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260311.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 Wednesday, March 11, 2026, Vol. 29, No. 50 Headlines A U S T R A L I A APR DISABILITY: Second Creditors' Meeting Set for March 13 HI TECH SCAFFOLDING: First Creditors' Meeting Set for March 17 INFINITY PHARMACY: Directors Claim Wesfarmers Blocked Sale to Rival KEMBALI INVESTMENTS: Second Creditors' Meeting Set for March 16 LUXE COATINGS: First Creditors' Meeting Set for March 17 NOVATI CONSTRUCTIONS: Second Creditors' Meeting Set for March 13 PEPPER RESIDENTIAL 40: Moody's Ups Rating on Class F Notes to Ba3 C H I N A ZK INTERNATIONAL: Enters Into $20MM Securities Purchase Agreement H O N G K O N G CITIC RESOURCES: Moody's Withdraws 'Ba2' Corporate Family Rating I N D I A ABSOLUTE LEGENDS: NCLT Rejects Shikhar Dhawan's Insolvency Plea ALTRUIST CUSTOMER: NCLAT Upholds Reliance's Insolvency Plea Denial ANANYA HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating BIRBHUM CHEMICALS: Liquidation Process Case Summary DERON PROPERTIES: CRISIL Lowers Rating on INR25cr Term Loan to D FERROMET STEELS: ICRA Withdraws B+ Rating on INR25CR LT Loan GARUDA PACKAGING: CRISIL Lowers Rating on INR10.6cr Loan to D INDIAN TECHNOLIME: Insolvency Resolution Process Case Summary INDUSFACE TELECOM: Voluntary Liquidation Process Case Summary JAGRUT MOTORS: ICRA Withdraws B+ Rating on INR14.55cr LT Loan JAITHRA EXIM: CRISIL Lowers Rating on INR14.5cr Loan to D KAMESWARI JEWELLERS: CRISIL Cuts Rating on INR10cr Cash Loan to B KARNA PAINTS: CRISIL Lowers Rating on INR25cr Cash Loan to B KONDUSKAR TRAVELS: CRISIL Keeps B- Ratings in Not Cooperating LAKSHMI RANGA: CRISIL Keeps D Debt Ratings in Not Cooperating LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating M.M.G. HOLDINGS: CRISIL Keeps B Debt Ratings in Not Cooperating MRIDUL INTERNATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating NHS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating PADIA EXPORTS: ICRA Cuts Rating on INR15.50cr LT/ST Loan to B+/A4 PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category PRATEEK APPARELS: ICRA Lowers Rating on INR82.43cr LT Loan to D RAJLABDHI INFRA: CRISIL Keeps D Debt Rating in Not Cooperating RAMALINGA REDDY: CRISIL Cuts Rating on INR4.50cr LT Loan to B SAKET PROMOTERS: CRISIL Lowers Rating on INR15cr LT Loan to C SANCHARY MARINE: CRISIL Moves D Debt Ratings to Not Cooperating SEVEN SKY: ICRA Keeps B+ Debt Ratings in Not Cooperating Category SIDDHI FREEZERS: CRISIL Cuts Rating on INR13cr Pack Loan to D SUAVE CORPORATION: ICRA Lowers Rating on INR10cr Loan to C SUN SHINE: ICRA Keeps C+ Debt Rating in Not Cooperating Category SWISS RE: Voluntary Liquidation Process Case Summary TATA STEEL: Voluntary Liquidation Process Case Summary TERRAFORM GLOBAL: Voluntary Liquidation Process Case Summary THREE C: ICRA Keeps D Debt Rating in Not Cooperating Category J A P A N [] JAPAN: Bankruptcies Reach 13-Year High in February M A L A Y S I A MMAG HOLDINGS: Bank Accounts Frozen by Police, AMLA Unit N E W Z E A L A N D BUEN CONSTRUCTION: Creditors' Proofs of Debt Due on April 9 GAP CONSULTANTS: Creditors' Proofs of Debt Due on April 17 SHEERAH BUILDERS: Court to Hear Wind-Up Petition on March 19 SL MOTORS: Court to Hear Wind-Up Petition on March 19 TOP PRODUCE: Placed in Liquidation With NZD1.5 Million IRD Debt TRANSWORX SOUTH: Creditors' Proofs of Debt Due on March 31 S I N G A P O R E ASIA FIRST: Court Enters Wind-Up Order BLACKGOLD NATURAL: Wins 6-Mos. Extension of Judicial Management OPA FIX: Court Enters Wind-Up Order PROVIDORE SINGAPORE: Abruptly Shuts All 6 Outlets in Singapore SOUR CAPITAL: Commences Wind-Up Proceedings UNIQUE REZI: Creditors' Proofs of Debt Due on April 6 YUANTAI FUEL: Creditors' Proofs of Debt Due on April 6 - - - - - ================= A U S T R A L I A ================= APR DISABILITY: Second Creditors' Meeting Set for March 13 ---------------------------------------------------------- A second meeting of creditors in the proceedings of APR Disability Services Pty Ltd has been set for March 13, 2026, at 10:00 a.m. The meeting is being held virtually only. 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 March 13, 2026 at 4:00 p.m. Stewart William Free and Bradd William Morelli of Jirsch Sutherland were appointed as administrators of the company on Feb. 6, 2026. HI TECH SCAFFOLDING: First Creditors' Meeting Set for March 17 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Hi Tech Scaffolding Pty Ltd will be held on March 17, 2026, at 11:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on March 5, 2026. INFINITY PHARMACY: Directors Claim Wesfarmers Blocked Sale to Rival ------------------------------------------------------------------- Carrie LaFren at The Australian Financial Review reports that Wesfarmers, owner of the Priceline Pharmacy chain, has been accused of using its power to block the sale of its largest franchisee operator to a rival group, instead forcing Infinity Pharmacy Group into receivership and leaving its owners facing substantial losses. In late December, Wesfarmers put about half of Infinity's Priceline stores into receivership following years of financial difficulties. Wesfarmers acquired the Priceline banner in 2022 as part of a deal to buy drugs wholesaler Australian Pharmaceutical Industries. According to the Financial Review, Infinity had been working on a recapitalisation plan, called Project Coral, with Wesfarmers last year, but the Western Australia-based conglomerate abruptly called it off in December. The Financial Review relates that the pharmacy operator is now being sold by administrator Teneo, which is sifting though indicative offers for Infinity's 92 pharmacies, of which 72 are Priceline. Law firm Quinn Emanuel is representing Infinity Pharmacy founder and managing director Ameet Jeraj and director Foad Salehi, who made potential claims against Wesfarmers in a letter sent to Teneo's lawyers, Gilbert + Tobin, the Financial Review reports. Teneo declined to comment. In early 2025, Infinity entered talks with rival Chempro over the potential sale of its NSW and Queensland-based pharmacies, valued at that time at about AUD570 million, including debt. The legal letter viewed by The Australian Financial Review alleges that Wesfarmers "threatened to do everything in its power" to prevent the Chempro sale from closing, and insisted it would negotiate an alternative deal with Infinity. "As a consequence of those threats, Infinity Pharmacy Group had no choice but to abandon the Chempro sale (which at that time was advancing successfully through due diligence) and commence negotiations with Wesfarmers," the letter stated. The Financial Review relates that the letter claimed that Wesfarmers was motivated to stop the Chempro deal "to retain and maximise its wholesale drug supply with Infinity and control franchise ownership". The collapse of the Chempro deal, followed by a blowout in trade debts that the sale would have resolved, and a pending fire sale under Teneo, means that Infinity now faces substantial losses, the letter, as cited by the Financial Review, said. "While the quantum of these losses has not yet crystallised, we expect they will be in excess of AUD100 million and more likely in the order of hundreds of millions of dollars," the letter said. However, the Infinity directors also left open the possibility of remediation. "Our clients and our firm are willing to meet with the administrators to work through the potential claims in more detail," the letter said. Wesfarmers chief executive Rob Scott backed actions taken by Emily Amos, head of the health division, who stood up to "some poor behaviours in the market where people were using debt-fuelled acquisitions and not paying their bills. "That wasn't good for the reputation of pharmacists, and that's not the type of partner that we want to have. It's been good to see that since the company's been in the hands of receivers, the performance of the pharmacies has actually improved," Scott said in an interview in February. Wesfarmers on March 10 declined to comment on the legal letter, the Financial Review states. Previously it stated that it spent three years supporting Infinity, including extending trading terms. Westpac, National Australia Bank and Commonwealth Bank are owed about AUD145 million by Infinity, while Wesfarmers-owned API is owed about AUD110 million, the Financial Review discloses. Other creditors include ASX-listed Paragon Care, which was forced to take a full provision against the AUD46.4 million debt owed by Infinity in February. Other lenders owed include Medpro Finance and private credit group Global Credit Investments. Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of Teneo were appointed as administrators of Infinity Pharmacy Group Pty, IPG Pacific Fair Pty Ltd, IPG Woodford Pty Ltd and Krina K Pty Ltd on Dec. 18, 2025. KEMBALI INVESTMENTS: Second Creditors' Meeting Set for March 16 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Kembali Investments Pty Ltd (trading as Broome Beach Resort) has been set for March 16, 2026, at 10:00 a.m. via virtual meeting only. 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 March 13, 2026 at 4:00 p.m. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Feb. 9, 2026. LUXE COATINGS: First Creditors' Meeting Set for March 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Luxe Coatings 2pac Specialists Pty Ltd ATF Luxe Coatings 2Pac Specialists Trust will be held on March 17, 2026, at 10:00 a.m. via via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on March 5, 2026. NOVATI CONSTRUCTIONS: Second Creditors' Meeting Set for March 13 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of Novati Constructions Pty Ltd and Best For The Job Pty Ltd has been set for March 13, 2026, at 10:00 a.m. via virtual facilities only. 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 March 12, 2026 at 5:00 p.m. Graeme Robert Beattie and Aaron Lucan of Worrells were appointed as administrators of the company on Feb. 8, 2026. PEPPER RESIDENTIAL 40: Moody's Ups Rating on Class F Notes to Ba3 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on five classes of notes issued by Pepper Residential Securities Trust No. 40. The affected ratings are as follows: Issuer: Pepper Residential Securities Trust No. 40 Class B Notes, Upgraded to Aaa (sf); previously on Jun 11, 2025 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jun 11, 2025 Upgraded to Aa3 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Jun 11, 2025 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Jun 11, 2025 Upgraded to Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Aug 16, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via notes subordination and Retention Amount Ledger) available to the affected notes and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as their credit enhancement remains commensurate with the current rating for the respective notes. Following the February 2026 payment date, credit enhancement available for the Class B, Class C, Class D, and Class E notes has increased to 10.1%, 8.2%, 5.9%, and 4.2%, respectively, from 6.9%, 5.6%, 4.0%, and 2.9% at the time of the last rating action in June 2025. Credit enhancement available for the Class F notes has increased to 2.1% from 0.8% at closing. Principal collections have been distributed on a pro-rata basis between Class A1-a and Class A2 Notes. Current outstanding pool balance as a percentage of the closing pool balance is 47.8%. As of end-January 2026, 3.4% of the outstanding pool was 30-plus day delinquent and 1.8% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.8% of the current pool balance (equivalent to 0.8% of the original pool balance) from 1.9% of the outstanding pool balance (equivalent to 1.3% of the original pool balance) at the time of the last rating action in June 2025. Moody's have maintained Moody's MILAN CE at 6.5%. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Pepper Homeloans Pty Limited and serviced by Pepper Money Limited. A portion of the portfolio consists of loans extended to borrowers with prior credit impairment or made on an alternative documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. ========= C H I N A ========= ZK INTERNATIONAL: Enters Into $20MM Securities Purchase Agreement ----------------------------------------------------------------- ZK International Group Co., Ltd. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with certain non-U.S. investors pursuant to which the Company agreed to sell to the Purchasers, and the Purchasers agreed to buy from the Company, an aggregate of up to 40,040,000 ordinary shares, no par value per share, of the Company at a price of $0.50 per share to purchase an aggregate of up to 40,040,000 Ordinary Shares, for the aggregate purchase price of approximately $20,020,000, which purchase price should be paid by each of the Purchasers in US$ fiat money or in cryptocurrencies, in the sole discretion of the Company. The Company and the Purchasers each made customary representations, warranties, and covenants in the Purchase Agreement. The transaction contemplated in the Purchase Agreement is expected to close in the first quarter of 2026. A copy of the Form of the Purchase Agreement is available at https://tinyurl.com/k7cbekfx About ZK International Group Co. Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion-dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia. In its audit report dated February 4, 2026, attached to the Company's Annual Report on Form 20-F for the fiscal year ended September 30, 2025, Fortune CPA, Inc, the Company's auditor since 2024, issued a "going concern" qualification citing that the Company has negative working capital, negative cash flow from operating activities, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $62,867,718, $38,253,260 in total liabilities, and $24,614,458 in total equity. ================= H O N G K O N G ================= CITIC RESOURCES: Moody's Withdraws 'Ba2' Corporate Family Rating ---------------------------------------------------------------- Moody's Ratings has withdrawn the Ba2 corporate family rating of CITIC Resources Holdings Limited. The outlook was negative prior to the withdrawal. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE CITIC Resources Holdings Limited is an energy and natural resources investment holding company with interests in aluminum smelting, coal, the import and export of commodities, and bauxite mining and alumina refining. It also has interests in the exploration, development and production of oil. The company serves as the principal natural resources and energy arm of its parent, CITIC Limited. ========= I N D I A ========= ABSOLUTE LEGENDS: NCLT Rejects Shikhar Dhawan's Insolvency Plea --------------------------------------------------------------- BW Legal World reports that the National Company Law Tribunal (NCLT), New Delhi Bench-IV, refused to admit an insolvency plea filed by Indian cricketer Shikhar Dhawan against Absolute Legends Sports Pvt. Ltd., the company that operates the Legends League Cricket tournament. The tribunal found that the cricketer failed to establish that the alleged operational debt became due and payable under the Insolvency and Bankruptcy Code, 2016. BW Legal World relates that the bench comprising Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi delivered the order on Feb. 5, 2026. Dhawan moved the tribunal under Section 9 of the Insolvency and Bankruptcy Code seeking initiation of the Corporate Insolvency Resolution Process against the company for an alleged default of INR1,24,50,459 as of April 30, 2025. According to BW Legal World, the dispute arose from Dhawan's participation in the third season of Legends League Cricket, a franchise-based T20 tournament featuring retired international cricketers. The