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260317.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, March 17, 2026, Vol. 29, No. 54 Headlines A U S T R A L I A GFG ALLIANCE: Tahmoor Liquidators Confirm Up to 238 Redundancies HEALTHSCOPE NEWCO: La Spina Ousted After Bust-up With Receivers MACQUARIE GREEK: Enters Voluntary Administration MAIL DELIVERY: First Creditors' Meeting Set for March 20 PACIFIC LIFESTYLE: First Creditors' Meeting Set for March 24 PLATINUM TIPPERS: First Creditors' Meeting Set for March 20 ROCK SOLID: First Creditors' Meeting Set for March 20 STAR ENTERTAINMENT: WhiteHawk Capital Considers AUD400MM Loan TASFOODS LIMITED: First Creditors' Meeting Set for March 23 VIQ SOLUTIONS: Australian Units Enter Voluntary Administration C H I N A FANTASIA HOLDINGS: Unveils Offshore Debt Restructuring Terms I N D I A BABA JATADHARI: ICRA Withdraws C Debt Rating on INR6.25cr LT Loan CHAYAGRAPHICS HEALTHCARE: ICRA Keeps B+ Rating in Not Cooperating DEEPA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating GANGA PAPERS: ICRA Withdraws B+ Debt Rating on INR6.00cr LT Loan HABIB TEXTILES: ICRA Withdraws B+ Debt Rating on INR10cr LT Loan HERO ELECTRIC: NCLT Orders Liquidation After Plan Fails to Get Nod INFANT'S TRAVELS: ICRA Withdraws B+ Debt Rating on INR18cr LT Loan J.K. INDUSTRIES: CRISIL Lowers Rating on INR15cr Loan to D KSHITIJA INFRASTRUCTURE: ICRA Withdraws B Rating on INR25cr LT Loan LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Ratings in Not Cooperating LYPSA GEMS: ICRA Withdraws D Debt Ratings on INR50cr Loans MAIL ORDER: ICRA Withdraws D Debt Rating on INR6.22cr LT Loan OVIS EQUIPMENTS: ICRA Withdraws B+ Debt Rating on INR11cr LT Loan PLATINO CLASSIC: ICRA Keeps D Debt Rating in Not Cooperating RAGHUVANSHI INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating ROCKY DHAR: ICRA Keeps B Debt Rating in Not Cooperating Category RUCHI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating Category SATYA SAI: CRISIL Keeps D Debt Ratings in Not Cooperating Category SENTHILKUMAR WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating - SHIVANG CARPETS: CRISIL Keeps D Debt Ratings in Not Cooperating SWETHARKA CONSTRUCTIONS: ICRA Keeps B Rating in Not Cooperating YAMUNA MACHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating YR GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category J A P A N MARELLI AUTOMOTIVE: Hires Ernst & Young as Accountant MARELLI AUTOMOTIVE: Tesla Steps Down as Committee Member N E W Z E A L A N D B & D PAINTING: Creditors' Proofs of Debt Due on April 24 IMPERIAL SEAFOOD: Creditors' Proofs of Debt Due on April 8 SHAN TRANSPORT: Court to Hear Wind-Up Petition on April 1 SKS PRIVATE: Creditors' Proofs of Debt Due on April 9 STRATTON PROPERTIES: Court to Hear Wind-Up Petition on March 23 TEAK CONSTRUCTION: Subcontractors Seek to Replace Liquidators S I N G A P O R E AQUARIUS PLANTATIONS: Commences Wind-Up Proceedings CHAMPIONX SG 4: Creditors' Proofs of Debt Due on April 13 FITBIT SINGAPORE: Creditors' Proofs of Debt Due on April 8 FY GROUP: Court Enters Wind-Up Order UCARE.IO PTE: Creditors' Proofs of Debt Due on April 13 - - - - - ================= A U S T R A L I A ================= GFG ALLIANCE: Tahmoor Liquidators Confirm Up to 238 Redundancies ---------------------------------------------------------------- ABC News reports that hundreds of workers at a coal mine south-west of Sydney are set to lose their jobs after liquidators confirmed redundancies as part of the process of selling the mine. Tahmoor Colliery, owned by Sanjeev Gupta's GFG Alliance, was forced into liquidation last week after the British billionaire failed to stop the move. According to the ABC, the liquidators, McGrathNicol, met management on the site on March 9 and the Mining and Energy Union (MEU) on March 11. The liquidators on March 12 announced plans to make up to 238 full-time equivalent positions redundant, the ABC says. They said consultation with the mine's 328 workers was expected to conclude this week. The ABC relates that union leaders said the decision was widely anticipated but had still come as a blow to workers and their families, many of whom have endured more than a year of uncertainty. Bob Timbs from the MEU said the workforce had been preparing for the possibility of liquidation after months of instability surrounding the mine's ownership. "We have steeled ourselves for it, but it's never easy when this happens, and it's difficult," the ABC quotes Mr. Timbs as saying. The Tahmoor mine has been mothballed for 14 months amid financial turmoil surrounding its ownership group, GFG Alliance. One of the mine's creditors, Coal Mines Insurance, sought a winding-up order in the Supreme Court. Last week, the order was approved, and the mine was placed into liquidation after administrators were unable to demonstrate that the mine had secure ongoing funding, the ABC notes. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrator of the company on Nov. 3, 2025. Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal on Feb. 9, 2026. HEALTHSCOPE NEWCO: La Spina Ousted After Bust-up With Receivers --------------------------------------------------------------- The Australian Financial Review reports that the race to save Australia's second-largest private hospital operator Healthscope is in turmoil after chief executive Tino La Spina was ousted following a breakdown in his relationship with receivers McGrathNicol. Tensions between the outspoken Mr. La Spina and Healthscope's receivers and lenders have been simmering for months, but boiled over on March 12 after he wrote a memo to staff accusing McGrathNicol of making decisions outside their remit, according to the Financial Review. The Financial Review relates that Mr. La Spina was advised on March 13 he had been placed on gardening leave until April and Healthscope said on March 16 he was no longer performing the role and had been replaced on an interim basis by the company's chief operating officer Nicole Waldron. In response, Mr. La Spina insisted he remained CEO and was disappointed the company had announced a new interim boss while a mediation process was underway. "Mr. La Spina was informed on Friday that his relationship with the receivers had irretrievably broken down in circumstances where he was not provided with any particulars for that statement or an opportunity to work through any issues," the Financial Review quotes Mr. La Spina's spokesman as saying. "Mr La Spina's position is and remains, that as the chief executive officer, he must be able to express opinions in a frank and forthright manner in order to discharge his fiduciary duties." Mr. La Spina, a former Qantas executive, joined Healthscope in February last year, just months before the hospital operator fell into receivership with debts of AUD1.6 billion, and was working with McGrathNicol to implement a proposal to turn the company into a not-for-profit entity, according to the Financial Review. His direct