart website contains information about the risks of
investing in crypto‑assets.
CIRUS CIRCUS: Second Creditors' Meeting Set for Feb. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Cirus Circus Vic Pty Ltd (trading as Circus Bar)
- Electric Ladyland Vic Pty Ltd (trading as Electric Bar)
- Holy Grail (Vic) Pty Ltd (trading as Holy Grail)
- Lala Chapel Pty Ltd (trading as La La Windsor)
- La La City Pty Ltd (trading as La La Land)
- YWHDB Pty Ltd (trading as Somewhere Bar)
has been set for Feb. 3, 2026, at 11:00 a.m. via a Microsoft Teams
Meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 2, 2026 at 4:00 p.m.
Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed
as administrators of the companies on Dec. 17, 2025.
CONCAVE GLOBAL: Second Creditors' Meeting Set for Feb. 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Concave Global
Pty Ltd has been set for Feb. 4, 2026, at 10:00 a.m. via virtual
meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2026 at 4:00 p.m.
Robert Ditrich and Craig Crosbie of Teneo were appointed as
administrators of the company on Dec. 18, 2025.
HELLYER METALS: Goes Into Liquidation
-------------------------------------
ABC News reports that liquidators have been appointed to Hellyer
Metals, the company that until recently operated the Hellyer mine
and tailings reprocessing facility in Tasmania's west.
According to documents filed with the corporate regulator, the
Australian Securities and Investments Commission (ASIC), Liam
Bailey of Sydney-based insolvency practitioners O'Brien Palmer was
appointed on Jan. 22 to wind up the company, the ABC discloses.
The Hellyer mine, which employs roughly 80 people at full capacity,
has been fighting to survive since November when the state
government issued a cease work notice over unpaid royalties.
According to the ABC, Resources Minister Felix Ellis said at the
time Hellyer had "fallen significantly behind in paying their debts
due to the Crown, and other compliance issues have continued to
escalate".
The government order was lifted three weeks later after royalties
were paid.
In mid-December, a spokesperson for the mine operators claimed the
cease work order had caused AUD100 million in losses and was
"unlawful and unilaterally imposed, arising from what were minor
issues, matters that did not justify the forced closure of a
complex, continuous underground mining operation and tailings
reprocessing operation".
The ABC relates that Hellyer Metals has also been subject of a
long-running legal dispute by another junior resources company,
Goshawk Mining, over the collapse of a business agreement between
them.
Last month Goshawk Mining obtained a freezing order from the
Supreme Court of Tasmania which prevented Hellyer Metals and
affiliated companies from transferring assets worth up to AUD36
million to a new company, Celestial Investments, and associated
entities.
A spokesperson for Hellyer told the ABC the mining operations were
unaffected by the liquidation, as those operations were now owned
by the Celestial group of companies, and that Hellyer Metals no
longer owned anything.
"The Hellyer assets were legally restructured well before that
[freezing] order was given without their defence or knowledge," the
ABC quotes the spokesperson as saying.
"Goshawk are not a proven creditor of the company."
In a statement to the ABC, Goshawk Mining said it had been notified
about the liquidators appointment Jan. 26 by Hellyer creditors.
"Goshawk believes these actions constitute a breach of the court's
freezing orders and intends to pursue all available legal avenues
to protect its position and the interests of stakeholders."
Liquidator Liam O'Bailey told the ABC on Jan. 27 that his role so
far had been limited to securing the records of Hellyer Metals and
that notice would be issued to all listed and potential creditors
later today [Jan. 27], including Goshawk Mining.
"I am otherwise investigating the litigation to which the Company
was a party and the transfer of the assets of the Company that
occurred prior to my appointment."
A spokesperson for Mr Ellis said the Tasmanian government was
continuing to monitor the situation.
Asked about the liquidation, Treasurer Eric Abetz said Hellyer
Metals was a separate entity to Hellyer Gold Mines and the mine was
"still operating as we speak," the ABC relays.
INNOVA GROUP: Second Creditors' Meeting Set for Feb. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Innova Group
Australasia Pty Ltd, Innova Design Australasia Pty Ltd, and Innova
Group International Pty Ltd has been set for Feb. 3, 2026, at 12:00
p.m. via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 2, 2026 at 4:00 p.m.
Rajiv Goyal of Aston Chace Group was appointed as administrator of
the company on Aug. 31, 2025.
PERFORMANCE CENTRE: First Creditors' Meeting Set for Feb. 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Performance Centre Pty Ltd will be held on Feb. 4, 2026, at 11:00
a.m. via Microsoft Teams Teleconference.
Timothy James Bradd and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of the company on Jan. 23, 2026.
SHARRP PTY: Second Creditors' Meeting Set for Feb. 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Sharrp Pty Ltd
(trading as The Coffee Club Shellharbour) has been set for Feb. 2,
2026, at 11:00 a.m. at the offices of Nicols + Brien, Level 1, 310
Crown Street, in Wollongong, NSW and via virtual meeting
technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 2, 2026 at 11:00 a.m.
Ryan Bradbury of Nicols + Brien was appointed as administrator of
the company on Dec. 16, 2025.
TURQUOISE V TRUST: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Turquoise V
Trust. Turquoise V Trust is a securitization of prime residential
mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone).
The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.
S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as liquidity facility provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Preliminary Ratings Assigned
Turquoise V Trust
Class A1S, A$288.00 million: AAA (sf)
Class A1L, A$416.00 million: AAA (sf)
Class A2, A$32.80 million: AAA (sf)
Class B, A$22.40 million: AA (sf)
Class C, A$20.00 million: A (sf)
Class D, A$10.40 million: BBB (sf)
Class E, A$3.20 million: BB (sf)
Class F, A$4.00 million: B (sf)
Class G1, A$1.60 million: Not rated
Class G2, A$1.60 million: Not rated
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C H I N A
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MARKOR HOME: Shutters Stores as Property Slump Bites
----------------------------------------------------
Nikkei Asia reports that China's once-thriving retail chain Markor
Home Furnishings is now shuttering stores and struggling to pay
employees due to the country's real estate slump.
Markor is known for its high-end merchandise, with sofas running
between CNY20,000 and CNY30,000 ($2,900 and $4,300).
According to the Nikkei, China's real estate market swelled rapidly
after individuals were allowed to buy and sell home in the late
1990s. That growth spilled over to the interior design industry,
which fueled Markor's speedy attainment of scale.
But as housing prices soared, Chinese President Xi Jinping's
government warned against speculative transactions. The property
market began to slow down after authorities restricted lending
among real estate companies in the summer of 2020.
Housing by floor space fell to 733 million square meters in 2025,
less than half of its peak.
Markor's parent company, Markor International Home Furnishings, has
logged net losses for three consecutive fiscal years since 2022,
the Nikkei notes. The red ink for the three quarters through
September 2025 stood at CNY220 million.
To stanch the bleeding, the group has been shutting down stores. At
the end of September 2025, the number of locations in operation was
estimated at around 300. Compared to the peak in locations at the
end of 2021, around 40% of the company's stores have been closed,
the Nikkei says.
Markor has frequently delayed paying employees salaries, according
to local news, the Nikkei relays. The company has reportedly
instructed workers to simply keep the proceeds from selling
furniture to customers in lieu of receiving pay.
This month, Markor ceased operations at its factory in Tianjin,
where the utilization rate wallowed at about 20%, according to the
Nikkei. The facility mainly produced furniture for the U.S. and
other overseas markets and the recent trade frictions with the U.S.
added salt to the wounds.
China-based Markor International Home Furnishings Co Ltd is engaged
in the production and sale of furniture and supporting home
furnishing products. The Company's products cover solid wood
finished furniture, sofas, home accessories, sleeping supplies,
custom cabinets and others. The Company's brands include Markor
Home Furnishings, Rehome, Zest Home, A.R.T., Jonathan Charles, Rowe
and others. The Company mainly operates its businesses in the
domestic and overseas markets.
XINYUAN REAL ESTATE: Moves to OTC Markets Following NYSE Delisting
------------------------------------------------------------------
XINYUAN Real Estate, Co., Ltd. disclosed in a regulatory filing
that following the conclusion of an appeals process, the New York
Stock Exchange announced that the American Depository Shares of the
Company would be delisted from the NYSE.
The delisting is a result of the NYSE's determination on September
3, 2025 that the Company no longer satisfied the NYSE's continued
listing standard relating to market capitalization.
As a result of the delisting, on January 19, 2026, the Company
began the process of completing the initial steps and required
disclosures to facilitate trading of its Securities on the OTC
Markets platform.
The Company intends for its Securities to be quoted on the OTCID
Basic Market, subject to completion of the applicable onboarding
and eligibility processes with OTC Markets Group, Inc.
The Company will provide further disclosures regarding its trading
activity on the OTC Markets platform as additional information
becomes available.
About Xinyuan Real Estate Co. Ltd.
Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a
residential real estate developer primarily focused on China's
tier-one and tier-two cities. Founded in 1997, the Company targets
middle-income homebuyers with large-scale, high-quality housing
projects and has extended its operations to the U.S., U.K., and
Malaysia. Xinyuan also offers property management and ancillary
services, and its shares trade on the New York Stock Exchange under
the ticker symbol XIN.
Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary
petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y.
Case No. 25-10745) on April 14, 2025.
The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth
Maher & Deutsch, LLP.
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I N D I A
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ADORATEX: CRISIL Reaffirms B Rating on INR10cr Packing Credit
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating to the
long-term bank facilities of Adoratex.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Reaffirmed)
Packing Credit 10 CRISIL B/Stable (Reaffirmed)
Post Shipment Credit 9 CRISIL B/Stable (Reaffirmed)
The rating reflects the firm's modest scale of operations amid
intense competition and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
proprietor in the home furnishings industry and the moderate
financial risk profile of the firm.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of Adoratex.
Key Rating Drivers - Weaknesses
* Modest scale of operations amid intense competition: Intense
competition constrains scalability, as reflected in estimated
operating income of INR41.8 crore in fiscal 2025 (INR35.7 crore in
fiscal 2024) and operating margin of 15.3% in fiscal 2025.
Moreover, revenue is concentrated in the US and Europe. The firm
achieved revenue of around INR17 crore during 9M-FY26. Revenue will
likely remain geographically concentrated over the medium term and
small in the range of INR30-35 crore owing to disruption in demand
amid US tariff situation.
* Large working capital requirement: Gross current assets (GCAs)
was high at 836 days as on March 31, 2025, driven by sizeable
receivables and inventory of 263 days and 623 days, respectively.
As the peak season for the firm is November to March, it has to
maintain high inventory during this period. Inventory remains large
due to the non-availability of raw materials during summer and
rainy seasons and high stock-keeping units (SKUs). The working
capital cycle is partly supported by payables and working capital
limits. With US tariff situation, which led to cancellation of
orders with the company, inventory of the company is expected to
remain high at 620-630 days over the medium term. Receivables too
are projected to range between 260-270 days over the near-to-medium
term. GCA days are expected to remain at a similar level going
ahead as well.
Key Rating Drivers - Strengths
* Extensive experience of the proprietor: The proprietor, Mr Rizwan
Ansari, operates several carpet manufacturing business entities in
Bhadohi, Uttar Pradesh. His family has been in the same business
since 1971 through Sheikh Bhullan & Sons, a partnership firm, and
some other group entities. Mr Ansari has established relationships
with customers and suppliers in domestic and overseas markets. The
proprietor's extensive experience will continue to support the
business.
* Moderate financial risk profile: Networth is moderate at INR72.3
crore as on March 31, 2025. The capital structure was healthy owing
to limited reliance on external funds yielding gearing of 0.38 time
and total outside liabilities to adjusted networth (TOLANW) ratio
of 0.54 time as on March 31, 2025. These metrics are expected to be
at a similar level going ahead. Interest coverage ratio was
comfortable at 2.42 times in fiscal 2025.
Liquidity Stretched
Bank limit utilization is high at around 93.58% percent for the
past twelve months ended December, 25. Company generated net cash
accruals of INR3.3 crore in fiscal year 2025 sufficient to cover
its repayment obligations of INR0.03 crore in fiscal 2025. Company
is expected to generate sufficient net cash accruals in the range
of INR2- 2.5 crore annually which will remain more than adequate
against its debt obligations of INR0.03 crore over the medium term.
In addition, it will act as a cushion to the liquidity of the firm.
Current ratios was comfortable at 2.5 times on March 31, 2025. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.
Outlook Stable
Crisil Ratings believes Adoratex will continue to benefit from the
extensive experience of its proprietor and established
relationships with clients.
Rating sensitivity factors
Upward factors
* Increase in revenue by around 20% and stable operating margin
leading to net cash accrual of more than INR2 crore on a sustained
basis
* Improved working capital cycle
Downward factors
* Decline in revenue by over 50% and fall in operating margin,
leading to negative cash accrual
* Further stretch in the working capital cycle, weakening the
liquidity and financial risk profiles
Adoratex (formerly known as Rizwan Export House) was set up in 2000
as a proprietorship firm by Mr Rizwan Ansari. The firm manufactures
and exports machine and hand-made carpets, rugs and other home
furnishing products. Its two units are in Bhadohi, Uttar Pradesh,
and Kashipur, Uttarakhand.
CAPITOL HILL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Capitol Hill
Hotels Private Limited (CHHPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL D (Issuer Not
Cooperating)
Term Loan 25 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CHHPL 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 CHHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CHHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CHHPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2012, CHHPL is developing a four-star deluxe hotel
in Bistupur, Jamshedpur (Jharkhand). The company is promoted by Mr.
Ashwani Bhatia and Mr. Sanjay Bhatia.
CREATIVE YARN: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative Yarn
Private Limited (CYPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.00 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.89 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.49 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 0.62 CRISIL B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CYPL 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 CYPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CYPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CYPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
CYPL, incorporated in 2002, is a Ludhiana-based company that
primarily trades in hosiery and RMG. It also manufactures yarn.
Operations are managed by Mr. Anil Kapoor.
CREDENCE ECOFIBRE: CRISIL Cuts Rating on INR80cr Term Loan to B+
----------------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank facilities of
Credence Ecofibre Pvt Ltd (CEPL) to 'Crisil B+/Stable/Crisil A4'
from 'Crisil BB-/Stable/Crisil A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 Crisil A4 (Downgraded from
'Crisil A4+')
Cash Credit 21 Crisil B+/Stable (Downgraded
from 'Crisil BB-/Stable')
Term Loan 80 Crisil B+/Stable (Downgraded
from 'Crisil BB-/Stable')
The rating downgrade reflects the weakening of the business and
financial risk profiles, especially liquidity, as seen in
lower-than-expected profitability in fiscal 2025. Operating
performance was affected on account of lower operating efficiency,
high fixed costs and volatility in its raw material requirements
and furthermore, limited ability of the company to fully pass on
the incremental costs as the company is in its nascent stage of
operations and had to constrain the operating margin to onboard new
clients. This led to operating margin falling to negative 6.81% in
fiscal 2025 with operating loss of INR12.7 crore in fiscal 2025.
These factors exerted pressure on liquidity, as reflected in
negative net cash accrual and high bank limit utilisation.
While improvement in operations remain monitorable, the business
risk profile shall remain constrained on account of
lower-than-expected operating profitability and net cash accrual.
The company has booked overall loss of INR23.15 crore in fiscal
2025. Weak operating performance resulted in negative cash accrual
against sizeable debt obligation for the current year. The
financial risk profile has also weakened with negative interest
coverage ratio in fiscal 2025. Short-term liquidity is aided by
unsecured loan of INR94.5 crore as on March 31, 2025, extended by
the promoters. Moreover, the bank limit was utilised at 95% on
average for the 12 months through December 2025. Improvement in
operating performance and financial risk profile will remain
monitorable.
The ratings reflect weak financial risk profile, though supported
by unsecured loans, and weak operating efficiencies. These
weaknesses are partially offset by extensive experience of the
promoters in the textile industry.
Analytical approach
The unsecured loan of INR94.50 crore from the promoters as on March
31, 2025, has been treated as debt due to the limited track
record.
Key rating drivers - Weaknesses
* Weak operating efficiencies: CEPL has weak operating
efficiencies, as indicated by low return on capital employed (RoCE)
of negative 12.6 times as on March 31, 2025. This is driven by high
fixed costs and nascent stages of operations. The margin has been
negative due to the loss incurred in fiscal 2025, with operating
margin of negative 6.81%. Operating margin will remain modest at
4–5% over the medium term with stabilisation of operations. The
improvement in margin will remain monitorable.
* Weak financial risk profile, though supported by unsecured loans:
The financial risk profile has deteriorated owing to
lower-than-expected revenue and net cash accrual. Net cash accrual
was negative in fiscal 2025 on the back of negative operating
margin owing to loss. This has led to overall leveraged capital
structure. The debt protection metrics remain modest with negative
interest coverage ratio. However, the promoters have supported the
operations through unsecured loan of INR94.5 crore in fiscal 2025,
which will cushion liquidity.
Key rating drivers – Strengths
* Extensive industry experience of the promoters: The promoters
have more than 15 years in the textile industry. This has given
them an understanding of the market dynamics and will enable them
to establish relationships with suppliers and customers. This has
enabled the company to book revenue of INR186 crore in its first
year of operations in fiscal 2025.
Liquidity Poor
Bank limit utilisation was high at 95% on average for the 12 months
through October 2025. Annual cash accrual is expected to be over
INR4 crore against yearly term debt obligation of INR6 crore over
the medium term. The promoters are likely to extend equity and
unsecured loans to meet the working capital requirement and debt
obligations. The current ratio was low at 0.91 time as on March 31,
2025. Negative networth limits the financial flexibility and
restrict the financial cushion available to the company in case of
any adverse condition or downturn in the business.
