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260319.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, March 19, 2026, Vol. 29, No. 56 Headlines A U S T R A L I A BELL GROUP: Trustee Announces Distribution for Second 1997 Bonds BOSSCAP GROUP: EV Automotive Manufacturer Placed Into Receivership DCF MUSSELROE: First Creditors' Meeting Set for March 24 KEBET PACKAGING: First Creditors' Meeting Set for March 25 PEPPER ASSET NO. 2: Fitch Hikes Rating on Class D Notes to 'BB+sf' STIRLING HELICOPTERS: First Creditors' Meeting Set for March 23 STONEWALL HOTEL: First Creditors' Meeting Set for March 25 WARRNAMBOOL RSL: First Creditors' Meeting Set for March 23 C H I N A CHINA LITERATURE: Records CNY776 Million Net Loss Last Year CIFI HOLDINGS: Debt Restructuring Allows Return to Profit SUNAC CHINA: Expects Narrower Loss of Up to CNY13 Billion For 2025 H O N G K O N G CIMG INC: Stock to Trade OTC as "CIMG" After Nasdaq Suspension I N D I A AMBEY DISTRIBUTORS: CRISIL Keeps B Debt Rating in Not Cooperating AMEYAS BUILDCONS: Liquidation Process Case Summary ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ARJUN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating B. P. SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating BALAMURUGAN AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating BEST IT WORLD: CRISIL Keeps D Debt Ratings in Not Cooperating BLUE OCEAN: CRISIL Keeps B Debt Ratings in Not Cooperating CHIRAG CORPORATION: CRISIL Cuts Rating on LT/ST Loans to D COMPETENT PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating CPR CAPITAL: CRISIL Withdraws C Rating on INR6.5cr Loan ECOMARK GENERAL: CRISIL Hikes Rating on INR5cr LT Loan to B+ ELTA TOOLS: CRISIL Lowers Rating on INR14cr Cash Loan to B GALCO EXTRUSIONS: CRISIL Cuts Rating on INR40cr LT Loan to B GSPC (JPDA): Voluntary Liquidation Process Case Summary HAYAGREEVAS FABRICS: CRISIL Cuts Rating on INR37.5cr Loan to B HOWRAH MUNICIPAL: CRISIL Withdraws B Rating on INR10cr Bond I-POINT CONSULTING: Voluntary Liquidation Process Case Summary ION BIO MED-ICARE: Insolvency Resolution Case Process Summary JAI AMBEY: Insolvency Resolution Process Case Summary JEBPO SERVICES: Voluntary Liquidation Process Case Summary KISHOR KALYANJI: Insolvency Resolution Process Case Summary KRISHNAGANGA SPINNING: Insolvency Resolution Process Case Summary LOANTAP CREDIT: CRISIL Lowers Rating on INR2.5cr Loan to C MANGLAM HOTEL: CRISIL Lowers Rating on INR30cr LT Loan to B NIKVIN HEALTHCARE: CRISIL Lowers Rating on INR23cr Cash Loan to B PAVAN MOTORS: CRISIL Lowers Rating on INR20cr Inventory Fund to B POOJA SPONGE: CRISIL Withdraws D Rating on INR9cr Cash Loan RAM CONSTRUCTION: CRISIL Cuts Rating on INR47cr Bank Loan to D RANDHAWA AUTOMOBILE: CRISIL Lowers Rating on INR100cr Loan to B RANJAY CONSTRUCTIONS: CRISIL Cuts Rating on INR20cr LT Loan to B RICHI RICH: Liquidation Process Case Summary SASTINADHA EPC: CRISIL Lowers Rating on INR5cr LT Loan to B SEPC LTD: CRISIL Lowers Rating on Long/Short Term Debts to D SOVEREIGN INDUSTRIES: Liquidation Process Case Summary SS INNOVATIONS: Secures $18.6MM Through Private Stock Placement SURFICA INDIA: CRISIL Upgrades Rating on INR21cr Cash Loan to B VISAKHA PRIME: Insolvency Resolution Process Case Summary WOLTERS KLUWER: Voluntary Liquidation Process Case Summary N E W Z E A L A N D AUCKLAND FIRST: Court to Hear Wind-Up Petition on April 1 ELLERTON LIMITED: Waterstone Insolvency Appointed as Receivers SS HOLDINGS: Creditors' Proofs of Debt Due on April 22 TVD HOLDINGS: Court to Hear Wind-Up Petition on March 27 TWEEDDALE'S HONEY: Teneo Financial Appointed as Receivers P H I L I P P I N E S DANVIL PLANS: IC Declares End of Company's Liquidation Process DUAL FUEL: SEC Revokes Registration Over Illegal 'Ponzi' Scheme S I N G A P O R E INNOVATE CAPITAL: Commences Wind-Up Proceedings PARKER SINGAPORE: Commences Wind-Up Proceedings ST SOLUTION: Court to Hear Wind-Up Petition on April 10 T2 TEA: Australian Tea Brand Closing All Outlets in Singapore URBAN MOTORS: Placed in Provisional Liquidation ZH CARS: Court to Hear Wind-Up Petition on April 10 - - - - - ================= A U S T R A L I A ================= BELL GROUP: Trustee Announces Distribution for Second 1997 Bonds ---------------------------------------------------------------- Bell Group N.V. (now deregistered) (the "Issuer") A$75,000,000 11 per cent. Guaranteed Convertible Subordinated Bonds due 1995 (CH0005575151) (the "1995 Bonds") A$175,000,000 10 per cent. Guaranteed Convertible Subordinated Bonds due 1997 (XS0000001247) (the "First 1997 Bonds") GBP75,000,000 5 per cent. Guaranteed Convertible Subordinated Bonds due 1997 (GB0040901711) (the "Second 1997 Bonds") (together, the "Bonds", and the holders of the Bonds, the "Bondholders") Unconditionally guaranteed on a subordinated basis by The Bell Group Ltd. (now deregistered) ("TBGL") This notice is given by Madison Pacific Trust Limited as trustee for the Bondholders (the "Trustee"). Reference is made to (i) the Trust Deeds dated 20 December 1985, 7 May 1987 and 14 July 1987 constituting the Bonds (as amended and supplemented from time to time, the "Trust Deeds") and (ii) deed polls dated 7 March 2024 and 8 April 2024 modifying the Trust Deeds (the "Deed Polls"), and (iii) the Trustee's previous notices to the Bondholders (the "Trustee's Notices"). All terms and expressions used but not otherwise defined in this notice shall have the meanings given to them in the Trust Deeds, the Deed Polls or the Trustee's Notices, as applicable. NOTICE IS HEREBY GIVEN that: A. Distribution to Bondholders of the Second 1997 Bonds The end of the prescription period for the Second 1997 Bonds (as described in the Trustee's notice dated 6 February 2026) occurred on 6 March 2026. As of 6 March 2026, the Trustee has not received any contact from any of the remaining Unidentified Bondholders of the Second 1997 Bonds. As outlined in the Trustee's notice dated 6 February 2026, following the end of the prescription period for the Second 1997 Bonds, any remaining Unidentified Bondholders of the Second 1997 Bonds have lost all rights to claim any further amount in respect of the Second 1997 Bonds. In accordance with the Trust Deeds and the Deed Polls, the Trustee intends to retain USD850,000.00 (the "Retained Amount") with respect to the Bonds which will cover the Trustee's ongoing costs, charges, liabilities and expenses of carrying out its functions and duties (the "Trustee Liabilities") already incurred plus any future Trustee Liabilities. Any surplus remaining following application of the Retained Amount against the Trustee Liabilities (including any future Trustee Liabilities) will be distributed to the Bondholders where applicable. Following deduction of the Retained Amount, in accordance with the Trust Deed and the Deed Poll constituting the Second 1997 Bonds, the Trustee intends to distribute USD3,136,366.89 and GBP2,395,268.12 (the "Second 1997 Bonds Distribution") to the ICSDs on 13 March 2026 for onward payment to the Bondholders of the Second 1997 Bonds pro rata. The Record Date will be 6 March 2026. B. Presentation of Bonds Bondholders whose Second 1997 Bonds are currently held in the ICSDs need not take any further action in respect of the Second 1997 Bonds Distribution. Bondholders whose Second 1997 Bonds are not held in the ICSDs should note that they will be required to present their Bonds and re-verification of their Second 1997 Bonds may be required and they will not receive their share of the distribution until those steps have been completed. Bondholders whose Second 1997 Bonds are not held in the ICSDs are requested to contact the Trustee on or after 13 March 2026, even if they have previously Contacted the Trustee or verified their Second 1997 Bonds prior to the date of this notice. C. Distribution to Bondholders of the 1995 Bonds and First 1997 Bonds The Trustee will make distributions of funds to the Bondholders of the 1995 Bonds and the First 1997 Bonds following their respective Prescription Period End Dates, both being 7 April 2026. Details of such further distributions will be announced after 7 April 2026. The above communication is made without prejudice to any and all of the Trustee's rights under the Deeds, all of which are expressly reserved. Trustee provides the information above for the information of Bondholders, but makes no representation as to the accuracy or completeness thereof and cannot accept any liability for loss caused by any inaccuracy therein. The Trustee expresses no opinion as to the action (if that Bondholders should take in relation to the matters set out above. The Trustee makes no recommendations and gives no legal or investment advice herein or as to the Bonds generally. Bondholders should take and rely on their own independent legal, financial or other professional and may not rely on advice or information provided to the Trustee, statements as to the legal included in notices issued by the Trustee relating to the Bonds or otherwise or the views of Trustee expressed herein or otherwise. ISIN numbers appearing herein have been included solely for the convenience of the Bondholders. Trustee assumes no responsibility for the selection or use of such number and makes no representation as to the correctness of the numbers listed above. 