management style and differences of opinions with McGrathNicol over the implementation of the so-called For Purpose proposal, including the level of debt it would hold, contributed to his departure, said three sources familiar with the situation but not authorised to speak publicly, the Financial Review relays. The Financial Review says there has been long-running tension over who was the architect of the For Purpose plan and how much say management would have in the make-up of the new entity. Mr. La Spina was also an outspoken critic of health insurers and the company's landlords, who have said they are collaborating on a rival offer for the company. His removal is the latest twist in the saga surrounding the future of the remaining 31 hospitals in the Healthscope network that have not been sold, the Financial Review notes. The Albanese government is watching the fallout closely, hoping to avoid hospital closures at a time when the public system is under unprecedented strain. McGrathNicol declined to comment on the reasons for Mr. La Spina's departure but said it remained committed to the For Purpose proposal, the Financial Review relays. The receivers did not mention Mr. La Spina's name in a statement welcoming Ms. Waldron's appointment. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MACQUARIE GREEK: Enters Voluntary Administration ------------------------------------------------ The Greek Herald reports that the Macquarie Greek Studies Foundation has entered voluntary administration, with an external administrator appointed to take control of the organisation. According to records lodged with the Australian Securities and Investments Commission (ASIC), Timothy James Cook of Balance Insolvency was appointed administrator on March 15, The Greek Herald discloses. Under Australia's corporate law framework, voluntary administration is a process in which an independent administrator is appointed to assess an organisation's financial position and determine possible next steps, including restructuring, returning control to directors, or winding up the company. According to The Greek Herald, the development comes shortly after the Foundation's Annual General Meeting (AGM) was held at Ramsgate RSL on Sunday, March 15, where members adopted the audited financial statements for the year ending 2025 and elected six directors unopposed to fill board vacancies. Leon Bombotas chaired the AGM after Board Chair Theophilus Premetis allegedly did not attend. Mr. Premetis has disputed this account and told The Greek Herald he briefly attended at the outset of the meeting, opened proceedings and informed those present that the organisation had entered voluntary administration before leaving. Minutes of the AGM reviewed by The Greek Herald, however, record that he was not present when the meeting formally proceeded. Following the meeting, Mr. Bombotas issued a statement to The Greek Herald addressing rumours circulating that some directors may have been considering placing the Foundation into voluntary administration. "At this stage there has been no formal notification of such a step to the Secretary or to the meeting," Mr. Bombotas said. However, corporate records reviewed by The Greek Herald show that the Foundation was placed into voluntary administration on March 15, 2026. The Greek Herald relates that Mr. Bombotas noted that the audited financial statements adopted at the AGM related to the reporting period ending in 2025 and that, since that reporting period, the Board had not yet received a full written financial update for the current period other than a verbal briefing from the Treasurer. According to Mr. Bombotas, the Treasurer had previously informed the Board that the Foundation's "Taverna Night" fundraising event held in November had been profitable, while a one-off donation to the University of Ioannina in October had been approved by the Board at the time, The Greek Herald relays. "Based on the information currently available the Foundation remains solvent and there is nothing to indicate that it is unable, or likely to become unable, to meet its financial obligations," Mr. Bombotas said. MAIL DELIVERY: First Creditors' Meeting Set for March 20 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Mail Delivery Pty Ltd will be held on March 20, 2026, at 11:00 a.m. via teleconference facilities. Andrew Quinn and Shaun Fernando of Mackay Goodwin were appointed as administrators of the company on March 10, 2026. PACIFIC LIFESTYLE: First Creditors' Meeting Set for March 24 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Pacific Lifestyle Resorts Pty Ltd will be held on March 24, 2026, at 2:30 p.m. via teleconference facilities. Jason Walter Bettles of Worrells was appointed as administrator of the company on March 12, 2026. PLATINUM TIPPERS: First Creditors' Meeting Set for March 20 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Platinum Tippers Pty Ltd, trading as 'Mikus Rolph Roads' and 'MR-Roads', will be held on March 20, 2026, at 10:00 a.m. via teleconference facilities. Andrew Quinn and Liam Bellamy of Mackay Goodwin were appointed as administrators of the company on March 10, 2026. ROCK SOLID: First Creditors' Meeting Set for March 20 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Rock Solid Mining Services Pty Ltd will be held on March 20, 2026, at 10:00 a.m. via Microsoft Teams. Alan Walker of Asset Restructuring Group was appointed as administrator of the company on March 10, 2026. STAR ENTERTAINMENT: WhiteHawk Capital Considers AUD400MM Loan ------------------------------------------------------------- The Australian Financial Review reports that executives from California-based private credit firm WhiteHawk Capital have flown to Australia to visit Star Entertainment's casinos as they consider whether to lend the challenged operator more than AUD400 million. Star, which owns casinos in Sydney, Brisbane, and the Gold Coast, secured another critical debt waiver from existing lenders last month, avoiding immediate default, the Financial Review recalls. It is attempting to replace its existing AUD430 million loan with a new agreement from WhiteHawk before the end of this month. The Financial Review relates that sources with knowledge of the talks, who requested anonymity to speak freely, said WhiteHawk's managing director Alex Zuckerman and his team were visiting Star's three precincts as they consider whether to sign a binding agreement. Star chairman Soo Kim is also in town, helping accelerate plans to restructure the business and cut hundreds of jobs from its corporate division, the Financial Review relays. Bally's, which owns 19 casinos in the US, and Australia's billionaire Mathieson family, who made their name in pubs and pokies, took control of Star Entertainment in November and hold more than 61 per cent of the company, recalls the Financial Review. The new owners want to refinance Star's debt to secure more favourable loan terms under a broader strategy designed to turn around the fortunes of the ailing casino group. Star's existing loans, agreed around this time last year, came with strict conditions, including leverage ratios and interest coverage tests, reflecting its precarious financial position. According to the Financial Review, the current lenders, which include Australia's Soul Patts, Macquarie, Perpetual and Deutsche Bank, have consistently waived covenants but have charged fees that Star's new owners considered excessive. Lenders had been seeking as much as AUD20 million, or almost 5 per cent of the loan value, to waive the covenants. The Financial Review relates that the sources said some lenders, including Soul Patts, are willing to participate in the new debt refinance package, but the preference is for WhiteHawk Capital to be the sole provider. