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260129.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, January 29, 2026, Vol. 29, No. 21 Headlines A U S T R A L I A DARROW INVESTMENTS: Worrells Appointed as Liquidator DARWIN BASKETBALL: Second Creditors' Meeting Set for Feb. 3 FIRE & SAFETY: Second Creditors' Meeting Set for Feb. 5 FLEMING BUILDING: Orange Tree Insolvency Appointed as Liquidator HEALTHSCOPE: Landlord Says La Spina's Not-For-Profit Plan Unviable ISOFT SOLUTIONS: RSM Australia Appointed as Liquidator SHIELD MASTER: Lost Profits Lift Shield, First Guardian Payouts C H I N A CHINA VANKE: Gains as Creditors Approve Bond Rollovers H O N G K O N G CROWN INT'L: Moves Weihai Runhe Into Court-Supervised Liquidation I N D I A AGILITYWORKS INDIA: Voluntary Liquidation Process Case Summary AMARA RAJA: Voluntary Liquidation Process Case Summary ASTRON PAPER: CARE Keeps D Debt Ratings in Not Cooperating B. J. HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category BASUS LETS: Voluntary Liquidation Process Case Summary BIOCON BIOLOGICS: S&P Raises LT Issuer Credit Rating to 'BB+' BLU-SMART CHARGE: Insolvency Resolution Process Case Summary CORAL STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category EMPERIA REALTY: CARE Keeps D Debt Rating in Not Cooperating ESHWAR TRUST: CARE Keeps B- Debt Rating in Not Cooperating GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category GHAN MARINE: CARE Keeps B- Debt Rating in Not Cooperating Category GREEN FIELD: CARE Keeps B- Debt Rating in Not Cooperating Category HIM ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating Category HITRO ENERGY: Voluntary Liquidation Process Case Summary INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating KANJI KALYANJI: CARE Keeps B- Debt Rating in Not Cooperating MELSTAR INFORMATION: CARE Keeps D Debt Ratings in Not Cooperating MUTHOOT FINANCE: S&P Puts 'BB+' LT Issue Rating to USD Senior Notes RAGHUVIR OIL: CARE Keeps D Debt Ratings in Not Cooperating RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating RAJKISHORE SINGH: CARE Keeps C Debt Rating in Not Cooperating RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category SAHU AND SONS: CARE Keeps B- Debt Rating in Not Cooperating SAMRAT PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating SAVITRIDEVI INDUSTRIES: CARE D Debt Rating in Not Cooperating SHIV DAL: CARE Keeps B- Debt Rating in Not Cooperating Category SHRIRAM FINANCE: Fitch Puts 'BB+' LT IDRs on Rating Watch Positive SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating SUN CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating UJALA MINERALS: CARE Keeps C Debt Rating in Not Cooperating VPN RAW: CARE Keeps B- Debt Rating in Not Cooperating Category Y. ACHAMMA: CARE Keeps B- Debt Rating in Not Cooperating Category YUNIMAGE SERVICES: Insolvency Resolution Process Case Summary J A P A N TOKYO ELECTRIC: Japan OKs New Plan With JPY3.1 Trillion Cost Cuts N E W Z E A L A N D DAWN CONSTRUCTION: Brenton Hunt Appointed as Receiver HIGH PERFORMANCE: Court to Hear Wind-Up Petition on Feb. 3 LUXURY STAYS: McDonald Vague Appointed as Liquidators PROTOCOLD SERVICES: Court to Hear Wind-Up Petition on Feb. 4 ZEN E NZ: Khov Jones Appointed as Receivers and Managers [] NEW ZEALAND: Over 22 Building Firms Enter Liquidation in Jan. P A K I S T A N PAKISTAN: Fitch Affirms 'B-' Rating on Long-Term Instruments P H I L I P P I N E S DANVIL PLANS: IC Formally Closes Co.'s 10-Year Liquidation Case S I N G A P O R E AECO PROJECT: Creditors' Proofs of Debt Due on Feb. 27 INFINITE DEEMARCO: Commences Wind-Up Proceedings MIRAGE GARAGE: Court to Hear Wind-Up Petition on Feb. 13 NEWSPAPER SENG: Court to Hear Wind-Up Petition on Feb. 13 TYPE-RITE INDUSTRIES: Ng Hoe Kiat Keith Appointed as Liquidator V I E T N A M VIETNAM: Fitch Hikes Long-Term Sr Secured Debt Instruments From BB+ - - - - - ================= A U S T R A L I A ================= DARROW INVESTMENTS: Worrells Appointed as Liquidator ---------------------------------------------------- Adam Francis Ward of Worrells on Jan. 27, 2026, was appointed as liquidator of Darrow Investments Pty. Ltd. The liquidator may be reached at: Adam Francis Ward Worrells WOTSO, 123 Margaret Street Toowoomba, QLD 4350 DARWIN BASKETBALL: Second Creditors' Meeting Set for Feb. 3 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Darwin Basketball Association Incorporated has been set for Feb. 3, 2026, at 10:30 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 2, 2026 at 5:00 p.m. S R Sellahewa and S G Reid of Rodgers Reidy were appointed as administrators of the company on Dec. 17, 2025. FIRE & SAFETY: Second Creditors' Meeting Set for Feb. 5 ------------------------------------------------------- A second meeting of creditors in the proceedings of Fire & Safety Services Co. Pty Ltd has been set for Feb. 5, 2026, at 11:00 a.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. 4, 2026 at 5:00 p.m. Thomas Birch and Jeremy Joseph Nipps of Cor Cordis were appointed as administrators of the company on Dec. 19, 2025. FLEMING BUILDING: Orange Tree Insolvency Appointed as Liquidator ---------------------------------------------------------------- Roger Grant of Orange Tree Insolvency on Jan. 28, 2026, was appointed as liquidator of Fleming Building Services Pty Ltd. The liquidator may be reached at: Roger Grant Orange Tree Insolvency PO BOX 2251 Rowville, VIC HEALTHSCOPE: Landlord Says La Spina's Not-For-Profit Plan Unviable ------------------------------------------------------------------ The Australian Financial Review reports that Healthscope's biggest landlord said a proposal by the distressed private hospital operator's management to restructure the group into a not-for-profit is unsustainable and will result in facilities closing. The Financial Review relates that Canada's Northwest Healthcare Properties wrote to the company's receivers, McGrathNicol, late on Jan. 27, warning it would not agree to rent reductions proposed by Healthscope chief executive Tino La Spina as part of his plan to keep the business whole. According to the Financial Review, Northwest's Australian managing director, Richard Roos, said the recent sale of Healthscope's most profitable hospitals meant the remaining network of facilities would lack the scale and the financial and operational capability to be a sustainable entity. In a letter to receivers, Northwest also confirmed it would not agree to rent cuts, noting any changes to existing leases needed its consent. Northwest asked McGrathNicol to forward its letter to Healthscope's syndicate of lenders to ensure its position was clear, the Financial Review relays. McGrathNicol last month rejected an offer by Catholic healthcare provider Calvary Health to buy 12 Healthscope hospitals owned by Northwest, which include Norwest in Sydney, Brisbane Private, Darwin Private and John Fawkner in Victoria, the Financial Review recalls. The Financial Review says the Canadian group has argued there is no viable alternative for those hospitals and is back in talks with the receiver, although confidence was low on Tuesday night [Jan. 27] that a new deal could be reached. Northwest and Healthscope's other landlord, funds controlled by David Di Pilla's HMC Capital which owns 11 hospitals, have been hoping to secure new operators for the facilities they own and avoid closures but have been unable to secure a deal, according to the Financial Review. The landlords are unhappy with Mr. La Spina's push for rent cuts, which he said were necessary to make his not-for-profit proposal viable. Northwest has argued that such a proposal would lead to further financial distress over time, with private hospitals likely to shut down. The Financial Review notes that landlords have also been critical of key lenders, including London's Polus Capital Management and Los Angeles-based Canyon Partners, stating they would sacrifice important infrastructure to get the biggest return on Healthscope's AUD1.6 billion debt. According to the Financial Review, Healthscope's future could come to a head later this week when receivers are expected to decide on a bid by private equity firm Pacific Equity Partners for the prestigious Prince of Wales Private Hospital in Sydney. Mr. La Spina has told lenders that the PEP offer undervalues the asset. A sale is expected to lead to a quick decision by receivers on the remaining 31 hospitals in the Healthscope network, the Financial Review states. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. ISOFT SOLUTIONS: RSM Australia Appointed as Liquidator ------------------------------------------------------ Richard Stone of RSM Australia Partners on Jan. 23, 2026, was appointed as liquidator of iSoft Solutions Pty Ltd. The liquidator may be reached at: Richard Stone RSM Australia Partners Level 13, 60 Castlereagh Street Sydney, NSW 2000 SHIELD MASTER: Lost Profits Lift Shield, First Guardian Payouts --------------------------------------------------------------- The Australian Financial Review reports that a third of the compensation already awarded to victims of the Shield and First Guardian funds are based on their hypothetical missed investment profits, as the Australian Financial Complaints Authority (AFCA) sets the starting point for future decisions involving the two schemes. According to the Financial Review, AFCA's decisions will again draw attention to the body's controversial "but for" clause, which permits larger payouts to victims of financial advice that led to their missing out on investment profits they would have made had they not followed the adviser's recommendations. In one case, an Aware Super customer rolled their retirement savings into a new self-managed superannuation fund that was used to invest in the Shield and First Guardian funds, the Financial Review says. Of the more than AUD196,000 AFCA said this victim was entitled to, about AUD72,000 was attributed to returns they would have made had they stayed in Aware. The Financial Review relates that AFCA lead ombudsman Shail Singh said the victim was never told the SMSF would be invested in Shield and First Guardian, but rather in "high-growth" products. "What the complainant wasn't clearly told was that 60 per cent of that fund was invested in the Shield and First Guardian Master Funds," the report quotes Singh as saying in a video explaining the decision. "There was no reasonable basis to recommend the rollover. The firm had a clear obligation to act in the best interest of the complainant . . . that did not happen." In another case where an SMSF was awarded AUD229,500 after being pushed into First Guardian, AUD70,400 was because of the growth in assets from which it was divested. Across the almost AUD830,000 that AFCA awarded across four decisions, almost AUD300,000 related to hypothetical missed returns. A government review that will consider whether this should continue, the Financial Review notes. Shield and First Guardian collapsed in early 2024 after stop orders from the Australian Securities and Investments Commission, which is investigating whether the funds misused investor money. The funds managed AUD1 billion from 12,000 investors, who were signed up via lead generators and financial advisers promising high returns and minimal risk. ASIC has sued financial advisers, superannuation platforms and rating houses for their role in marketing the funds, and has secured big compensation orders from Macquarie and Netwealth, which facilitated access to the two schemes, for victims. The Financial Review says ASIC chairman Joe Longo warned on Jan. 27 that a permissive investment culture in Australia meant failures such as the collapse of the First Guardian and Shield schemes were inevitable, as he called for tighter rules to make it harder for investors to put money into complex products. Shield and First Guardian are managed investment schemes and therefore excluded from AFCA's regime. The Financial Review says the authority's decisions to compensate victims relate solely to the conduct of financial advisers who recommended to their clients that they invest. With most of the financial advice firms now in liquidation, the burden of repaying these victims falls on the Compensation Scheme of Last Resort, the report notes. About Shield Shield Master Fund is a registered managed fund whose responsible entity is Keystone Asset Management Ltd. It was registered in May 2021. In February 2024, the Australian Securities & Investments Commission (ASIC) halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and others. On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were appointed as joint and several liquidators of Keystone Asset Management Ltd. ========= C H I N A ========= CHINA VANKE: Gains as Creditors Approve Bond Rollovers ------------------------------------------------------ Yicai Global reports that China Vanke's shares rose after the property developer avoided an immediate debt default as creditors unanimously approved extensions for two bonds that matured last month and its largest shareholder agreed to provide another loan to cover imminent principal and interest payments. Its bonds also gained. Yicai relates that creditors voted unanimously in favor of Vanke's latest proposals to roll over 22 Vanke MTN004 and 22 Vanke MTN005, with a combined principal of CNY5.7 billion (USD820 million), according to two separate notices published on the website of the Shanghai Clearing House on Jan. 27 by the trustees of the two medium-term notes. According to Yicai, 22 Vanke MTN004 and 22 Vanke MTN005 fell due on Dec. 15 and Dec. 28. Creditors did not approve Vanke's initial extension proposals but did agree to extend the grace periods for the bonds by one month each, giving the Shenzhen-based builder extra time to come up with a more acceptable plan. Under the approved proposals, Vanke will first pay CNY100,000 (USD14,400) of principal to the account of every creditor that voted in favor. Then on Jan. 28 the firm will pay 40 percent of the remaining principal and interest due, while the other 60 percent will be extended for one year. During the extension period the coupon rate will remain at 3 percent, and any additional interest accrued will be repaid with the principal upon maturity. Based on the plan, Vanke is required to pay a total of roughly CNY2.5 billion in principal and interest to the creditors of the two notes on Jan. 28, according to Yicai. Add to that the more than CNY400 million (USD57.6 million) initial payment for its 21 Vanke 02 bond -- due on Jan. 30 under extension terms approved earlier this month -- and the company needs to raise at least CNY2.9 billion this week to meet these obligations. This is no small sum for the embattled developer, but it can count on its largest shareholder, Shenzhen Metro Group, which has again extended the firm a lifeline, Yicai says. Vanke announced in a separate statement on Jan. 27 that it has secured a loan of up to CNY2.4 billion (USD 340 million) from Shenzhen Metro at 2.34 percent, specifically for repaying the principal and interest on its publicly issued debts. Even though Vanke has avoided debt default this time, the company is still under intense pressure, Yicai notes. According to statistics from a third-party institution, Vanke has 15 outstanding bonds, worth a total of about CNY29.6 billion (USD4.3 billion). Seven of them, with a combined value of about CNY11.3 billion, are set to mature by the end of July, Yicai discloses. Yicai says Vanke's core business is also under pressure. The firm had a net loss of CNY28 billion for the first three quarters of last year. Data from China Real Estate Corporation showed that its contracted sales amounted to CNY133.9 billion (USD19.3 billion) in 2025, down 46 percent annually. With its sales continuing to slump, Vanke may need to keep seeking debt extensions going forward. As real estate prices have plunged, many projects have become insolvent or failed to generate decent returns, said Liu Shui, research director at the China Index Academy. Whether Vanke can provide sufficient effective assets as credit enhancement guarantees for its debt extensions will be a major challenge for the company, he added, Yicai relays. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Company Limited -- (1) China Vanke's corporate family rating (CFR) to Ca from Caa2; (2) Backed senior unsecured rating on the medium-term note (MTN) program of Vanke Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured rating on the bonds issued by Vanke Real Estate to C from Caa3. Moody's have also maintained the negative outlooks of the entities. Fitch Ratings, on Dec. 24, 2025, downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P affirmed its 'CCC-' long-term issuer credit rating on its subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured notes. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 27, 2025. ================= H O N G K O N G ================= CROWN INT'L: Moves Weihai Runhe Into Court-Supervised Liquidation ----------------------------------------------------------------- TipRanks reports that Crown International Corporation Limited has clarified the status of its flagship property development in Weihai, Shandong, where three high-rise towers are being built to house 1,400 serviced apartments and 200 luxury hotel suites and rooms. According to TipRanks, the company disclosed that its local project entity, Weihai Runhe, has been placed under an officially appointed liquidation committee following a creditor-protection move initiated by its representatives, who sought court-supervised liquidation to preserve the under-construction assets, pause creditor actions and create room to negotiate better realisation values to settle overdue obligations, highlighting both financial strain at the project level and an attempt to safeguard asset value and maintain operational control despite the proceedings. Based in Wan Chai, Hong Kong, Crown International Corporation Limited, an investment holding company, engages in the property investment and development business in the People's Republic of China. The company operates through Property Investment, Property Development, Hotel Operations, Trading and Developing of Premium White Spirit, and Comprehensive Healthcare Planning and Management Services segments. It operates, rents, and invests in hotels; and offers financial consultancy, and healthcare planning and management services, as well as consultancy services for set up of healthcare business. In addition, the company engages in the food and beverage business; trade and development of premium white spirit; and sale of healthcare products. ========= I N D I A ========= AGILITYWORKS INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Agilityworks India Private Limited Plot No. 779, Sector 15A, Faridabad, Harnaya, India, 121007 Liquidation Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: CS Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076, Karnataka, India Tel: +91 94483 84064 Landline: +080 7963 4233 Email: gthirupal@gmail.com Last date for submission of claims: February 12, 2026 AMARA RAJA: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Amara Raja Blaze Technologies Private Limited Sy No. 27/4, 1-81/1/Amr/Near, 5th Floor, Terminal A, Nanakramguda, Hyderabad, Gachibowli, Telangana India, 500032 Liquidation Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Amaravati Bench Liquidator: Racharla Ramakrishna Gupta Flat No. T202, Technopolis, 1-10-74/B, Above Ratnadeep Super Market Chikoti Gardens, Begumpet, Hyderabad - 500016 Tel: +91 9848019915 Email: rp.ramakrishnagupta@gmail.com Last date for submission of claims: February 12, 2026 ASTRON PAPER: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Astron Paper & Board Mill Limited (APBML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.88 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 124.