11 March 2026 By the Trustee: Madison Pacific Trust Limited Unit 6B1, 6/F Bank of America Tower 12 Harcourt Road Hong Kong Email: agent@madisonpac.com BOSSCAP GROUP: EV Automotive Manufacturer Placed Into Receivership ------------------------------------------------------------------ Tamika Seeto at Yahoo Finance reports that Brisbane automotive manufacturer BossCap has been placed into receivership, with all operations suspended. The company was Australia's first all-electric vehicle upfitter and was leading the charge in converting electric vehicles from left to right-hand drive. Established in 2012, the company initially started as a vehicle import company but later expanded into engineering and manufacturing. As the parent company of AUSEV and Advanced Manufacturing Queensland, it was responsible for bringing Australia's first right-hand drive electric fleet ute, the Ford F-150 Lighting, to the local market, Yahoo Finance says. But it has now been placed into receivership, citing a "sudden change in global production strategy from Ford". It said the decision, which was outside its control, had removed the "foundation of future supply and significantly disrupted the company's forward pipeline", despite "strong market interest and growing sales momentum," Yahoo Finance relays. "We regret to advise that the BOSSCAP Group was placed into receivership on 17 March 2026," the receivers said in a statement. "Accordingly, operations have been suspended whilst the Receivers undertake an assessment of the business. At this stage, BOSSCAP is unable to undertake warranty repair works." BossCap announced in July last year that it would adapt Tesla's Model Y to make the EV compliant for use in the mining industry, recalls Yahoo Finance. In May 2025, it boasted of achieving a "breakthrough" of producing the first-ever fully electric, 4×4 mining ute re-manufactured in Australia. "With Labor reaffirming its commitment to net zero and a more aggressive Safeguard Mechanism, mining operators have a clear choice: evolve or fall behind. Our electric ute gives them a practical, compliant, and future-proof path forward," BossCap Group CEO Edward Kocwa said at the time. Yahoo Finance adds that the company also announced a partnership with Hyundai Motor Company Australia to adapt its XCIENT Fuel Cell hydrogen truck to suit Australia's road conditions and regulatory standards. The company had struck deals with airports and mining companies across the country, along with partnering with the UN via a local dealer in Samoa to get vehicles to act as back-up generators for homes. BossCap Group CEO Edward Kocwa was a former star footballer on the American college circuit before he entered the car manufacturing space, Yahoo Finance notes. DCF MUSSELROE: First Creditors' Meeting Set for March 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of DCF Musselroe Bay Pty Ltd will be held on March 24, 2026, at 11:00 a.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, VIC, and via virtual meeting technology. Shaun Matthews and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on March 12, 2026. KEBET PACKAGING: First Creditors' Meeting Set for March 25 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Kebet Packaging Services Pty. Limited, trading as Kebet Corrugated Cartons, will be held on March 25, 2026, at 11:00 a.m. at the offices of Dye & Co. Pty Ltd, at 165 Camberwell Road, in Hawthorn East, and via Microsoft Teams. Hamish Alan MacKinnon and Shane Leslie Deane of Dye & Co. Pty Ltd were appointed as administrators of the company on March 16, 2026. PEPPER ASSET NO. 2: Fitch Hikes Rating on Class D Notes to 'BB+sf' ------------------------------------------------------------------ Fitch Ratings has upgraded three note classes from Pepper Asset Securities No.2 Trust's pass-through floating-rate notes. The Outlook is Positive. The transaction is backed by a pool of first-ranking Australian automotive and equipment loan and lease receivables originated by Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money Limited (Pepper). The notes were issued by BNY Trust Company of Australia Limited as trustee for Pepper Asset Securities No.2 Trust. The upgrade of the class B, C and D notes to 'AA-sf', 'BBB+sf' and 'BB+sf', respectively, from 'BBB+sf', 'BB+sf' and 'B+sf', is driven by the build-up of credit enhancement (CE), increased overcollateralisation through the diversion of income collections to repay the class G notes and the transaction's asset performance, which has led to a reduction in the default base case. The Positive Outlook reflects its expectation of the continued build-up of CE prior to the commencement of the pro rata period and the continued increase in overcollateralisation from retention amount payments. Entity/Debt Rating Prior ----------- ------ ----- Pepper Asset Securities No.2 Trust B AU3FN0088803 LT AA-sf Upgrade BBB+sf C AU3FN0088811 LT BBB+sf Upgrade BB+sf D AU3FN0088829 LT BB+sf Upgrade B+sf KEY RATING DRIVERS Asset Performance Better than Base-Case Assumptions: As of end-January 2026, 30+ day arrears were 2.0% for Pepper Asset Securities No.2 Trust, moderately higher than the Fitch Performance Monitor of 1.5% in 3Q25, and 60+ day arrears were 1.0%, slightly above Fitch's Performance Monitor of 0.8%. The underlying assets have performed better than the base-case expectations set at the last surveillance. As of end-January 2026, cumulative defaults and losses were 1.75% and 1.38%, respectively, with the portfolio amortised to 56% of its initial balance, compared with the lifetime base-case assumptions of 5.1% and 3.3% applied at the previous surveillance, respectively. Cumulative recoveries were 20.7% as of end-January 2026, below Fitch's base-case recovery of 35%. However, actual cumulative recovery rates may be understated because some default receivables may not yet have received recoveries. Based on stable asset performance and cumulative default and losses below base-case expectations, Fitch has recalibrated the lifetime base-case default assumption to 3.8%. Applying the unchanged base-case recovery assumption of 35% results in a lifetime base-case loss expectation of 2.5%. The weighted-average 'AAAsf' default multiple has been recalibrated to 5.0x, with a 'AAAsf' recovery haircut of 50.0% across all risk grades. This reduces the 'AAAsf' portfolio loss to 15.8% from 18.0% at the previous surveillance. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.6% in 2025 and unemployment was 4.1% in January 2026. Fitch forecasts GDP growth of 2.1% in 2026 and 2.4% in 2027, with unemployment at 4.5% for both years. Cash Flow Analysis Supports Ratings: Updated cash flow analysis was performed, incorporating Fitch's updated default and recovery expectations. The transaction is currently paying sequentially, but is expected to switch to pro rata paydown in the coming quarter. The CE provided to each collateralised rated note through note subordination, along with the liquidity reserve and retention amount, supports the rating of the notes. Low Operational and Servicing Risk: All receivables were originated by Pepper Asset Finance, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the servicer were comparable with those of other auto lenders. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce CE available to the notes. Unanticipated increases in the frequency of defaults could produce loss levels higher than Fitch's base case and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Fitch stresses the recovery rate to isolate the effect of a change in recovery proceeds at the borrower level. Notes: B / C / D Rating: AA-sf/BBB+sf/BB+sf 10% increase in defaults: A+sf/BBB+sf/BB+sf 25% increase in defaults: Asf/BBBsf/BBsf/ 50% increase in defaults: BBB+sf/BB+sf/B+sf 10% decrease in recoveries: A+sf/BBB+sf/BB+sf 25% decrease in recoveries: A+sf/BBB+sf/BB+sf 50% decrease in recoveries: A+sf/BBBsf/BBsf 10% increase in defaults/10% decrease in recoveries: A+sf/BBBsf/BBsf 25% increase in defaults/25% decrease in recoveries: A-sf/BBB-sf/BB-sf 50% increase in defaults/50% decrease in recoveries: BBBsf/BBsf/B-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Notes: B / C / D Rating: AA-sf/BBB+sf/BB+sf 10% decrease in defaults/10% increase in recoveries: AAsf/Asf/BBB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. STIRLING HELICOPTERS: First Creditors' Meeting Set for March 23 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Stirling Helicopters Pty Ltd will be held on March 23, 2026, at 10:30 a.m. via Microsoft Teams. Stephen Earel of Cor Cordis was appointed as administrator of the company on March 11, 2026. STONEWALL HOTEL: First Creditors' Meeting Set for March 25 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Stonewall Hotel Pty Limited will be held on March 25, 2026, at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on March 13, 2026. WARRNAMBOOL RSL: First Creditors' Meeting Set for March 23 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Warrnambool RSL Sub Branch Inc will be held on March 23, 2026, at 10:30 a.m. via virtual meeting only. Scott Andersen and Nathan Deppeler of Worrells were appointed as administrators of the company on March 11, 2026. ========= C H I N A ========= CHINA LITERATURE: Records CNY776 Million Net Loss Last Year ----------------------------------------------------------- The Standard reports that China Literature posted a CNY776 million net loss last year, with losses surging 270.9 percent year-on-year, according to a filing released on March 17. No final dividends will be paid, said the company. This Tencent-backed company's adjusted profit attributable to equity holders of the company fell 24.8 percent to CNY860 million, The Standard discloses. Besides, it recorded CNY7.37 billion in revenue, a year-on-year decrease of 9.3 percent. Additionally, the company has released nearly 1,000 AI-animated dramas since the second half of 2025, with over 100 surpassing 10 million views and 12 exceeding 100 million views, The Standard relays. Revenue from AI-animated dramas in the second half of 2025 exceeded CNY100 million, according to The Standard. The Standard adds that the company said that it expects the synergy between intellectual property and artificial intelligence will continue to power the industry forward and the "IP + AI" ecosystem will serve as a scalable engine that amplifies content value and drives its long-term growth. China Literature Limited, an investment holding company, operates an online literature platform in the People's Republic of China. It operates through Online business, and Intellectual Property Operations and Others segments. The company is involved in the business of online text, online advertising, and game publishing, as well as comics and audio books reading via self-owned platforms under the QQ Reading, Qidian, New Classics Media, and Tencent Animation & Comics brands. It also produces, licenses, and distributes film, television, web, and animated series; copyrights licensing; sales of adaptation rights and scripts; distribution of short-form dramas; sales of physical books and intellectual property