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260318.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 18, 2026, Vol. 29, No. 55 Headlines A U S T R A L I A ASH GROUP: First Creditors' Meeting Set for March 23 BLUESFEST: Collapse Leaves Supplier AUD65,000 Out of Pocket DISASTER RELIEF: First Creditors' Meeting Set for March 24 GEMMIE AGENCY: Administrators Pursue Talent Agent for AUD546,000 HEALEY INFRASTRUCTURE: First Creditors' Meeting Set for March 24 INK MARK: First Creditors' Meeting Set for March 24 PEGASUS GOLF: Club Placed Into Voluntary Liquidation STONEWALL HOTEL: Goes Under After 28 Yrs; Administrators Appointed WELLBEING COMMUNITY: First Creditors' Meeting Set for March 20 C H I N A CHINA ZENITH: Liquidators Review Books and Records I N D I A AAROGYA YOGA: CARE Reaffirms D Rating on INR32.20cr LT Loan AMALTAS PALACE: CARE Lowers Rating on INR95cr LT Loan to B+ AURIKA FINVEST: CARE Keeps D Debt Ratings in Not Cooperating BLUEBIRD SOFTWARE CARE Keeps D Debt Rating in Not Cooperating DIVYA SPINNING: CARE Keeps C Debt Rating in Not Cooperating FAIRY FOOD: CARE Keeps C Debt Rating in Not Cooperating Category FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating GHOUSIA FOOD: CARE Keeps C Debt Rating in Not Cooperating Category HETRO SPINNERS: CARE Keeps D Ratings in Not Cooperating Category JAYPEE INFRATECH: CARE Keeps D Debt Rating in Not Cooperating JYOTE MOTORS: CARE Moves D Debt Rating to Not Cooperating Category K.V. TEX: CARE Moves C Debt Ratings to Not Cooperating Category KARAN CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating LAKSHMI VENKANTADRI: CARE Lowers Rating on INR11cr LT Loan to B MAITRAYA HOSPITALITY: CARE Lowers Rating on INR55.37cr Loan to B+ NADHI BIO: CARE Keeps D Debt Rating in Not Cooperating Category NIHA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating NIMITAYA INFOTECH CARE Keeps D Debt Rating in Not Cooperating PROVENTUS AGER: CARE Keeps D Debt Rating in Not Cooperating R B RUNGTA: CARE Keeps B- Debt Rating in Not Cooperating Category R.K. INFRACORP: CARE Lowers Rating on INR28cr LT Loan to B RELIANCE TELECOM: SBI Flags Loan as Fraud Amid Insolvency Process RESURGENT POWER: CARE Keeps D Debt Ratings in Not Cooperating SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating Category SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D CARRYON WORKING: Creditors' Proofs of Debt Due on April 8 DILIP BUILDCON: NCLAT Restores Insolvency Appeal Against Developer HELLO HOMES: Court to Hear Wind-Up Petition on April 1 KAWERAU COSMOPOLITAN: Court to Hear Wind-Up Petition on March 24 MACLEOD CONCRETE: Creditors' Proofs of Debt Due on April 26 PITCH BLACK: Creditors' Proofs of Debt Due on April 6 S I N G A P O R E AUTODEALZ PTE: Court Enters Wind-Up Order EASYPNP (SG): Commences Wind-Up Proceedings GEOPOST SOUTH: Commences Wind-Up Proceedings UX LOGISTICS: Court Enters Wind-Up Order ZH CARS: Court to Hear Wind-Up Petition on April 10 V I E T N A M VINFAST AUTO: Fourth-Quarter Net Loss Widens to VND35.2 Trillion - - - - - ================= A U S T R A L I A ================= ASH GROUP: First Creditors' Meeting Set for March 23 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Ash Group Holdings Pty Limited (trading as Ash Tradies) will be held on March 23, 2026, at 10:00 a.m. via Teams Videoconferencing. Stewart Free and Bradd William Morelli of Jirsch Sutherland were appointed as administrators of the company on March 12, 2026. BLUESFEST: Collapse Leaves Supplier AUD65,000 Out of Pocket ----------------------------------------------------------- ABC News reports that branded with the Bluesfest 2026 logo, more than 6,000 T-shirts are now languishing in boxes in a Gold Coast warehouse. Family-owned company Uniform Print Lab, based in Tweed Heads, was due to deliver the merchandise this week, ready to be sold at the famous Byron Bay festival over Easter. On Friday afternoon, March 13, company co-owner Linda Sutton heard media reports the festival was cancelled and Bluesfest had gone into liquidation. The ABC relates that Ms. Sutton said her company was due to get its final payment of AUD65,000 from Bluesfest when it delivered the goods. Without that payment, Ms. Sutton said she was now scrambling to keep their business afloat. "I owe my creditors AUD25,000 so I just want enough money to pay my creditors, really, and not be struggling all of a sudden." The now-redundant merchandise includes Bluesfest-branded caps, bags, lanyards, tea towels and 5,000 stubby coolers. While some have suggested the company still try to sell the merchandise, it is unable to. According to the ABC, Ms. Sutton said she had received legal advice the company could not recoup any losses by selling the stock because Bluesfest had paid a deposit and so the goods now belonged to the receivers. "It's gut-wrenching," she said. The ABC relates that Ms. Sutton and her partner Chris Gadd are among scores of small business operators dealing with the fallout from the cancellation of Bluesfest just three weeks before the first musicians were set to hit the stage. The state member for Ballina, Tamara Smith, said her office had been inundated with concerned callers, many of them local businesses, booked in to work at Bluesfest 2026, the ABC relays. "I'm so devastated on their behalf, it's just awful," the ABC quotes the Greens MP as saying. "Everyone has a right to be really, really angry, three weeks out you don't necessarily get refunds for anything, let alone the tickets." When asked if Bluesfest could be thrown a last-minute government lifeline, Ms. Smith said that time had passed. "I think that last year was the opportunity to help Bluesfest, there was a conversation around the long-term future, I don't know what happened to those conversations," she said. "What I do know is that the model of private corporations for festivals is deeply flawed, people have rightly said, 'Why should we be giving [government] money to corporations?' I agree. "I think cultural festivals should be not-for-profit enterprises and that way [government] could comfortably support them as experiences of culture and music and the arts, as opposed to a money-making venture." The NSW government supported Bluesfest in 2025 through the Contemporary Music Festival Viability Fund with a grant of AUD250,000, the ABC notes. Bluesfest received an undisclosed amount of funding from Destination NSW for this year's event. In December last year, Bluesfest was also awarded AUD333,333 for a street festival at Brunswick Heads to run in conjunction with Bluesfest. The money was part of the 2026-2027 Open Streets Program Foundation Event funding, and the ABC understands Bluesfest had so far received approximately AUD200,000 of the grant. Bluesfest management was contacted for comment but declined, referring the ABC to the liquidator, Worrells. DISASTER RELIEF: First Creditors' Meeting Set for March 24 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Disaster Relief Australia will be held on March 24, 2026, at 12:00 p.m. via video conference. Mark Julian Robinson and Kenneth Michael Whittingham of Fort Restructuring were appointed as administrators of the company on March 12, 2026. GEMMIE AGENCY: Administrators Pursue Talent Agent for AUD546,000 ---------------------------------------------------------------- News.com.au reports that administrators are pursuing Gemma O'Neill - the talent agent giving career advice to Jackie "O" Henderson - after she wound up her talent management business with debts of AUD546,848. Ms. O'Neill's talent company Gemmie Agency went into voluntary liquidation in November. The bulk of the sum, AUD543,548, is owed to her company's major creditor, the ATO, while a small business firm, Jack Lawrence Accountants and Advisors, is owed AUD3,300. In a statutory creditors' report filed by administrators Grant Thornton Australia (GTA) on February 24, administrators revealed debts incurred by Ms. O'Neill's agency Gemmie Agency Pty Ltd stood in stark contrast to a massive seven figure commission paid to the agency by an unnamed "key client" between October 2023 and March 2024, news.com.au discloses. According to the statutory creditors' report, Gemmie Agency invoiced one "high-value" client for the sum of AUD1,042,505.01 on Feb. 21, 2024. The sum was paid via cash instalments totalling AUD254,480 between February 26 and March 5 2024 and transfers totalling AUD788,125 paid against the director's loan account between October and December 2023. Ms. O'Neill, a former Southern Cross Austereo radio executive, signed radio star Henderson as her first marquee client to her start-up agency Gemmie Agency in 2022. By October 2023 she reportedly had recruited two other high profile news personalities as clients as Samantha Armytage and A Current Affair host Allison Langdon came on board. That same month Ms. O'Neill was feted by celebrity news sites for persuading Hollywood actor Gwyneth Paltrow to travel to Sydney for a one-night appearance. The "Besties with Gwyneth Paltrow" talkfest, hosted by Ms. Henderson, was billed as the first outing for Ms. O'Neill and Ms. Henderson's newly launched and much-hyped joint event venture, Besties Australia Pty Ltd, registered by director/secretary