Outlook Stable
Crisil Ratings believes that CEPL will benefit over the medium term
from the extensive industry experience of its promoters.
Rating sensitivity factors
Upward factors:
* Steady increase in revenue and sustenance of operating margin
leading to net cash accrual of more than INR10 crore
* Improvement in the financial risk profile, with better working
capital management
Downward factors:
* Generates significantly low cash accrual with accrual to
repayment ratio below 0.01 time
* Stretched working capital cycle
CEPL was incorporated in September 2021. The company has set up a
unit for manufacturing recycled polyester staple fibre and PET
(Polyethylene Terephthalate) flakes by recycling used PET bottles.
Its unit is located in Mangrol, Surat (Gujarat). The company is
promoted by Mr Kanav Sham Arora, Mr Rajiv Jatinder Kumar Arora and
Mr Sizer Haqbib Lakhani.
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dauji and Co.
(DC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Post Shipment 8 CRISIL D (Issuer Not
Credit Cooperating)
Pre Shipment 1 CRISIL D (Issuer Not
Packing Credit Cooperating)
Proposed Short 0.99 CRISIL D (Issuer Not
Term Bank Cooperating)
Loan Facility
Crisil Ratings has been consistently following up with DC 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 DC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DC
continues to be 'Crisil D Issuer not cooperating'.
DC was set up in 1976 as a partnership firm by Mr. Dauji Johari and
his family members. The firm trades in polished diamonds, and is
based in Mumbai. It currently has three partners: Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari.
DEEPAK CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak Cables
India Limited (DCIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with DCIL for
obtaining information through letter and email dated December 12,
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 DCIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
DCIL primarily manufactures power conductor cables and executes EPC
(engineering, procurement, and construction) contracts in the power
transmission and distribution segment. In 2011, the company
acquired APTL, which has tower manufacturing facilities at
Jamshedpur, Jharkhand.
The Corporate Insolvency Resolution Process was initiated against
DCIL by an order dated August 23, 2018, of the National Company Law
Tribunal (NCLT). Further NCLT, through an order dated July 4, 2019,
has appointed a liquidator for sale of assets owned by the company
and liquidation is under process.
DELTA SUGARS: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Delta Sugars
Limited (DSL) continue to be 'Crisil B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Cash Credit 13.2 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Cash Credit 12.8 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Cash Credit 3 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Term Loan 3 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with DSL 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 DSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DSL continues to be 'Crisil B-/Stable Issuer not cooperating'.
DSL is a part of the Laila group of companies and is promoted by
Mr. G Ganga Raju. Based in Vijayawada, Andhra Pradesh, the company
manufactures sugar and also generates by-products such as bagasse
and molasses.
DHANSHREE SEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanshree
Seeds Private Limited (DSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.39 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.11 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DSPL 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 DSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DSPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2012 by Mr. Prakash Shah, DSPL is into processing
of non-basmati rice with its processing unit based in Moriya
(Gujarat). The total processing capacity of unit is 5 tonnes per
hour.
DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dharti Cotton
Industries (DCI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DCI 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 DCI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCI continues to be 'Crisil D Issuer not cooperating'.
DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.
DREAMLIGHT MERCHANT: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dreamlight
Merchant Private Limited (DMPL) continue to be 'Crisil B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 3 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with DMPL 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 DMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DMPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
Incorporated in 2010, DMPL manufactures tailor-made polypropylene
fabrics, woven bags, and sacks. Mr Pawan Kumar Agarwal and Ms
Shikha Agarwal are the promoters. The manufacturing facility is in
Bankura, West Bengal.
GOVARDHAN COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Shree Govardhan
Cotgin Private Limited (SGCPL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18.3 Crisil D (Issuer Not
Cooperating)
Cash Credit 29.2 Crisil D (Issuer Not
Cooperating)
Term Loan 2 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SGCPL 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 SGCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SGCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGCPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2006, SGCPL commenced operations from April 2008.
The company manufactures cotton bales, crude cottonseed oil, and
oil cakes at its facilities in Rajkot, Gujarat. It also trades in
cotton.
IL&FS GROUP: Chronos Properties Renews Bank Guarantee for BKC Bid
-----------------------------------------------------------------
The Economic Times reports that Brookfield-backed Chronos
Properties has renewed a INR148 crore bank guarantee to stay in the
race for acquiring the flagship Bandra Kurla Complex property of
Infrastructure Leasing and Financial Services (IL&FS).
In an affidavit filed before the insolvency appellate tribunal
NCLAT, Chronos Properties informed that it has tendered three
demand drafts aggregating to INR148 crore with the registrar of the
Mumbai-bench of the National Company Law Tribunal on December 19,
2025, ET relates.
Earlier on December 5, the NCLAT had directed Chronos Properties to
renew its bank guarantee within a month to avoid disqualification
as a bidder for IL&FS Financial Centre (IL&FS HQ) at BKC, Mumbai,
ET recalls.
"The appellant has complied with the direction passed by this
tribunal in its order dated December 5, 2025, within the time frame
(30 days) provided therein," said Chronos Properties in its
affidavit filed before NCLAT recently.
Passing an interim order on December 5, the National Company Law
Appellate Tribunal had also directed the debt-ridden IL&FS group
not to create third-party rights on its headquarters until the
appeal is finally decided, according to ET.
ET says NCLAT has scheduled its next hearing for February 2 on the
appeal filed by Brookfield, which challenged NCLT's recent order
upholding IL&FS's right to enhance the purchase consideration for
the headquarters property under the contractual provisions of the
LoI, in line with the value-maximisation principle underpinning the
IL&FS resolution framework.
According to ET, Chronos' original bid for the asset stood at
INR1,080 crore, approved through IL&FS' four-tier resolution
mechanism.
IL&FS subsequently revised the consideration to INR1,481 crore,
citing provisions in the LOI that allow this, updated valuation
reports, and its obligation to maximise value under the IL&FS
Resolution Framework. The bank guarantee is in accordance with the
revised valuation.
This was contested by Chronos before NCLT, ET notes.
However, NCLT, while affirming IL&FS' contractual powers, held that
Chronos' failure to renew the bank guarantee could not, by itself,
lead to disqualification, and granted it time to submit a fresh
bank guarantee equivalent to 10 per cent of the bid value with the
tribunal registrar.
On December 1, NCLT dismissed the INR1,080-crore bid by
Brookfield-backed Chronos Properties to acquire IL&FS' Bandra Kurla
Complex property, relates ET.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- was a non-banking finance company
that provided credit and other services such as debt syndication
and corporate advisory.
The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.
JAYAMURUGAN ALLOYS: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Sree Jayamurugan
Alloys Private Limited (SJAPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 7.46 Crisil B/Stable (Issuer Not
Cooperating)
Term Loan 2.54 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SJAPL 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 SJAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SJAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SJAPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SJAPL was incorporated in 2010. It is engaged in manufacturing of
Ms billet, Ms angles, Ms chanels, Ms flat at its manufacturing
facility located in Salem- Tamilnadu. The company's day-to-day
operations are managed by Mr. K Rajendran.
KESHAV OVERSEAS: CRISIL Lowers Rating on INR25cr LT Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Keshav Overseas (KO), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating 25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'Crisil BB-/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with KO 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 KO, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KO
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB-/Stable Issuer not cooperating'.
KO was established as partnership firm in 2015. It is engaged in
milling, processing and supplying of basmati rice and rice bran. It
has processing unit located at Karnal- Haryana. The firm is owned
by Mr. Rajesh Kumar Batra, Mr. Dheeraj Kumar Batra, Shalini Batra
and Swati Batra.
MADHAV STORES: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhav Stores
(MS) continue to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Term Loan 2.42 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with MS 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 MS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MS
continues to be 'Crisil B/Stable Issuer not cooperating'.
Set up in 2009-10 (refers to financial year, April 1 to March 31)
as a partnership firm by Mr. Hemant Gupta, his brother, Mr. Gourav
Kumar Gupta, and their family members, MS retails home appliances,
kitchenware, utensils, and grocery items at its showroom in
Karnal.
MAHABELL INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahabell
Industries India Private Limited (MIIPL) continue to be 'Crisil
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 Crisil B-/Stable (Issuer Not
Cooperating)
Cash Credit 1.5 Crisil B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.2 Crisil B-/Stable (Issuer
Bank Loan Facility Not Cooperating)
Term Loan 6.3 Crisil B-/Stable (Issuer
Not Cooperating)
Crisil Ratings has been consistently following up with MIIPL 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 MIIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MIIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MIIPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
Incorporated in 2016, Mahabell Industries is a back integrated
facility for the production of LED Lights based in Bangaluru. It is
backed by Online Instruments Pvt Ltd.
MAHALAXMI JWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Mahalaxmi Jwellers
Private Limited (MJPL) continue to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 Crisil B+/Stable (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.63 Crisil B+/Stable (Issuer Not
Cooperating)
Term Loan 0.87 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MJPL 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 MJPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MJPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
MJPL was incorporated in 1998. MJPL is engaged retailing of gold
jewellery. MJPL operate through a store at Gulbarga, Karnataka.