merchandise products; in-house online games operations; and distributions of online audio books and online comic content provided via Tencent and third-party platforms. In addition, the company provides reading, copyright commercialization, writer cultivation, and brokerage services; and operates text work reading and related open platform through technology methods and digital media, including personal computers, internet, and mobile network. Further, it engages in sales of adaptation rights and scripts; and online reading business. CIFI HOLDINGS: Debt Restructuring Allows Return to Profit --------------------------------------------------------- Yicai Global reports that shares of troubled Chinese real estate developer CIFI Holdings Group surged on March 17, after revealing that it returned to profit last year following a lengthy period of losses, thanks to income of CNY40 billion (USD5.8 billion) from its debt restructuring. CIFI [HKG: 0884] closed up 5.7 percent at 7.6 HK cents (0.97 US cents), having surged as much as 13.9 percent during trading. Its market capitalization is still only HKD1.4 billion (USD178.7 million), down about 70 percent from the same period last year. After three consecutive years of losses, CIFI estimated that it made a net profit last year of CNY17 billion to CNY19 billion (USD2.5 billion to USD2.8 billion), Yicai discloses. This was thanks to a one-off gain of CNY40 billion from completing its overseas debt restructuring at the end of last year, the company said in its earnings forecast released on March 16. The Shanghai-based developer had reported net losses of CNY13 billion, CNY9 billion and CNY7.1 billion from 2022 to 2024. Excluding the one-off gain, CIFI was still in the red last year, with a loss of CNY7.5 billion to CNY9 billion, mainly because of a decrease in its revenue caused by fewer completed real estate projects and a drop in gross margin due to the market downturn, its earnings forecast said, Yicai relays. Yicai recalls that CIFI announced on Dec. 29 that its overseas debt restructuring plan had taken effect, and that coupled with the domestic debt restructuring plan approved by creditors in September, it had finally finished the three-year debt restructuring plan. According to Yicai, the firm had revealed that the total scale of domestic and overseas debts involved in the restructuring were CNY66.8 billion (USD9.7 billion), including overseas debt of CNY56.7 billion of which CNY38 billion was reduced through debt-to-equity swaps and principal write-offs. The domestic debts had reached CNY10.1 billion, and were reduced by over CNY5 billion. With the completion of the domestic and overseas debt restructuring, CIFI's total interest-bearing liabilities are expected to drop from CNY84.2 billion in the middle of last year to around CNY50 billion, allowing its interest-bearing liabilities and net debt ratio to fall back to the level of 2017, the company said, adds Yicai. About CIFI Holdings CIFI Holdings (Group) Co. Ltd. is an investment holding company principally engaged in property businesses. The Company mainly operates through three segments. Property Development segment is engaged in the development and sales of office properties, commercial properties and residential properties in China. Property Investment segment is engaged in the leasing of investment properties developed or purchased by the Company for the rental income and the appreciation of the properties' values. Property Management, Project Management and Other Property Related Services segment is engaged in property management and project management in China. As reported in the Troubled Company Reporter-Asia Pacific, in October 2022, Fitch Ratings has downgraded China-based property developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'CC' from 'BB-'. Fitch has also downgraded CIFI's senior unsecured rating and the ratings on the outstanding notes to 'CC' with a Recovery Rating of 'RR4', from 'BB-'. All the ratings have been removed from Rating Watch Negative. The downgrade reflects CIFI's rising liquidity risks, amid market reports that it failed to make an interest payment for its convertible bonds (maturing April 8, 2025) that was due in early October, and that it was also seeking to delay certain principal and interest payment for other financial obligations. The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate family rating to Ca from B3 and senior unsecured rating to C from Caa1. The outlook remains negative. SUNAC CHINA: Expects Narrower Loss of Up to CNY13 Billion For 2025 ------------------------------------------------------------------ The Standard reports that Sunac China warned of a loss of up to CNY13 billion for 2025. The expected loss ranges from CNY12 billion to CNY13 billion, representing a reduction of up to 49.4 percent from 2024, The Standard discloses citing a filing on March 17. The Standard says the decrease was primarily due to the recognition of a gain on offshore debt restructuring last year. Excluding the one-off gain, the loss was mainly attributable to a significant decline in recognised revenue and pressure on gross profit margin as affected by the market, as well as additional provision for impairment of assets and the provision for contingent liabilities, the developer, as cited by The Standard, said. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ================= H O N G K O N G ================= CIMG INC: Stock to Trade OTC as "CIMG" After Nasdaq Suspension -------------------------------------------------------------- CIMG Inc. disclosed in a regulatory filing that it received written notice from The Nasdaq Stock Market LLC that the Nasdaq Hearings Panel had determined to delist the Company's common stock, par value $0.00001 per share from The Nasdaq Stock Market due to the Company's failures to comply with Nasdaq Listing Rules 5550(a)(2), 5250(c)(1), 5550(b)(1), and 5620(a). Trading in the Company's Common Stock was suspended at the open of trading on March 6, 2026. The Company has 15 calendar days from the date of the Panel's decision to request that the Nasdaq Listing and Hearing Review Council review the Panel's decision. The Company currently expects to appeal the Panel's decision within the applicable period. There can be no assurance that any such appeal will be successful. If the Company does not timely request further review, or if any such appeal is unsuccessful, Nasdaq is expected to file a Form 25 with the U.S. Securities and Exchange Commission to remove the Company's Common Stock from listing and registration on The Nasdaq Stock Market. On March 6, 2026, the Company received a letter from Department of Market Operations of the Financial Industry Regulatory Authority, Inc., dated March 5, 2026, notifying the Company that the symbol "CIMG" had been assigned to the Common Stock. As of March 6, 2026, the Common Stock may be quoted and traded in the over-the-counter market under the symbol "CIMG." About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $67,485,970 in total assets, $11,051,607 in total liabilities, and $56,432,361 in total stockholders' equity. ========= I N D I A ========= AMBEY DISTRIBUTORS: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ambey Distributors (AD) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.6 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AD for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AD continues to be 'Crisil B/Stable Issuer not cooperating'. AD is a proprietorship concern of Mr. Nav Kumar Bharat and acts as a sole automobile dealer of tractors for TAFE in 3 districts of Bihar through its 4 showrooms (2 owned and 2 rented). AMEYAS BUILDCONS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Ameyas Buildcons Private Limited 17, Vijigeesha, Prashant Nagar, Navi Peth, Pune - 411030 Maharashtra Liquidation Commencement Date: February 2, 2026 Court: National Company Law Tribunal Mumbai Bench Liquidator: Ms. Kala Agarwal 801, Embassy Center, Jamnalal Bajaj Road, Near Status Restaurant, Mumbai City, Maharashtra – 400021 Email: agarwalkala@gmail.com Email: liquidation.ameyasbuildcons@gmail.com Last date for submission of claims: April 1, 2026 ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Archis Packaging India Private Limited (APIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 6.25 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with APIPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APIPL continues to be 'Crisil D Issuer not cooperating'. APIPL was set up as a proprietorship firm in 1998 and reconstituted as a private limited company in 2003 with Mr Balasaheb Sudam Karle and Mr Sudam V Karle as the new directors. The firm manufactures corrugated boxes and cartons (100 gram to 2 kilogramme range) using kraft paper. Plant is in Talegaon, Pune, and operations are managed by Mr Navnath Sudam Karle, son of Mr Sudam V Karle. Boxes are priced at INR20-150 per unit. ARJUN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arjun Technologies India Limited (ATIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.28 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.42 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 2 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with ATIL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ATIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ATIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1998, and promoted by Mr P Chandrasekhar, ATIL is an engineering and equipment turnkey system supplier for the pulp and paper industry. B. P. SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of B. P. Spices (BP) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 3 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Overdraft Facility 2 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BP for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BP continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2012 and based out of Unjha, Gujarat, BP Spices repackages and trades cumin (Jeera) and fennel (saunf) seeds. Mr. Pavan Kumar Patel and Mr. Brijesh Patel are the partners. BALAMURUGAN AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Balamurugan Automobiles (BA; part