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific in late November 2025, Queensland and New South Wales gaming authorities have given the green light to a US-led rescue package for the embattled Star Entertainment. Star agreed to a AUD300 million lifeline from US gambling giant Bally's, as well as Investment Holdings Pty Ltd, which is controlled by pub baron Bruce Mathieson and his family. The move was approved by shareholders in June, ABC News said. Combined, the two companies will own more than half of the embattled casino operator. TASFOODS LIMITED: First Creditors' Meeting Set for March 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of: - TasFoods Limited; - Nichols Hatchery Pty Ltd; - Nichols Poultry Pty Ltd; - Van Diemen's Land Dairy Pty Ltd; - JJJBSM Pty Ltd; and - Tasmanian Food Co Dairy Pty Ltd will be held on March 23, 2026, at 3:00 p.m. via Microsoft Teams. Timothy David Mableson, David Alexander Hardy and Sarah Emily Seeckts of KPMG were appointed as administrators of the company on March 11, 2026. VIQ SOLUTIONS: Australian Units Enter Voluntary Administration -------------------------------------------------------------- VIQ Solutions Inc. on March 15 announced that its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd ("VIQ Australia"), has been placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia). VIQ Solutions is taking this action in order to focus its management and capital resources on the Company's existing operations in North America and the United Kingdom, which remain the Company's highest performing business units. "The decision to appoint voluntary administrators follows a thorough review of Australian operations, including the current challenging business environment in Australia, and the negative impact on the financial results of our overall business," said Larry Taylor, Chief Executive Officer of VIQ Solutions. "We are disappointed that we were unable to bring the full capability of the Company's global scalable architecture and best practices to the Australian business. We will support the administrator to ensure that the business of VIQ Australia continues to operate without disruption, given that VIQ Australia supports critical functions of the Australian courts and law enforcement." The Company is optimistic that customers will continue to support VIQ Australia through the administration process and while the administrator works to ensure the future of VIQ Australia is secured. In pursuing voluntary administration, the Company is seeking to realize as much value as possible from VIQ Australia's remaining assets for the benefit of all stakeholders. The Company will continue to work cooperatively with the administrator, customers, employees, government authorities, and other affected parties throughout the process. The voluntary administration constitutes an event of default under the terms of the credit agreement dated January 13, 2023, as amended, between the Company and Beedie Investments Ltd. Preliminary Financial Results for Year Ended December 31, 2025 VIQ Solutions' preliminary unaudited financial results for the year ended December 31, 2025 indicate estimated consolidated revenue of approximately $41 million and Adjusted EBITDA (see "Non-IFRS Measures" below for details) of approximately $5 million. Excluding VIQ Australia, estimated consolidated revenue would be approximately $20 million and consolidated Adjusted EBITDA would be approximately $3 million. VIQ Solutions expects to streamline operations in its North America and the United Kingdom business to improve Adjusted EBITDA in the year ahead. The above preliminary financial results for the year ended December 31, 2025 are based on management's estimates and have not yet been approved by the Company's audit committee or its board of directors. The Company's final financial results for its fiscal year could differ from these preliminary financial results. Appointment of New Chief Financial Officer VIQ Solutions announced that it has appointed a new Chief Financial Officer, Michael Wolfe, effective April 1, 2026. Mr. Wolfe has over 30 years' experience in finance, accounting, private equity and business valuation and has also served as a director for several private and public companies, including as a member of audit and other independent committees. He was previously the CFO of several mid-market Canadian companies including Baylin Technologies Inc., a TSX listed company in the wireless communications industry. Mr. Wolfe also brings a successful track record in acquisitions, management buyouts, growth financings and recapitalizations. Mr. Wolfe is a Chartered Professional Accountant. In connection with Mr. Wolfe's appointment, Alexie Edwards has resigned as Chief Financial Officer effective March 31, 2026. It is expected that Mr. Edwards will continue to work with the Company to ensure a smooth transition. The Company wishes Mr. Edwards well in his new endeavors. CEO Compensation Arrangement The Company also announced that it has entered into a management services agreement (the "MSA") with Larry Taylor effective April 1, 2026 to support Mr. Taylor's transition to full-time Chief Executive Officer of the Company. Mr. Taylor has been Chief Executive Officer of the Company since August 2025, and has received no remuneration as CEO to date, all while supporting the Company through insider-led private placements. Pursuant to the MSA, the Company will pay a one-time management fee of US$50,000 on April 1, 2026, followed by monthly fees of US$25,000 commencing May 1, 2026. The Company has a right to terminate the MSA upon 90 days' written notice. About VIQ Solutions VIQ Solutions Inc. operates as a technology and service platform provider for digital evidence capture, retrieval, and content management in Australia, the United States, the United Kingdom, Canada, and internationally. ========= C H I N A ========= FANTASIA HOLDINGS: Unveils Offshore Debt Restructuring Terms ------------------------------------------------------------ Reuters reports that Fantasia Holdings on March 13 unveiled detailed terms of its offshore debt restructuring, including plans to issue new equity, convertible