Ms. O'Neill in October 2022. Besties Australia, which last week announced it will next play host to Meghan, the Duchess of Sussex, at an exclusive three-day Her Best Life Retreat to be held at Coogee next month - tickets for which start at AUD2699 - doesn't escape mention in the Gemmie Agency's creditor's report. Although Ms. O'Neill did not disclose any loans to related parties to GTA's administrators, company records show a loan of AUD18,143 was made to Besties Australia. Administrators wrote to Ms. O'Neill on February 9 requesting a detailed explanation of the balance of that loan – made via various cash transfers and payments on behalf of Besties Australia from November 2022 to April 2025 – and asking why, in Ms. O'Neill's view, the amounts had been recorded incorrectly. "The director (O'Neill) advised that this balance was incorrectly recorded by the Company's former accountant and the transactions in the loan account were in respect of costs incurred by the Company, and not by Besties Australia," the administrator's report stated. The report also disclosed three debit loan accounts owing by the director and accrued from 2024 to 2026, news.com.au relays. These were for a total of AUD421,783 and related primarily to Ms. O'Neill's personal drawings and expenditure, so stated the report. HEALEY INFRASTRUCTURE: First Creditors' Meeting Set for March 24 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Healey Infrastructure Pty Ltd will be held on March 24, 2026, at 11:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on March 12, 2026. INK MARK: First Creditors' Meeting Set for March 24 --------------------------------------------------- A first meeting of the creditors in the proceedings of Ink Mark Pty Ltd (Trading as trustee for 'Ink Mark Unit Trust') will be held on March 24, 2026, at 9:30 a.m. at the offices of Oracle Insolvency Services, at Suite 1102, Level 11, at 81 Flinders Street, in Adelaide, SA, and via Zoom and telephone. Nick Cooper of Oracle Insolvency Services was appointed as administrator of the company on March 12, 2026. PEGASUS GOLF: Club Placed Into Voluntary Liquidation ---------------------------------------------------- Golf Industry Central reports that Pegasus Golf Ltd was placed into voluntary liquidation on March 6. The 18-hole championship course, located north of Christchurch, has been a cornerstone of the Canterbury sports scene for over a decade. Golf Industry Central relates that despite the financial turmoil, the club initially attempted to maintain a "business as usual" stance. In a social media post following the announcement, the club stated: "The course, clubhouse, and all day-to-day activities continue as usual, and we're very much looking forward to seeing you out here enjoying your golf. Your presence on the course genuinely helps keep the club spirit strong during this transition." However, the situation has rapidly evolved. As of mid-March, reports indicate that receivers have entered the property and removed equipment, leading to the closure of the course and the loss of greenkeeping jobs, Golf Industry Central says. The liquidation follows a period of significant debt. According to Golf Industry Central, reports from the appointed liquidators, Baker Tilly Staples Rodway, revealed that that total estimated debt is approximately AUD8.8 million while secured creditors are owed more than AUD6 million. The unsecured debt includes over AUD2.25 million in related party loans and significant arrears to Inland Revenue for GST and PAYE. Golf Industry Central adds that members have been advised that gift vouchers cannot be issued or redeemed at this time. The 80-hectare property, owned by Auckland businessman Xiangming (Sam) Huo since 2018, was originally the site of a planned AUD100 million resort expansion that never materialized. STONEWALL HOTEL: Goes Under After 28 Yrs; Administrators Appointed ------------------------------------------------------------------ Yashee Sharma at 9News reports that the Stonewall Hotel, an iconic gay bar that has stood for 28 years on Sydney's Oxford Street, has gone under. Vanguard Insolvency was appointed as administrators to take control of their financial situation on March 13, 9News discloses. In a statement to patrons on March 17, hotel owner Craig Bell said it was a "sad and difficult" decision to enter administration. "Stonewall began its journey 28 years ago, transforming an empty bank into something truly special," he said in a statement posted on social media. "The journey has taken us from venues with blacked-out windows, where people inside remained unseen by pedestrians. "We have celebrated the victory of equal marriage rights and the transformation of venues that now open themselves fully to the street, reflecting greater openness and acceptance." Mr. Bell said their story is "far from over," 9News relays. The Stonewall Hotel opened at a new venue on King Street, Newtown, just last week to serve as a creative space for drag, cabaret, live music and queer performances. "The party will continue as we embrace our new home in Newtown, carrying forward the spirit and community that has defined us for so long," 9News quotes Mr. Bell as saying. "My sincere thanks go out to every one of you who contributed to our story," Mr. Bell said. According to 9News, Stonewall patrons were equally as saddened by the news, saying it was "devastating" to see an iconic and historic venue shut. "I'm honestly lost for words," one said on social media. "So many memories there. So much history. Sad times. I feel like the new venue will create its own history in time, but for now the hole left by the closure of the original will leave a scar on the city," another added. "Another place that will now only be a memory, so many afternoons that I stopped by on my way home from work for just the one drink and ended up staggering out the door near closing time," a third said. Stonewall Hotel was named after the 1969 Stonewall riots in New York, which paved the way for the LGBTQI+ rights of today, 9News notes. It has cemented itself as one of the Australian hubs of the gay community and is known worldwide. The venue has hosted national and international celebrities like Kylie Minogue, Anna Nicole Smith and Sam Smith, as well as local talent. It is a heritage-listed building with three levels and four bars. WELLBEING COMMUNITY: First Creditors' Meeting Set for March 20 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Wellbeing Community Support Pty Ltd (trading as Mona's Pacific Store & Café) will be held on March 20, 2026, at 11:00 a.m. via Teleconference Facilities. Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed as administrator of the company on March 11, 2026. ========= C H I N A ========= CHINA ZENITH: Liquidators Review Books and Records -------------------------------------------------- TipRanks.com reports that China Zenith Chemical Group Limited, a chemical company incorporated in the Cayman Islands and continued in Bermuda, is currently in compulsory liquidation, with its affairs and assets managed by joint and several liquidators. The company's directors' powers have ceased following a winding-up order issued by the Hong Kong High Court in March 2025. TipRanks.com relates that the liquidators are reviewing the company's books and records to ascertain the status of its operations prior to liquidation and will provide further updates as needed. TipRanks.com says the company has changed its principal place of business in Hong Kong to new offices in Causeway Bay, while trading in its shares on the Hong Kong Stock Exchange remains suspended and will continue to be halted until further notice, leaving investors without a clear timetable for resumption. China Zenith Chemical Group Limited, an investment holding company, manufactures and sells calcium carbide and agriculture chemical products in the People's Republic of China. It produces and sells of vinyl acetate and polyvinyl-chloride. The company also provides administrative and consultancy services, as well as manufactures and sells of mining products. ========= I N D I A ========= AAROGYA YOGA: CARE Reaffirms D Rating on INR32.20cr LT Loan ----------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Aarogya Yoga Samsthe, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.20 CARE D Reaffirmed Facilities Rationale and key rating drivers Reaffirmation of ratings to the bank facility of Arogya Yoga Samsthe factors in classification of the account as Non-Performing Asset (NPA) in April 2025 following restructuring of facilities in March 2025. As per banker interaction, the account is presently under the mandatory one-year monitoring period in line with RBI guidelines applicable to MSME borrowers, during which it is required to remain classified as NPA before being eligible for re-classification. The rating however, draw strength from experienced partners. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Delay-free track record of over three months and classification of account as standard by lender Negative factors: Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Account Under Ongoing Classification in the NPA Category: As per banker interaction, it is confirmed that the account was classified as NPA in April 2025 and is currently under the mandatory monitoring period of one year. The bank had restructured the facilities in March 2025. Owing to the NPA classification, certain penal charges were levied; however, these charges are proposed to be reversed to the loan account in a phased manner over the coming months, subject to the account being reclassified as standard upon completion of the stipulated period. * Partnership nature of constitution: Arogya Yoga Samsthe's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partner's capital at the time of personal contingency which will affect its capital structure. Moreover, partnership firms have restricted access to external borrowing which limits their growth opportunities to some extent. Key Strengths * Experience Partners: The managing partner of the firm, Dr. S.P Yoganna is a well-known medical professional of Mysuru and has more than three decades of experience in academics and patient care. He is an MBBS and MD graduate from Mysore medical college and has worked at Mysore medical college as professor of medicine and has also worked at K R Hospital Mysore as physician cardiologist. Further, out of the seven partners, six are from Dr. Yoganna's family and of the six, five are medical professionals and are actively involved in the hospital activities on day-to-day basis. Liquidity: Poor Liquidity of the firm remains poor, marked by continued losses at net levels since last three years coupled with large debt repayment. Also, the bank limit utilisation for the fund-based limit remained high at 91% for the last 12 months ended December 2025 with utilisation over 98% during last four months. Moreover, on account of the classification of its bank facilities as NPA, which limits financial flexibility and restricts access to incremental bank funding. However, during the ongoing monitoring period, the firm has been servicing its restructured term loan and cash credit obligations in a regular and timely manner, as confirmed by the lender. The firm's ability to sustain timely debt servicing and complete the stipulated monitoring period without any irregularity will remain critical from a liquidity perspective. Assumptions/Covenants: Not applicable Aarogya Yoga Samsthe is a partnership firm established in July 1988 by Dr. S P Yoganna and his wife Smt. Sudha Yoganna, being as partners. The partnership firm was reconstituted in September-2018 with addition of 5 more partners. The firm is running a hospital in the name of Suyog Hospital, having super specialty health care facilities and is located in Ramakrishna Nagar, Mysuru, Karnataka. The hospital presently has capacity of 250 hospital beds, 40 Intensive Care Unit (ICU) beds and is well-equipped with the required equipment and support systems. Out of the 7 partners of the firm, 5 are well qualified medical professionals involved in day-to-day management of the hospital. The firm has its registered office located in Mysuru, Karnataka. AMALTAS PALACE: CARE Lowers Rating on INR95cr LT Loan to B+ ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Amaltas Palace Private Limited (APPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 95.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from APPL to monitor the rating(s) vide latest e-mail communications dated November 20, 2025, December 3, 2025, December 31, 2025, January 29, 2026 and February 6, 2026 along with numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The ratings on APPL's bank facilities will now be denoted as 'CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of APPL has been revised on account of non-availability of requisite information. The ratings remained constrained by project implementation and stabilization risk associated with on-going debt-funded capex, presence in the competition industry, macro-economic factors and seasonal uncertainty. However, these ratings draw comfort from experience of the promoters and long-term agreement with The Indian Hotels Company Limited (rated CARE AA+; Stable/CARE A1+). Analytical approach: Standalone Outlook: Stable Detailed description of the key rating drivers: At the time of last rating on April 2, 2025 the following were the rating strengths and weaknesses. Key weaknesses * Project implementation and stabilization risk associated with on-going debt-funded capex: APPL is constructing hotel with 168 guest rooms, 1 restaurant and 3 Banquets along with space for other recreational activities like Spa, GYM, swimming pool, etc in Indore, Madhya Pradesh. Total cost of project is envisaged to INR152 crore with project gearing of 1.67x. As on December 31, 2024, APPL has incurred total cost of INR76.85 crore (~51% completion), which was funded through term loan of INR52.06 crore of term loan and balance through promoter's contribution in terms of equity (INR11.64 crore) and unsecured loans (INR13.15 crore). Earlier hotel operations were envisaged to commence from April 2025; however, the same was delayed and now envisaged from July 2025. The delay in the commencement of the operation was due to demise of a senior official who was overseeing the project as well as additional time was required to finalize agreement with IHCL. APPL's 's ability to complete the project within the envisaged time and cost parameter and realise the envisaged returns there on shall remain crucial from the credit perspective. * Macro-economic factors and seasonal uncertainty along with presence in the competition industry: The company is exposed to changes in macro-economic factors, industrial growth, and tourist arrival growth in India, international and domestic demand supply scenarios, competition in the industry, government policies and regulations and other socio economic factors which leads to inherent cyclicality in the hospitality industry. These risks can impact the occupancy rate of the company and thereby its profitability. Furthermore, hospitality industry is highly competitive with presence of many organised and unorganised players in the market and online aggregators. APPL faces competition with presence of the several high rated hotels and resorts having long track record of operations at Indore, Madhya Pradesh. Key strengths * Experienced promoters: ARPL is promoted by Mr. Suresh Bhadauria and Mr. Sanjeet Sengar. Key promoter, Mr. Suresh Bhadauria holds over three decades of experience in various industries through his association ranging from medical institutes, hotels & resorts, education institutes, aviation services and mining among others. Association with renowned brand Vivanta APPL has entered into a Hotel Management Agreement (HMA) and Technical services & development Assistance Agreement (TSDAA) with IHCL for operating hotel under the brand name of "Vivanta" for 30 years. The same shall be effective from the date of commencement of the commercial operation (DCCO). Association with reputed brand is expected to benefit AAPL for quick stabilization of operations. Amaltas Palace Private Limited (APPL), part of Amaltas group was incorporated in June 2023 by Mr. Suresh Bhadauria and Mr. Sanjeet Sengar. APPL is constructing hotel with 168 guest rooms, 1 restaurant and 3 Banquets along with space for other recreational activities like Spa, GYM, swimming pool, etc in Indore, Madhya Pradesh. The hotel will be operated under the brand name of "Vivanta". Operations were expected to commence from July 2025. AURIKA FINVEST: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Aurika Finvest Private Limited (AFPL; erstwhile Hriday Fincorp Private Limited) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 2.06 CARE D; ISSUER NOT COOPERATING; debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-convertible 4.50 CARE D; ISSUER NOT COOPERATING; debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had placed ratings of Aurika Finvest under the 'issuer non-cooperating' category vide its press release dated March 23, 2020, as AFPL failed to provide information for monitoring ratings as agreed to in its Rating Agreement. AFPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated December 6, 2025, December 16, 2025, and December 26, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The rating on AFPL's instruments will continue to be denoted as 'CARE D/Issuer not cooperating'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using these ratings. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: CareEdge Ratings has not received information except the financials for FY25 (extracted from the Registrar of Companies [ROC]). At the time of the last rating on January 15, 2025, following were weaknesses and strengths (updated with information available from the ROC). Key weaknesses * Deterioration in financial performance: The portfolio outstanding as on March 31, 2025, is INR6.88 crore (PY: INR5.44 crore). The company's total income declined by to INR0.27 crore in FY25 (PY: INR0.46 crore), the reduction has been due to decrease in interest income. Consequently, profitability metrics deteriorated. * Moderate gearing, capital adequacy levels and earnings profile: Overall gearing improved from 1.13x in FY24 to 0.67x in FY25. Capital adequacy ratio (CAR) was 57.22% in FY25, up from 42.24% in FY24. Net interest margin (NIM) decreased to 1.70% in FY25 from 2.00% in FY24. Key Strength Not applicable Liquidity: Not applicable AFPL (erstwhile Hriday Fincorp Private Limited [HFPL]) was initially incorporated as Satkar Finance Private Limited on June 30, 1994, was registered with the Reserve Bank of India (RBI) in 2000 as a non-deposit taking non-banking finance company (NBFC). In 2012, the company's name was changed to HFPL, which was further changed to the present one (AFPL) in 2021. It is part of the SRG group. The SRG group has business activities in Rajasthan and Maharashtra and diversified product portfolio which includes housing finance, loan against property, and vehicle financing, among others. AFPL is primarily engaged in financing small and medium enterprises for working capital and growth, loans for purchase and construction of commercial property, vehicle financing, home purchase & home improvement loans, loans against property, and gold loans, among others. BLUEBIRD SOFTWARE CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bluebird Software Private Limited (BSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 155.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 12,2025, continued to place the rating of BSPL under the 'issuer non-cooperating' category as BSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 15, 2026, February 5, 2026 and January 26, 2026 and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings continue to consider the defaults in repayment of principal and interest on the outstanding NCDs. Analytical approach: Combined The combined financials of Nimitaya Infotech Private Limited (NIPL) and Bluebird Software Private Limited (BSPL) have been considered as both the entities are in the same line of business with common promoters and are controlled by common promoter group. Also, there is corporate guarantee for each other debt and the proposed term sheet for NCD is combined for INR310 crore. Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on March 12, 2025, the following were the rating strengths and weaknesses which is updated further. Key weaknesses * History of default: NIPL and BSPL has history of default is ultimately proposed to be settled through refinancing of debts with the issuance of proposed NCD both the companies have availed project finance from Indiabulls and Allahabad bank respectively for construction of IT Parks, but due to certain cashflow mis-match which were re-financed in March, 2019 through issue of Non-Convertible debentures (NCD) availed from Blackrock for INR365 Crore maturing on March, 2023. There has been default in the repayment of interest and principal on these NCD, due to Covid-19 Pandemic. During Covid-19 the revenue of the companies as well as the occupancy level dropped precipitously, as these service sectors are mostly affected sector during Covid-19 Pandemic. However, the company has proposed to refinance the outstanding NCD's through fresh NCD issuance from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10 Crore depend upon investor discretion) and remaining INR365 Crore will be brought by the promoters whereas interest portion of existing NCDs of INR365 Crore is being proposed to be waived off. * Low Revenue visibility from co-working spaces and repayment of NCDs dependent on liquidation of assets and funds infused by promoters: NIPL & BSPL holds commercial IT properties in Udyog Vihar, Gurgaon and Nimitya Group also has property in Punjabi Bagh fully leased out for healthcare usage. All three properties were combinedly generating monthly rental of INR2.45 crores which is likely to be increased going forward. Apart from these three properties, NCD holders will also have mortgage of two farmhouses held by the promoters/group companies which are proposed to be liquidated for redemption of NCDs. Thus, company's repayment capabilities are highly dependent on timely liquidation of immovable properties at market rates and infusion of funds by the promoters. Liquidity: Stretched The liquidity of the group is likely to remain stretched on account of high dependence on liquidation of immovable assets and funds infused by promoters as company has low cash flows from rental income. Therefore, the company has to pay substantially large amount of money at the maturity of NCD to meet the investor required IRR of 20% as well company has to liquidate assets on timely basis so as to meet redemption of NCDs based on term sheet of Edelweiss. Bluebird Software Private Limited (BSPL) is an SPV under Nimitaya Group holding IT Building in Udhyog Vihar, Gurgaon which is provided as Co-working Space generating rental income to the companies. Nimitaya Group has "Go-Work" Brand for its co-working space which is being used for leasing of IT Spaces in its SPVs. These IT parks are nearby some of the reputed IT Companies and fully equipped with modern facilities. DIVYA SPINNING: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Divya Spinning Mills Private Limited (DSMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 52.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of DSMPL under the 'issuer non-cooperating' category as DSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Divya Spinning Mills Private Limited (DSMPL) was incorporated in the year 1999 by Mr. S. Subramani. DSM is located at Tirupur, Tamil Nadu is engaged in manufacturing of cotton yarn and cloth. The company has installed capacity of 36,000 spindles and 66 knitting machines located at Getticheviyur, Tamil Nadu along with windmills capacity of 5MW as on December 31, 2023. The company manufactures mainly cotton hosiery yarn with an average count of 25s-40s. FAIRY FOOD: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Fairy Food Products Private Limited (FFPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.97 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 41.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of FFPPL under the 'issuer non-cooperating' category as FFPPL had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. FFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 1983, Bengaluru-based, FFPPL was promoted by Mr. Syed Mateen Aga, Mr. Syed Tanzeem Aga, Mrs. Shahida Mateen Aga and Mr. Syed Tanzil Aga. The company is engaged in processing of mango pulp, papaya pulp, guava pulp and pine apple pulp. The company procures its entire raw material (fruits) from the local market i.e., from local farmers and dealers. FFPPL sells its products under the brand name Fairy both in domestic market (across Andhra Pradesh, Maharashtra, Chennai, Kerala, Mumbai and Karnataka states) and also exports-90% to Saudi Arabia, U.A.E and Yemen Arab Republic. 80% of the revenue was generated through sale of mango pulp during FY13-FY15. FFPPL is an ISO 9001:2000 and Hazard Analysis and Critical control Point (HACCP) certified company which gives high preference to quality standards and Food safety. FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Firefly Batteries Private Limited (FBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.70 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of FBPL under the 'issuer non-cooperating' category as FBPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. FBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ahmedabad (Gujarat) based, FBPL was established in the year 2011 as a private limited company. FBPL (erstwhile known as Epsilon Batteries Private Limited) is engaged in the manufacturing of conventional lead-acid battery & carbon-foam battery with an installed capacity of 300,000 KWH storage batteries per annum. These batteries find application in automobile industry, renewable energy and industrial sector such as telecom and hospitality. FBPL is managed by experienced directors Mr. Jinal Shah & Mr. B.K. Vaishya. GHOUSIA FOOD: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ghousia Food Products Private Limited (GFPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 12.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of GFPPL under the 'issuer non-cooperating' category as GFPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ghousia Food Products Private Limited (GFPPL) is a Karnataka based company, which was incorporated in 2015 and promoted by Mr. Syed Salauddin Aga, Mr. Syed Misbauddin Aga and Mr. Syed Talha Aga as a Private Limited Company. The operations of the company were started partly in December 2015 however the entire operations of the company started in April 2016. The company is engaged in processing of various fruit pulp concentrates mainly mango, guava, pineapple, papaya etc. HETRO SPINNERS: CARE Keeps D Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hetro Spinners Private Limited (HSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of HSPL under the 'issuer non-cooperating' category as HSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Hetro Spinners Private Limited [erstwhile Sai Manasa Spintex (India) Limited] was incorporated in the year 2009, however, the commercial operations of the company started from the year 2010. The company has changed its constitution from Hetro Spinners Limited to Hetro Spinners Private Limited in August 2018. The company was promoted by Mr. K Gopala Reddy, his friends and relatives. The company is engaged in manufacturing of cotton yarn (20-47 count) and sale of cotton seeds. The company procures the raw material (cotton lint) from the traders located in and around Guntur. The company sells its products i.e. cotton yarn and cotton seeds to the spinning millers and traders located at various places like West Bengal, Tamil Nadu, Maharashtra and Telangana. JAYPEE INFRATECH: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jaypee Infratech Limited (JIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 211.95 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 11, 2025, placed the rating(s) of JIL under the 'issuer non-cooperating' category as JIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated January 25, 2026, February 4, 2026, and February 14, 2026. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings take into account ongoing delays in debt servicing by the company. Detailed description of key rating drivers: At the time of last rating on March 11, 2025 the following were the rating weaknesses (updated for the information available from stock exchange). Key weaknesses * Weak financial performance and stretched liquidity position: The liquidity position of the company continues to remain weak on account of weak financial performance, leading to ongoing delays in debt servicing. JIL is a special purpose vehicle promoted by Jaiprakash Associates Ltd, holding 60.98% stake as on December 31, 2019, to develop and operate a 165-km six-lane (extendable to eight lanes) access-controlled toll expressway between Noida and Agra in Uttar Pradesh (E'way project). The E'way project achieved Commercial Operations Date (COD) and commenced toll collection in August 2012, post receipt of substantial completion certificate. Also, JIL has been granted rights by Yamuna Expressway Development Authority (YEA), a state government undertaking, for the development of approximately 6,175 acres of land (443.30 mn sq ft of real estate) along expressway in five different parcels in Uttar Pradesh for residential, commercial, amusement, industrial and institutional development. The land for real estate development is provided on 90-year lease. JYOTE MOTORS: CARE Moves D Debt Rating to Not Cooperating Category ------------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Jyote Motors Private Limited (JMPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 89.39 CARE D; ISSUER NOT facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from JMPL to monitor the ratings vide email communications dated January 2, 2026, February 19, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, JMPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on JMPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on September 12, 2025, the following were the rating strengths and weaknesses (updated for the information available from ROC). Key weaknesses * Delay in debt servicing: There have been several instances of delay in servicing of term loan obligation by the company in the past. Incorporated in 2000, JMPL is an authorised dealer of PV and light commercial vehicle (LCV) of MSIL and 2W of SMIPL in the state of Odisha having widespread presence in all major towns namely Bhubaneswar, Nayagarh, Keonjhar and Cuttack. It is a closely held company established by Devjyoti Patnaik. The company sells a varied range of vehicles along with services like sale of second-hand cars (True Value), repairs and spare parts through its 10 showrooms and seven workshops spread across Odisha. K.V. TEX: CARE Moves C Debt Ratings to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of K.V. Tex Firm to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 11.17 CARE C; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Long Term/ 23.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating moved to Bank Facilities ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from K.V. Tex Firm to monitor the rating vide latest e-mail communications January 5, 2026, January 9, 2026, January 16, 2026, February 11, 2026, February 18, 2026, February 20, 2026 February 25, 2026 and February 27, 2026 along with numerous phone calls. However, despite repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The ratings on K.V. Tex Firm's bank facilities will now be denoted as 'CARE C; ISSUER NOT COOPERATING/ CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of K.V. Tex Firm factored in delays in debt servicing on one of its term loan facilities (not rated by CareEdge Ratings), moderate capital structure and capital withdrawal risk associated with partnership firm and geographical concentration risk and presence in competitive industry. The ratings, however, derive comfort from the experience of the promoters and long-track record of operations of the firm. Analytical Approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers At the time of last rating on April 1, 2025 the following were the rating strengths and weaknesses. Key weaknesses * Delay in debt servicing: As per the due diligence exercise conducted by CARE Ratings Ltd., it is understood that there were delays in servicing the availed loan facilities (not rated by CARE Rating Ltd). * Moderate capital structure and capital withdrawal risk associated with partnership firm: The capital structure of the firm remained moderate with the overall gearing at 2.35x as of March 2024 (PY 2.44x). Further, the firm continued to remain as a closely held partnership firm since inception and capital withdrawal risk is inherent to the partnership nature of the firm. * Geographical concentration risk and presence in competitive industry: Firm's outlets, including the proposed showroom, are located at Cuddalore and Puducherry region in close proximity to one another, exposing the firm to geographical concentration risk. Furthermore, in addition to local competition, stores in Cuddalore and Puducherry face competition due to their proximity to Chennai, which has wider offerings with the presence of other established/organized/unorganized retailers, resulting in intense competition in attracting/retaining customers. Key strengths * Long track record of operations: The firm has been operational for nearly three decades and currently operates three showrooms in Cuddalore and Puducherry (all of which are owned) with a total retail space of 1.55 lakh sq. ft., with products catering to lower middleclass & middle-class segment. Cuddalore showroom was started in 2013 while the outlet at Puducherry which commenced operation in 2018 faced closure due to issues on the construction like insufficient parking space as identified by the municipal corporation. However, the outlet resumed its operation by the end of 2021. The firm also has 3 warehouses with total area of 65,000 sq. ft. (of which 1 warehouse is owned with area of 25,000 sq. ft). The outlets are large format retail stores. Major sale volume is derived from sales of readymade garments of men, women, and children. * Experienced promoters: The promoters have three decades of experience in the textile retail industry. M. Venkateshwaran, managing partner, oversees the day-to-day operations of the textile showrooms. He is supported by other partners in the day-to-day operations. KV Tex Firm is a partnership firm founded in 2013 by the brothers Kannappan and Venkateswaran, together with their spouses. The firm operates large-format retail outlets, with a major focus on textiles. KV Tex Firm is currently operating with a retail space of 1.55 lakh square feet over three showrooms, two of which are in Cuddalore and the other in Puducherry. KARAN CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Karan Construction Company (KCC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 6, 2025, placed the rating(s) of KCC under the 'issuer non-cooperating' category as KCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KCC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 22, 2025, December 2, 2025, December 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karan Construction Company was established in the year 1991 with its office located at Haldia, Purba Medinipur. Since its inception the firm is engaged in civil, mechanical and electrical works on behalf of various public and private entities. Mr. Suresh Chandra Karan has more than a decade of experience in civil construction industry. He looks after the day-to-day operations of the entity along with other two partners and other technical and non-technical professionals who are having long experience in this industry. LAKSHMI VENKANTADRI: CARE Lowers Rating on INR11cr LT Loan to B --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sri Lakshmi Venkantadri Agro Food Industries (SLVAFI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from SLVAFI to monitor the rating(s) vide e-mail communications dated October 14, 2025; November 11, 2025; December 4, 2025; January 2, 2026; February 3, 2026; February 16, 2026 and numerous phone calls. However, despite repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Limited has reviewed the rating on the basis of the best available information which however, in CARE Ratings Limited's opinion is not sufficient to arrive at a fair rating. The rating of Sri Lakshmi Venkantadri Agro Food Industries' bank facilities will now be denoted as CARE B; Stable ISSUER NOT COOPERATING*. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The revision in rating is on account non availability of latest financial and operational information. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on February 14, 2025, the following were the rating strengths and weaknesses. Key weaknesses * Moderate scale of operations and profitability margins: The scale of operations has improved marginally from INR 35.75 crore in FY23 to INR 39.33 crore in FY24. Firm has estimated scale of operations to remain at similar level in FY25 and has earned income of INR 30.37 crore in 9MFY25. Profitability margin has fallen from 3.38% in FY23 to 2.84% in FY24 due to reduction in gross margin. The price of rice in the market does not match the increased raw material cost as a result the firm is unable to pass on the increased costs to its customers. * Highly fragmented and competitive nature of industry: The Indian rice mill industry is highly unorganized and fragmented in nature. Based on product type, the rice and paddy market can be segmented into variety of products and features a fragmented and competitive landscape owing to the presence of many small-scale companies. The market also features some large companies holding prominent positions, making the market intensely competitive. * Constitution of the entity as a partnership firm: SLVAFI, being a partnership firm, is exposed to inherent risk of the partners' capital being withdrawn at time of personal contingency and firm being dissolved upon the death of partners. * Moderate capital structure and debt coverage indicators: Overall gearing of the firm though improved from 3.10x as on March 31, 2023 to 2.57x as on March 31, 2024 due to accretion of profits to net worth, it continues to remain moderate. Debt levels are estimated to increase with enhancement in working capital. Interest coverage ratio has improved marginally due to reduced interest cost in FY24. Key strengths * Location advantage with easy availability of raw material: The rice milling unit of SLVAFI is located at Koppal district which is the one of the major districts for producing rice in Karnataka, also forming part of the region known as rice bowl of Karnataka. This ensures easy raw material access and smooth supply of raw materials at competitive prices and lower logistic expenditure. * Established track record and experienced promoters: SLVAFI was established in the year 2008 and was promoted by Mr. N. Rajgopal (Managing Partner) and his family members. He has more than decade of experience in rice processing industry. Through his experience in the rice processing industry, the firm has established healthy relationship with key local suppliers and customers as well. Liquidity: Stretched Liquidity of the firm remains stretched marked by near full utilization of working capital limits. Firm's accruals have been insufficient to repay term debt obligations and is dependent upon promoter funding. Current ratio has gone down in FY24 with increase in creditors and short-term unsecured loans. Cash flow from operations also remained negative due to increase in inventory levels. Karnataka based, SLVAFI was established in 2008 as a partnership firm by Mr. N Rajagopal, Mr. D Bheemesh, Mrs. N Vijayalakshmi & Mrs. D Manjula. The firm is engaged in milling and processing of rice. MAITRAYA HOSPITALITY: CARE Lowers Rating on INR55.37cr Loan to B+ ----------------------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Maitraya Hospitality LLP (MHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.37 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 02, 2025, placed the rating(s) of MHL under the 'issuer non-cooperating' category as MHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 18, 2025, November 28, 2025, December 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MHL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Vadodara, Gujarat based Maitraya Hospitality LLP (MHL), limited liability partnership firm was established on December 11, 2017. The firm is promoted by Mr. Sanjay Bhikhubhai Patel, Mr. Daxesh Sumanlal Patel and Mr. Yogesh Manubhai Patel. MHL has entered into an agreement for its sole upcoming hotel property with Mariott and which has become operational from December 2021 under the branding of "Courtyard by Marriott Vadodara Sarabhai Campus". The property has 121 rooms ranging from Deluxe category to Executive suits. The hotel also has other facilities including 3 banquet halls, spa, gymnasium, swimming pool, meeting room, a multi cuisine restaurant, coffee shop and basement for parking. NADHI BIO: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nadhi Bio Products Private Limited (NBPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.04 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 13, 2025, placed the rating(s) of NBPPL under the 'issuer non-cooperating' category as NBPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NBPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 29, 2025, December 9, 2025, December 19, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nadhi Bio Products Private Limited (NBPPL) was incorporated on September 2, 2009 and is promoted by Mr. B. Krishna Kanth (Managing Director), Mr. Ajay Pinapati, Mr. D Srinivasulu, Mr. B Murali Krishna Murthy, and Mr. Suresh Pinapati. Promoters of NBPPL are technocrats with prior experience in the IT sector and have about a decade of industry experience. NBPPL manufactures Extra Neutral Alcohol (ENA) and Impure Spirit from maize, jowar, broken rice and grain starch-based cereals in its manufacturing plant located at Manopad Mandal, near Kurnool, Telangana. By-products from the plant include Distillery Dry Grain Soluble (DDGS) and Distillery Wet Grain Soluble (DWGS). NIHA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Niha International Private Limited (NIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of NIPL under the 'issuer non-cooperating' category as NIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Niha International Private Limited (NIPL), a Chennai based company, is engaged in recycling of liquor bottles since 2002. The company was originally incorporated in February 1998 by Mr. Murari, Mr. Krishna Prasad and Mr. Narayanan. However, it was non-operational since its inception and was subsequently taken over by the current directors of NIPL in 2002. NIMITAYA INFOTECH CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nimitaya Infotech Private Limited (NIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 155.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 12,2025, continued to place the rating of NIPL under the 'issuer non-cooperating' category as NIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 15, 2026, February 5, 2026 and January 26, 2026 and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings continue to consider the defaults in repayment of principal and interest on the outstanding NCDs. Analytical approach: Combined The combined financials of Nimitaya Infotech Private Limited (NIPL) and Bluebird Software Private Limited (BSPL) have been considered as both the entities are in the same line of business with common promoters and are controlled by common promoter group. Also, there is corporate guarantee for each other debt and the proposed term sheet for NCD is combined for INR310 crore. Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on March 12, 2025, the following were the rating strengths and weaknesses which is updated further. Key weaknesses * History of default: NIPL and BSPL has history of default is ultimately proposed to be settled through refinancing of debts with the issuance of proposed NCD both the companies have availed project finance from Indiabulls and Allahabad bank respectively for construction of IT Parks, but due to certain cashflow mis-match which were re-financed in March, 2019 through issue of Non-Convertible debentures (NCD) availed from Blackrock for INR365 Crore maturing on March, 2023. There has been default in the repayment of interest and principal on these NCD, due to Covid-19 Pandemic. During Covid-19 the revenue of the companies as well as the occupancy level dropped precipitously, as these service sectors are mostly affected sector during Covid-19 Pandemic. However, the company has proposed to refinance the outstanding NCD's through fresh NCD issuance from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10 Crore depend upon investor discretion) and remaining INR365 Crore will be brought by the promoters whereas interest portion of existing NCDs of INR365 Crore is being proposed to be waived off. * Low Revenue visibility from co-working spaces and repayment of NCDs dependent on liquidation of assets and funds infused by promoters: NIPL & BSPL holds commercial IT properties in Udyog Vihar, Gurgaon and Nimitya Group also has property in Punjabi Bagh fully leased out for healthcare usage. All three properties were combinedly generating monthly