MJPL is owned & managed by Raghavendra Kashinath Mailapur &
family.
RAJ AGROCHEM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Agrochem
Products Private Limited (RAPPL) continue to be 'Crisil B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B+/Stable (Issuer Not
Cooperating)
Proposed Fund- 2.27 Crisil B+/Stable (Issuer Not
Based Bank Limits Cooperating)
Term Loan 1.73 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RAPPL 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 RAPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RAPPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
RAPPL was incorporated in 2009. It is engaged in manufacturing of
poultry feed and bird development. Its unit is in Muzaffarpur-
Bihar and is promoted by Mr Shiv Shankar Prasad Sahu and Mr Manoj
Kumar Gupta.
RAMA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rama Krishna
Spintex Private Limited (RKSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 33 CRISIL D (Issuer Not
Cooperating)
Term Loan 35 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.3 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RKSPL 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 RKSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RKSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
RKSPL, incorporated in February 2007 at Bathinda (Punjab), spins
yarn, including grey cotton yarn, stubbed cotton yarn, and waxed
cotton yarn, which are used to manufacture denim fabric. Mr Makhan
Lal Mangla is the promoter.
ROY APPARELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roy Apparels
Private Limited (RAPL) continue to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Cash Credit 1.65 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.55 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with RAPL 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 RAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RAPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
Incorporated in 1992 and promoted by Mr. ND Roy RAPL manufactures
garments such as T-shirts, caps, jerseys, hoodle jackets, and track
paints for large corporates.
SHIVSHAKTI BARRELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivshakti
Barrels Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 0.65 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Long Term 0.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 1 CRISIL D (Issuer Not
Demand Loan Cooperating)
Crisil Ratings has been consistently following up with SBPL 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 SBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2000, SBPL manufactures cold rolled steel barrels.
Located in Halol, Vadodara the company's manufacturing facility has
a capacity of producing 25000 barrels per months. The company is
promoted and managed by Parihar family.
SRINIVASA CHEMICAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Srinivasa Chemical
Enterprises (SCE) continues to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 7 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SCE 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 SCE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCE continues to be 'Crisil B+/Stable Issuer not cooperating'.
SCE was incorporated in Chennai in March 2002, promoted by Ms.
Gayathri along with her husband Mr. A V Madhava Rao. It
manufactures and trades in slurry acid that are utilised in soaps,
detergents, toiletries, and other such products. The firm has a
manufacturing facility in in Pondicherry.
SURENDRA MULTISPECIALITY: CRISIL Withdraws B+ Rating on Term Loan
-----------------------------------------------------------------
Crisil Ratings has reaffirmed its rating on the long-term bank
facility of Surendra Multispeciality Hospital (SMH) and
subsequently withdrawn the rating at the request of the firm and on
receipt of no-objection certificates from bankers. This rating
action is in line with Crisil Ratings policy on withdrawal of bank
loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 Crisil B+/Stable (Rating
Reaffirmed and Withdrawn)
The rating reflects geographic concentration in the revenue profile
and the highly leveraged capital structure of the firm. These
weaknesses are partially offset by the extensive experience of the
partners in the healthcare industry and moderate debt protection
metrics.
Analytical approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of SMH.
Key rating drivers - Weaknesses
* Geographic concentration in revenue: Operations are localised in
Tamil Nadu, which renders SMH susceptible to the dynamics of a
single market. The hospital is also vulnerable to competition from
the entry of big players in the region. Consequently, operating
income remains modest and is estimated at INR18.6 crore in fiscal
2025.
* Highly leveraged capital structure: The capital structure is
leveraged, with total outside liabilities to adjusted networth
ratio estimated at 3.3 times as on March 31, 2025. Further,
networth was modest at INR3.8 crore and debt was high at INR11.9
crore.
Key rating drivers - Strengths
* Extensive experience of the partners: The partners have more than
35 years of experience in the healthcare industry. Their strong
understanding of the market dynamics and healthy relations with
customers and suppliers should continue to support the business.
* Moderate debt protection metrics: The metrics are likely to
remain comfortable despite leverage owing to moderately healthy
profitability. Interest coverage is estimated at 4.1 times and net
cash accrual to total debt ratio at 0.29 time for fiscal 2025.
Liquidity Stretched
SMH does not have any working capital limit. Cash accrual is
projected at INR3.5-4.2 crore per annum, barely sufficient to meet
the yearly debt obligation of INR2.1-3.5 crore over the medium
term. Current ratio stood low at 0.1 time as on March 31, 2025.
Outlook Stable
SMH will continue to benefit from the extensive experience of the
partners.
Rating Sensitivity Factors
Upward Factors
* Steady revenue growth per fiscal and the earnings before
interest, tax, depreciation and amortisation (Ebitda) margin
staying above 20%, leading to higher-than-expected cash accrual
* Improvement in financial and liquidity risk profiles
Downward Factors
* Decline in revenue and/or Ebitda margin dropping below 15%,
resulting in net cash accrual less than INR2 crore
* Weakening of financial and liquidity risk profiles.
Set up in 2018 as a partnership entity, SMH commenced operations of
its multispecialty hospital in April 2021. The Tamil Nadu-based
firm is owned and managed by Dr P A Rajendiran and his family
members.
SWASTIK AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swastik Agro
Impex (India) Private Limited (SAIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SAIPL 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 SAIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAIPL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 2008 in Bhopal and promoted by Mr Pranay Kadre and
his wife, Ms Pritee Kadre, SAIPL trades and exports agro
commodities such as wheat and maize. The company has offices in
West Bengal, Gujarat, Karnataka, and Kerala.
VAISHNODEVI OIL: CRISIL Withdraws B+ Rating on INR8.5cr Loan
------------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
Vaishnodevi Oil Seeds Processing Industries (VOSPI) on the request
of the company and after receiving no objection certificate from
the bank. The rating action is in-line with Crisil Rating's policy
on withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Withdrawn)
Proposed Long Term 1.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Withdrawn)
Crisil Ratings has been consistently following up with VOSPI for
obtaining information through letter and email dated January 8,
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 VOSPI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VOSPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, Crisil Ratings has continued the
rating on bank facilities of VOSPI to 'Crisil B+/Stable Issuer not
cooperating'.
Set up in 2008, VRS is promoted by Mr. Shaileshbhai Thakkar and his
family. The firm extracts and refines edible oil (mainly mustard
oil from de-oiled cakes) at its plant in Banaskantha (Gujarat).
VARDHMAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhman
Industries Limited (VIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Non Convertible 5 CRISIL D (ISSUER NOT
Debentures COOPERATING)
Crisil Ratings has been consistently following up with VIL for
obtaining information through letter and email dated November 10,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of 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 and
Non Convertible Debentures of VIL continues to be 'Crisil D/Crisil
D Issuer not cooperating'.
Promoted by Mr Kapil Jain, VIL's manufacturing facilities are in
Ludhiana. It manufactures GP and GC sheets, and colour-coated
sheets. VIL is listed on the Bombay Stock Exchange.
=========
J A P A N
=========
NIDEC CORP: Moody's Assigns Ba3 CFR, Alters Outlook to Neg.
-----------------------------------------------------------
Moody's Ratings has downgraded Nidec Corporation's (Nidec) senior
unsecured rating to Ba3 from Baa3.
At the same time, Moody's have assigned a Ba3 corporate family
rating and withdrawn the company's Baa3 issuer rating.
The outlook was changed to negative from ratings under review.
"The downgrade reflects the ongoing uncertainty about the
reliability of Nidec's financial disclosure and governance risks
that are inconsistent with an investment grade rating," says Roman
Schorr, a Moody's Ratings Vice President and Senior Analyst.
"The negative outlook captures the risk of further rating pressure
depending on the findings of the third-party investigation into
potential accounting irregularities," adds Schorr.
RATINGS RATIONALE
The rating action reflects the ongoing uncertainty about the
quality and reliability of Nidec's financial reporting, which is
inconsistent with an investment-grade rating. There is currently
limited visibility on the timeline and scope of the ongoing
investigation. Nidec's auditor was unable to complete its review of
the first-half results after issuing a disclaimer of opinion on
Nidec's annual report for the fiscal year that ended in March 2025
(fiscal 2024). These developments increase disclosure risk and
create strain that may lead to further negative rating action if
material new findings emerge.
The auditor's disclaimer of opinion and the control and oversight
deficiencies that prompted the Tokyo Stock Exchange to designate
Nidec's stock as "Security on Special Alert" represent material
credit weaknesses. Nidec's announcement that it found documents
indicating that management may have been involved in, or aware of,
suspected irregularities underscores heightened governance risk and
raises questions about management credibility.
Nidec's Ba3 CFR incorporates the company's diversified product
portfolio, technological capability in the electric motor business,
and significant market presence as a leading motor manufacturer.