bonds and long-dated secured notes. According to Reuters, Fantasia is attempting to restructure about $4.66 billion of its offshore debt, through new shares, mandatory convertible bonds and about $1.44 billion in new secured notes to settle creditor claims. The property developer defaulted on its debt in 2021, among the many to have done so amid ⁠a crisis in China's real estate sector. A growing number of companies have reached restructuring agreements with their creditors. As of June 30, 2025, Fantasia had about 66,972 million Chinese yuan ($9.71 billion) of debt, it said in a statement. Under the terms of the debt restructuring proposal, the Shenzhen-based developer plans to allot 5.14 billion fresh shares to scheme creditors at HK$1.52 apiece, Reuters says. Reuters relates that Fantasia will also issue zero-coupon mandatory convertible bonds worth $501.2 million, which ⁠would convert into 2.57 billion shares at the same price of HK$1.52. It will also issue $632.5 million in secured notes due 2031 and $809.6 million due 2034 - a total of $1.44 billion - both carrying a 3% coupon. Reuters adds that Fantasia will also convert the entire HK$1.31 ⁠billion ($167.36 million) shareholder loan balance by issuing 4.38 billion new shares to its controlling shareholder at HK$0.30 each, with all accrued interest permanently forgiven ⁠once the restructuring becomes effective. Separately, controlling shareholder Baby Zeng will inject $6 million as a shareholder loan into the company, with ⁠an interest of 8% per annum. These funds will be funneled towards the fees and expenses of the proposed restructuring, Reuters relays. About Fantasia Holdings Fantasia Holdings Group Co., Limited, an investment holding company, invests in, develops, sells, and leases commercial and residential properties primarily in the People's Republic of China. The developer logged losses of CNY6 billion in 2022, CNY6.48 billion in 2023 and CNY8.31 billion in 2024. ========= I N D I A ========= BABA JATADHARI: ICRA Withdraws C Debt Rating on INR6.25cr LT Loan ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Baba Jatadhari Agro (India) 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. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.25 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term- 2.40 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Incorporated in 2011, Baba Jatadhari Agro (India) Private Limited (BJPL) is promoted by the West Bengal-based Shaw family. BJPL is involved in flour milling with an installed capacity of 100 metric tonnes per day (MTPD) at its manufacturing facility located at Abhirampur, Budge Budge, West Bengal. The commercial operations of the facility commenced in October 2016. CHAYAGRAPHICS HEALTHCARE: ICRA Keeps B+ Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Chayagraphics Healthcare Private Limited (CHPL) 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 ---------- ----------- ------- Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 1.25 [ICRA]A4 ISSUER NOT 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 CHPL'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 CHPL, 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 2014, CHPL is involved in the trading of medical consumables and devices, including contrast media, disinfectant chemicals and equipment, X-ray films, X-ray accessories, automatic X-ray film processors, and ultrasound equipment. The company is based out of Bangalore, with branch offices in Kolkata, Mumbai and Chennai. CHPL is promoted by Mr. V Prasad, Mr. P Ashok, Mr. MS Keshva and Mr. Vinay. The promoters are also associated with other group concerns, namely, Prognosys Medical Systems Private Limited and Chayahraphics (India) Private Limited (CIPL). DEEPA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Deepa Developers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 9.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Deepa Developers'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 Deepa Developers , 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. Promoted by Mr. Ramesh Kumar, Deepa Developers is a partnership firm with Mrs. Urmila Ramesh and Mrs. Deepa Sampath Bannan as his co-partners. Initially, Deepa Developers was engaged in development of residential and commercial complexes in Mangalore region; and has in the past, developed several properties under its group companies. However, the firm sold most of its properties and is presently engaged in managing Hotel Deepa Comforts (the Hotel) in Mangalore. During 2008-09, Deepa Developers constructed and developed a commercial complex - "Deepa Plaza" which houses Deepa Comforts. Apart from the Hotel, Deepa Plaza also houses several shops which have been completely sold post construction of the property. Hotel Deepa Comforts is located at M.G.Road in Mangalore at the centre of the city and very close to PVS Circle which is the main tourist/transport junction in Mangalore. Hotel Deepa Comforts is a luxury business hotel offering lodging, food and beverages, banquets and beauty care facilities. It is a 10 storey building with 82 rooms classified under three categories viz 'Deluxe' – 70 rooms, 'Premium' – 6 rooms and 'Suite' - 6 rooms. The Hotel has 4 enclosed banquet halls and 1 open air terrace for meetings, conferences, events and parties. Capacity of banquet halls is in the range of 600 to 1000 people. The Hotel has three restaurants - (one each under vegetarian, nonvegetarian and fine dining categories) catering to the Hotel's guests as well as other visitors in the complex. GANGA PAPERS: ICRA Withdraws B+ Debt Rating on INR6.00cr LT Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Ganga Papers India 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- 6.00 [ICRA]B+(Stable); ISSUER NOT Fund based- COOPERATING; Withdrawn Cash Credit Long Term/ 8.00 [ICRA]B+ (Stable)/[ICRA] A4; Short Term- ISSUER NOT COOPERATING; Fund Based Withdrawn Ganga Papers India Limited, GPIL (formerly Kasat Paper and Pulp Ltd) was incorporated in 1985. The company manufactures kraft paper and newsprint paper at its manufacturing facilities located in Pune, Maharashtra with total manufacturing capacity of 54000 MTPA. The company has 1.4 MW turbine primarily used for captive purpose. The company was initially promoted by Mr Shrikant Mohanlal Kasat in 1985 and was taken public in 1996. The company was declared sick company and was registered with BIFR in 2003 due to adverse operating conditions. The plant remained nonoperational between 2003 and 2006. Under the BIFR rehabilitation programme, it was taken over by new promoters, Mr. Ramesh Chaudhary and Mr. Sharwan Kumar Kanodia in 2006. HABIB TEXTILES: ICRA Withdraws B+ Debt Rating on INR10cr LT Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Habib Textiles 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- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Habib Textiles Pvt. Ltd., promoted by the Ansari family, was incorporated in 