league took place between September and October 2024. According to the application, Absolute Legends Sports approached Dhawan to represent the Gujarat team in the league due to his reputation and experience. The parties executed a Player Agreement dated Sept. 10, 2024. Under the agreement, the league owner agreed to pay a total player fee of INR2,65,50,000. The payment schedule formed part of the agreement, the report notes. Twenty-five percent of the fee became payable within five days of execution of the agreement. Fifty percent became payable before the first match of the tournament. The remaining twenty-five percent became payable within fifteen days after the conclusion of the league. BW Legal World relates that Dhawan issued an invoice dated Sept. 7, 2024 for the total player fee. He later stated that the company released INR1,51,87,500 in five tranches between September 18 and October 5, 2024. According to him, the remaining amount of INR1,13,62,500 remained unpaid. The cricketer claimed interest on the outstanding amount under the agreement. The interest rate stood at 19.15 percent per annum, which was calculated as four percent above the Indian prime lending rate of the Reserve Bank of India. On this basis, Dhawan stated that the total outstanding amount reached INR1,24,50,459 as of April 30, 2025. He also relied on a demand notice issued under Section 8 of the Insolvency and Bankruptcy Code on May 8, 2025. According to BW Legal World, the company allegedly responded through an email dated May 18, 2025, where it acknowledged the dues and assured payment within two weeks. Despite reminders and communications, the payment did not follow. However, the tribunal raised concerns regarding the contractual framework and supporting material placed before it. The bench noted inconsistencies in the timeline of the agreement and the invoice. The invoice was raised on Sept. 7, 2024, while the agreement showed an execution date of Sept. 10, 2024. BW Legal World says the tribunal also examined the structure of the Player Agreement and observed ambiguity regarding liability for the player fee. Certain clauses appeared to shift financial responsibility to the league owner in the absence of a franchise holder. According to the tribunal, this arrangement created uncertainty regarding the extent of liability. The bench further noted that the agreement divided the player fee into promotional and match participation components. Yet the applicant did not place material on record to show completion of promotional obligations or match-related commitments under the agreement. BW Legal World adds that the tribunal said: "However, no material has been placed on record to establish that the Operational Creditor completed the League or fully discharged the promotional and match-related obligations as contemplated under the Agreement, thereby rendering the entitlement to the entire claimed amount uncertain." ALTRUIST CUSTOMER: NCLAT Upholds Reliance's Insolvency Plea Denial ------------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has set aside an appeal filed by Reliance Realty seeking insolvency proceedings against Altruist Customer Management. A three-member bench of the appellate tribunal upheld the order of the Delhi-based National Company Law Tribunal (NCLT) which had rejected the insolvency plea after it observed a pre-existing dispute between the parties, ET relates. The NCLT, on Oct. 5, 2024, dismissed the plea after it observed a dispute of over INR24.34 crore. "We therefore don't find any infirmity in the conclusions and the findings of the Adjudicating Authority (NCLT). Adjudicating Authority correctly rejected the Section 9 petition due to the existence of a bona fide dispute," the appellate tribunal said. According to ET, Reliance Realty, as an operational creditor, had filed a Section 9 Petition on account of operational debt, which is rental dues for the period between May 2019 and September 2022 owed by Altruist Customer Management for possession and occupation of a premise situated at TTC Industrial area in Thane, Maharashtra, comprising ground plus three upper floors each admeasuring 11,566 square metres. ET says NCLT Delhi dismissed the application on the grounds of a pre-existing dispute relating to the percentage of debt liable to be paid to Reliance Realty by Altruist Customer Management as per the licence agreement. This was subsequently challenged by Reliance Realty before the NCLAT. However, NCLAT also rejected it, saying: "We find this dispute is not a moonshine or illusory and cannot be determined in the insolvency proceedings," ET reports. ANANYA HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Ananya Hospital Private Limited (AHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.73 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding AHPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ananya Hospital Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ananya Hospital Private Limited (AHPL) was set up in 2000 as a partnership firm by Dr. M J Rajashekar and was reconstituted as a private limited company in 2005. The company started with a multi-specialty hospital in Bangalore under the name Ananya Hospital which is a 53-bed facility including 3 operation theatres, 6 ICUs and offers services across specialties such as general medicine, orthopedic, pediatric, urology, ear-nose-throat (ENT) and gynecology, amongst others. In 2008, AHPL took over Shanbhag Hospital which operates with a capacity of 52 beds including 2 operation theatres and 8 ICUs. Shanbhag hospital has been operational since 1990 and is located in Basaveshwara Nagar, Bangalore. This hospital generates majority of its revenue from gynecology and pediatrics. Both the hospitals have inhouse pharmacies. BIRBHUM CHEMICALS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Birbhum Chemicals and Fertilisers Limited Holding No. 408 O.B. Road, Ward No. 6, Pallishree, Arambagh, Hooghly West, Bengal, India, 712601 Liquidation Commencement Date: February 27, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Sanjay Kumar Poddar FD-71, Sector III, Salt Lake, Kolkata - 700106 Email: poddar.sanjay@gmail.com Infinity Benchmark, Unit No. 608, 6th Floor, GP Block Sector V, Salt, Lake, Kolkata - 700091 Last date for submission of claims: March 29, 2026 DERON PROPERTIES: CRISIL Lowers Rating on INR25cr Term Loan to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Deron Properties Private Limited (DPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Rupee 25 Crisil D (ISSUER NOT Term Loan COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Rupee 25 Crisil D (ISSUER NOT Term Loan COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Rupee Term Loan 17.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DPPL for obtaining information through letters and emails dated November 10, 2025 and February 25, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the latest available information, Crisil Ratings has downgraded the rating on the bank facilities of DPPL to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating' as there have been delays in debt obligations as confirmed from public sources. Incorporated in 2011, DPPL develops residential and commercial real estate properties, mainly in Pune. Mr Umang Madan and his wife, Mrs Mansi Madan are the promoters of the company. FERROMET STEELS: ICRA Withdraws B+ Rating on INR25CR LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Ferromet Steels Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Ferromet Steels Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- (4.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Withdrawn Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term- 3.55 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long-term 0.