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of APBML under the 'issuer non-cooperating' category as APBML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APBML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Consolidated CARE Ratings has adopted the consolidated approach due to operational and financial linkages between APBML and its wholly owned subsidiary- Balaram Papers Private Limited (BPPL). Outlook: Not applicable Ahmedabad (Gujarat) based Astron Paper & Board Mill Limited (APBL; CIN: L21090GJ2010PLC063428) (ISIN Number: INE646X01014) was initially incorporated as a private limited company in December 2010. Further, in 2017 it changed its constitution from private limited to listed company through shifting on the main board of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). APBL is an ISO 9001:2015 and ISO 14001:2015 certified company operating from its two manufacturing plants located at Halvad, Gujarat and Bhuj, Gujarat with a total installed capacity of 1.80 lacs Metric Tons Per Annum (MTPA) of kraft paper as on December 31, 2023. The company manufactures different varieties of kraft paper ranging from 80 to 350 Grams Per Square Meter (GSM) and Bursting Factor (BF) from 16 to 40. B. J. HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of B. J. Hotels Private Limited (BJHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.12 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of BJHPL under the 'issuer non-cooperating' category as BJHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable B.J.Hotels Private Limited (BJHPL) was incorporated in 1971, as a private limited company, by Mr. Gurindersingh P. Bawa and Mr. Karanveersingh G. Bawa. BJHPL has developed hotel in Khar Mumbai under the name of "Hotel Bawa Suites". The group is into hospitality industry for more than 3 decades and has established boutique properties in Mumbai namely, Hotel Bawa International, Hotel Bawa Continental, Hotel Bawa Suites and Hotel Bawa Regency. BASUS LETS: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Basus Lets Game Now Private Limited 96/1/10 Shibpur Road Howrah, Howrah, West Bengal, India - 711102 Liquidation Commencement Date: January 14, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Gyaneshwar Sahai OS-2, II Floor, The Next Door, Sector-76, Faridabad, Haryana - 121004 Tel: (995) 354-1408 Email: gyaneshwar.sahai@gmail.com Last date for submission of claims: February 13, 2026 BIOCON BIOLOGICS: S&P Raises LT Issuer Credit Rating to 'BB+' ------------------------------------------------------------- On Jan. 27, 2026, S&P Global Ratings raised its long-term issuer credit rating on Biocon Biologics Ltd. (BBL) and the issue rating on the senior secured notes that Biocon Biologics Global PLC issued to 'BB+' from 'BB'. At the same time, S&P removed the ratings from CreditWatch, where it had placed them with positive implications on Dec. 10, 2025. The stable outlook reflects S&P's view that Biocon will maintain good earnings momentum over the next 12-18 months that will help it to maintain its improved financial position. India-based Biocon Ltd.'s use of a recent equity issuance to settle compulsorily convertible preference shares (CCPS) issued to Viatris Inc. has significantly reduced its adjusted debt. S&P forecasts the biopharmaceutical company's funds from operations (FFO) to debt ratio will rise toward 30% starting fiscal 2027 (year ending March 31), from less than 10% in fiscal 2025. Biocon has simplified its capital structure. The company reduced its outstanding structured debt liabilities, and a US$1 billion CCPS issued to Viatris has now been removed through a mix of equity share swaps and cash consideration. Biocon funded the cash payout through fresh equity of about US$460 million that it raised earlier this month. This follows the company's first equity issuance in June 2025 when it raised about US$520 million to provide an exit to private credit investors. S&P said, "We estimate Biocon's S&P Global Ratings adjusted debt to decline to about Indian rupee (INR) 115 billion at the end of fiscal 2026, from INR248 billion in fiscal 2025. This is because we considered the US$1 billion CCPS and the put-option liabilities as debt-like in our financial ratios. Pro forma the transaction, Biocon's capital structure will only comprise US$800 million senior secured notes, term loans, and working capital borrowing. Its ratio of FFO to debt will improve to about 22% at the end of fiscal 2026 from less than 10% in the last year. We note that Biocon's capital structure comprises primarily U.S. dollar-denominated borrowing. However, the foreign currency risk is partly mitigated given it generates about 45% of its revenues from U.S. markets. "We view BBL as an integral part of the Biocon group. The company is now a wholly owned subsidiary of Biocon, the largest biopharmaceutical company in India. We view BBL as a core and inseparable part of the group, accounting for a significant part of its earnings and cash flow. Therefore, the assessment of BBL's credit profile reflects our view of Biocon group's credit standing. "New product launches and favorable industry trends will support Biocon's earnings. We believe the pharmaceutical sector will continue to register healthy growth through 2027, especially for GLP-1s and treatment for oncology and rare diseases. "Biocon's revenue growth will be led by its biosimilars business, which we estimate will grow by about 15% in fiscal 2027. Scale up and market share gains of new products bStelara and Aflibercept will offset the effects of price erosion inherent to the generics industry. We also expect the company to launch at least one new product, Denosumab, over this period. BBL currently has 10 commercialized biosimilars and a pipeline of 10 new products. The company has a high single-digit to low double-digit share in the U.S. and European markets. "At the same time, we expect Biocon's generics and contract research development and manufacturing organization (CRDMO) business to expand steadily. While the generics business is likely to grow by about 10%, led by new product launches such as Liraglutide in the U.K. and the EU, CRDMO will contribute healthy margins and long-term revenue visibility, despite pressure on near-term revenue. "We note that the U.S. tariff situation remains dynamic and could pose downside risk to growth estimates. While the U.S. administration announced a 100% tariff on branded or patented pharmaceuticals in September 2025, it has postponed the implementation date. Biocon has not been subject to any new tariffs on its U.S. sales thus far. "Earnings expansion will support credit metrics. We expect Biocon's EBITDA to grow to about INR45 billion by fiscal 2027, from INR34 billion in fiscal 2025 as its revenue base expands. This is based on our expectation of steady EBITDA margins of 22%-23%. While the waiver of Phase 3 clinical trials on certain products will lead to some cost savings, we expect Biocon will continue to spend 6%-6.5% of its revenue on research and development annually. Biocon's annual capital expenditure (capex) will likely remain stable at INR15 billion-INR20 billion, resulting in positive discretionary cash flow through fiscal 2027. In the absence of sizable near-term debt maturities, the group's adjusted debt should decline only gradually to about INR110 billion over this period. S&P said, "We therefore forecast Biocon's FFO-to-debt ratio will improve to about 30% by fiscal 2027 from about 22% in fiscal 2026." Biocon's financial policy underpins its credit strength. S&P believes Biocon's management remains committed to reverting its balance sheet position to levels before its acquisition of Viatris' biosimilars portfolio. In November 2022, Biocon acquired Viatris' biosimilar business for US$3.3 billion. The transaction pushed up the group's debt-to-EBITDA ratio to about 7x in fiscal 2024 from about 2x in fiscal 2022. S&P said, "We do not anticipate further corporate actions that could accelerate debt reduction. However, steady shareholder distributions and limited appetite for further acquisitions should lead to healthy cash accretion and paving a path to management's targeted leverage tolerance. "A strong balance sheet alone might not be sufficient to support an investment-grade rating on Biocon, in our view. We believe an improvement in Biocon's business position reflected in its execution on new product launches and market share gains will be an important consideration for further rating upside." Biocon has demonstrated