2003. The company manufactures fabric (greige as well as finished) that are mainly used as shirting material. The company procures textured yarn from agents based in Mumbai and undertakes warping, weaving, sizing and cutting works in-house, while dyeing work is outsourced to third parties on jobwork basis. Its head office and manufacturing facility are in Bhiwandi, Thane (Maharashtra). The company also has a sales office in Surat (Gujarat). HERO ELECTRIC: NCLT Orders Liquidation After Plan Fails to Get Nod ------------------------------------------------------------------ The Times of India reports that the National Company Law Tribunal (NCLT), New Delhi Bench, ordered the immediate liquidation of Hero Electric Vehicles Pvt Ltd, highlighting the mounting challenges in India's electric two-wheeler sector. TOI relates that the order, issued on March 3, 2026, follows the expiry of the Corporate Insolvency Resolution Process (CIRP) on Feb. 13, 2026 after no resolution plan secured the required 66 per cent approval from the Committee of Creditors (CoC). According to TOI, The proceedings began on Dec. 20, 2024, when the operational creditor, Metro Tyres Ltd, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). Subsequently, the National Company Law Tribunal (NCLT) admitted Hero Electric Vehicles Pvt Ltd into the Corporate Insolvency Resolution Process (CIRP). Bhoopesh Gupta was appointed as the Resolution Professional (RP), who subsequently issued public announcements in Financial Express and Jansatta, collated creditor claims, and constituted the Committee of Creditors (CoC). TOI says the reconstituted Committee of Creditors (CoC) included key lenders, including Bank of Baroda, which held a secured claim of INR55.35 crore with a 39.70 per cent voting share, South Indian Bank with INR17.62 crore (12.64 per cent), and IDFC First Bank with a 6.76 per cent share. Among unsecured creditors, SLK Software accounted for a substantial 34.34 per cent voting share. Over 16 CoC meetings, the RP conducted two rounds of Expressions of Interest (Form G), shortlisted prospective resolution applicants, and received multiple resolution plans. However, despite extensive deliberations and negotiations, none of the proposals secured the required approval from the creditors, TOI states. Hero Electric Vehicles Private Limited (HEVPL) is the flagship company of the Hero Eco group (comprising HEVPL, Hero Exports and Hero Ecotech Ltd. The company started developing electric vehicles more than a decade ago, and rolled out its first electric scooter in India in 2007. It targets low- and city-speed segments. The state-of-the-art manufacturing unit at Ludhiana (Punjab) has an installed capacity of 2,00,000 units per annum. INFANT'S TRAVELS: ICRA Withdraws B+ Debt Rating on INR18cr LT Loan ------------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Infant's Travels 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- 18.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Infant's Travels Private Limited (ITPL), incorporated as a private limited company in 2002, provides staff transportation services for corporate entities as well as schools in Bangalore. Currently, the company's fleet consists of 1126 vehicles, out of which 851 are owned and 275 vehicles taken on rent. Key clientele of the company includes Ryan International School, Samsung India, J P Morgan, SAP Labs India Private Limited and Amadeus Software, among others. J.K. INDUSTRIES: CRISIL Lowers Rating on INR15cr Loan to D ---------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of J.K. Industries (JKI) to 'Crisil D issuer not cooperating' from 'Crisil B+/Stable issuer not cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JKI 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. 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 has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'ISSUER NOT COOPERATING'' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management of JKI, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on JKI is consistent with the criteria detailed in 'Assessing information adequacy risk'. Established in 2000 as a partnership firm by Mr Karam Chand, Mr Harbans Lal, Mr Mukesh Kumar, Mr Jai Pal, Mr Rakesh Kumar, and Mr Om Parkash Dhall; JKI primarily mills basmati rice, and also sells by-products such as bran, phuk, and bardana. Unit at Fazilka in Punjab has capacity to process 550 quintal per day. KSHITIJA INFRASTRUCTURE: ICRA Withdraws B Rating on INR25cr LT Loan ------------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Kshitija Infrastructure 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- 25.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Incorporated in December 2000, Kshitija Infrastructure Private Limited is a closely held private limited company, based out of Mumbai, Maharashtra. The company is managed by Mr. Kamlesh G. Mehta who has an experience of more than a decade in the real estate industry. KIPL is engaged in the development of a residential project under the name 'Laxmi Building' in Byculla, Mumbai. LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Ratings in Not Cooperating ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshminarasimha Poultry Farms Private Limited (SLNP; part of the Sri Lakshmi Narasimha group) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23.53 CRISIL C (Issuer Not Cooperating) Long Term Loan 17.50 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLNP 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 SLNP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLNP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLNP continues to be 'Crisil C Issuer not cooperating'. Set up in 2004, SLNP is engaged in the poultry business. SLNP is promoted by Mr. Satyanarayana Raju and his family members. Set up in 2011, KJL is also engaged in the poultry business. LYPSA GEMS: ICRA Withdraws D Debt Ratings on INR50cr Loans ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Lypsa Gems and Jewellery 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/ 50.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Withdrawn Fund Based/ Non Fund Based- Others Incorporated on November 30, 1995, Maloo Polymers Limited, a public limited company, was listed on Ahmedabad Stock Exchange in the year 1997. In the year 2008-09, it was taken over by Mr. Dipan Patwa and Mr. Manish Janani. At the time of takeover, it was only a shell company with no trading activities. Subsequently the name of the company was also changed to Maloo Gems and Jewellery Ltd. On 12th January 2010. The name of the company was further changed to Lypsa Gems & Jewellery Limited (LGJL) on 7th March 2012. LGJL was listed on the Bombay Stock Exchange (BSE) on 2nd July 2012. At present, LGJL is in the business of manufacturing and trading of polished diamonds. LGJL has its manufacturing facility at Navsari and Palanpur with total installed capacity of 2,200 pieces per day. The company specialises in manufacturing of small sized diamonds ranging from 0.005 to 0.75 cents in the price range of 300 - 900 US Dollars. The company exports to various countries across the globe including Hong Kong, USA, UAE, Belgium and USA. During FY14, it commenced exports to China, Singapore, Switzerland and Italy. MAIL ORDER: ICRA Withdraws D Debt Rating on INR6.22cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Mail Order Solutions (India) 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- 22.