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Ferromet Steels Private Limited (FSPL) is engaged in the manufacturing of structural steel products such as Mild Steel (MS) Flat, MS Angle, MS Round, MS Square, MS Channels. The company started its manufacturing operations with a capacity of 19,200 TPA in 2008 and later added additional capacity by setting up another rolling mill with a capacity of 21,600 TPA, which commenced operations during April 2012 (total installed capacity of 40,800 TPA). Apart from manufacturing structural steels, FSPL also engages in trading of structural steels to cater to customer orders, which are not produced in house. FSPL was initially incorporated under the name of S. R. M. C. Exports Limited in the year 1995 and was subsequently renamed in 2008. FSPL is promoted and managed by Mr. Manmohan Mittal and Mr. Ashok Kumar Goel, current directors of the company. GARUDA PACKAGING: CRISIL Lowers Rating on INR10.6cr Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Garuda Packaging Private Limited (GPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 7 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Letter of Credit 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Proposed Long Term 3.4 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING'; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Short 10.6 CRISIL D (ISSUER NOT Term Bank COOPERATING; Downgraded from Loan Facility 'Crisil A4 ISSUER NOT COOPERATING') Export Packing 2 CRISIL D (ISSUER NOT Credit COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GPPL for obtaining information through letter and email dated October 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GPPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of GPPL have been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating' basis of willful defaulter list as of November 25 as per publicly available information GPPL, set up in 2011 and based in Tirupati, Andhra Pradesh, manufactures FIBCs and tarpaulin. Its operations are managed by Mr V S Jagadeesh. INDIAN TECHNOLIME: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Indian Technolime Company Limited Village Ghunna, Behat Road, Saharanpur, Uttar Pradesh, India, 247120 Insolvency Commencement Date: January 8, 2026 Court: National Company Law Tribunal, New Delhi Bench-II Estimated date of closure of insolvency resolution process: July 7, 2026 Insolvency professional: Nitin Narang Interim Resolution Professional: Nitin Narang Shop No.19, Vijay Nagar, Single Story, Near SBI, New Delhi - 110009 Email: ipnitinnarang@hotmail.com 1st Floor, 03 Birbal Road, Jangpura, New Delhi, 110014 Email: cirp.indiantechnolime@gmail.com Last date for submission of claims: February 17, 2026 INDUSFACE TELECOM: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Indusface Telecom Private Limited A/2-3, 3rd Floor, Status Plaza, Opposite Relish Resort, Akshar Chowk, Old Padra Road, Vadodara, Gujarat, India, 390020 Liquidation Commencement Date: February 28, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Kashyap Shah B-203, Manubhai Towers, Opposite M S University, Sayajigunj, Vadodara, 390020 Tel: 99980 62244 Email: kashyap.cs.ip@gmail.com Last date for submission of claims: March 29, 2026 JAGRUT MOTORS: ICRA Withdraws B+ Rating on INR14.55cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Jagrut Motors Private Limited in accordance with ICRA's rating withdrawal policy, following the closure of the rated facilities. This is evidenced by the No Due Certificates (NDCs) issued by the respective lenders. Based on the NDCs, ICRA is of the view that there are no outstanding dues payable by the company in respect of the bank facilities rated by ICRA. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, and Key Financial Indicators have not been presented, as the rated instruments have been withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.26 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term- 14.55 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Incorporated in 2014, JMPL is engaged in dealership of in full Maruti Suzuki India Limited (MSIL) in the districts of Ratnagiri and Sindhudurg of Maharashtra and dealership of in full Honda Motorcycle and Scooter India (HMSI) in Ratnagiri district of Maharashtra. Additionally, the company also provides auxiliary services like sale of spare parts, accessories, insurance services, workshop, and financing of vehicles among others. JAITHRA EXIM: CRISIL Lowers Rating on INR14.5cr Loan to D --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Jaithra Exim Private Limited (JEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 14.5 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JEPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JEPL is consistent with 'Assessing Information Adequacy Risk'. The rating on the bank facilities of JEPL has been downgraded to 'Crisil D Issuer not cooperating' from 'Crisil A4 Issuer not cooperating' due to bank reported as willful defaulter as per publicly available information. JEPL was established in 2010 by Mr G Ratna Prasad and Mrs G Jhansi Laxmi. The commenced the trading of pet coke and coal in fiscal 2017. KAMESWARI JEWELLERS: CRISIL Cuts Rating on INR10cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Kameswari Jewellers (KJ), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KJ for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KJ revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 1994 as a proprietary concern of Mr Perla Samba Murty, KJ retails jewellery. It operates two showrooms at Visakhapatnam and Srikakulam in Andhra Pradesh. Operations are managed by Mr Perla Koushik. KARNA PAINTS: CRISIL Lowers Rating on INR25cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Karna Paints Private Limited (KPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 3.5 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KPPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KPPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in Karnal (Haryana) in 1978, KPPL is promoted by Mr. Ajit Lakra. KPPL manufactures industrial paints, alkyd resins and polyester resins, which are used as intermediates in manufacturing paints. Industrial paints include liquid paints, industrial powder coatings, and general industry paints. KONDUSKAR TRAVELS: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Konduskar Travels Private Limited (KTPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 11.5 Crisil B-/Stable (Issuer Not Overdraft Cooperating) Facility Proposed 6.5 Crisil B-/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with KTPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KTPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 1994, KTPL is based in Kolhapur, Maharashtra, and is promoted by the Konduskar family. The company provides passenger transport services in Maharashtra, Goa, Karnataka, and Gujarat. LAKSHMI RANGA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lakshmi Ranga Enterprises Private Limited (LREPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.75 CRISIL D (Issuer Not Cooperating) Term Loan 2.