The CFR also reflects Moody's expectations that Nidec will maintain
sufficient liquidity to meet near-term obligations, including a
EUR500 million (approximately JPY90 billion) bond due in March
2026. In November 2025, Nidec secured a JPY600 billion committed
credit facility that strengthens its liquidity buffer.
These credit-supportive factors are offset by material weaknesses
in financial disclosure and internal controls, captured in the G-5
governance issuer profile score and the credit impact score of
CIS-5. Governance risk exposure is reflected in uncertainty about
compliance and reporting quality, weaknesses in internal controls,
and a questionable management track record. Nidec's Ba3 CFR also
incorporates its acquisitive growth strategy, which entails event
risk. The company's growth strategy has led to a complex
organizational structure, which may have contributed to accounting
oversight. Nidec's CFR also reflects its exposure to cyclical
demand in its business segments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects the uncertainty about the reliability
of its financial reporting amid the ongoing third-party probe into
potential accounting irregularities.
The ratings are unlikely to be upgraded until the company addresses
governance and accounting concerns.
Moody's could downgrade Nidec's ratings if the company does not
demonstrate a clear path to addressing potential accounting
irregularities and governance weaknesses. Additional factors that
could lead to a downgrade include inability to mitigate reputation
and regulatory risks, a material increase in leverage from
acquisitions or shareholder returns, sustained deterioration in
profitability, or consistently negative free cash flow. Downward
rating pressure will also emerge if the company fails to maintain
ample liquidity or its funding access weakens.
The principal methodology used in these ratings was Manufacturing
(Japanese) published in October 2025.
Nidec's Ba3 CFR is five notches below the scorecard-indicated
outcome. This reflects the uncertainty over the quality and
reliability of its financial disclosure, including the risk of
material restatements.
Headquartered in Kyoto, Japan, Nidec Corporation is a leading
manufacturer of electric motors.
NIDEC CORP: To Unveil Recovery Plan After Accounting Scandal
------------------------------------------------------------
Bloomberg News reports that Nidec Corp. will release a plan this
week to get its business back on track, people familiar with the
matter said, after an accounting scandal that has put the company
at risk of delisting and caused its debt to be downgraded to junk
status.
Bloomberg relates that the plan will be announced as soon as today,
Jan. 28 and will include revisions to past financial results, more
details on how the issues came to light and the steps that will be
taken to prevent a repeat, said one of the people, who asked not to
be identified because the information isn't public.
While the initiative marks one step towards recovery since founder
Shigenobu Nagamori stepped down from the board in December, a
third-party probe into accounting issues is still underway and
could reveal more details, Bloomberg says. Nagamori's
growth-at-all-costs approach is under scrutiny following a growing
number of suspected cases of improper accounting, which have
triggered filing delays, credit downgrades and the risk of
delisting in Tokyo.
The plan will take aim at untangling the more damaging aspects of
that legacy, including corporate culture and education on
compliance as well as a reassessment of its business plan,
Bloomberg relates.
Since June, Nidec repeatedly disclosed accounting issues that have
spanned subsidiaries in Italy, Switzerland and China, Bloomberg
notes. The cases have bogged down auditors' assessment of the
company's finances, delaying submission of its financial reports.
According to Bloomberg, the Tokyo Stock Exchange has put Nidec on
notice for a potential delisting, unless it can erase concerns over
corporate governance. Moody's Ratings downgraded the company while
warning that further risks remained. The stock has also been
removed from the benchmark Nikkei 225 index. Its shares are down
30% since late August.
Nagamori was replaced by chief executive officer Mitsuya Kishida,
Bloomberg says. A few months earlier, Nidec had launched a
third-party committee to investigate the origin and breadth of the
scandal. The committee, which consists of two lawyers and a public
accountant, will not be announcing its findings this month,
according to people familiar with the matter, adds Bloomberg.
NIDEC Corporation manufactures and sells electric motors and
related components and equipment worldwide. The company was
founded in 1973 and is headquartered in Kyoto, Japan.
===============
M A L A Y S I A
===============
1MDB: MACC Probing International Law Firm Over Alleged 1MDB Links
-----------------------------------------------------------------
The Edge Malaysia reports that Malaysian authorities are
investigating an international law firm suspected of involvement in
the misappropriation of funds linked to 1Malaysia Development Bhd
(1MDB).
According to the Edge, the investigation is being carried out under
the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of
Unlawful Activities Act 2001 (AMLA), Minister in the Prime
Minister's Department (Law and Institutional Reform) Datuk Seri
Azalina Othman Said said in a written parliamentary reply.
The Malaysian Anti-Corruption Commission (MACC) is investigating
the UK branch of the law firm, Azalina said. However, she declined
to reveal further details due to statutory restrictions, the Edge
relays.
The Edge relates that Azalina was responding to Kepong member of
Parliament Lim Lip Eng, who had sought disclosure of the names of
international law firms linked to the misappropriation of 1MDB
funds, the sums involved, whether any local law or accounting firms
were implicated, and whether action would be taken against
political parties that received 1MDB-related funds through other
channels.
On Dec. 18, national news agency Bernama cited an unidentified MACC
source as saying that the commission had intensified its
investigation into an international law firm suspected of
facilitating financial transactions involving illicit proceeds from
1MDB, according to the Edge.
Bernama reported that the firm is believed to have played a role in
the misappropriation of around US$1 billion from 1MDB, including
the transfer of about US$700 million to an offshore entity outside
the fund's control, the Edge says.
MACC is also gathering information on a former 1MDB business
development executive director believed to have links to funds
suspected to have been misappropriated in connection with the case,
the news agency reported the source as saying, the Edge relays.
The Edge adds that the investigation, according to the Bernama
report, was initiated based on intelligence and information
obtained through engagements with several countries, involving
cross-border financial flows and the role of professional
intermediaries in transactions related to 1MDB.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
In July 2020, the High Court convicted former Prime Najib Razak on
all seven counts of abuse of power, money laundering and criminal
breach of trust and was sentenced to 12 years imprisonment and
fined MYR210 million.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as $780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
===============
M O N G O L I A
===============
MONGOLIA: Fitch Affirms 'B+' Rating on Long-Term Instruments
------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's long-term debt ratings at
'B+' and has assigned a Recovery Rating of 'RR4' following the
removal of the ratings from Under Criteria Observation (UCO). The
rating action reflects the application of Fitch's new Sovereign
Rating Criteria, effective September 2025, and the inclusion of
recovery assumptions into sovereign debt ratings for the first
time.
Key Rating Drivers
The senior unsecured long-term debt ratings are equalised with
Mongolia's Long-Term (LT) Foreign-Currency (FC) Issuer Default
Ratings (IDR), reflecting Fitch's expectation of average recovery
prospects in a default scenario. The instruments have a Recovery
Rating of 'RR4'.
On September 1, 2025, Fitch affirmed Mongolia's LT FC IDR at 'B+'
with a Stable Rating Outlook.
The following ESG issues represent key rating drivers for
Mongolia's LT FC IDR and, in turn, its bonds.
ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for
Political Stability and Rights and '5' for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that World Bank Governance
Indicators (WBGIs) have in Fitch's proprietary Sovereign Rating
Model. Mongolia has a medium WBGI ranking at the 47th percentile.
The bond rating is sensitive to any changes in Mongolia's LT FC
IDR, which has the following rating sensitivities (as per the
aforementioned issuer rating action commentary).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-External Finances: Materialisation of significant external stress,
potentially undermining external financing flows and leading to a
decline in foreign reserves, for example, as a result of a
commodity shock amid expansionary domestic economic policies.
-Public Finances: Significant increase in the government debt/GDP
ratio, for example, from sustained budget deficits or weaker
medium-term growth prospects.
-Structural Features: Political instability or major policy shifts
sufficient to significantly disrupt strategic mining projects or
FDI inflows.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-External Finances: Reduction in external financing risks, for
example, through significant accumulation of foreign-currency
reserves and a fall in net external debt, accompanied by prudent
external debt management.
-Public Finances: Implementation of prudent fiscal policies, which
reduce pro-cyclicality and are consistent with reductions in the
government debt/GDP ratio and the build-up of fiscal buffers.
-Macroeconomic and Structural: Sustained strong economic growth
without the emergence of imbalances, supported by a business
environment conducive to robust FDI inflows.
=====================
N E W Z E A L A N D
=====================
CHOCOLATE FISH: Wellington Cafe to Close Doors on Feb. 1
--------------------------------------------------------
Radio New Zealand reports that popular Wellington cafe, Chocolate
Fish, is set to close on Sunday [Feb. 1].
RNZ says cafe owners John and Penny Pennington like to think of the
Chocolate Fish Cafe, as somewhat of a Mirimar institution.
Operating since 1997, it had been at its current site since 2009.
Located at Shelly Bay, John said part of the cafe's attraction was
that it had space for kids to run around, free parking and "pretty
good" food.
This month the cafe looked a little different however, with price
tags littering the room with everything from the chairs and tables
to the cutlery on sale.
"Because we've been terminated and don't have anything to sell, and
of course we've got a bit of debt and that sort of thing, and
nowhere to go, we decided, right, we'd turn January, our last month
of trading, into a garage sale," RNZ quotes John as saying.