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term- 5.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Incorporated in 2004, MOS is engaged in providing integrated marketing communication services to clients, largely direct marketing companies, for the purpose of sending direct mails to a targeted group of customers. MOS' services include printing and distr ibution of mail packs (promotional inserts, corporate communications, etc) for direct marketing, which requires concept development, creative designing, pre -press activities, print production personalization, mailing, distribution and fulfillment. MOS manages all aspects of print projects from concept creation to delivery in one place. It has presence across all product categories – bills, catalogues, periodicals, promotional inserts, and corporate communications for printing, personalization, and distribution. Besides integrated service portfolio, MOS also benefits from the significant investment undertaken by it for building the in-house capacities and software purchase/ development, in addition to network building. It also has license arrangements with logistics service providers like La Poste, Royal Mail and Swiss Post International for mail delivery. OVIS EQUIPMENTS: ICRA Withdraws B+ Debt Rating on INR11cr LT Loan ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Ovis Equipments Private Limited (OEPL), at the request of the company and based on the No Objection Certificate received from its bankers. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Key financial indicators, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. The Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Withdrawn Others Long Term- 8.95 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Withdrawn OEPL was established in 1987. OEPL is focused on manufacturing diesel shunting locomotives which are generally in the power range of upto 1600HPs.OEPL also manufactures self-driven trolleys, overhead track maintenance vehicles, spare parts required for specialized wagons etc. The company has two sister concerns, Omega Engineering Services and OSIV Technologies. Both are partnership firms with OEPL's promoters as partners. 3 Omega Engineering Services provides spare parts to be used in locomotives. OSIV Technologies is a designing firm. OEPL is also accredited with ISO 9001:2008 certification. PLATINO CLASSIC: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Platino Classic Motors (India) Pvt. Ltd. (PCM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding PCM'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 PCM, 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. Platino Classic Motors (India) Pvt. Ltd. is engaged in automobile dealership of BMW cars in Kerala. PCM was incorporated in 2007 by Mr. P.P Aashique. The first showroom was opened in Ernakulum in 2007, following which other showrooms were opened in Calicut in 2011 and in Trivandrum in 2015. The company is related to Koyenco group, which has diverse business interests in automobile dealerships and real estate, among others. RAGHUVANSHI INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raghuvanshi Industries Private Limited (RIPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 3 CRISIL D (ISSUER NOT Bank Loan Facility 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 set up in 1998 as a partnership between Mr Dhirajlal V Shelani and his son, Mr Dineshkumar D Shelani; it was reconstituted as a private-limited company in January 2014. Rajkot-based RIPL executes ginning and pressing of cotton into bales. The operations are managed by Mr Gaurav D Selani and Mr Hitesh P Selani. ROCKY DHAR: ICRA Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Rocky Dhar (RD) 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 ---------- ----------- ------- Long Term- 12.00 [ICRA]B (Stable) ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short-term- 10.00 [ICRA]A4; ISSUER NOT Non-Fund based- COOPERATING; Rating continues Others to remain under the 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Unallocated- COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RD'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 Rocky Dhar, 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 noncooperative. 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. Mr. Rocky Dhar, proprietor of M/s Rocky Dhar (RD) forayed into civil construction business in 2009. The proprietor was earlier involved in trading of coal, limestone, stone chips, etc in Meghalaya. The firm is primarily engaged into road construction activities and is also involved in the construction of hotels, office and residential complexes. In 2013, the firm also set up a stone crushing unit in Meghalaya. RD operates through its registered office in Shillong, Meghalaya. RD is registered as a Class I contractor with Public & Works Department (PWD), Meghalaya and is also enlisted with a number of Government departments and public sector undertakings. RUCHI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ruchi Global Limited (RGL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 7.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 420.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RGL'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 RGL, 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 entityfor payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1996, Ruchi Global Limited (RGL) is engaged in the business of trading in steel items and agricultural commodities. RGL is a trading arm of Ruchi Group and is a closely held company promoted by Mr. Kailash Shahra and his family members. RGL is primarily involved in the trading of steel, edible oil, soya products, soyabean, wheat, pulses, chemicals and other agro and non-agro commodities. Ruchi Group is a reputed industrial conglomerate in India with interests in businesses ranging from steel to food products. The Group is actively involved in soya processing, edible oils, dairy products, cold rolled sheets and coils, galvanized sheets and coils and a host of other activities. SATYA SAI: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sri Satya Sai Constructions (SSSC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.5 CRISIL D (Issuer Not Cooperating) Open Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSSC 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 SSSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSSC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1999 