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LREPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LREPL continues to be 'Crisil D Issuer not cooperating'. LREPL, set up in 1984, trades in paints, hardware, plywood, and various building construction material. LT, established in 2009, trades in white cement and other building construction material. The group is managed by Mr. R. Anbalagan and his family members, and based in Thiruvannamalai (Tamil Nadu). LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lakshmi Traders - Chennai (LT; part of the Lakshmi group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Working 2 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with LT for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LT continues to be 'Crisil D Issuer not cooperating'. LREPL, set up in 1984, trades in paints, hardware, plywood, and various building construction material. LT, established in 2009, trades in white cement and other building construction material. The group is managed by Mr. R. Anbalagan and his family members, and based in Thiruvannamalai (Tamil Nadu). M.M.G. HOLDINGS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M.M.G. Holdings Private Limited (MMG) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 25.75 CRISIL B/Stable (Issuer Not Discounting Loan Cooperating) Lease Rental 9.25 CRISIL B/Stable (Issuer Not Discounting Loan Cooperating) Crisil Ratings has been consistently following up with MMG for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MMG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMG continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2004, MMG is engaged in leasing out warehouses and commercial spaces at Chennai. MMG is part of Chennai-based Gupta group and is promoted by Mr M M Gupta. MRIDUL INTERNATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Mridul International Private Limited (MIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 2.50 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.58 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 8.83 [ICRA]B+(Stable) ISSUER NOT Short Term COOPERATING/[ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 4.87 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding MIPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with MIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mridul International Private Limited (Erstwhile Mridul Enterprises), MIPL is engaged in the manufacture and export of home textiles and other furnishing products. Constituted as a partnership company, commercial operations commenced in 1986 with manufacturing facilities located in Noida. The company's product portfolio primarily includes quilts, table linen, bed linen besides other ancillary home textile items like cushions, cushion covers, bedspreads etc. Although the company's product range is concentrated on textile items; it does manufacture some leather furnishings as well but only for the purpose of offering an entire gamut of products to its customers and do not constitute a very large proportion of Mridul's portfolio. The products are mainly headed for the export markets in the United States, United Kingdom and other European countries with the company being a supplier to various leading stores like Pottery Barn; Euro Market; Mamas and Papas; Zara and others. The constitution of the company was changed from firm to Private Limited w.e.f. 1st July 2014. NHS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of NHS Industries (NHS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.5 CRISIL D (Issuer Not Cooperating) Term Loan 8.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NHS for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NHS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NHS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NHS continues to be 'Crisil D/Crisil D Issuer not cooperating'. NHS, based in Bengaluru, was established in November 2016 as a proprietorship firm by Mr Bhargava Reddy. The firm manufactures HDPE/PP (high-density polyethylene/polypropylene) woven sacks. NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Nizam Deccan Sugars Limited (NDSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50.7 CRISIL D (Issuer Not Cooperating) Cash Credit 24.6 CRISIL D (Issuer Not Cooperating) Cash Credit 19 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Letter of credit & Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 48.09 CRISIL D (Issuer Not Cooperating) Term Loan 16.14 CRISIL D (Issuer Not Cooperating) Term Loan 17.20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NDSL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NDSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NDSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NDSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NDSL, incorporated in 2002, manufactures sugar and extra neutral alcohol, and generates power. NDSL has three sugar plants in Telangana. The company also has a distillery unit, and a 20-megawatt biomass-based power generation plant. Dr. G Ganga Raju and family (promoters of the Laila group of companies) hold a 51 per cent stake in NDSL; the balance 49 per cent stake is held by Nizam Sugars Ltd. The Laila group is engaged in diverse businesses including sugar, paper, nutraceuticals, and education. PADIA EXPORTS: ICRA Cuts Rating on INR15.50cr LT/ST Loan to B+/A4 ----------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Padia Exports Pvt. Ltd. (PEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.50 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based- Long term rating downgraded from Cash Credit [ICRA]BB- (Stable); ISSUER NOT COOPERATING and short-term Rating continues to remain under 'Issuer Not Cooperating' Category Rationale The ratings are downgrade because of lack of adequate information regarding PEPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Padia Exports Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. Padia Exports Pvt. Ltd. (PEPL) started its business as Padia Corporation (PC), a proprietorship concern, in the year 1995 under the proprietorship of Mr. Bikash Kumar Padia. Padia Corporation was engaged in the business of trading of invertors and structural steel products. In 1998, Padia Corporation was converted into a private limited company and has been engaged in the business of trading of stainless steel utensils since then. The promoters of PEPL have more than two decades of experience in the business of stainless steel utensils. Most of the revenue of the company is being derived from export sales. Majority of the products are sold under the brand name of 'Padia'. The manufacturing facility of the company is in Kundli. PEPL has branch offices located in Kolkata, Delhi and Mumbai. PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pee Aar International Private Limited (PALPB) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 11 CRISIL D (Issuer Not Purchase Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Packing Credit 11 CRISIL D (Issuer Not Cooperating) Proposed Short Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 4.4 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with PALPB for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PALPB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PALPB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PALPB continues to be 'Crisil D Issuer not cooperating'. Set up in 2003 by Mr. Rakesh Kumar Miglani and family as a partnership firm and reconstituted as a private limited company in 2008, PAIL manufactures ready-made garments for men and children and trousers for women. It exports these products mainly to the Middle-East and Latin American countries. The company has its manufacturing unit in Ludhiana (Punjab) with a capacity of 10,000 pieces per day. PRATEEK APPARELS: ICRA Lowers Rating on INR82.43cr LT Loan to D --------------------------------------------------------------- ICRA has downgraded the ratings of Prateek Apparels Private Limited (PAPL) to [ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING due to past delays in debt servicing by the company and its classification as NPA that came to ICRA notice through the past Annual reports. The rating is based on limited information on the entity's performance since the time it was last rated December, 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 82.43 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]A4; ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based- [ICRA]A4; ISSUER NOT COOPERATING Others and continues to remain under 'Issuer Not Cooperating' category Short-term- 10.57 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating downgraded from limits [ICRA]A4; ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PAPL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained noncooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1995, Prateek