rental of Rs 2.45 crores which is likely to be increased going forward. Apart from these three properties NCD holders will also have mortgage of two farmhouses held by the promoters/group companies which are proposed to be liquidated for redemption of NCDs. Thus, company's repayment capabilities are highly dependent on timely liquidation of immovable properties at market rates and infusion of funds by the promoters. Liquidity: Stretched The liquidity of the group is likely to remain stretched on account of high dependence on liquidation of immovable assets and funds infused by promoters as company has low cash flows from rental income. Therefore, the company has to pay substantially. Detailed description of key rating drivers: At the time of last rating on March 12, 2025, the following were the rating strengths and weaknesses which is updated further. Key weaknesses * History of default: NIPL and BSPL has history of default is ultimately proposed to be settled through refinancing of debts with the issuance of proposed NCD both the companies have availed project finance from Indiabulls and Allahabad bank respectively for construction of IT Parks, but due to certain cashflow mis-match which were re-financed in March, 2019 through issue of Non-Convertible debentures (NCD) availed from Blackrock for INR365 Crore maturing on March, 2023. There has been default in the repayment of interest and principal on these NCD, due to Covid-19 Pandemic. During Covid-19 the revenue of the companies as well as the occupancy level dropped precipitously, as these service sectors are mostly affected sector during Covid-19 Pandemic. However, the company has proposed to refinance the outstanding NCD's through fresh NCD issuance from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10 Crore depend upon investor discretion) and remaining INR365 Crore will be brought by the promoters whereas interest portion of existing NCDs of INR365 Crore is being proposed to be waived off. * Low Revenue visibility from co-working spaces and repayment of NCDs dependent on liquidation of assets and funds infused by promoters: NIPL & BSPL holds commercial IT properties in Udyog Vihar, Gurgaon and Nimitya Group also has property in Punjabi Bagh fully leased out for healthcare usage. All three properties were combinedly generating monthly rental of INR2.45 crores which is likely to be increased going forward. Apart from these three properties NCD holders will also have mortgage of two farmhouses held by the promoters/group companies which are proposed to be liquidated for redemption of NCDs. Thus, company's repayment capabilities are highly dependent on timely liquidation of immovable properties at market rates and infusion of funds by the promoters. Liquidity: Stretched The liquidity of the group is likely to remain stretched on account of high dependence on liquidation of immovable assets and funds infused by promoters as company has low cash flows from rental income. Therefore, the company has to pay substantially Nimitaya Infotech Private Limited (NIPL) is an SPV under Nimitaya Group holding IT Building in Udhyog Vihar, Gurgaon which is provided as Co-working Space generating rental income to the companies. Nimitaya Group has "Go-Work" Brand for its co-working space which is being used for leasing of IT Spaces in its SPVs. These IT parks are nearby some of the reputed IT Companies and fully equipped with modern facilities. PROVENTUS AGER: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Proventus Ager India Private Limited (PAIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of PAIPL under the 'issuer non-cooperating' category as PAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vadodara-based PAIPL is promoted by Mr Doraprasad Nimmagada (promoter of Jay Polypack Private limited and Jay Agro Industries) in January 2015. The board of directors of PAPL comprises of Mr Doraprasad Nimmagada, his wife Mrs Aruna Nimmagada and his son Mr. Vijay Nimmagada. PAIPL has commenced the trading operations during FY16 (refers to the period April 1 to March 31) from May 2015. The company primarily procures Agrochemicals, Pesticides and Insecticides from its group entity i.e. Jay Agro Industries and markets it through dealers across the country. R B RUNGTA: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R B Rungta Steels & Food Products Private Limited (RBRSFPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.66 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 6, 2025, placed the rating(s) of RBRSFPPL under the 'issuer non-cooperating' category as RBRSFPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBRSFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 22, 2025, December 2, 2025, December 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chhattisgarh based R B Rungta Steel & Food Products Pvt. Ltd. (RBRSFPPL) was incorporated in August 1985 was owned and controlled by Rungta family. RBRSFPPL is currently engaged in flour milling activities with its manufacturing facility located at Rajnandgaon, Chhattisgarh from May 2015 onwards. Before that the company had been operating a steel rolling mill till 2004. The company manufactures whole meal wheat flour, Wheat flour, semolina and wheat bran and sells through wholesalers and dealers. Mr. Yogendra Kumar Rungta belongs to a business family. He has more than five decades of experience in the same line of business along with an experience in rolling mill industry, looks after the day to day operations of the company. He is supported by other directors like Mr. Bharat Rungta, Mr. Surendra Kumar Rungta and Mr. Sakar Rungta. R.K. INFRACORP: CARE Lowers Rating on INR28cr LT Loan to B ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of R.K. Infracorp Private Limited (RIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Long Term/ 120.00 CARE B; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B+; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 31, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 16, 2025, November 26, 2025, December 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable RK Infracorp Private Limited (RIPL) was started as a partnership firm in the year 1975 and was converted into a private limited company in the year 2008. RIPL was acquired by Mr. R. Srinivasa Reddy in the year 2007 who was the managing director of Sree Sai Srinivasa Constructions (P) Ltd. (SCPL), which was also into civil construction. SCPL was merged with RKIPL with effect from April 1, 2008. Presently, RIPL is engaged in execution of road, irrigation and drainage, railways and Airport Authority of India (Vishakhapatnam & Rajahmundry) works for various government agencies in Andhra Pradesh, Telangana, Jharkhand, Bihar, West Bengal and Karnataka. RELIANCE TELECOM: SBI Flags Loan as Fraud Amid Insolvency Process ----------------------------------------------------------------- TipRanks.com reports that Reliance Communications Limited has disclosed that its subsidiary, Reliance Telecom Limited, has had its loan account classified as fraudulent by State Bank of India following a decision by the bank's fraud identification committee. SBI intends to report RTL's name to the Reserve Bank of India in line with regulatory requirements, highlighting legacy credit issues that predate the insolvency process and intensifying scrutiny over the group's past financing arrangements. According to TipRanks.com, the company stated that both Reliance Communications and Reliance Telecom are already in corporate insolvency resolution, and that the affected credit facilities will be dealt with through the approved resolution plans or liquidation as required under the insolvency code. It emphasized that ongoing moratorium protections and specific provisions of the Code shield the entities from new proceedings during CIRP and may limit post-resolution liabilities, while several avoidance applications related to the questioned transactions are pending before the National Company Law Tribunal, TipRanks.com relates. Reliance Telecom Limited (RTL) is a RCom group company and used to provide global system for mobile communications (GSM) based services in eight telecom circles, namely Madhya Pradesh, Bihar, Orissa, West Bengal, Assam, Northeast, Himachal Pradesh, and Kolkata. RESURGENT POWER: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Resurgent Power Projects Limited (RPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 5.