by Mr Krishnam Raju, SSSC undertakes civil construction works, such as construction of government buildings and houses in Andhra Pradesh and Telangana. SENTHILKUMAR WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating - ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Senthilkumar Wood Industries (SSKWI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSKWI 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 SSKWI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSKWI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSKWI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1978 as a proprietary concern in Krishnagiri, Tamil Nadu, by Mr Krishnan, SSKWI processes and trades in timber. Operations are managed by his son, Mr Senthilkumar. SHIVANG CARPETS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shivang Carpets Private Limited (SCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Loan 3.5 CRISIL D (Issuer Not Cooperating) Corporate Loan 5.5 CRISIL D (Issuer Not Cooperating) Foreign Bill 7 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 0.9 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SCPL was originally established in 2001 as a proprietorship firm by Mr. Ranjeet Singh, and was reconstituted as a private limited company in 2005, with Mr. Abhishek Singh, the founder's nephew, joining as director. SCPL manufactures and exports floor coverings, mainly hand-made woollen rugs and carpets, at its facilities in Bhadohi, Uttar Pradesh. In 2007-08 (refers to financial year, April 1 to March 31), it started manufacturing polyester carpets, which now account for 60 percent of its revenue. SWETHARKA CONSTRUCTIONS: ICRA Keeps B Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Swetharka Constructions Private Limited (SSCPL) 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 ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [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 SSCPL'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 SSCPL, 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. Sri Swetharka Constructions Private Limited (SSCPL) started its operations in 2006 as a partnership firm named "Sri Lakshmi Constructions". It was converted into a private limited company in 2014 and renamed to Sri Swetharka Constructions Private Limited. The company specializes in carrying out civil works for the irrigation department. The company executes work orders on sub-contract basis for companies such as GVPR Engineers Private Limited, BPR Infrastructure (P) Ltd, Sarala Project Works (P) Ltd, Irrigation Department of AP, etc. YAMUNA MACHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short Term rating of Yamuna Machine Works Ltd. (YMWL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.41 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding YMWL'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 YMWL, 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. Yamuna Machine Works Ltd. was established in the year 1990 as a private limited company and later changed its status to a limited company in 2012. The company was promoted by Mr. Madhubhai Mangukia and others. Since its inception, the company has been carrying on the business of manufacturing and installation of textile processing machineries. YMWL is an ISO 9001:2008 certified company. The company has its registered office in Kandivili (Mumbai) and a manufacturing unit in G.I.D.C. Vapi, (Gujarat). YR GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Yr General Trading Hk Limited (YRGT) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.50 [ICRA]B+ (Stable); ISSUER NOT Fund Based/ COOPERATING; Rating continues Non-fund Based to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding YRGT'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 YRGT, 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. YR General Trading HK Limited was established in 2014 by Mr. Chanakya Dhanda and Mr. Prafulla Bhat, who have extensive experience in the electronics industry. The company is incorporated in Hong Kong with a limited liability status. YRGT is a wholesale trader of electronic goods to the markets of Hong Kong, Dubai, Singapore and Nepal. YRGT offers a wide range of consumer electronic products, such as phones, cameras, computers, electronic accessories, as well as home and kitchen. ========= J A P A N ========= MARELLI AUTOMOTIVE: Hires Ernst & Young as Accountant ----------------------------------------------------- Marelli Automotive Lighting USA LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as accounting and tax service provider. The firm's services include: (a) Accounting and Advisory Services: -- assist in the preparation of special purpose IFRS based financial statements for FY25, based on management's policies, decisions and assumptions, in advance of full adoption in FY26, including calculations of the balances and reconciliations; -- assist in developing internal reporting packages and a consolidation model for the year ending December 31, 2025 with Company's primary financial statements and disclosures; -- draft accounting position papers of IFRS accounting policies, based on the Debtors' policies and positions; -- assist in the implementation of new and future financial statement reporting requirements (e.g., IFRS 18); -- provide currency conversion assistance from JPY to EUR for financial statement disclosure and internal reporting; -- benchmark accounting policies and financial statement disclosures of the Company's financials with publicly available information for industry practice; -- assist management in preparing an assessment of going concern operations; -- assist the Debtors with external auditor correspondence related to financial information in connection to the proposed transaction(s); and -- advise on the accounting, tax, and financial statement disclosure impacts of proposed plans of reorganization or other restructuring transactions. (b) Tax Services: -- prepare tax accounting estimates for the consolidated year end accounts of the Debtors; -- prepare a tax reporting consolidation, including consolidation adjustments provided by the Debtors; -- assist in the preparation of tax analysis of the underlying/non-underlying and continuing/discontinuing obligations; -- prepare current tax and deferred tax netting calculations for disclosure purposes; -- provide summary commentary on key rate drivers and material balances; -- prepare the financial statement tax disclosures; -- provide regular tax accounting updates to the Debtors' finance and tax team; and -- prepare Financial Accounting and Advisory Services memoranda ("FAAS Memos"), which outlines various tax consequences based on EY LLP's assessment of relevant local GAAP and IFRS obligations. (c) Valuation Services: -- assess a market participant Weighted Average Cost of Capital ("WACC") range and a company-specific risk premium ("CSRP") to support the Debtors in determining an appropriate WACC range for