Apparels Private Limited (PAPL) is engaged in the business of manufacturing of readymade garments, retailing apparels and trading in fabric. The company primarily manufactures men's and women's formal and casual wear under its in-house brands and undertakes contract manufacturing for large brands such as Levi's, Splash and Aditya Birla. The Company entered retail operations in 2007 through its subsidiary Prateek Lifestyle Limited, which was merged in PAPL in 2009. PAPL had also tied up with e-commerce players such as Snapdeal, Flipkart and Amazon for sale of its brands. The company also has presence across 55 stores of Brand Factory (Futures Group) stores across India. RAJLABDHI INFRA: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajlabdhi Infrastructure Private Limited (RIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL continues to be 'Crisil D Issuer not cooperating'. RIPL was established in 2010 by Mr. Bhupendrabhai Ramanlal Patel. The company has a presence in the residential real estate segment, primarily in Ahmedabad and Gandhinagar. It is executing a residential project, Rajlabdhi Heritage, in Gandhinagar, comprising eight buildings. Mr. Patel manages RIPL's daily operations. RAMALINGA REDDY: CRISIL Cuts Rating on INR4.50cr LT Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ramalinga Reddy (RR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 2.09 CRISIL B/Stable (ISSUER NOT Discounting Loan COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 4.50 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 3.41 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RR for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RR revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2010 as a proprietorship concern, RR is developing a commercial real estate project at Hosur Main Road Bommanahalli. The firm is promoted by Mr. Ramalinga Reddy and his family members. SAKET PROMOTERS: CRISIL Lowers Rating on INR15cr LT Loan to C ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Saket Promoters Limited (SPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 15 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SPL for obtaining information through letters and emails dated February 25, 2026 and August 6, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has revised its rating on the long term bank facilities of SPL to 'Crisil C Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating' as the firm has been identified as willful defaulter for bank facilities availed from other lenders as per information on public domain. SPL, established in 1995, by Kolkata based Khaitan family is engaged in development of residential projects in and around Kolkata. Mr. Saket Khaitan manages its day to day operations. SANCHARY MARINE: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Sanchary Marine Products & Transporters Private Limited (SMPT) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D ((ISSUER NOT COOPERATING; Rating Migrated) Line of Credit 2 CRISIL D ((ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 16.8 CRISIL D ((ISSUER NOT COOPERATING; Rating Migrated) Vendor Bill 3 CRISIL D ((ISSUER NOT Discounting Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SMPT for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMPT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPT is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SMPT to 'Crisil D Issuer not cooperating'. SMPT is engaged in the manufacturing and sale of steam sterilized fish feed and Omega – 3 fish oil having a manufacturing facility at Tuthukudy, Tamil Nadu. The company is promoted by Mr KA Johnykuttan and his wife, Mrs Shiny Jolly. SEVEN SKY: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Seven Sky Entertainment Pvt. Ltd. (SSEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 3.75 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SSEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of noncooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SSEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2007, Seven Sky Entertainment Pvt. Ltd. (SSEPL) is promoted by Mr. Ketan Patel, Mr. Jatubha Rathod, Mr. Prakash Patel, Mr. Bipin Chande and other family members. SSEPL owns ~ 3,48,120 sq ft plot at airport ring road in Bhuj, Gujarat from which it operates its 3-star hotel, three screen multiplex and recently build mall. Apart from these, the company also operates in liquor business (both wholesale and in house), restaurant, spa, fitness centre, banquet halls and party plot. The company had constructed mall at the same plot with a total build-up area of 1,40, 000 sq. ft in FY2018 and it commenced part operations from May 2018. Further, the company has constructed second floor in mall building with leasable area of 26,000 sq ft in FY2019. SIDDHI FREEZERS: CRISIL Cuts Rating on INR13cr Pack Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Sri Siddhi Freezers and Exporters Private Limited (SSFEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft 0.1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Packing Credit 13.0 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Proposed Long Term .4 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSFEPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSFEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSFEPL is consistent with 'Assessing Informati on Adequacy Risk'. Based on the last available information, Crisil Ratings has downgraded the ratings to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. As per information available in the public domain, there remains delinque ncy in company accounts and the company has been declared as a willful defaulter. SSFEPL, incorporated in 1992 by Udupi (Karnataka)-based Mr. Ramu N Chandan (managing director and chairman) and his fa mily, exports processed frozen marine products such as fish, shrimp, and squid. Mr. Chandan and his son, Mr. Rajesh Chandan (executive director), manage the operations. SUAVE CORPORATION: ICRA Lowers Rating on INR10cr Loan to C ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Suave Corporation (India) Private Limited (SCIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Unallocated 10.00 [ICRA]C; ISSUER NOT COOPERATING; limits Rating downgraded from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgraded based on the information available internally (CIC Database) regarding SCIPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with SCIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Suave Corporation (India) Private Limited (SCIPL) was incorporated in August 2012 by Mr. Srihari Charan Damaraju. The company is involved in the trading of steel products like TMT bars, GI Sheets, MS Sheets, MS Flats, MS Rounds, billets and others. The company primarily buys steel products from various distributors and traders and sells to builders and construction companies in Andhra Pradesh and Telangana. Sometimes, sales are also made to traders depending upon the order received. The contribution of product to the total sales depends upon order received from the customers, though TMT bars and MS sheets has accounted for around 30% and 20% of the total revenue in the last few years. SCIPL majorly purchases steel depending upon the order received from the customers though certain inventory is maintained to ensure timely supply. The company has a stockyard of around 2500 sqft for which it pays a rent of around Rs 20000/month. The company is planning for product diversification from FY 2018, SCIPL is planning to manufacture parts of wind mills such as "Rotar blades". The company is planning to take separate plant for this activity at Samshabad. SUN SHINE: ICRA Keeps C+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Sun Shine Builders in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]C+; ISSUER NOT COOPERATING; Fund-based- Rating continues to remain under Term loan 