its expertise on new product development and manufacturing of biosimilars through its partnership with players such as Viatris spanning over more than 15 years. However, successful marketing and distribution of new products in advanced markets such as the U.S. and Europe--the rights of which it acquired through the acquisition--is yet to be tested. A healthy product pipeline, regulatory track record, and margin resilience will also supplement its business strengths. S&P believes these considerations will outweigh constraints posed by Biocon's small revenue scale, and product and asset concentration to some extent. Its revenue scale (US$1.8 billion) is smaller than that of peers such as Sandoz (BBB/Stable/--; US$10 billion) and Hikma Pharmaceuticals PLC (BBB/Stable/--; US$3 billion). Sandoz and Hikma also benefit from a strong market share and leadership in the antibiotics and generic injectables segments in the European and U.S. markets, respectively. The stable outlook reflects S&P's view that Biocon's earnings will grow steadily over the next 12-24 months on the back of growing demand for generics and biosimilars in key international markets and new product launches. This should help the group's FFO-to-debt ratio to improve to more than 30% over this period. S&P may lower the ratings on BBL if: -- The enlarged group's operating performance is weaker than S&P's expectations due to challenges in new product launches, EBITDA margin erosion, regulations, or adverse actions from regulators; or -- Its adjusted net debt increases due to aggressive spending on growth, acquisitions, or shareholder distributions. Biocon's FFO-to-debt ratio staying significantly below 30% or debt-to-EBITDA ratio staying above 3x sustainably would indicate such weakness. S&P is likely to raise the rating if the group's operating performance exceeds expectations. This would include an improvement in the company's earnings quality with new product launches and market share gains, while maintaining a strong product pipeline and healthy EBITDA margins. This, coupled with a conservative financial policy, should lead to an improvement in the group's credit metrics. An FFO-to-debt ratio exceeding 45% and debt-to-EBITDA ratio significantly below 2x would indicate such a scenario. BLU-SMART CHARGE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Blu-Smart Charge Private Limited 15th Floor, A Block, Westgate Business Bay, S G Road, Jivraj Park, Ahmedabad, Ahmedabad City, Gujarat, India, 380051 Insolvency Commencement Date: January 16, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: July 15, 2026 Insolvency professional: Ritesh Prakash Adatiya Interim Resolution Professional: Ritesh Prakash Adatiya H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email: ipe@npvca.in cirp.bcpl@npvinsolvency.in Last date for submission of claims: January 30, 2026 CORAL STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Coral Steel (CS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 11, 2024, placed the rating(s) of CS under the 'issuer non-cooperating' category as CS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2025, November 6, 2025, November 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Coral Steel (CS) was initially established in February, 2003 as a proprietorship concern by Mr. S. Joseph Selvaraj. Later on, the firm was converted into a partnership on April 4, 2018 with Mr. S Joseph Selvaraj and Seela Venugopal as partners. CS is engaged in processing the scrap of iron and steel which is used to manufacture finished goods such as, I – beam, TMT bars for producing structural steels which in turn finds application in construction of buildings, fabrication industries and other manufacturing units. EMPERIA REALTY: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Emperia Realty (ER) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of ER under the 'issuer non-cooperating' category as ER had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ER continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in March 2015 by Mr. Govind Patel with his relatives, Emperia Realty (ER) is engaged in real estate development & construction of residential as well as commercial spaces. The firm forms part of the renowned Akshar Group (AG), with Akshar Developers (AD) being the flagship firm. AG, founded in 1995, has developed a number of residential & commercial spaces across Navi Mumbai. ESHWAR TRUST: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Eshwar Trust (ET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.17 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of ET under the 'issuer non-cooperating' category as ET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Eshwar Trust (ET), established in the year 2007 with three Trustees, namely, Mr R. Mohanram (Managing trustee), Ms. S. Sudha Mohan ram (Joint managing trustee) and Mr. M. Ramasamy. Since 2008, the trust runs an engineering institute namely; Sri Eshwar College of Engineering (SECE) in Kinathukadavu, Coimbatore (Tamil Nadu). The college currently offers undergraduate courses in five specializations; electronics and communication, electrical and electronics, computer Science, mechanical and civil. The Post graduate courses offered are; computer science, applied electronics, power electronics & drives, engineering design and VLSI design (discontinued from Academic year 2017 due to low demand for the course). GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gali Bhanu Prakash (GBP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.53 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of GBP under the 'issuer non-cooperating' category as GBP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GBP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as a proprietorship firm in the year 2002 and promoted by Mr. G. Bhanu Prakash. The firm is engaged in providing ware house on lease rental to Andhra Pradesh State Civil Supplies Corporation Limited (APSCSCL). GHAN MARINE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ghan Marine Products (GMP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of GMP under the 'issuer non-cooperating' category as GMP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ghan Marine Products (GMP) was established in the year 2011 and reconstituted in the year 2015. The firm is currently promoted by Mr S Venkateswara Rao and his spouse Ms. S Ganga Bhavani. The firm is engaged in processing, packing and export of shrimp and fishes to various places like Vietnam, China, Japan and Thailand. The product profile of the company includes ribbon fish, Mackerel, and Pudding fish. The firm has the certification of Marine Products Export Development Authority (MPEDA) for its export. GREEN FIELD: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Green Field Material Handling Private Limited (GFMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.51 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of GFM under the 'issuer non-cooperating' category as GFM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Green Field Material Handling Private Limited (GFM), an ISO 9001-2000 certified company, was incorporated in 2008 by Mr. Uttam Chaudhari. GFM came into existence with the merger of three group entities viz. Green Field Industries, Akash Wire Drawing Dies (both engaged in the business of materials handling products) and Green Field Agro Equipment's (engaged mainly in the business of selling assembled diesel engines). GFM continues to run the business of material handling and lifting products (polyester slings), selling of agro-equipment (mainly assembled diesel engines) and manufacturing of solar panels (used in solar water heating systems and solar street lighting). HIM ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Him Alloys and Steels Private Limited (HASPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 56.19 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 10, 2025, placed the rating(s) of HASPL under the 'issuer non-cooperating' category as HASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable HASPL was incorporated by Mr Ashok Raja and his brother Mr S.S. Raja on October 27, 2004. The company is engaged in the manufacturing of TMT bars. The company sources steel scrap from Delhi, Gujarat and Punjab whereas it sells its finished product viz TMT bars under the brand name of "Kamdhenu", a well-known brand for TMT bars in Northern India owned by Kamdhenu Ispat Limited. HITRO ENERGY: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Hitro Energy Solution Private Limited No. 29/12, M.K.A. Kovil Street, Mylapore Chennai, Tamil Nadu, India - 600004 Liquidation Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: B. Mekala 56, Bhaiya Complex, 286, Purasawalkam High Road, Purasawalkam, Chennai 600007 Email: hitro.liq@gmail.com Last date for submission of claims: February 11, 2026 INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Indigo Collections Private Limited (ICPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of ICPL under the 'issuer non-cooperating' category as ICPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ICPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based, Indigo Collections Private Limited (ICPL) was incorporated on February 2, 2005; however, started its commercial operations in April, 2008. ICPL is currently being managed by Mrs. Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder Singh and Mrs. Seema Ghai with the help of qualified management. The company is a manufacturer and exporter of readymade garments for ladies and children such as tops, blouses, pants, shirts etc. The manufacturing facility is located in Gurgaon, Haryana. KANJI KALYANJI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kanji Kalyanji and Co (KKC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of KKC under the 'issuer non-cooperating' category as KKC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mumbai (Maharashtra) based Kanji Kalyanji and Co. (KKC) is a partnership firm established in 1949 and is currently managed by Mr. Rajesh Shantilal Lapasia and Mr. Yash Rajesh Lapasia. They collectively look after the overall operations of the firm. The entity is engaged in the business of extraction and supplying of refined oils such as groundnut, cotton, sunflower etc. at its processing facility located in Mumbai, Maharashtra. MELSTAR INFORMATION: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Melstar Information Technologies Limited (MITL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 15, 2024, placed the rating(s) of MITL under the 'issuer non-cooperating' category as MITL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MITL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 1, 2025, October 11, 2025, October 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in the year 1986, Melstar Information Technologies Limited (MITL) (ISIN: INE817A01019), is an ISO 9001:2008, ISO 14001:2004, ISO 27001:2013 and SEI-CMM Level III certified software service company providing IT solutions and skilled manpower catering to Banking, Insurance, IT and Government sectors. Headquartered out of its Mumbai office, MITL also operates branch offices in Bangalore, Chennai, Hyderabad, Gurgaon and Kolkata. The company caters to a reputed clientele. MUTHOOT FINANCE: S&P Puts 'BB+' LT Issue Rating to USD Senior Notes ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term issue rating to U.S. dollar-denominated senior secured notes that Muthoot Finance Ltd. proposes to issue from GIFT City, Gujarat. The issuance is a drawdown from Muthoot's US$4 billion global medium-term notes program, which S&P rates 'BB+'. The rating is subject to its review of the final issuance documentation. The rating on the notes is equalized with the long-term issuer credit rating on Muthoot (BB+/Stable/B), an India-based finance company. The proposed notes will constitute direct, unconditional, secured, and unsubordinated obligations of Muthoot, and shall at all times rank equally with all other secured obligations of the finance company. The notes are secured by a first ranking pari passu charge over all current assets, book-debts, loans and advances, and receivables (including gold loan receivables), both present and future, and all benefits, rights, titles, interest, claims, and demands of Muthoot. Muthoot must maintain a minimum security coverage ratio of at least 1.0x (excluding nonperforming assets), and regulatory capital ratios above the regulatory minimum. RAGHUVIR OIL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Raghuvir Oil Mill (ROM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 29, 2024, placed the rating(s) of ROM under the 'issuer non-cooperating' category as ROM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ROM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 15, 2025, October 25, 2025, November 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Established in 1995, Raghuvir Oil Mill (ROM) is engaged in the business of crushing and processing of groundnut seeds to produce groundnut oil and groundnut cake. Its present partners took over the business in 2010. ROM's manufacturing facility is located at Keshod, Gujarat with an installed capacity of 1,450 Metric Tonne Per Annum (MTPA) for groundnut seed crushing and 15,000 Metric Tonne Per Annum (MTPA) for groundnut seed processing. RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajeshree Fibers (RF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 10, 2024, placed the rating(s) of RF under the 'issuer non-cooperating' category as RF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 26, 2025, November 5, 2025, November 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the year 2001, Rajeshree Fibers (RF) is a partnership firm established by three partners having equal profit/loss sharing ratio. The key partner of RF is Mr. Nilesh Gandhi and the other two partners are Mrs. Rajeshree Mahajan and Mrs. Anita Mahajan. RF is engaged in ginning and pressing of raw cotton and its manufacturing facility is located at Khargone, Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex and Rajeshree Industries India Private Limited (rated: CARE D; Issuer not cooperating) which are involved in the business of cotton ginning and pressing. All the partners of Rajeshree Fibers are also partners in M/s Rajeshree Cotex (rated: CARE D/CARE D; Issuer not cooperating). Mr. Nilesh Gandhi is also the Managing Director in RIPL. RAJKISHORE SINGH: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajkishore Singh (RS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of RS under the 'issuer non-cooperating' category as RS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M/s Rajkishor Singh (RS) was established in 1999 as a proprietorship entity by one Mr. Rajkishor Singh of Bihar. The entity is registered as Class-A contractor with the Government of Bihar. RS participates in the tender process of various government department of Bihar for their civil construction projects like road, building construction and related ancillary works. Mr. Rajkishor Singh looks after the day to day operations of the entity. RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of RNR Imports & Exports (Partnership) (RIEP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of RIEP under the 'issuer non-cooperating' category as RIEP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIEP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Rating's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RNR Imports & Exports (Partnership) (RIEP) was established in October 2017 as a Proprietorship firm and converted to partnership firm in December 2017. The firm is promoted by Mrs. Madhavi Latha, Mrs. Aruna Kumari and Mr. Ravinder Reddy. The firm is managed by Mrs. Madhavi Latha, who is an MBA graduate and has more than two decades of experience in packing industry in edible oils segment and is also a director in Vyshnavi Fillers Private Limited, which is engaged in manufacturing of 15Kg capacity empty tins, small cans and barrels used for packing of edible oils. The registered office of the firm is located at Guntur, Andhra Pradesh. RIEP is engaged in trading of Rice and ethanol to African countries. The firm purchases, rice from Raipur and Chhattisgarh, and Ethanol from Pune. The firm purchases from the wholesaler located in and around Gunture and directly export to foreign countries like Ghana. Also, in 8MFY19 the firm has achieved a turnover of INR 5.00 crore. The financial closure of the firm has achieved in January 2018 and the firm has started its commercial in February 2018. SAHU AND SONS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sahu and Sons (SS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 26, 2024, placed the rating(s) of SS under the 'issuer non-cooperating' category as SS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 12, 2025, October 22, 2025, November 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sahu and Sons (SS) was established in 1972 by Mr. Brij Mohan Sahu with an objective to enter into the trading of fire crackers. Since its inception the entity has been engaged in trading of fire crackers, air rifles and toy pistols etc. Currently the firm is in distribution and retail trading and has a showroom namely Sahu Gun House at Mahabir Chowk in Ranchi. Day to day operations are looked after by Mr. Brij Mohan Sahu (partner) along with other four partners and a team of experienced personnel. SAMRAT PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Samrat Plastic Industries (SPI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.11 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 9, 2024, placed the rating(s) of SPI under the 'issuer non-cooperating' category as SPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 25, 2025, November 4, 2025, November 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rajkot-based SPI was established in 2006 as a partnership firm. Earlier the firm was engaged in the manufacturing of rigid PVC pipes. During Q1FY16, the firm undertook a diversification project to set up machinery for manufacturing of uPVC and cPVC pipes and fittings which got completed in October, 2015. The plant is situated at GIDC, Paddhari and is spread across an area of 3000 square meters. The partners have an experience of over two decades in the manufacturing of plastic and plastic products. The firm markets its products under the brand name of 'KING' pipes and fittings. The pipes and fittings manufactured by the firm find applications in irrigation systems and construction industry. SAVITRIDEVI INDUSTRIES: CARE D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Savitridevi Industries Limited (SIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.53 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 17, 2024, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 2, 