goodwill impairment testing for the Debtors' various business segments based on the Debtors' business plan projections, cash flow forecasts, historical financials, industry and benchmarking analyses, projected debt margins; and -- prepare a memorandum outlining prevailing market practices for the placement of the WACC function, with consideration of strategic alignment, data accessibility, technical expertise, governance, resource capability, and technology integration. The firm will be paid at these rates: (a) Accounting and Advisory Services: Partner/Managing Director $955 per hour Director $580 per hour Senior Manager $512 per hour Manager $341 per hour Senior $273 per hour Offshore Staff $205 per hour (b) Tax Services: Partner/Managing Director $1,837 per hour Executive Director $1,210 per hour Director $935 per hour Senior Manager $699 per hour Manager $415 per hour Senior $284 per hour Staff $176 per hour (c) Valuation Services: Partner/Managing Director $955 per hour Director $614 per hour Senior Manager $580 per hour Manager $430 per hour Senior $293 per hour Staff $239 per hour Offshore Staff $205 per hour The Debtors owed the firm $324,000 on account of services rendered. Mr. Nathoo disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Vasantrai Nathoo Ernst & Young LLP 1 More London Place SE1 2AF Tel: (44) 20 7951 2000 Fax: (44) 20 7951 1345 About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11, 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MARELLI AUTOMOTIVE: Tesla Steps Down as Committee Member -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Tesla, Inc. from the official committee of unsecured creditors in the Chapter 11 cases of Marelli Automotive Lighting USA, LLC and its affiliates. The remaining members of the committee are: 1. Nissan North America, Inc. Attn: Joseph Hession 1 Nissan Way Franklin, TN 37067 Phone: 615-725-1000 Email: joseph.hession@nissan-usa.com 2. Mazda North American Operations Attn: Christopher Wilson 200 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Email: cwilso70@mazdausa.com 3. Avnet, Inc. Attn: Dennis Losik 2211 S. 47th Street Phoenix, AZ 85034 Phone: 847-396 7401 Email: dennis.losik@avnet.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. ===================== N E W Z E A L A N D ===================== B & D PAINTING: Creditors' Proofs of Debt Due on April 24 --------------------------------------------------------- Creditors of B & D Painting Decorators Limited, Kapiti Civil & Build Limited, Fortuna & Mystique Group Limited (trading as Cafe Nectar Bar and Grill), Lordy Lord Limited and AF Constellation Limited (trading as Anytime Fitness Constellation Drive) are required to file their proofs of debt by April 24, 2026, to be included in the company's dividend distribution. B & D Painting Decorators commenced wind-up proceedings on March 2, 2026. Kapiti Civil & Build and Fortuna & Mystique Group commenced wind-up proceedings on March 5, 2026. Lordy Lord Limited and AF Constellation commenced wind-up proceedings on March 9, 2026. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) PO Box 45220 Te Atatu Auckland 0651 IMPERIAL SEAFOOD: Creditors' Proofs of Debt Due on April 8 ---------------------------------------------------------- Creditors of Imperial Seafood Limited are required to file their proofs of debt by April 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 10, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 SHAN TRANSPORT: Court to Hear Wind-Up Petition on April 1 --------------------------------------------------------- A petition to wind up the operations of Shan Transport Limited will be heard before the High Court at Auckland on April 1, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 10, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SKS PRIVATE: Creditors' Proofs of Debt Due on April 9 ----------------------------------------------------- Creditors of SKS Private Limited and Three60degrees Limited are required to file their proofs of debt by April 9, 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: Brenton Hunt PO Box 13400 City East Christchurch 8141 STRATTON PROPERTIES: Court to Hear Wind-Up Petition on March 23 --------------------------------------------------------------- A petition to wind up the operations of Stratton Properties Limited will be heard before the High Court at Hamilton on March 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 5, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton TEAK CONSTRUCTION: Subcontractors Seek to Replace Liquidators ------------------------------------------------------------- BusinessDesk reports that a group of "furious" Teak Construction subcontractors is trying to get the liquidator of the failed Auckland firm replaced with an independent practitioner. According to BusinessDesk, builder CLS Construction (NZ), which is owed NZD360,000, has notified liquidators PKF Corporate Recovery that it nominates BDO to replace them. CLS is one of a growing number of unpaid subbies who are joining forces following a long running "pattern of behaviour" by the construction firm, their lawyer Finn Collins said, BusinessDesk relays. PKF Corporate Recovery was appointed as liquidator of the company on March 2, 2026. ================= S I N G A P O R E ================= AQUARIUS PLANTATIONS: Commences Wind-Up Proceedings --------------------------------------------------- Members of Aquarius Plantations Pte. Ltd. on March 9, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tan Eng Soon 7500A Beach Road #05-303/304 The Plaza Singapore 199591 CHAMPIONX SG 4: Creditors' Proofs of Debt Due on April 13 --------------------------------------------------------- Creditors of Championx SG 4 Pte. Ltd. are required to file their proofs of debt by April 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 9, 2026. The company's liquidators are: Paresh Tribhovan Jotangia Ho May Kee c/o Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 FITBIT SINGAPORE: Creditors' Proofs of Debt Due on April 8 ---------------------------------------------------------- Creditors of Fitbit Singapore Pte. Ltd. are required to file their proofs of debt by April 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 9, 2026. The company's liquidator is: Sam Kok Weng c/o 7 Straits View Marina One East Tower, Level 12 Singapore 018936 FY GROUP: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on March 6, 2026, to wind up the operations of FY Group Pte. Ltd. The Hongkong And Shanghai Banking Corporation 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 UCARE.IO PTE: Creditors' Proofs of Debt Due on April 13 ------------------------------------------------------- Creditors of UCare.Io Pte. Ltd. are required to file their proofs of debt by April 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 5, 2026. The company's liquidators are: Liu Shao Xuan Lim Li Rong c/o 215 Henderson Road #01-05 Singapore 159554 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***