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sun Shine Builders's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sun Shine Builders, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sun Shine Builders is a partnership firm formed in 2012 with Mr. T. Janardhan Rao and Mr. M Ramesh as the partners and was reconstituted in September 2013 with Mr. M Satish as the third partner. The firm is involved in real-estate development and has completed two residential projects in Bangalore since its inception. It is developing a residential apartment project called 'Silicon Pride' at Whitefield, Bangalore. SWISS RE: Voluntary Liquidation Process Case Summary ---------------------------------------------------- Debtor: Swiss Re Services India 7th Floor, Office 701, A Wing, Plot C 66 One BKC Bandra Kurla Complex, Opposite Bank of Baroda, Bandra (E), Mumbai, 400051 Maharashtra, India Liquidation Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rakesh Maganlal Nathwani G-504, Mystique Moods, Behind Symbiosis College, Vimannagar, Pune, 411014 Email: asindia1123@gmail.com rakesh@camn.in Last date for submission of claims: March 26, 2026 TATA STEEL: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Tata Steel International (India) Limited 3rd Floor, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai, Maharashtra, India, 400001 Liquidation Commencement Date: February 27, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Tel: +91 98204 69825 Email: pranav@winadvisors.co.in Last date for submission of claims: March 29, 2026 TERRAFORM GLOBAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Terraform Global India Private Limited Unit 702, 7th Floor, Tower 3 Equinox Business Park Off Bandra Kurla Complex, Lbs Marg, Kurl, A West, Mumbai City, Mumbai, Maharashtra, India, 400070 Liquidation Commencement Date: February 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Akansha Ashish Rathi Office No. B-508, Mahaavir Icon Plot No 89, Sector 15, Cbd Belapur, Navi Mumbai, Maharashtra, 400614 Tel: +91 91677 35969 Email: Rathiakansha83@gmail.com Last date for submission of claims: March 28, 2026 THREE C: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term rating of Three C Green Developers Private Limited (TCGDPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 225.00 [ICRA]D; ISSUER NOT Debenture Program COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TCGDPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Three C Green Developers Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. TCGDPL, which was incorporated in December 2010, is involved in real-estate development. At present, Xanadu Estates Pvt. Ltd. holds 75% of the company's shares, while the remaining 25% is held by Xanadu Infra Developers Pvt Ltd. TCGDPL is developing a plotted development project, Lotus Yardscape, with a saleable area of 90489 square yards, in Sports City, Noida. The other project, Lotus Arena II, is being developed by its wholly owned subsidiary, Piyush IT Solutions Private Limited. ========= J A P A N ========= [] JAPAN: Bankruptcies Reach 13-Year High in February ----------------------------------------------------- The Japan Times reports that the number of corporate bankruptcies in Japan involving liabilities of at least JPY10 million (US$63,000) totaled 851 last month, the highest level in 13 years for a February, Tokyo Shoko Research said March 9. According to The Japan Times, the figure marked a year-on-year rise of 11.3% and the third consecutive monthly increase, driven in part by worsening business conditions that reflected sluggish sales and growing labor shortages. By industry, the service sector saw the largest increase, climbing 30.9% to 309 cases. By industry, the service sector saw the largest increase, climbing 30.9% to 309 cases, says the report. The construction and transportation industries also posted year-on-year growth in the number of bankruptcies. Sluggish sales were the leading cause of business failures in 625 cases, or 73.4% of the total, The Japan Times says. Bankruptcies linked to labor shortages stemming from rising labor costs, retirements and other factors totaled 47, more than double the 19 reported a year earlier, The Japan Times discloses. Total liabilities fell 22.2% to JPY133.16 billion, the report notes. Nearly 80% of all cases involved debts of less than JPY100 million, primarily among small companies and microbusinesses. Oil prices are rising due to escalating military tensions in the Middle East. The Japan Times says Tokyo Shoko Research warned that higher energy costs would push up a variety of expenses, saying, "That would be a further setback for companies whose profitability has already been deteriorating due to higher prices." =============== M A L A Y S I A =============== MMAG HOLDINGS: Bank Accounts Frozen by Police, AMLA Unit -------------------------------------------------------- The Malaysian Reserve reports that MMAG Holdings Bhd (MMAG) said on March 10 that several of its bank accounts have been gradually frozen by the Royal Malaysia Police (PDRM), Anti-Money Laundering Criminal Investigation Division (AMLA) between October and November 2025. According to the report, the affected accounts have remained frozen for over 90 days and are still frozen as of now. In a statement to Bursa Malaysia, the company said it has not received any formal freezing order and is unaware of the specific particulars behind the action. The Malaysian Reserve relates that MMAG said it only became aware of the freeze when it encountered difficulties in making payments for its operating expenses. "The group has not received any freezing order and does not have any knowledge of the particulars of the freezing order. The group only became aware that the accounts had been frozen when it was unable to make payments for its operating expenses," the company said. Despite the uncertainty, MMAG said it has taken measures to ensure business continuity, including using other available bank accounts to maintain day-to-day operations, The Malaysian Reserve relays. Its board is also actively engaging with the relevant authorities to seek clarification and resolve the matter. "At this juncture, the board is unable to ascertain the financial and operational impact of the freezing of the affected accounts on the Group. Nevertheless, the group has taken the necessary measures . . . to ensure that its day-to-day operations continue without disruption," the statement added, The Malaysian Reserve relays. About MMag Holdings MMag Holdings Berhad is a Malaysia-based integrated supply chain management company. The Company provides first, mid and last-mile delivery services in Malaysia and across Asia with full connectivity by air, sea and land. Its integrated supply chain management solutions use technology, big data analytics and strategic partnerships to provide businesses with customized end-to-end logistics solutions in Malaysia. ===================== N E W Z E A L A N D ===================== BUEN CONSTRUCTION: Creditors' Proofs of Debt Due on April 9 ----------------------------------------------------------- Creditors of Buen Construction Limited, Quadrille Construction Limited, Titan Collective Limited and Club 37 Limited are required to file their proofs of debt by April 9, 2026, to be included in the company's dividend distribution. Buen Construction commenced wind-up proceedings on Feb. 9, 2026. Quadrille Construction commenced wind-up proceedings on Feb. 18, 2026. Titan Collective commenced wind-up proceedings on Feb. 24, 2026. Club 37 Limited commenced wind-up proceedings on Feb. 26, 2026. The company's liquidators are: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 GAP CONSULTANTS: Creditors' Proofs of Debt Due on April 17 ---------------------------------------------------------- Creditors of GAP Consultants Limited (trading as Gap Consultants Ltd), Familia Brands (NZ) Limited (trading as Trainers Skateboarding), Mak