Penny said it was devastating to have to close.
John said the cafe had a big client-base that ranged from regular
locals to tour groups and people who specifically come out to
Shelly Bay to go to their cafe.
Penny said the cafe had been described as being a hub of the
community.
"We love coming to work every day because it's like coming and
seeing your friends, your whanau, and it's just wonderful."
The cafe site was bought by Sir Peter Jackson and Dame Fran Walsh
in 2023, RNZ recalls.
It had followed a rocky few years at Shelly Bay, with a planned
controversial housing development spearheaded by the Wellington
company which was later scrapped, and a fire which gutted the
iconic Sawtooth building and forced the Chocolate Fish to relocate
for months due to asbestos risk.
RNZ relates that John said they thought they had won the Lotto when
Sir Peter and Dame Fran purchased it.
"Everything was tracking so positively for us being able to
continue on," Penny said.
"To have that suddenly wiped out, that's been a very bitter pill.
We're more than a cafe, we're a bit of an institution," John
added.
WingNut PM, the property arm of Jackson and Walsh's WingNut Group,
told the Penningtons at the end of September it was terminating the
lease, RNZ relays. The pair initially publicly criticised the pair
for the decision, but later walked the comments back.
At the time, WingNut PM told RNZ the owners had been aware the
original Submarine Barracks required "substantial remedial work",
including replacing the roof, restoring its historic frontage,
interior renovations, applying a new coat of paint to the exterior,
and temporarily closing the parking area for tar-sealing.
RNZ adds that the spokesperson said they had been in discussions
with the Penningtons for the past year about its pending closure.
COEHAVEN COMPANY: Creditors' Proofs of Debt Due on Feb. 26
----------------------------------------------------------
Creditors of Coehaven Company Limited, Finance Services Limited,
Money Concepts Holdings Limited, Global Financial Planning Limited
and Intrac 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. 26, 2026.
The company's liquidator is:
Brent Dickins
CS Insolvency
C/- Coombe Smith (PN) Limited
168 Broadway Avenue
PO Box 788
Palmerston North
NZ NATIONAL: Court to Hear Wind-Up Petition on Feb. 24
------------------------------------------------------
A petition to wind up the operations of NZ National (2020) Limited
will be heard before the High Court at Auckland on Feb. 24, 2026,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 18, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PARADISE DEVELOPERS: Court to Hear Wind-Up Petition on Feb. 5
-------------------------------------------------------------
A petition to wind up the operations of Paradise Developers Limited
will be heard before the High Court at Auckland on Feb. 5, 2026, at
10:45 a.m.
PKT Enterprise Limited filed the petition against the company on
July 25, 2025.
The Petitioner's solicitor is:
Donald MacRae
Morgan Coakle
Level 9
41 Shortland Street
Auckland 1010
POSITIVE TRAFFIC: Creditors' Proofs of Debt Due on Feb. 27
----------------------------------------------------------
Creditors of Positive Traffic Solutions Limited are required to
file their proofs of debt by Feb. 27, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 21, 2026.
The company's liquidator is:
Craig Young
Restructuring Services Limited
PO Box 87340
Auckland
PRAKASH TRANSPORT: Court to Hear Wind-Up Petition on Feb. 4
-----------------------------------------------------------
A petition to wind up the operations of Prakash Transport Limited
will be heard before the High Court at Auckland on Feb. 4, 2026, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 17, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
===============
P A K I S T A N
===============
UNITED ENERGY: S&P Withdraws 'B' Issuer Rating on USD Bond
----------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issue rating on a
U.S. dollar-denominated bond that United Energy Group Ltd. (UEG)
proposed to issue in November 2025. S&P withdrew the issue rating
because the company did not complete the issuance.
UEG is a small oil and gas exploration and production company with
operations concentrated in Iraq, Pakistan, and Egypt.
=================
S I N G A P O R E
=================
HACHIKO EFFICIENCY: Court to Hear Wind-Up Petition on Feb. 6
------------------------------------------------------------
A petition to wind up the operations of Hachiko Efficiency Services
Pte. Ltd. will be heard before the High Court of Singapore on Feb.
6, 2026, at 10:00 a.m.
Hoyer Global Transport BV filed the petition against the company on
Dec. 9, 2025.
The Petitioner's solicitors are:
DennisMathiew
7500A Beach Road
#14-324 The Plaza
Singapore 199591
MA SUPREME: Court to Hear Wind-Up Petition on Feb. 13
-----------------------------------------------------
A petition to wind up the operations of MA Supreme Pte. Ltd. will
be heard before the High Court of Singapore on Feb. 13, 2026, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 21, 2026.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
NANYANG OPTICAL: Creditors' Meeting Set for Feb. 13
---------------------------------------------------
Nanyang Optical Co. Pte. Ltd. will hold a meeting for its creditors
on Feb. 13, 2026, at 2:30 p.m., via Zoom.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
TRIDENT WATER: Creditors' Meeting Set for Feb. 6
------------------------------------------------
Trident Water Systems Pte. Ltd. will hold a meeting for its
creditors on Feb. 6, 2026, at 11:30 a.m., via video conference.
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;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
VITAKIDS PTE: Placed in Liquidation
-----------------------------------
Messrs. Lim Soh Yen and Tan Suah Pin on Jan. 19, 2026, were
appointed as liquidators of Vitakids Pte Ltd.
The liquidators may be reached at:
Lim Soh Yen
Tan Suah Pin
133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
=================
S R I L A N K A
=================
SRI LANKA: Central Bank Likely to Hold Rates Ahead of IMF Review
----------------------------------------------------------------
Reuters reports that Sri Lanka's central bank is today, Jan. 28,
expected to maintain its key interest rate at 7.75%, a Reuters poll
found, as an International Monetary Fund delegation reviews the
sixth tranche of a crucial $2.9 billion package.
Reuters relates that the poll of a dozen economists unanimously
forecast no change to the benchmark overnight policy rate, citing
stable inflation, healthy credit growth, and consistent economic
expansion.
According to Reuters, the Central Bank of Sri Lanka has held rates
steady since last May, as the nation recovers from a 2022 financial
crisis driven by a severe dollar shortage.
But Sri Lanka's tentative recovery was impacted by Cyclone Ditwah,
which killed 649 people and affected nearly 10% of the 22 million
population, in late November.
Damage to houses, roads and other critical infrastructure has been
estimated at $4.1 billion by the World Bank.
"There seems to be stimulus potential from cyclone rebuilding. We
have had seven quarters of good growth so the consistency has been
fantastic. There is scope for growth to bounce back," Reuters
quotes Raynal Wickremeratne, co-head of research at Softlogic
Stockbrokers, as saying.
Reuters says the IMF downgraded Sri Lanka's growth for 2026 from
3.1% to 2.9% last month and warned inflation would reach 5.4%,
slightly higher than the central bank's projection of 5%.
Inflation was 2.1% at the end of 2025.
Reuters relates that the global lender also approved $206 million
in emergency funding to Sri Lanka to assist with immediate recovery
efforts.
The IMF delegation will wrap up their fact-finding mission on Jan.
28.
CBSL expects 4%-5% growth for this year, partly supported by higher
public spending to rebuild after the cyclone, adds Reuters. Colombo
also approved 500 billion Sri Lankan rupees ($1.62 billion) in
additional spending last month to support cyclone-affected people.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. Sri Jayawardenepura Kotte is its legislative capital, and
Colombo is its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
S&P Global Ratings, on Sept. 19, 2025, raised its long- and
short-term foreign currency sovereign credit ratings on Sri Lanka
to 'CCC+/C' from 'SD/SD'. S&P also affirmed its 'CCC+/C' long- and
short-term local currency ratings. The outlook on both the
long-term foreign and local currency ratings is stable. The
transfer and convertibility assessment remains 'CCC+'.
Fitch Ratings, on Oct. 1, 2025, affirmed Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC+'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.
Moody's also upgraded Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable.
=============
V I E T N A M
=============
BANK FOR INVESTMENT: Moody's Affirms Ba2 LT Deposit, Issuer Ratings
-------------------------------------------------------------------
Moody's Ratings has affirmed JSC Bank for Investment & Development
of Vietnam's (BIDV) Ba2 local currency (LC) and foreign currency
(FC) long-term (LT) bank deposit and issuer ratings. The bank's
Baseline Credit Assessment (BCA) and Adjusted BCA has been upgraded
to b1 from b2.
Moody's have also affirmed BIDV's Ba2 LT FC and LC Counterparty
Risk Ratings (CRRs) and Ba2(cr) LT Counterparty Risk (CR)
Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC bank
deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.
The rating outlook, where applicable, is stable.
RATINGS RATIONALE
The affirmation of BIDV's Ba2 ratings is driven by Moody's
expectations that the bank will maintain stable solvency and
liquidity metrics and continue to benefit from a very high level of
government support in times of need. At the same time, the bank's
modest liquidity buffers are balanced by its strong funding
structure which is underpinned by its large and stable deposit
base.