of the Balamurugan Group) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BA for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BA continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2008 and based in Vellore (Tamil Nadu; AP), BA is an authorised dealer for TVS's two wheelers in Vellore district. BE, set up in 1998, is also in a similar business. The group is promoted by Mr. R. Sampath Kumar. BEST IT WORLD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Best It World India Private Limited (BIWIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BIWIPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BIWIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BIWIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BIWIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Mumbai-based BIWIPL, incorporated in 1996, distributes and markets computer systems, computer peripherals, networking, laptop, tablet and allied accessories under the brand, 'i-Ball'. The company is promoted by Mr Sandeep Parasrampuria, Mr. Rakesh Shah, Mr Anil Parasrampuria, Mr. Sunil Kedia and Mr. Vijay Dalmia. BLUE OCEAN: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of BOBPL continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B/Stable (Issuer Not Cooperating) Term Loan 3 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BOBPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BOBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BOBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BOBPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007 and promoted by Mr PC George Joseph and Mr Albin P Mathew, BOBPL manufactures IMFL at its facilities in Margao, Goa. The company has presence in Goa, Karnataka, Andhra Pradesh, Telangana, Kerala etc. CHIRAG CORPORATION: CRISIL Cuts Rating on LT/ST Loans to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Chirag Corporation (CC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with CC for obtaining information through letter and email dated August 6, 2025, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CC, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on CC is consistent with 'Assessing Information Adequacy Risk'. Based on the publicly available information, Crisil understands that the firm had irregularity in its account conduct. Hence, the ratings on bank facilities of CC have been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. CC, established in 1990 is managed by Mr Chirag Ramesh Shah, is a Mumbai-based firm that undertakes construction and repairs works of roads and drains for government department. COMPETENT PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Competent Packaging Industries (CPI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 1.12 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 3.38 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1989 CPI is engaged in manufactures polythene bags and pouches, used for which finds its application in diversified industries. The manufacturing facility is situated at Haridwar, Uttarakhand, with an installed capacity of 74700 metric tons per annum. CPI is owned and managed by Gulshan Chandok. CPR CAPITAL: CRISIL Withdraws C Rating on INR6.5cr Loan ------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of CPR Capital Services Limited (CPR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.5 CRISIL C (Issuer Not Cooperating; Withdrawn) Crisil Ratings has been consistently following up with CPR for obtaining information through and emails dated September 25, 2025 and March 5, 2026, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CPR, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPR continues to be 'Crisil C Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of CPR basis the final order of Debts Recovery Tribunal- II Delhi, filed by the Punjab National Bank against the company CPR stating account of the company has been closed. Based on the information, the Crisil Ratings has withdrawn the outstanding rating of CPR. The rating action is in line with the Crisil Ratings policy on withdrawal of ratings on bank loan facilities CPR was incorporated in Ghaziabad, Uttar Pradesh, in 1995, promoted and managed by the Garg family. Mr Pawan Garg and his immediate family hold around 74% in the company, while other relatives and friends hold the rest. It was established to provide broking services to retail and corporate clients, especially in the equity segment. The company has business interests in securities, commodities, currency derivatives, and depository services. ECOMARK GENERAL: CRISIL Hikes Rating on INR5cr LT Loan to B+ ------------------------------------------------------------ Due to inadequate information, Crisil Ratings, in line with SEBI guidelines, had migrated the rating of Ecomark General Finance and Leasing Limited (EGFLL) to 'Crisil B/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, Crisil Ratings is migrated its rating on the long-term bank facility of EGFLL to 'Crisil B+/Stable' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 Crisil B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil B/Stable') The rating action primarily takes into consideration the moderate, although improving, capital position and improving earnings profile of EGFLL. These strengths are partially offset by small scale of operations with geographical concentration, and average, albeit improving, asset quality. EGFLL, which has been in existence for over two decades, remains a small-sized non-banking financial company (NBFC) with a book size of INR26.1 crore as on December 31, 2025. Considering the company does not have any aggressive plans to scale up its business, its growth is likely to remain constrained over the medium term. Furthermore, the company is highly dependent on funds from directors and relatives, which will also be a critical factor for scaling up. In terms of profitability, the company's return on managed assets (RoMA) improved to 9.1% (annualised) for the first nine months ended December 31, 2025, as against 1.3% for fiscal 2025 (1.3% during fiscal 2024), with the profit after tax (PAT) increasing to INR2.0 crore during the same period from INR0.3 crore during fiscals 2025 and 2024, respectively, with increase in the assets under management (AUM) to INR26.1 crore as on December 31, 2025, as against INR22.2 crore for fiscal 2025 (Rs 19.7 crore for fiscal 2024). There has been increase in operating costs only during the past two years on account of scaling up of portfolio and branches expansion. Crisil Ratings overall believes ability to improve profitability from present level will primarily depend on managing its credit and operating costs. Analytical Approach For arriving at the ratings, Crisil Ratings has evaluated the standalone business and financial risk profiles of EGFLL. Key Rating Drivers - Weaknesses * Small scale of operations with regional concentration: EGFLL is a small NBFC that provides general loans and personal loans (on the lines of micro loans). Business is concentrated, with twelve branches in Kerala. The loan portfolio of the company stood at INR26.1 crore as on December 31, 2025, and INR22.2 crore as on March 31, 2025, as against INR19.7 core as on March 31, 2023. However, the scale of operations continues to remain small, they are further planning to open more branches in the current fiscal. Furthermore, the ability of the company to achieve growth from its current scale of operations will be dependent on the funding from its existing shareholders and promoters. * Average, albeit improving, asset quality: The gross non-performing assets (NPAs) have remained high for the company during the last few fiscals. The 90+ days past due (dpd) improved to 2.1% as on December 31, 2024, and 3.8% as on March 31, 2025, as compared with 9.6% as on March 31, 2024. The improvement in the asset quality in the current fiscal is backed by the write off of INR0.30 crore and INR1.8 crore for fiscal 2025 as against INR3.4 crore for fiscal 2024. The ability to improve asset quality significantly over the next few quarters will remain monitorable. Key Rating Drivers - Strengths * Moderate, albeit improving, capitalization: The networth improved to INR12.1 crore as on December 31, 2025, an increase from INR8.8 crore as on March 31, 2025. Promoters have infused INR2.14 crore capital in the current fiscal and INR1.08 crore in fiscal 2025. The gearing stood at 1.4 times as on December 31, 2025, as against 1.9 times as of fiscal 2025. The capitalisation is expected to remain comfortable, with gearing at less than 3 times over the medium term. The gearing has remained below 3 times over the past eight years. Given the moderate growth plans, the gearing should remain steady over the medium term. Liquidity Stretched The company has cash and cash equivalents of INR1.44 crore as on January 31, 2026, against which the cash outflow (including repayments and operating expenses) over the next three months up to April 2026 stood at INR3.51 crore. The liquidity cover (including 50% collections) stood at 2.2 times for next three months. Credit lines from the promoters and directors are available whenever required. Outlook Stable EGFLL should maintain moderate capitalisation, though the scale of operations is likely to remain small and the resource profile modest, over the medium term. Rating sensitivity factors Upward factors: * Significant increase in the scale of operations and diversification in portfolio * Improvement in asset quality metrics with 90+ dpd below 3% on a steady-state basis * Stability in earnings profile, with return on assets of around 3% on steady-state basis Downward factors: * Deterioration in the asset quality, leading to weakening of earnings * Stress in capitalisation, with steady-state gearing increasing above 5 times Ecomark General Finance & Leasing Ltd (EGFLL) is a NBFC based out of Thrissur (Kerala), incorporated in the year 1997. ELTA TOOLS: CRISIL Lowers Rating on INR14cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Elta Tools & Dies (ETD), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 4 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with ETD for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, CRISIL