Civil Limited, Roofzone Limited and Lassnig All Fire and Security Limited are required to file their proofs of debt by April 17, 2026, to be included in the company's dividend distribution. GAP Consultants, Familia Brands, Mak Civil Limited and Roofzone Limited commenced wind-up proceedings on Feb. 26, 2026. Lassnig All Fire and Security commenced wind-up proceedings on March 2, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 SHEERAH BUILDERS: Court to Hear Wind-Up Petition on March 19 ------------------------------------------------------------ A petition to wind up the operations of Sheerah Builders Limited will be heard before the High Court at Auckland on March 19, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 6, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SL MOTORS: Court to Hear Wind-Up Petition on March 19 ----------------------------------------------------- A petition to wind up the operations of SL Motors NZ Limited will be heard before the High Court at Auckland on March 19, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 22, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TOP PRODUCE: Placed in Liquidation With NZD1.5 Million IRD Debt --------------------------------------------------------------- NZ Herald reports that a Bay of Plenty kiwifruit industry recruiter owes roughly NZD1.5 million to the Inland Revenue Department, after compliance issues and overdue staff payments mounted. Top Produce was incorporated in 2019 and operated a labour contracting business, supplying labour to the kiwifruit industry. Reynolds & Associates liquidator Grant Reynolds was appointed liquidator of Top Produce on March 4, 2026. TRANSWORX SOUTH: Creditors' Proofs of Debt Due on March 31 ---------------------------------------------------------- Creditors of Transworx South Island Limited are required to file their proofs of debt by March 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 23, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= ASIA FIRST: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Feb. 23, 2026, to wind up the operations of Asia First Health Services Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 BLACKGOLD NATURAL: Wins 6-Mos. Extension of Judicial Management --------------------------------------------------------------- TipRanks reports that BlackGold Natural Resources Ltd. has secured a six‑month extension of its judicial management, with the High Court prolonging the Judicial Manager's appointment until July 23, 2026 to facilitate ongoing restructuring efforts. According to TipRanks, the extension follows unanimous creditor approval of a revised restructuring proposal from PT Rajawali Artha Global, and the Judicial Manager is now working with legal advisers and RAG to finalise a term sheet that will set out the mechanics and key terms of the proposed plan. TipRanks relates that the company indicated that further updates will be provided as discussions progress and urged shareholders and potential investors to monitor subsequent announcements and seek professional advice if unsure how to respond. The move underscores the critical role of creditor support and court oversight in BlackGold's restructuring process, as stakeholders await greater clarity on the eventual outcome for the business and its obligations. BlackGold Natural Resources Limited (SGX:41H) is a Singapore-based, Indonesia-focused coal mining investment holding company that focuses on supplying coal to power plants in Riau, Sumatra. Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as Judicial Manager of Blackgold Natural Resources Limited on Jan. 26, 2024. OPA FIX: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Feb. 20, 2026, to wind up the operations of Opa Fix Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PROVIDORE SINGAPORE: Abruptly Shuts All 6 Outlets in Singapore -------------------------------------------------------------- The Business Times reports that home-grown cafe chain, deli and grocer The Providore Singapore said on Instagram that all of its outlets ceased operations on March 9, without disclosing the reason for the closure. BT says the brand had six outlets in Downtown Gallery, Mandarin Gallery, Paya Lebar Quarter, Raffles Place, VivoCity and Wisma Atria. Its outlet at Wisma Atria was a collaboration with Hong Kong cafe chain Jomo. The Providore also had a warehouse in Ayer Rajah with a retail section that stocked its range of gourmet food, wine, beer, spirits and bespoke gifts. Its head office was located there as well. Both the Ayer Rajah warehouse and head office are listed as permanently closed on Google Maps. Its website disclosed that the warehouse's retail section was closed as of September 2020. In a statement issued on March 9, NTUC said it understands from news reports that workers were only informed of The Providore's closure on the same day, according to BT. Mothership had reported that employees who turned up to work on Monday morning [March 9] were informed of the closure only then. BT relates that Toh Hwee Tin, supervising lead of NTUC's hospitality and consumer business cluster, noted that although The Providore is a non-unionised company in Singapore, it has affected workers who are union members. "In cases of sudden business closures involving non‑unionised companies, NTUC will extend assistance to affected union members to ensure they receive the necessary support," she added. According to BT, Toh said NTUC is reaching out to affected union members and will provide them with assistance and resources where required. These include connecting them to the labour movement's network, such as NTUC's Employment and Employability Institute (e2i). Affected workers who are Singaporeans and permanent residents can also receive employment support through the SkillsFuture Jobseeker Support scheme by participating in e2i's job search activities, BT notes. In an Instagram post announcing the closure, The Providore Singapore thanked customers for their "long-term support and kindness". It added that it looked forward to meeting customers again "in another form in the future". A notice displayed at the entrance of its Mandarin Gallery outlet said that The Providore Singapore had ceased operations on March 8, and that it was "taking steps to wind up the business," BT relays. The notice also advised those with queries to contact a representative from liquidation firm ClearView Associates at a number provided, adds BT. Established in 2013, The Providore Singapore was among the earlier entrants into the Republic's emerging cafe scene. It soon built a following among office crowds for its brunch mains and premium retail offerings, including cheeses, baked goods and groceries. SOUR CAPITAL: Commences Wind-Up Proceedings ------------------------------------------- Members of Sour Capital Pte. Ltd. on March 2, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Knut Unger c/o Luther LLP 9 Raffles Place #24-01, Republic Plaza Singapore 048619 UNIQUE REZI: Creditors' Proofs of Debt Due on April 6 ----------------------------------------------------- Creditors of Unique Rezi Pte. Ltd. are required to file their proofs of debt by April 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 5, 2026. The company's liquidator is: Lee Chong Xiang c/o Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 YUANTAI FUEL: Creditors' Proofs of Debt Due on April 6 ------------------------------------------------------ Creditors of Yuantai Fuel Trading Pte. Ltd. are required to file their proofs of debt by April 6, 2026, to be included in the company's dividend distribution. The High Court of Singapore entered an order to wind up the company on Feb. 13, 2026. The company's liquidator is: Lai Seng Kwoon Reliance 3P Advisory c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ********* 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. 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