The upgrade of the bank's BCA is driven by Moody's expectations
that the bank will improve its core capital through stock dividends
and capital raising over the next 12-18 months, bringing its
standalone credit profile in line with other domestic banks with b1
BCAs.
BIDV's capitalization improved with its tangible common equity
(TCE) as a percentage of risk-weighted assets (RWA), or TCE ratio,
increasing to 6.5% as of September 30, 2025 from 6.2% in 2024. The
bank's plan to raise new capital will further strengthen its
capitalization and Moody's expects the TCE ratio to increase to
above 7% over the next 12-18 months.
BIDV's gross nonperforming loan (NPL) ratio increased to 1.9% as of
September 30, 2025 from 1.4% as of December 31, 2024, driven by
higher delinquencies from corporate borrowers. The formation of new
NPLs remains a risk to BIDV's asset quality due to unseasoned risks
from high loan growth and trade uncertainties with the US.
Nevertheless, Moody's expects supportive domestic operating
conditions to mitigate the increase in new impairments in its loan
book. The bank maintains a lower provision coverage compared to
other state-owned banks, with loan loss reserves as a percentage of
NPLs of 95% as of September 30, 2025.
The bank's profitability remained stable with annualized net income
/ tangible assets of 0.8% as of September 30, 2025, with higher bad
debt recoveries offsetting the impact of lower net interest margin.
Moody's expects the bank's profitability in 2026 to be in line with
historical levels as asset yields will remain low to support
economic growth. Stronger non-interest income growth will also be
offset by higher credit costs as asset risks materialize from the
bank's high loan growth over the past few years.
Moody's expects BIDV's funding to remain stable over the next 12-18
months, with the bank maintaining a lower reliance on less-stable
funding compared to private commercial banks. The bank's funding is
a key credit strength, supported by its large deposit franchise and
status as a large state-owned commercial bank which further
enhances the stability of its deposits. BIDV's core banking
liquidity buffer remained modest, with high quality liquid assets
after Moody's standard haircuts representing around 6% of tangible
banking assets as of September 30, 2025. The bank's liquidity risks
are mitigated by its strong and stable deposit base, and access to
secured funding from the central bank.
BIDV's Ba2 deposit ratings are two notches above its b1 BCA based
on Moody's assumptions of a very high probability of support from
the Government of Vietnam (Ba2 stable) in times of need, given its
high government ownership and systemic importance.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of BIDV's long-term ratings is unlikely because they are
at the same level as the sovereign rating. Nonetheless, BIDV's BCA
could be upgraded if the bank strengthens its TCE ratio to more
than 11% and improves its return on tangible assets to 1.5% on a
sustained basis. An improvement in its asset quality and liquidity
will also be positive for the BCA.
BIDV's BCA would be downgraded if its asset quality deteriorates,
leading to higher credit costs and a sustained decline in its
return on tangible assets to below 0.7% and TCE ratio to below 6%.
A significant deterioration in its stock of unencumbered high
quality liquid assets will also be credit negative.
The bank's ratings would also be downgraded if Vietnam's sovereign
rating is downgraded or if Moody's assesses that government support
for the bank has weakened.
The principal methodology used in these ratings was Banks published
in November 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.
JSC Bank for Investment & Development of Vietnam's (BIDV),
headquartered in Hanoi, reported total assets of VND3,071 trillion
as of September 30, 2025.
VIETCOMBANK: Moody's Affirms 'Ba2' LT Bank Deposit, Issuer Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed JSC Bank for Foreign Trade of
Vietnam's (Vietcombank) Ba2 local currency (LC) and foreign
currency (FC) long-term (LT) bank deposit and issuer ratings.
Vietcombank's Baseline Credit Assessment (BCA) and Adjusted BCA has
been upgraded to ba2 from ba3. Moody's have also upgraded the
bank's LT FC and LC Counterparty Risk Ratings (CRRs) to Ba1 from
Ba2 and LT Counterparty Risk (CR) Assessment to Ba1(cr) from
Ba2(cr).
The bank's NP short-term (ST) FC and LC CRRs, ST FC and LC bank
deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment have been affirmed.
The rating outlook, where applicable, is stable.
RATINGS RATIONALE
The affirmation of Vietcombank's Ba2 ratings reflects its strong
profitability and asset quality, supported by low credit costs and
high loan loss coverage. The bank's modest liquidity buffers are
balanced by its strong funding structure which is underpinned by
its large and stable deposit base.
The upgrade of the bank's BCA reflects its consistently strong
asset quality, good core capital, and superior funding profile.
Moody's expects that the bank's solvency and funding metrics will
remain stable in 2026-2027.
Vietcombank's gross nonperforming loan (NPL) ratio remained stable
at 1% as of September 30, 2025 and was among the lowest across
rated peers in Vietnam. While unseasoned risk from high loan growth
and ongoing trade uncertainties with the US pose asset quality
risks, Moody's expects new impairments to be manageable given the
bank's robust underwriting and less aggressive expansion of its
loan portfolio. At the same time, the bank's loan loss coverage was
the highest across rated peers in Vietnam, with loan loss reserves
as a percentage of NPLs at 202% as of September 30, 2025.
Vietcombank's capitalization remained largely stable in 2024-2025,
with its tangible common equity (TCE) as a percentage of
risk-weighted assets (RWA), or TCE ratio, at 11.4% as of June 30,
2025. Moody's expects the TCE ratio to remain close to the current
level over the next 12-18 months, with RWA growth balanced by the
bank's good profitability.
The bank's profitability remained stable with annualized net
income/tangible assets of 1.5% as of September 30, 2025, with
higher bad debt recoveries offsetting the impact of lower net
interest margin. Profitability will remain flat in 2026 as asset
yields remain low to support economic growth. Nevertheless, Moody's
expects the bank to maintain its superior profitability relative to
other state owned banks in Vietnam, underpinned by its lower credit
costs and stronger access to low cost funding.
Moody's expects Vietcombank's funding structure to remain stable
over the next 12-18 months, with the bank maintaining a lower
reliance on less-stable funding compared to private commercial
banks. The bank's funding is a key credit strength, supported by
its large transactional deposit franchise and status as a large
state-owned commercial bank which further enhances the stability of
its deposits. Vietcombank's core banking liquidity buffer remained
modest, with high quality liquid assets after Moody's standard
haircuts representing around 6% of tangible banking assets as of
June 30, 2025. The bank's liquidity risks are mitigated by its
stable and diversified deposits and access to secured funding from
the central bank.
Vietcombank's Ba2 deposit ratings do not benefit from any
government support uplift because the bank's ba2 BCA is already at
the same level as Vietnam sovereign rating (Ba2 stable).
Nevertheless, Moody's expects a very high probability of support
from the Government of Vietnam in times of need, given its high
government ownership and systemic importance.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Vietcombank's BCA and ratings is unlikely because
they are already at the same level as Vietnam's sovereign rating.
Vietcombank's BCA would be downgraded if asset quality
deteriorates; leading to a sustained weakening of capital and
profitability, where its TCE ratio falls below 11% and net
income/tangible assets decreases to less than 1.4% on a sustained
basis. Further deterioration in its stock of unencumbered high
quality liquid assets would also be negative for the BCA.
The bank's BCA and ratings would also be downgraded if Vietnam's
sovereign rating is downgraded.
The principal methodology used in these ratings was Banks published
in November 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.
JSC Bank for Foreign Trade of Vietnam's (Vietcombank),
headquartered in Hanoi, reported total assets of VND2,378 trillion
as of September 30, 2025.
VIETINBANK: Moody's Affirms 'Ba2' LT Bank Deposit & Issuer Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed Vietnam JSC Bank for Industry and
Trade's (Vietinbank) Ba2 local currency (LC) and foreign currency
(FC) long-term (LT) bank deposit and issuer ratings, as well as its
b1 Baseline Credit Assessment (BCA) and Adjusted BCA.
Moody's have also affirmed Vietinbank's Ba2 LT FC and LC
Counterparty Risk Ratings (CRRs) and Ba2(cr) LT Counterparty Risk
(CR) Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC
bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.
The rating outlook, where applicable, is stable.
RATINGS RATIONALE
The affirmation of Vietinbank's Ba2 ratings is driven by Moody's
expectations that the bank's strong loan loss coverage will
mitigate its asset quality risks. At the same time, the bank's
modest liquidity buffer is balanced by its strong funding structure
which is underpinned by its large and stable deposit base.
Vietinbank's gross nonperforming loan (NPL) ratio decreased to 1.1%
as of September 30, 2025 from 1.2% as of December 31, 2024, driven
by higher charge offs. The formation of new NPLs remains a risk to
Vietinbank's asset quality due to unseasoned risks from high loan
growth and trade uncertainties with the US. Nevertheless, Moody's
expects supportive domestic operating conditions to mitigate the
increase in new loan impairments. Moreover, the bank's strong
provision coverage, with loan loss reserves as a percentage of NPLs
of 176% as of September 30, 2025, will provide some cushion against
asset quality risks.