also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of ETD to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from ETD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on ETD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ETD migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. ETD is a proprietorship concern set up in February 1994 by Ms E Mary Josphine. It manufactures sheet metal components used in the manufacture of four wheelers. GALCO EXTRUSIONS: CRISIL Cuts Rating on INR40cr LT Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the ratings on certain bank facilities of Galco Extrusions Private Limited (GEX), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 40 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with GEX for obtaining NDS through letters / emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of GEX to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from GEX, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on GEX is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GEX migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Incorporated in 2007, GEX is engaged in manufacturing aluminum extrusions. The company is headquartered in Ahilya Nagar (Maharashtra) and is owned and managed by Mr. Sandesh Lodha and his family. GSPC (JPDA): Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: GSPC (JPDA) Limited GSPC Bhavan, B/H Udyog Bhavan Sector - 11, Gandhinagar, Gujarat - 382011 Liquidation Commencement Date: February 24, 2026 Court: National Company Law Tribunal Gandhinagar Bench Liquidator: Mr. Vinit Nagar 818, Shivalik Satyamev, Bopal-Ambli Cross Road, Ahmedabad, Gujarat-380058 Bopal Email: ipvinitnagar@gmail.com Tel No: 02717-416007 Last date for submission of claims: March 26, 2026 HAYAGREEVAS FABRICS: CRISIL Cuts Rating on INR37.5cr Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Hayagreevas Fabrics Private Limited (HFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 37.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with HFPL for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of HFPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from HFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on HFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HFPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. HFPL was incorporated in 2011. HFPL is engaged in manufacturing of cotton fabric (Egyptian giza cotton). HFPL manufacturing facility is located in Coimbatore, Tamil Nadu. HFPL is owned & managed by Vijayanand B and Anirudh V. HOWRAH MUNICIPAL: CRISIL Withdraws B Rating on INR10cr Bond ----------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Howrah Municipal Corporation (HMC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bond-LT 10.0 Crisil B/Stable (ISSUER NOT COOPERATING; Withdrawn) Crisil Ratings has been consistently following up with HMC through letter and email dated January 30, 2026 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any management interaction, and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the corporation, Crisil Ratings has not received any information on financial performance or strategic intent of HMC. This restricts the ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that the rating action on HMC is consistent with 'Assessing Information Adequacy Risk'. Based on the latest available information, the rating on the bond of HMC has been continues to be 'Crisil B/Stable Issuer not cooperating'. HMC is the local government of Howrah. It is the second-largest municipal corporation and urban area in the state. I-POINT CONSULTING: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: I-point Consulting Services Private Limited Sai Ameya ARC Door No. 2-8-646/3, Shop No. 2 Ground Floor, Belaji-Kavoor Road, Bilaji, Daskhina Kannada, Mangalore, Karnataka, India, 575004 Liquidation Commencement Date: March 3, 2026 Court: National Company Law Tribunal Bengalore Bench Liquidator: Hari Babu Thota # 41/1, 11th Cross, 8th Main, 2nd Block, Jayanagar, Bengaluru-560011 Email: liquidator.ipoint@gmail.com Mobile: +91 9740237291 Last date for submission of claims: April 2, 2026 ION BIO MED-ICARE: Insolvency Resolution Case Process Summary ------------------------------------------------------------- Debtor: Ion Bio Med I-Care Private Limited 213-B, Sagar Plaza-1, Road No-44, Pithampura, New Delhi, Delhi- 110034 Insolvency Commencement Date: February 4, 2026 Estimated date of closure of insolvency resolution process: August 3, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Sunita Umesh M/s. UCC & LLP, Associates Chartered Accountants, 1315, Ansal Tower, 38 Nehru Place, New Delhi Email: sunita.umesh@uccglobal.in Email: cirp.ionbio@gmail.com Last date for submission of claims: February 28, 2025 JAI AMBEY: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Jai Ambey Metals Private Limited G T Road, Panagarh Bazar, Burdwan, West Bengal, India, 713148 Insolvency Commencement Date: February 27, 2026 Order uploaded on NLCT on March 10, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: August 26, 2026 Insolvency professional: Klass Insolvency Resolution Professionals Private Limited Interim Resolution Professional: Klass Insolvency Resolution Professionals Private Limited 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata - 700020 Email: jitulohia@knjainco.com cirp.jaiambey@gmail.com Last date for submission of claims: March 24, 2026 JEBPO SERVICES: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Jebpo Services LLP We Work Salampurla Magnificia, Tin Factory, 78 Old Madras Road, Mahadevapura next to KR Puram, Bengaluru Doorvaninagar, Bangalore, Bangalore North, Karnataka, India, 560016 Liquidation Commencement Date: February 16, 2026 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Ms. Devika Sathyanarayana B 106, Sai Siri Heritage Apartments, B block Utlarahai Road, Kengari Bangalore - 560060 Karnataka Email: devilkabushaan@gmail.com Mobile No: 9620698482 Last date for submission of claims: March 17, 2026 KISHOR KALYANJI: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Kishore Kalaynji Corp LLp Registered Office: Office No. 302, Omega House, Chemtex Lane, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India Business Office: K 11/K-12, APMC Market-II, Phase-II, Dana Bunder, Vashi, Navi Mumbai, Maharashtra, India Insolvency Commencement Date: February 13, 2026 Estimated date of closure of insolvency resolution process: August 12, 2026 (180 Days) Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Ms. Vandana Garg Unit 307, 3rd Floor, Exgellencia Lodha Supremus 2, Wagle Estate, Panchpakhadi, Thane – 400604, Maharashtra, India Email: cirp.kkcorpllp@gmail.com Email: vskgarg0899@gmail.com Mobile No.: +91 8828009848 Last date for submission of claims: February 27, 2026 KRISHNAGANGA SPINNING: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Krishnaganga Spinning Mills Private Limited G T Road, Thimmapuram, Guntur - 522233, Andhra Pradesh Insolvency Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: September 6, 2026 Insolvency professional: Chillale Rajesh Interim Resolution Professional: Chillale Rajesh B-725, Western Plaza, O.U. Colony, H. S. Darga, Hyderabad, 500008 Telangana Email: chillalerajesh@yahoo.com kgsm.cirp@gmail.com Last date for submission of claims: March 24, 2026 LOANTAP CREDIT: CRISIL Lowers Rating on INR2.5cr Loan to C ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Loantap Credit Products Private Limited (LCPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.5 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil B/Stable' Issuer Not Cooperating) Crisil Ratings has been consistently following up with LCPPL for obtaining information through letter and email dated February 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of LCPPL revised to be 'Crisil C/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated May 16, 2024. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LCPPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on LCPPL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised its ratings on the bank facilities of LCPPL to 'Crisil C Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating' based on publicly available information on the company delaying payments to debt instrument facilities which are not rated by Crisil Ratings. LCPPL, formerly known as Lotus Sree Filco Pvt Ltd (LSFPL) is a wholly owned subsidiary of LFTL. LFTL started as an online marketplace in May 2016, with focus on lending customised personal loan products to salaried customers. LCPPL was a registered company since 1996 but was dormant from 2010 until 2016. In 2016, LFTL acquired LSFPL with around 24% stake, which was later increased to 100% and started originating unsecured personal loans for salaried customers from July 2016 on its book. From April 2017, it started providing MSME financing to self-employed customers as well. MANGLAM HOTEL: CRISIL Lowers Rating on INR30cr LT Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Manglam Hotel and Resort (MHR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 30 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with MHR for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of MHR to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from MHR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on MHR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MHR migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. MHR was set up in the year 2018 as a partneship firm and is owned and managed by Mr Anoop Kumar Gupta and family. The firm is currently setting up a 115-room three star hotel in Faizabad, Uttar Pradesh. The hotel will have restaurants, a dining area, banquet halls, conference rooms and boardroom. NIKVIN HEALTHCARE: CRISIL Lowers Rating on INR23cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Nikvin Healthcare India Private Limited (NHIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Fund- 0.46 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 3.08 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Working Capital 0.46 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with NHIPL for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of NHIPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from NHIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on NHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NHIPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Incorporated in 2005, NHIPL is a contract manufacturer of formulations for other pharmaceutical brands. The company produces oral solid dosage like tablets and capsules at its manufacturing unit in Baddi, Himachal Pradesh. The company is promoted by brothers Mr. Navin Kumar Gupta, Mr. Dhiraj Kumar Gupta and Mr. Praveen Kumar Gupta. PAVAN MOTORS: CRISIL Lowers Rating on INR20cr Inventory Fund to B ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Pavan Motors Private Limited (PMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 20 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB/Stable') Inventory Funding 18.