2025, November 12, 2025, November 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SIL was incorporated in October 2009 as Savitridevi Cotton and Oil Limited. During December 2013, the name of company was changed to Savitridevi Industries Limited on account of diversified business division. SIL is engaged in ginning and pressing of cotton, extraction of oil from cotton seed and trading of milk. The ginning & pressing plant and oil extraction unit is located at Atpadi, Sangli (Maharashtra). SHIV DAL: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiv Dal Mill (SDM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 27, 2024, placed the rating(s) of SDM under the 'issuer non-cooperating' category as SDM had failed to provide information for monitoring of the rating exercise as agreed to in its Rating Agreement. SDM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 13, 2025, October 23, 2025, November 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shiv Dal Mill (SDM) was established as a partnership firm via partnership deed dated August 20, 2014 by two partners namely Mr. Jakir Hossain and Mr. Montu Rahaman for setting up a manufacturing unit for processing of pulses of all varieties. The firm has already set up its manufacturing plant located at Murshidabad, West Bengal with aggregate cost of INR9.56 crore funded by term loan of INR5.00 crore and balance from partners' capital of INR4.56 crore. The plant became operational from April 2017. SHRIRAM FINANCE: Fitch Puts 'BB+' LT IDRs on Rating Watch Positive ------------------------------------------------------------------ Fitch Ratings has placed India-based Shriram Finance Limited's (SFL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB+' and Short-Term IDR of 'B' on Rating Watch Positive (RWP). The company's medium-term note programme and debt ratings have also been placed on RWP. The RWP follows an agreement under which MUFG Bank, Ltd. (A/Stable), a subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG, A-/Stable), will acquire a 20% stake in SFL. Fitch believes SFL's rating could benefit from a one-notch uplift to its Standalone Credit Profile (SCP), reflecting the strategic investment from a stronger long-term shareholder, in line with Fitch's criteria. Fitch expects to resolve the RWP once the transaction is completed, which SFL expects to occur in 2026, subject to regulatory approvals and other closing conditions. The rating could stay at its present level or be upgraded upon the resolution of the RWP. Key Rating Drivers Potential Upward Notching from SCP: SFL's SCP will continue to anchor its rating after the transaction completes, as the finance company will retain primary control over its strategy and operation. However, Fitch expects to rate SFL one notch above its SCP to reflect improved prospects of external support from MUFG in times of need. MUFG's consolidated credit profile is significantly stronger than that of SFL and Fitch believes the Japanese financial group's investment is strategic and long-term. Fitch expects SFL to generally align with MUFG's strategic priorities and governance standards and benefit from modest funding support from MUFG. Strategic Alignment: The transaction will provide MUFG with the right to nominate two board directors and second six employees to SFL, supporting strategic coordination and shareholder oversight. SFL may benefit from MUFG's inputs in improving the use of technology in operations and customer engagement. However, Fitch expects such outcomes to emerge only over time. Pre-Emptive Shareholder Rights: MUFG's 20.0% stake will be just below SFL's promoter's 20.3% post-dilution shareholding. MUFG will receive pre-emptive rights to subscribe to any future SFL share issuance on a pro rata basis and will be restricted from making any significant investment of 20% or more in other Indian non-bank finance companies with similar business lines. This reinforces SFL's position as MUFG's key investment and strategic partner. MUFG can increase its SFL shareholding further if both parties agree, as India's regulations allow foreign shareholders to fully own non-bank financing entities. SCP Among Industry's Strongest: SFL's SCP is among the strongest of rated Indian non-bank financial institutions, owing to its established franchise in used commercial-vehicle financing, seasoned management, diverse funding profile, improved asset quality performance and consistent profitability. Increased Equity to Support Business: MUFG's INR396 billion (USD4.4 billion) equity injection will broaden SFL's capital base, with pro-forma debt/tangible equity falling to 2.5x, from 4.0x pre-infusion at end-September 2025. This will provide headroom for growth and technology investment. Management anticipates loan growth to pick up from cross-selling new vehicle loans to existing borrowers, but Fitch does not expect large shifts in the loan mix. Fitch projects leverage to gradually rise as the company expands, but to remain commensurate with the current rating. Funding Access May Improve: MUFG has extended debt funding facilities to SFL and Fitch expects this to continue. The strategic tie-up could also enhance SFL's capital and funding market access over time, given MUFG's reputation as a supportive long-term shareholder globally. Management expects the cost of funding to ease, which should support the net interest margin and allow the company to cross-sell lower-yielding and less-risky new vehicle loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The ratings could be downgraded if the operating environment weakens materially, asset quality and profitability significantly decline, funding becomes tighter or more concentrated or liquidity deteriorates. Leverage persistently above 5x or significant risk-taking, such as aggressive expansion in riskier segments relative to peers, may also weigh on the rating. The rating would be removed from RWP and placed on Stable Outlook if the transaction is no longer expected to complete. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch expects to resolve the RWP and apply a one-notch uplift to SFL's rating from its SCP once the transaction is completed. Fitch may lift the SCP upon a significant improvement in the operating environment along with a stronger business and risk profile, such that the impaired loan ratio and credit costs are significantly lower while maintaining adequate profitability, stable capitalisation and a well-balanced funding and liquidity profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The ratings on SFL's US-dollar medium-term note programme and foreign-currency senior secured debt are at the same level as its Long-Term Foreign-Currency IDR, in line with Fitch's rating criteria. Indian non-bank financial institution borrowings are typically secured and Fitch believes non-payment of senior secured debt best reflects an uncured failure of the entity. These institutions can issue unsecured debt in overseas markets, but such debt is likely to constitute a small portion of total funding and thus cannot be viewed as a primary financial obligation. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES Any change in the Long-Term Foreign-Currency IDR would lead to a corresponding change in the ratings of the medium-term note programme and foreign-currency senior secured debt. ADJUSTMENTS The sector risk operating environment score has been assigned above the implied score for the following adjustment reasons: size and structure of economy (positive) and economic performance (positive). The asset quality score has been assigned above the implied score for the following adjustment reasons: loan charge-offs, depreciation or impairment policy (positive). The funding, liquidity and coverage score has been assigned above the implied score for the following adjustment reasons: funding flexibility (positive) and cash flow-generative business model (positive). RATING ACTIONS Entity / Debt Rating Prior ------------- ------ ----- Shriram Finance Limited LT IDR BB+ Rating Watch On BB+ ST IDR B Rating Watch On B LC LT IDR BB+ Rating Watch On BB+ senior secured LT BB+ Rating Watch On BB+ SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Srinivasa Poultry Farm (SPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.43 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 9, 2024, placed the rating(s) of SPF under the 'issuer non-cooperating' category as SPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 25, 2025, November 4, 2025, November 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Srinivasa Poultry Farm (SPF) was established in the year 1990 by Mr. Mekala Siva Rama Krishnaiah. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their Manure. The firm sells its total products like eggs and cull birds to SSS Traders located in Vijayawada. The firm buys chicks (small chickens) from Srinivasa Hatcheries Private Limited, Vijayawada and raw materials for feeding of birds like rice brokens, maize, sun flower oil cake, shell grit, minerals and soya from local suppliers. SUN CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sun Corporation (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in February, 2016, Rajkot (Gujarat) based Sun Corporation (SCO) is a partnership firm managed by four partners viz Mr. Sanjay Babubhai Patel, Mr. Vikaskumar Babubhai Patel, Mr. Praveenbhai Vithalbhai Bhutand MrDilip Ratilal Mendapara. The promoters through their various entities viz. Sanjay Steel, Sun enterprise and Aakash Oxygen Private Limited have more than two decades of experience in retail and wholesale trading of Steel and Cement products and managing a dealer network of over 400 retailers. Their first venture in electronics retail was in 2014 with Sun Digital which has established largest showroom for Samsung brand in city of Rajkot. SCO is authorized distributor of Samsung India Electronics Pvt Ltd (Samsung) and is engaged in the distribution and sale of consumer electronics and home appliances in Jamnagar, Bhavnagar, Botad and Rajkot regions of Gujarat. SCO is also a zonal distributor of LYF Smartphone+ and JIO (a venture of Reliance Industries) for Saurashtra and Kutch regions of Gujarat. SCO has established a marketing network base with around 131 dealers and around 1980 retailers spread across these districts with a sales team of 18 executives who deal with this network. UJALA MINERALS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ujala Minerals (UM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of UM under the 'issuer non-cooperating' category as UM had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. UM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025, October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Rating's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhubaneswar based M/s Ujala Minerals (UM) was established in 2004 as a partnership firm by one Mr. Ramesh Chandra Moharana along with the then other partner Mr. Rajesh Jaiswal. In 2013, the firm was reconstituted and presently it is governed by the partnership deed dated March 1, 2013 with present two partners (i.e; Mr. Ramesh Chandra Moharana and Mr. Anil Jaiswal). The firm is in the business trading of minerals like iron ore fines to the various large and medium iron and steel companies of India. The day-to-day affairs of the firm are looked after by Mr. Ramesh Chandra Moharana, the Managing partner, with adequate support from other partner Mr. Anil Jaiswal. VPN RAW: CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of V P N Raw And Boiled Rice Mill (VPNRBRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of VPNRBRM under the 'issuer non-cooperating' category as VPNRBRM had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. VPNRBRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Rating's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable V P N Raw And Boiled Rice Mill (VPNRBRM) was established and promoted by Mr. Pullaiah Verepalli & Ms. Ammani Verepalli as a partnership firm in the year 2007 for rice milling with the installed capacity of 24 MT per day. Paddy is the main input which is procured from the farmers located in and around Nellore, being the agricultural prone place. The firm sells the final product under its own brand name VPN Gold to wholesalers (as 25 kg, 50 kgs 75kg and 100 kg bags) to states covering Kerala, Pondicherry, and Karnataka & Gujarat through 30 brokers. The process of production is semi – automated. Rice bran & broken rice are by products. The registered office is located in Nellore, Tamilnadu. Y. ACHAMMA: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Y. Achamma (YA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT0 Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 19, 2024, placed the rating(s) of YA under the 'issuer non-cooperating' category as YA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 5, 2025, October 15, 2025, October 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kadapa (Andhra Pradesh) based, Y Achamma is a proprietary concern established in 2014 by Mrs. Y Achamma. The promoter holds the industry experience of more than decade in the civil construction. The entity is engaged into construction of Canals, veterinary wards etc. During July 2018, APBL has acquired Balaram Papers Private Limited (BPPL) as a wholly owned subsidiary. The manufacturing facilities of BPPL is located at Mehsana, Gujarat with an installed capacity of 42000 MTPA as on December 31, 2023. YUNIMAGE SERVICES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Yunimage Services Pvt. Ltd. No. 5, 3rd Floor,14th Main, 15th Cross, Sector 4, HSR Layout, Bangalore - 560102 Insolvency Commencement Date: January 12, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Surender Devasani Interim Resolution Professional: Surender Devasani 1436, Anasuya Nilaya, 2nd Floor, 8th Cross, 10th Main, BTM 2nd Stage, Bengaluru - 560076 Tel: (997) 263-5711 Email: surenderdevasani@gmail.com yunimage.rp@gmail.com Last date for submission of claims: January 31, 2026 ========= J A P A N ========= TOKYO ELECTRIC: Japan OKs New Plan With JPY3.1 Trillion Cost Cuts ----------------------------------------------------------------- The Japan Times reports that the Japanese government on Jan. 26 approved Tokyo Electric Power Company Holdings' new business turnaround plan, including cuts of JPY3.1 trillion ($20.2 billion) in costs over the decade from fiscal 2025. According to The Japan Times, Tepco said the cost cuts will be achieved through business streamlining, reduced investment and asset sales. It plans to sell about JPY200 billion in assets, mainly shares and real estate, within three years. The company will also seek tie-up partners possibly to accept external capital, with the aim of securing funds for investment to meet rising electricity demand from data centers. The plan was devised as the utility faces massive costs related to compensation and reactor decommissioning following the 2011 triple meltdown at the Fukushima No. 1 nuclear power plant. The company's earnings projections in the plan covers the 10 years from the current fiscal year ending in March. Tepco forecasts a net loss of JPY739.3 billion for the year but expects to return to profitability the next year with a net profit of JPY256 billion, based on the assumption that the No. 6 reactor at the Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture is restarted, The Japan Times says. For the final year, which ends in March 2035, Tepco projects a net profit of JPY299.8 billion. "The plan will serve as a starting point for Tepco, now in an extremely difficult situation, to steadily push ahead with reforms in order to fulfill its responsibilities to Fukushima," Hiroya Masuda, acting chair of the management committee of state-backed Nuclear Damage Compensation and Decommissioning Facilitation, Tepco's largest shareholder, told a news conference, The Japan Times relays. About TEPCO Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power Company Holdings, Incorporated generates, transmits, and distributes electricity. Egan-Jones Ratings Company, on June 14, 2024, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Tokyo Electric Power Company Holdings, Incorporated. ===================== N E W Z E A L A N D ===================== DAWN CONSTRUCTION: Brenton Hunt Appointed as Receiver ----------------------------------------------------- Brenton Hunt on Dec. 17, 2025, was appointed as receiver and manager of Dawn Construction Limited. The receiver and manager may be reached at: Brenton Hunt PO Box 13400 City East Christchurch 8141 HIGH PERFORMANCE: Court to Hear Wind-Up Petition on Feb. 3 ---------------------------------------------------------- A petition to wind up the operations of High Performance Milling Limited will be heard before the High Court at Wellington on Feb. 3, 2026, at 10:00 a.m. Bizcap NZ Limited filed the petition against the company on Nov. 19, 2025. The Petitioner's solicitor is: James Cochrane Lane Neave Lawyers Level 8 Vero Centre 48 Shortland Street Auckland LUXURY STAYS: McDonald Vague Appointed as Liquidators ----------------------------------------------------- The High Court at Auckland on Dec. 11, 2025, appointed Iain McLennan and Keaton Pronk of McDonald Vague Limited as liquidators of Luxury Stays & Corporate Hosting Limited. The liquidators may be reached at: Iain McLennan Keaton Pronk McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 PROTOCOLD SERVICES: Court to Hear Wind-Up Petition on Feb. 4 ------------------------------------------------------------ A petition to wind up the operations of Protocold Services 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: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ZEN E NZ: Khov Jones Appointed as Receivers and Managers -------------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones Limited on Dec. 20, 2025, were appointed as receivers and managers of Zen E NZ Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 [] NEW ZEALAND: Over 22 Building Firms Enter Liquidation in Jan. ---------------------------------------------------------------- Newstalk ZB reports that 2026 has been a rough year for New Zealand's construction sector, with multiple businesses going bust in January alone. Reports show there were 22 applications to put building or property related companies into liquidation over the 7 days from January 20 to January 27, Newstalk ZB discloses. According to Newstalk ZB, NZ Certified Builders CEO Malcolm Fleming said this reflects the tough conditions that have impacted the market over the last two years. "Any liquidation is a bad news story, it's devastating for the builder, the homeowner, the sub-trades and supplier," Newstalk ZB Quotes Mr. Fleming as saying. =============== P A K I S T A N =============== PAKISTAN: Fitch Affirms 'B-' Rating on Long-Term Instruments ------------------------------------------------------------ Fitch Ratings