Vietinbank's capitalization improved slightly with its tangible
common equity (TCE) as a percentage of risk-weighted assets (RWA),
or TCE ratio, increasing to a still modest 7.1% as of September 30,
2025 from 6.9% in 2024. Moody's expects the bank's TCE ratio to
remain above 7% over the next 12-18 months, with its modest
internal capital generation balanced by capital retention through
stock dividends.
The bank's profitability remained stable with annualized net
income/tangible assets of 1.1% as of September 30, 2025, with
higher bad debt recoveries offsetting the impact of lower net
interest margin. Moody's expects Vietinbank's profitability to
remain flat in 2026 as asset yields remain low to support economic
growth, while stronger non-interest growth will be offset by higher
credit costs as asset risks materialize from the bank's high loan
growth over the past few years.
Moody's expects Vietinbank's funding structure to remain stable
over the next 12-18 months, with the bank maintaining a lower
reliance on less-stable funding compared to private commercial
banks. The bank's funding is a key credit strength, supported by
its large deposit franchise and status as a large state-owned
commercial bank which further enhances the stability of its
deposits. Vietinbank's core banking liquidity buffers remained
modest, with high quality liquid assets after Moody's standard
haircuts representing around 5% of tangible banking assets as of
June 30, 2025. The bank's liquidity risks are mitigated by its
strong deposits base and access to secured funding from the central
bank.
Vietinbank's Ba2 deposit ratings are two notches above its b1 BCA
based on Moody's assumptions of a very high probability of support
from the Government of Vietnam (Ba2 stable) in times of need, given
its high government ownership and systemic importance.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Vietinbank's long-term ratings is unlikely because
they are at the same level as the sovereign rating. Nonetheless,
Vietinbank's BCA could be upgraded if the bank strengthens its TCE
ratio to more than 11% and improves its return on tangible assets
to 1.5% on a sustained basis. An improvement in its asset quality
and liquidity will also be positive for the BCA.
Vietinbank's BCA would be downgraded if its asset quality
deteriorates, leading to higher credit costs and a sustained
decline in its return on tangible assets to below 0.7% and TCE
ratio to below 6%. Further deterioration in its stock of
unencumbered high quality liquid assets will also be credit
negative.
The bank's ratings would also be downgraded if Vietnam's sovereign
rating is downgraded or if Moody's assess that government support
for the bank has weakened.
The principal methodology used in these ratings was Banks published
in November 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.
Vietnam JSC Bank for Industry and Trade's (Vietinbank),
headquartered in Hanoi, reported total assets of VND2,761 trillion
as of September 30, 2025.
VIETNAM BANK: Moody's Affirms 'Ba2' LT Deposit & Issuer Ratings
---------------------------------------------------------------
Moody's Ratings has affirmed Vietnam Bank for Agriculture and Rural
Development's (Agribank) Ba2 local currency (LC) and foreign
currency (FC) long-term (LT) bank deposit and issuer ratings. The
bank's Baseline Credit Assessment (BCA) and Adjusted BCA have been
upgraded to b1 from b2.
Moody's have also affirmed Agribank's Ba2 LT FC and LC Counterparty
Risk Ratings (CRRs) and Ba2(cr) LT Counterparty Risk (CR)
Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC bank
deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.
The rating outlook, where applicable, is stable.
RATINGS RATIONALE
The affirmation of Agribank's Ba2 ratings with a stable outlook
reflects the bank's stable asset quality coupled with a large and
diversified deposit franchise.
The upgrade of the bank's BCA is driven by Moody's expectations
that the bank's stable profitability and likely capital injections
from the government will strengthen its modest capitalization over
the next 12-18 months, bringing its standalone credit profile in
line with domestic peers with b1 BCAs.
Agribank's capitalization improved with its tangible common equity
(TCE) as a percentage of risk-weighted assets (RWA), or TCE ratio,
increasing to 7.7% as of June 30, 2025 from 6.0% as of December 31,
2023, supported by stable profitability and lower risk weights for
loans to the agricultural sector. Moody's expects the bank's TCE
ratio to increase to around 8% over the next 12-18 months,
reflecting additional capital contributions from the government in
2026 and 2027.
Agribank's nonperforming loans ratio (NPL) decreased to 1.4% as of
June 30, 2025 from 1.7% as of December 2024, driven by both rapid
loan growth and higher bad debt recoveries. The formation of new
NPLs remains a risk to Agribank's asset quality due to the bank's
high credit concentration in agriculture-related industries that
are exposed to weather disruptions. Nevertheless, the bank's above
peer average provision coverage, with loan loss reserves as a
percentage of NPLs of 142% as of June 30, 2025, will provide
sufficient cushion against its asset quality risks.
The bank's return on assets averaged 1.0% over for the period from
2023 to first half of 2025 (annualized), higher than historical
levels of 0.7% for the period between 2018 and 2022, driven by
optimized operating costs. Moody's expects the bank's profitability
to remain stable at around 1.0% over the next 12-18 months, as
lower credit costs from stable asset quality help offset a moderate
increase in cost of funds.
Moody's expects Agribank's funding structure to remain stable over
the next 12-18 months, with the bank maintaining a lower reliance
on less-stable funding compared to private commercial banks. The
bank's funding is a key credit strength, supported by its large
granular deposit franchise and status as a large state owned
commercial bank which enhances the stability of its deposits.
Agribank's core banking liquidity remained modest, with high
quality liquid assets after Moody's standard haircuts representing
around 7% of tangible banking assets as of June 30, 2025.
Agribank's Ba2 deposit ratings are two notches above its b1 BCA
based on Moody's assumptions of a very high probability of support
from the Government of Vietnam (Ba2 stable) in times of need, given
its full government ownership and systemic importance.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Agribank's long-term ratings is unlikely because they
are at the same level as Vietnam's Ba2 sovereign rating. However,
Moody's could upgrade the bank's b1 BCA if its tangible common
equity (TCE)/risk-weighted assets (RWA) improves to more than 11%
and return on tangible assets increases to more than 1.5% on a
sustained basis.
Moody's would downgrade Agribank's ratings and BCA if its
nonperforming loans (NPLs) increase above 3%, leading to higher
credit costs and a decrease in return on tangible assets below
0.5%, or if the bank's TCE/RWA declines below 7%.
The bank's ratings would also be downgraded if Vietnam's sovereign
rating is downgraded or if Moody's assesses that government support
for the bank has weakened.
The principal methodology used in these ratings was Banks published
in November 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.
Vietnam Bank for Agriculture and Rural Development (Agribank),
headquartered in Hanoi, reported total assets of VND2,390 trillion
as of June 30, 2025.
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X X X X X X X X
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KYRGYZSTAN: Fitch Affirms 'B' Rating on Long-Term Instruments
-------------------------------------------------------------
Fitch Ratings has affirmed Kyrgyzstan's long-term debt ratings at
'B' and has assigned a Recovery Rating of 'RR4' following the
removal of the ratings from Under Criteria Observation (UCO). The
rating action reflects the application of Fitch's new Sovereign
Rating Criteria, effective September 2025, and the inclusion of
recovery assumptions into sovereign debt ratings for the first
time.
Key Rating Drivers
The senior unsecured long-term debt ratings are equalised with
Kyrgyzstan's Long-Term (LT) Foreign-Currency (FC) Issuer Default
Ratings (IDR), reflecting Fitch's expectation of average recovery
prospects in a default scenario. The instruments have a Recovery
Rating of 'RR4'.
On April 24, 2025, Fitch published Kyrgyzstan's LT FC IDR at 'B'
with a Stable Rating Outlook.
The following ESG issues represent key rating drivers for
Kyrgyzstan's LT FC IDR and, in turn, its bonds.
ESG - Governance: Kyrgyzstan has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch's proprietary Sovereign Rating
Model. Kyrgyzstan has a low WBGI ranking at 21.2, reflecting
repeated leadership changes, lagging institutional capacity, uneven
application of the rule of law and a high level of corruption.
The bond rating is sensitive to any changes in Kyrgyzstan's LT FC
IDR, which has the following rating sensitivities (as per the
aforementioned issuer rating action commentary).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-External Finances: A sustained decline in international reserves,
for example, as a result of reduced remittances, disruption to
regional trade, and/or the inability to secure financing from
official and commercial creditors.
-Public Finances: A significant rise in the debt-to-GDP ratio in
the medium term, for example, due to sustained fiscal slippage or
large increase in contingent liabilities.
-Structural Features: Marked deterioration in political stability,
particularly if this leads to external financing strains and/or a
material weakening of medium-term growth prospects.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-External Finances: Reduction in external vulnerabilities, for
example, through significant accumulation of foreign-exchange
reserves and reductions in structural current account deficits.
-Public Finances: A material reduction in government debt, for
example, due to sustained revenue mobilisation.
-Structural Features/Macro: A sustained improvement in governance
standards and political stability that facilitate the
diversification of the economy, enabling substantial increase in
GDP per capita.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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