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB/Stable') Inventory Funding 18 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB/Stable') Inventory Funding 5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB/Stable') Proposed Long Term 10 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB/Stable') Proposed Long Term 8.5 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with PMPL for obtaining information through letter and email dated February 9, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of PMPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. PMPL was set up in 2011 by Mr Chandra Pavan Reddy and his family. The company is the only authorized dealer for Maruti Suzuki India Ltd's cars in across Telangana, where it has 25 showrooms. POOJA SPONGE: CRISIL Withdraws D Rating on INR9cr Cash Loan ----------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Pooja Sponge Private Limited (PSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating; Withdrawn) Letter of Credit 4 CRISIL D (Issuer Not Cooperating; Withdrawn) Term Loan 7 CRISIL D (Issuer Not Cooperating; Withdrawn) Crisil Ratings has been consistently following up with PSPL for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PSPL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of PSPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. PSPL was incorporated in 2002 in Rourkela and was initially promoted by the Punjab-based Gupta family. The company was acquired in 2006 by the Agarwal family. PSPL manufactures sponge iron at its facility in Rourkela (kiln capacity of 200 tonne per day) and also trades in steel flat and long products. Operations are managed by director, Mr. Kavit Kumar Agarwal. RAM CONSTRUCTION: CRISIL Cuts Rating on INR47cr Bank Loan to D -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Shree Ram Construction Company (SRCC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee& 47 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Cash Credit 6 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SRCC for obtaining information through letter and email dated May 2, 2025, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRCC, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRCC is consistent with 'Assessing Information Adequacy Risk'. Based on the publicly available information, Crisil understands that the company had irregularity in its account conduct. Hence, the ratings on bank facilities of SRCC have been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. Promoted by the Khedia family in 1978, SRCC undertakes road and bridges upgradation and construction work for government entities such as South Eastern Coalfield Ltd, Public Works Departments, and National Highway Authority of India Ltd and road projects under Pradhan Mantri Gram Sadak Yojna. This Raipur (Chhattisgarh)-based firm is currently managed by Mr Balmukund Khedia and Mr Murlidhar Khedia. RANDHAWA AUTOMOBILE: CRISIL Lowers Rating on INR100cr Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Randhawa Automobile Engineering Private Limited (RAEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 100 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with RAEPL for obtaining information through letter and email dated February 9, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RAEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAEPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of RAEPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. RAEPL, part of Randhawa group was incorporated in June 1998. It is engaged in manufacturing and designing of all types of vehicular bodies and catering to major original equipment manufacturer. RAEPL has 8 manufacturing units and are located at Mumbai, Navi Mumbai and Thane. The company is owned & managed by Mr. Mehar Singh Randhawa (Managing Director), Mr. Gurjit Singh Randhawa (Director) and Mr. Gurprit Singh Randhawa (Director). RANJAY CONSTRUCTIONS: CRISIL Cuts Rating on INR20cr LT Loan to B ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Ranjay Constructions (RC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with RC for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of RC to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from RC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on RC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RC migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Established in 2017, RC is engaged in real estate development in Hyderabad. Mr T Jaipal Reddy, Mr T. Bala Avinash Reddy, Mr T. Anvesh Reddy, Mr V. Jeevan Reddy, Mr B. Sridhar Reddy, Mr T. Vijaya Pratap Reddy, Mr K. Sudharshan Rao and Mr N. Avinash Rao are partners in RC. RICHI RICH: Liquidation Process Case Summary -------------------------------------------- Debtor: Richi Rich Agro Foods Private Limited Village Tolanwani, Tehsil Barara District, Ambala, Barara, Haryana, India 133205 Liquidation Commencement Date: February 19, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Deepak Thukral H. No. 237/1, 44A, Chandigarh - 160047 Email: deepakthukral1@gmail.com S.C.O. No. 818, 1st Floor, Above Yes Bank N.A.C. Manimajra, Sector 13, Chandigarh - 160101 Email: liquidator.richirich@gmail.com Last date for submission of claims: March 21, 2026 SASTINADHA EPC: CRISIL Lowers Rating on INR5cr LT Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Sastinadha EPC Solutions India Private Limited (SSIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with SSIPL for obtaining NDS through letters/emails dated December 31, 2025, January 30, 2026 and February 27, 2026 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, Crisil also sent a letter dated February 26, 2026 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SSIPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive NDSs from SSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSIPL migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. SSIPL provides solar EPC services, including supply and installation of photovoltaic, heating ventilation and air conditioning (HVAC), and energy storage solutions. SEPC LTD: CRISIL Lowers Rating on Long/Short Term Debts to D ------------------------------------------------------------ Crisil Ratings has downgraded its ratings on the bank facilities of SEPC Ltd (SEPC) to 'Crisil D/Crisil D' from 'Crisil BB+/Negative/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB+/Negative') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The downgrade is on account of the company delaying its interest payment obligation on ~INR6 crore of term loan outstanding due on February 28, 2026. Besides, Crisil Ratings also notes that there have been delays of over 30 days in clearing the letter of credit dues as well as overdrawals in its cash credit accounts in the recent past. The lenders informed Crisil Ratings of these delays on March 5, 2026, while the no-default statements are awaited from the company for the last two months. As on end December 31, 2025, SEPC had INR150 crore of liquidity available from the recent rights issuance. While INR119 crore was earmarked for prepaying outstanding non-convertible debentures (NCDs), which are part of the unsustainable debt as per a recent restructuring exercise, the balance was largely available for regular operations. Crisil Ratings understands that due to the ongoing legal proceedings involving Twarit Consultancy Services Pvt Ltd (TCPL) and SEPC as respondents, the petitioners being GPE (INDIA) Ltd, GPE JV Ltd, Gaja Trustee Company Pvt Ltd (collectively called Gaja), the Madras High Court on February 19, 2026, ordered attachment of INR154 crore of SEPC's receivables. While SEPC's management continues to maintain that it is indemnified from this legal case, and any payment (if any) will be made by TCPL to Gaja, with no financial obligations on SEPC, the lenders had frozen the trust and retention account (TRA), which exacerbated the liquidity mismatch and led to delays in servicing debt obligations. Further in recent months, the company continued to face operational challenges in terms of timely recoveries from customers – largely state government bodies, impacting its liquidity position. In the past, the company faced similar challenges; albeit timely financial support was extended by the promoters - Mark AB, wherein in addition to initial equity infusion of INR350 crore during stake transfer, successive quasi equity support cumulating to INR55 crore as of March 2025 was received over the years. In fiscal 2026 too, they had infused INR13 crore as short term loans to manage the liquidity position of the company. This was in addition to the INR150 crore of liquidity available from the recent rights issuance. Analytical Approach Compulsory convertible debentures (CCDs) of INR100 crore have been treated as equity as they will be compulsorily converted to equity and will remain in the company for long (with redemption only in fiscal 2035), carrying effective yield of 4%. NCDs of INR175 crore held by the lenders as per the resolution plan has been treated as debt. The cash flows from subsidiaries are not incorporated in the projections as there are no committed or financial obligations or inflows related to these subsidiaries. Additionally, these subsidiaries do not have any fund-based and non-fund-based debt. Unsecured loans