has affirmed Pakistan's long-term debt ratings at 'B-' and assigned a Recovery Rating of 'RR4' following the removal of the ratings from Under Criteria Observation (UCO). The rating actions reflect 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 of Pakistan and The Pakistan Global Sukuk Programme Company Limited are equalised with Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR), reflecting Fitch's expectation of average recovery prospects in a default scenario, given Pakistan's high levels of general government debt and interest payments as a percentage of revenue, and the absence of any other clearly identifiable criteria factors that would cause us to notch the debt ratings up or down from the IDR. On April 15, 2025, Fitch upgraded Pakistan's Long-Term Foreign-Currency IDR to 'B-' with a Stable Outlook, from 'CCC+'. The following environmental, social, and governance (ESG) issues represent key rating drivers for the Long-Term Foreign-Currency IDR and, in turn, the debt ratings. ESG - Governance: Pakistan has an ESG Relevance Score of '5' for political stability and rights and for the rule of law, institutional and regulatory quality and control of corruption, as is the case for all sovereigns. These scores reflect the high weight that World Bank Governance Indicators (WBGI) have in Fitch's proprietary Sovereign Rating Model. Pakistan has a WBGI ranking at the 22nd percentile. The bond and sukuk ratings are sensitive to any changes in Pakistan's Long-Term Foreign-Currency IDR, which has the following rating sensitivities (as per the rating action commentary referenced above). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Public Finances: Failure to keep government debt and debt-servicing metrics on a firm downward path. - External Finances: Renewed deterioration in external liquidity conditions, for example from delays in IMF programme reviews or insufficiently tight economic policy settings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public Finances: Significant declines in government debt and debt-servicing burdens, for example due to the implementation of fiscal consolidation plans in line with IMF programme commitments, leading to structural improvements in tax revenue generation. - External Finances: Further significant easing of external financing risks, including evidence of greater ability to source external funding and a sustained recovery in foreign-currency reserves beyond Fitch's forecasts. RATING ACTIONS Entity / Debt Rating Recovery Prior ------------- ------ -------- ----- Pakistan senior unsecured LT B- Affirmed RR4 B- The Pakistan Global Sukuk Programme Company Limited senior unsecured LT B- Affirmed RR4 B- ===================== P H I L I P P I N E S ===================== DANVIL PLANS: IC Formally Closes Co.'s 10-Year Liquidation Case --------------------------------------------------------------- BusinessMirror reports that the Insurance Commission (IC) has formally closed the decade-long liquidation of Danvil Plans Inc. and allows the preneed company to restart operations under a new name and purpose. In a directive issued by Insurance Commissioner Reynaldo A. Regalado, the liquidation proceedings for Danvil were declared formally closed after it was placed under liquidation in 2014, BusinessMirror relays. According to IC, Danvil has distributed 68 percent of the benefit checks that the regulator ordered immediately distributed. BusinessMirror relates that the IC said distribution has been ongoing for almost a decade, and no new planholder incident emerged during the said period aside from the request of those with lapsed and pre-terminated plans. Danvil has also set aside a contingent fund worth PHP100 million to cover any remaining or future liabilities, and there were no suspended, unreleased or abandoned benefits requiring a special distribution plan. The remaining funds for planholders were ordered by IC to be placed in a separate trust account to ensure continued protection. According to BusinessMirror, the IC will also continue to oversee the release of unclaimed benefits and will require further efforts to contact planholders who have not yet collected their checks. "It has been shown that the conditions for final closure have been complied with," the IC said. Moreover, financial statements showed Danvil has a positive stockholders' equity and no unresolved liabilities preventing closure, BusinessMirror notes. These findings prompted the IC to approve Danvil's application to formally end its liquidation proceedings and to permit the company to cease operating as a pre-need firm. As such, Danvil Plans is allowed to amend its corporate name and business purpose and continue operating as a non–pre-need, non-insurance company, BusinessMirror states. From then on, Danvil will be fully responsible for its corporate affairs, audits and liabilities, while the IC and the liquidator will no longer be liable for any corporate issues that may arise. ================= S I N G A P O R E ================= AECO PROJECT: Creditors' Proofs of Debt Due on Feb. 27 ------------------------------------------------------ Creditors of Aeco Project Services Pte. Ltd. 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 Dec. 29, 2025. The company's liquidator is: Chan Li Shan c/o Impetus Corporate Advisory 11 Collyer Quay #16-02 The Arcade Singapore 049317 INFINITE DEEMARCO: Commences Wind-Up Proceedings ------------------------------------------------ Members of Infinite Deemarco Pte. Ltd. on Jan. 13, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Catherine Lai Kum Wai 980 Upper Serangoon Road #12-08 Singapore 533856 MIRAGE GARAGE: Court to Hear Wind-Up Petition on Feb. 13 -------------------------------------------------------- A petition to wind up the operations of Mirage Garage 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 NEWSPAPER SENG: Court to Hear Wind-Up Petition on Feb. 13 --------------------------------------------------------- A petition to wind up the operations of Newspaper Seng Pte. Ltd. will be heard before the High Court of Singapore on Feb. 13, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Jan. 21, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 TYPE-RITE INDUSTRIES: Ng Hoe Kiat Keith Appointed as Liquidator --------------------------------------------------------------- Ng Hoe Kiat Keith of Reliance 3P Advisory on Jan. 21, 2026, was appointed as liquidator of Type-Rite Industries Private Limited. The company's liquidator is: Mr. Ng Hoe Kiat Keith c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ============= V I E T N A M ============= VIETNAM: Fitch Hikes Long-Term Sr Secured Debt Instruments From BB+ ------------------------------------------------------------------- Fitch Ratings has upgraded Vietnam's long-term senior secured debt ratings to 'BBB-' from 'BB+', following the removal of the ratings from Under Criteria Observation (UCO). The rating actions reflect the application of Fitch's new Sovereign Rating Criteria (September 2025) and the inclusion of recovery assumptions into sovereign debt ratings for the first time. Key Rating Drivers The long-term senior secured debt ratings are one notch above Vietnam's Long-Term Foreign Currency Issuer Default Ratings (LT FC IDR). These debt instruments comprise the 30-year Brady Bonds issued on 12 March 1998. Principal on the Discount Bond is fully collateralised at maturity by US Treasury zero-coupon bonds while principal on the Par Bond is 50% collateralised. Both bonds feature rolling interest collateral. The rating action reflects Fitch's expectation of average recovery prospects for Vietnam's senior unsecured debt and the additional recovery benefits derived from the secured portion of the debt instruments. This does not constitute a change to Vietnam's LT FC IDR. On 20 June 2025, Fitch affirmed Vietnam's LT FC IDR at 'BB+' with a Stable Outlook. The following ESG issues represent Key Rating Drivers for the LT FC IDR and, in turn, for these bonds. ESG - Governance: Vietnam 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. Vietnam has a medium WBGI ranking at 41st percentile, reflecting a low level of rights for participation in the political process, moderate institutional capacity, rule of law and level of corruption. The rating on the bonds is sensitive to any changes in Vietnam's LT FC IDR, which has the following rating sensitivities (as per the rating action commentary referenced above). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: A sharp reduction in FX reserves associated with pressure on the exchange rate, contributing to a weaker net external creditor position. - Public Finances: Expectation of significantly higher fiscal deficits, crystallisation of contingent liabilities on the sovereign's balance sheet, or reduced confidence in medium-term growth prospects, which would lead to a significant rise in government debt/GDP. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Macroeconomic Policy and Performance: Sustained high growth, without the creation of economic vulnerabilities, that reduces the GDP per capita gap with rating peers, and strengthening of the economic policy framework and improving transparency of policy decisions and data. - Public Finances: Significant reduction in fiscal risks, particularly those associated with contingent liabilities, stemming from the large SOE sector and the broader high leverage of the economy. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***