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 24, 2024, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 9, 2025, November 19, 2025, November 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable RPPL was incorporated in 1995 in the name of Enmas Engenius Projects Limited (EEPL). During its initial stages the company was involved mainly in erection and commissioning of Chemical recovery boilers. Subsequently in 2008 the name of the company was changed to Enmas GB Power Systems Projects Limited (EGPL) and the company started catering to power industry. During FY12, the promoters of the Chennai-based Bhandari group had indirectly acquired 49.7% stake from Resurgent Investments Private Limited (RIPL - Promoter Company). SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sujala Pipes Private Limited (SPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.07 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Sujala Pipes Private Limited (SPPL), belonging to Nandi group of Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a partnership concern and was reconstituted as a Private Limited Company in February, 1988. SPPL is engaged in manufacturing of Polyvinyl Chloride (PVC) pipes & fittings used in irrigation projects, water management, sewerage, & drainage industry, etc. Nandi group, promoted by Mr. S.P.Y Reddy, is a South India based industrial house having diversified business interest. Apart from manufacturing of PVC pipes, the group has presence in cement, steel, dairy and construction segment. SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Super Infratech Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.74 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 20, 2025, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 6, 2025, December 16, 2025, December 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Super Infratech Private Limited (SIPL) was incorporated in March 2001 by Mr. Sujit Bordoloi and Mrs. Tribeni Bordoloi. Since its inception, the company has been engaged in civil construction activities for state and central government in the segment like construction of buildings, drains and roads. The company is classified as Class - 1 contractor by Public Works Division, Assam which indicates that the company can participate for higher value contracts release by government departments. SIPL participates in tenders and executes orders for the Public Works Department (Dibrugarh), Central Public Works Department (Guwahati), etc. ===================== N E W Z E A L A N D ===================== CARRYON WORKING: Creditors' Proofs of Debt Due on April 8 --------------------------------------------------------- Creditors of Carryon Working 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 8, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 DILIP BUILDCON: NCLAT Restores Insolvency Appeal Against Developer ------------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) on March 16 restored an insolvency appeal against Dilip Buildcon, a construction and infrastructure development company. ET relates that a two-member bench of the NCLAT on December 12, 2025, dismissed the appeal filed by Shyamji Construction Co against Dilip Buildcon on the ground of 'non-prosecution'. However, an application was filed by Shyamji Construction for condonation of delay and restoration of appeal against Dilip Buildcon, which was allowed. "We have heard Counsel for the applicant (Shyamji Construction), as well as Counsel for the respondent (Dilip Buildcon). We find sufficient cause shown in the application for recall of the order dated December 16, 2025 . . . appeal is restored in its original number," said a two-member bench, comprising Chairperson Justice Ashok Bhushan, ET relays. Moreover, the NCLAT also admitted Shyamji Construction's application praying for condonation of 43 days' refiling delay on account of medical issues with the appellant due to which the delay was caused. "We find sufficient cause shown in the application. Refiling delay condoned," said the NCLAT. Shyamji Construction, through its authorised representative Anil Bhatia, had approached the NCLT claiming operational debt. However, according to reports, it was dismissed on the grounds of pre-existing disputes, ET notes. Dilip Buildcon Limited, together its subsidiaries, engages in the development of infrastructure facilities on engineering, procurement, and construction (EPC) basis in India. HELLO HOMES: Court to Hear Wind-Up Petition on April 1 ------------------------------------------------------ A petition to wind up the operations of Hello Homes NZ 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. 9, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KAWERAU COSMOPOLITAN: Court to Hear Wind-Up Petition on March 24 ---------------------------------------------------------------- A petition to wind up the operations of Kawerau Cosmopolitan Club Incorporated will be heard before the High Court at Rotorua on March 24, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 13, 2026. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton MACLEOD CONCRETE: Creditors' Proofs of Debt Due on April 26 ----------------------------------------------------------- Creditors of Macleod Concrete Contracting Limited are required to file their proofs of debt by April 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 26, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre PITCH BLACK: Creditors' Proofs of Debt Due on April 6 ----------------------------------------------------- Creditors of Pitch Black Construction Limited 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 6, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= AUTODEALZ PTE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 6, 2026, to wind up the operations of Autodealz 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 EASYPNP (SG): Commences Wind-Up Proceedings ------------------------------------------- Members of Easypnp (SG) Pte. Ltd. on March 6, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Seah Chee Wei Kit Yee & Co c/o 10 Eunos Road #13-06 Singapore Post Centre Singapore 408600 GEOPOST SOUTH: Commences Wind-Up Proceedings -------------------------------------------- Members of Geopost South East Asia (Sea) Pte. Ltd. on March 13, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Alex Lee Tiong Wee Boardroom Corporate & Advisory Services 1 Harbourfront Avenue #14-07 Keppel Bay Tower Singapore 098632 UX LOGISTICS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on March 6, 2026, to wind up the operations of UX Logistics & Warehousing 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 ZH CARS: Court to Hear Wind-Up Petition on April 10 --------------------------------------------------- A petition to wind up the operations of ZH Cars Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 10, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ============= V I E T N A M ============= VINFAST AUTO: Fourth-Quarter Net Loss Widens to VND35.2 Trillion ---------------------------------------------------------------- Reuters reports that VinFast Auto reported on March 16 a bigger fourth-quarter net loss, hit by rising costs as the company spent heavily to boost sales and expand its manufacturing footprint. VinFast made a net loss of VND35.2 trillion in the final quarter of 2025, 15 per cent wider versus the previous quarter and 46.5 per cent wider than the same period of 2024. A free-charging programme launched in December 2024 was among the key contributors to the increased costs but helped accelerate sales. "The programme is highly appreciated by customers, even by dealers . . . it was one of the best ways for them to convince people to adopt EVs," VinFast chair Thuy Le told Reuters. "It is expensive, but at the same time is a good investment. We have many other ways to attract customers." Full-year revenue rose 105 per cent to US$3.6 billion, Reuters discloses. The company, a subsidiary of conglomerate Vingroup, has said it looked forward to breakeven by the end of this year. "Despite backing from Vingroup, VinFast's high cash burn rate raises questions regarding its ability to fund the required CAPEX," Ollie Coughlin, an analyst at Third Bridge said in a note. According to Reuters, VinFast said it expected to resume construction of a US manufacturing plant in North Carolina this year, which it delayed in 2024 citing an uncertain EV market. It is expected to start operations in 2028. The company delivered 86,557 EVs during the quarter, a 127 per cent increase from the third quarter and a 63 per cent rise from the same period last year. Two-wheeler shipments jumped over 450 per cent annually in the quarter to nearly 172,000, after Hanoi announced plans to ban petrol-powered motorbikes from its city centre starting in mid-2026. Reuters adds that VinFast aims to deliver at least 300,000 EVs globally in 2026 and plans to grow its two-wheeler business to 2.5 times 2025 volumes, targeting markets such as India, Indonesia, Malaysia, Thailand, and the Philippines, where two-wheelers are widely used, Le said. About VinFast Auto VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an automotive manufacturer, engages in Automobiles and E-scooter related business in Vietnam and the United States. The company operates through Automobiles, E-scooter, Spare Parts, and Aftermarket Services segments. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. The company operates as a subsidiary of Vingroup Joint Stock Company. VinFast Auto's working capital deficit was VND106.7 million at December 31, 2024. The deficit was VND101.4 million at December 31, 2023. At December 31, 2024, the Company had total current assets of VND64.8 million and total current liabilities of VND171.5 million. At December 31, 2023, the Company had total current assets of VND50.6 million and total current liabilities of VND152.0 million. ********* 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 ***