from the promoter has been treated as quasi equity as they have been availed at an interest rate of 0.01%, which is significantly below the market rates. Further, the repayment of these loans is in the form of a bullet repayment in fiscal 2035. Key Rating Drivers - Weaknesses * Stretched liquidity position resulting in delays in debt servicing: The company has delayed its interest payment obligation on ~INR6 crore of term loan that was due on February 28, 2026. Besides, there have been delays of over 30 days in clearing the letter of credit dues as well as overdrawals in its cash credit accounts in the recent past. Crisil Ratings understands the same occurred due to lenders freezing the TRA account of the company, as a response to the Madras High Court order issued on February 19, 2026 to attach INR154 crore of SEPC's receivables. Operational challenges in terms of timely recoveries from its government bodies have also strained SEPCL's liquidity position. Given SEPC's presence in the EPC business with focus on water and P&M segments for government entities, its operations have remained working capital intensive. * Susceptibility to volatility in raw material prices: Profitability remains susceptible to fluctuations in the prices of polyethylene, polyvinyl chloride, polymer resin (for water segment) pipes, which are among the key components used in the water segment projects. These products are commodities, and their prices are determined by the demand-supply scenario and the price of petroleum. While SEPC can partially pass on the price volatility to customers for a large portion of its sales, its profitability remains susceptible to volatility in raw material prices for fixed price contracts. Key Rating Drivers - Strengths * Long track record in the mid-sized EPC business, albeit working capital intensity is high: SEPC (standalone) has an execution track record of more than two decades, backed by established relationships with clients in both, the water, and P&M segments, in India and abroad. In the water segment, the company primarily executes projects in the water and waste-water distribution and water treatment areas, where it has executed large contracts for Indian clients, including various state water supply and urban infrastructure departments as well as several overseas clients. In the P&M segment, it has executed several large and marquee projects, including a cement and limestone handling system plant for Sree Jayajothi Cements Ltd, a coal chemical plant for SAIL (Rourkela), and a new turnkey circular shaft with complete winding installation project for Hutti gold mines in Raichur district of Karnataka. The company has over INR5000 crore of orders at present, spread across a host of sectors, but mainly from government bodies. Its current working capital limits are not adequate to support these large orders, necessitating additional limits/funds raise on sustained basis. Ability to arrange for adequate funding will be necessary to ensure uninterrupted operations, given recovery from existing projects tends to be delayed, as has been witnessed over the past few years. * Experienced management, in Mark AB, who is the single largest shareholder in the company: Mark AB has had considerable experience in investing and managing EPC businesses around the world, including in Russia, Algeria and Kuwait. Its experience in the EPC business in the Middle East is expected to bring in globally accepted best practices to SEPC for timely project execution. Mark AB has taken over the operational and management control of SEPC. The promoters had also committed to meet any additional funding requirements. As of February 2026, they have infused approximately INR60 crore as quasi equity bearing 0.01% interest, which is payable via a single bullet repayment in fiscal 2035. Continued fund infusion from Mark AB has helped strengthen the net worth of the company, even as profitability has been volatile. Sustained timely support will be critical to support operations and also ensure timely debt serviving, until cash flows stabilize, and recoveries improve. Liquidity Poor The company's fund-based limits of INR110 crore are currently overutilized. Its liquidity profile remains weak due to cashflow mismatches arising from delays in receivable recovery. Although the company has liquidity of around INR150 crore, including INR119 crore originally earmarked for prepayment of outstanding NCDs (for which it is currently seeking approval to revise the end-use to working capital usage), these funds are presently inaccessible as lenders have frozen the account. The company has sought permission from its shareholders to convert the end-use of the funds for working capital via a postal ballot, and these funds are expected to be made available shortly for the purpose, post banks removing the freeze from the TRA account. Rating Sensitivity Factors Upside factors: * Track record of timely debt servicing for at least over 90 days * Improvement in operating performance aiding cash generation SEPC (Shriram EPC Ltd till February 2021) was incorporated in June 2000. Mark AB has become its majority stakeholder since September 2022, post infusion of INR350 crore. SEPC specializes in executing EPC contracts, providing integrated solutions encompassing design, engineering, procurement, construction and project management services in water, P&M and infrastructure segments. Mark AB is the largest stakeholder in SEPC, with ~27% stake as on December 31, 2025. For the first nine months of fiscal 2026, SEPC had a net profit of INR40 crore and operating income of INR781 crore, compared with INR15 crore and INR485 crore, respectively, during the corresponding period of the previous fiscal. SEPC (Shriram EPC Ltd till February 2021) was incorporated in June 2000. Mark AB has become its majority stakeholder since September 2022, post infusion of INR350 crore. SEPC specializes in executing EPC contracts, providing integrated solutions encompassing design, engineering, procurement, construction and project management services in water, P&M and infrastructure segments. Mark AB is the largest stakeholder in SEPC, with ~27% stake as on December 31, 2025. For the first nine months of fiscal 2026, SEPC had a net profit of INR40 crore and operating income of INR781 crore, compared with INR15 crore and INR485 crore, respectively, during the corresponding period of the previous fiscal. SOVEREIGN INDUSTRIES: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Sovereign Industries Limited 2nd Floor, Triveni Complex Yadwad Road, Bagalkot, MUDHOL, Karnataka, India, 587313 Liquidation Commencement Date: February 13, 2026 Court: National Company Law Tribunal Bengalore Bench Liquidator: Addanki Haresh No. 36/1, 2nd floor, Munivenkatappa Complex Bellary Road, Ganga Nagar Bangalore - 560032 Email: addanki.haresh@gmail.com Email: liquidator.sovereign@gmail.com Last date for submission of claims: April 5, 2026 SS INNOVATIONS: Secures $18.6MM Through Private Stock Placement --------------------------------------------------------------- SS Innovations International, Inc. disclosed in a regulatory filing that the Company completed a private placement of its common stock which generated approximately $18.6 million in gross proceeds, before deducting offering expenses. In the offering, the Company offered and sold a total of 5,774,839 shares of common stock consisting of: * an aggregate of 1,300,006 shares of common stock at an average price of $4.00 per share for a total of approximately $5.2 million, to Dr. Sudhir Srivastava, Chairman and Chief Executive Officer (498,753 shares at $4.01 per share for a total of $2 million), Dr. Frederic Moll, Vice Chairman (501,253 shares at $3.99 per share for a total of $2 million), and Tim Adams, a director (300,000 shares at $3.99 per share for a total of $1.2 million); and * an aggregate of 4,474,833 shares of common stock at $3.00 per share for a total of approximately $13.4 million, to existing and new investors, led by Manipal Global Health Services, an existing shareholder. SSi intends to use the net proceeds from this financing for working capital and other general corporate purposes, which include, but are not limited to advancing the Company's growth initiatives in India and other existing global markets, and supporting preparation for entry into the United States and European Union markets. In connection with a $2.5 million investment by one of the non-affiliated investors in the private placement, the Company will pay a FINRA member firm a cash commission of $175,000 (7% of the investment) and issue to such firm five-year warrants to purchase 41,667 shares of the Company's common stock at an exercise price of $3.45 per share. The purchase price paid by participating directors and executive officers, reflects the "Minimum Price" as determined under the applicable rules of the Nasdaq Stock Market LLC. The Company has advised the non-affiliate investors in the private placement that within ninety (90) days of the Closing Date, it will file a Registration Statement on Form S-3 (or other applicable form) under the Securities Act of 1933, as amended, covering the resale of their shares and thereafter will use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practicable. The securities in the private placement were offered and sold in accordance with the exemption from registration afforded by Section 4(a)(2) of and Rule 506(b) of Regulation D under the Securities Act. Management Comments Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "The net proceeds from this financing will advance our growth initiatives in India and other existing global markets, while supporting our preparation for entry into the United States and European Union markets. We anticipate that the U.S. Food and Drug Administration will complete its review of our 510(k) premarket notification for our SSi Mantra surgical robotic system by mid-2026. We also continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain in 2026." Dr. Srivastava continued, "Insider participation in this financing reflects our strong confidence in SS Innovations' future and our commitment to democratizing access to world-class surgical robotic care. We appreciate the continuing support of Manipal Global Health Services, a large existing shareholder, and welcome a respected group of new shareholders in the Company." About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user friendly, and cost-effective surgical robotic solutions. Gurugram, India-based BDO India, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $69.58 million in total assets, $29.93 million in total liabilities, and $39.65 million in total stockholders' equity. SURFICA INDIA: CRISIL Upgrades Rating on INR21cr Cash Loan to B --------------------------------------------------------------- Crisil Ratings has upgraded its rating on the long-term bank facilities of Surfica India Ltd (SIL) to 'Crisil B/Stable' from 'Crisil D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21 Crisil B/Stable (Upgraded from 'Crisil D') Proposed Fund- 9 Crisil B/Stable (Upgraded from Based Bank Limits 'Crisil D') The upgrade reflects timely debt servicing by the company, followed by payment of the liability of term debt and no further instances of overdrawing the working capital facility over the six months through January 2026. The rating reflects modest scale of operations amid intense competition, large working capital requirement and average financial risk profile of SIL. These weaknesses are partially offset by the expertise of the promoters in the plywood and laminates industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SIL. Unsecured loan of INR52.08 crore, as of March 2025, has been treated as 75% equity and 25% debt as the loan is expected to be retained in the business over the medium term. Key Rating Drivers - Weaknesses * Modest scale of operations amid intense competition: The plywood and laminates industry is highly fragmented, and the consequent intense competition may continue to constrain scalability, pricing power and profitability. Revenue is expected to grow over 10% on-year in fiscal 2026 compared to INR26.61 crore in fiscal 2025 on account of improved demand and better realisation and sustained improvement in these factors are key rating sensitivity factors. * Large working capital requirement: The working capital cycle is likely to remain stretched as the company extends long credit periods to customers and maintains huge work-in-process and raw material inventory to meet business requirement. Gross current assets (GCAs) are expected to be 900-1,000 days for the three fiscals through 2026 and were ~989 days as on March 31, 2025, driven by high debtors of ~158 days and inventory levels of ~1,037 days. Improvement in these metrics will be a key rating sensitivity factor. Key Rating Drivers - Strengths Expertise of the promoters: The promoters have more than five years of experience in the plywood and laminates industry; their strong understanding of market dynamics and healthy relationships with suppliers and customers should continue to support the business. Liquidity Stretched Bank limit utilisation was high at 98% on average for the eight months through January 2026. Cash accrual is adequate against nil debt obligation in fiscal 2026 and expected to remain sufficient against debt obligation of INR1.2 crore over the medium term starting from fiscal 2027. The current ratio stood at 2.04 times as on March 31, 2025. The promoters are likely to extend timely, need-based funds (equity and unsecured loans) to aid operations. Unsecured loan of INR52.08 crore, as on March 31, 2025, supports liquidity. Outlook Stable SIL will continue to benefit from the extensive experience of its promoters and their established relationships with clients. Rating sensitivity factors Upward factors * Improvement in revenue profile and sustenance of operating margin, leading to higher-than-expected cash accrual of over INR4 crore * Improvement in the working capital cycle and financial risk profile Downward factors * Decline in revenue or operating profit, resulting in net cash accrual below INR1.3 crore * Large, debt-funded capital expenditure Incorporated in May 2017, SIL manufactures high-pressure laminates and markets it under various brands, including Digica, Extica, Innovica, Surfica, Flexica, Shinica, Slimica and Linica. Its facility is in Himatnagar, Gujarat. Raman Dhula Patel and his family members own and manage the business. VISAKHA PRIME: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Visakha Prime Properties Constructions Limited Registered Office: Flat No. 17, Lakshmi Apartments Kirlampudi Layout, Visakhaptnam (A.P.) Andhra Pradesh, India, 530003 Insolvency Commencement Date: March 4, 2026 Estimated date of closure of insolvency resolution process: August 31, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Ganesh Venkata Siva Rama Krishna Remani 302 Nahar Business Centre Chandivali Mumbai 400072 Email: ganesh.remani@nliten.in Email: cirpvisakhaprime@gmail.com Phone No: +91 9967500010 Phone No: +91 9967598910 Last date for submission of claims: March 18, 2026 WOLTERS KLUWER: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Wolters Kluwer Elm Solutions Private Limited Registered Office: Ground, First, Second and Third Floor RR Tower I, T.V.K. Industrial Estate Guindy, Guindy Industrial Estate, Chennai, Chennai City Corporation Tamil Nadu, India 600032 Liquidation Commencement Date: March 2, 2026 Court: National Company Law Tribunal Chennai Bench Liquidator: CS Nithya Pasupathy Old no: 28 (new no: 10), 3rd cross street, R.K. Nagar, Raja Annamalai Puram, Chennai, Tamil Nadu 600028 Email: nithya@prowiscorporate.com Tel No: 9566033007 Email: nithya@prowiscorporate.com Tel No. 9566033007 Last date for submission of claims: April 1, 2026 ===================== N E W Z E A L A N D ===================== AUCKLAND FIRST: Court to Hear Wind-Up Petition on April 1 --------------------------------------------------------- A petition to wind up the operations of Auckland First Construction 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. 11, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ELLERTON LIMITED: Waterstone Insolvency Appointed as Receivers -------------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on March 9, 2026, were appointed as receivers and managers of Ellerton Limited and Ying Zheng. The receivers and managers may be reached at: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 SS HOLDINGS: Creditors' Proofs of Debt Due on April 22 ------------------------------------------------------ Creditors of SS Holdings NZ Limited (formerly Smartspace NZ Limited) are required to file their proofs of debt by April 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 11, 2026. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 TVD HOLDINGS: Court to Hear Wind-Up Petition on March 27 -------------------------------------------------------- A petition to wind up the operations of TVD Holdings Limited will be heard before the High Court at Auckland on March 27, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TWEEDDALE'S HONEY: Teneo Financial Appointed as Receivers --------------------------------------------------------- Richard Nacey and Judith Shields of Teneo Financial Advisory New Zealand on March 9, 2026, were appointed as receivers and managers of Tweeddale's Honey (NZ) Limited and Donald Rodger Tweeddale and Conchita Tweeddale Partnership. The receivers and managers can be reached at: Teneo Financial Advisory New Zealand Limited Suite 6.4 1 Albert Street Auckland CBD Auckland 1010 ===================== P H I L I P P I N E S ===================== DANVIL PLANS: IC Declares End of Company's Liquidation Process -------------------------------------------------------------- Philippine Daily Inquirer reports that the Insurance Commission (IC) has issued a formal notice declaring the liquidation proceedings of Danvil Plans Inc. closed and terminated. This implements a directive issued in January to finalize the shutdown of the pre-need firm. "This hereby declares the liquidation proceedings of Danvil Plans, Inc., a corporation duly organized and existing under the laws of the Philippines, as formally closed and terminated in view of its compliance with the Insurance Commission's Circular Letter No. 2020-112," the IC said. This was through an official statement of completion of liquidation proceedings dated March 6, the Inquirer says. The Inquirer relates that the circular outlines the guidelines on formal closure of liquidation proceedings for pre-need companies. These include the final disposal and distribution of assets and unclaimed benefits. Under the IC's guidelines, the formal closure means that the company's assets have been disposed of, planholder claims settled to the extent possible and unclaimed benefits accounted for. Danvil's liquidation proceedings had already been declared completed through a directive published last January. Danvil Plans Inc. was placed under liquidation in 2014. DUAL FUEL: SEC Revokes Registration Over Illegal 'Ponzi' Scheme --------------------------------------------------------------- Philippine Daily Inquirer reports that the Securities and Exchange Commission (SEC) has revoked the incorporation of Dual Fuel Petroleum Corp., citing its illegal solicitation of investments using the 'Ponzi' scheme. In an order dated Feb. 17, the SEC's Enforcement and Investor Protection Department (EIPD) cancelled the company's corporate registration for breaching provisions of the Revised Corporation Code and the Securities Regulation Code. According to the Inquirer, regulators said Dual Fuel had engaged in activities beyond its corporate powers and offered securities without securing regulatory approvals. Section 44 of the Revised Corporation Code prohibits "ultra vires" acts or corporate actions beyond those authorized in a company's Articles of Incorporation. The Inquirer relates that the company also breached Sections 8.1, 26.1 and 28.1 of the Securities Regulation Code, which prohibit the sale of securities without registration. As part of the ruling, the SEC ordered Dual Fuel to pay a PHP1-million fine for the unauthorized offering of securities, the Inquirer relays. The incorporators were likewise directed to pay an administrative fine of PHP1 million. The incorporators are Charles Clifford Matta, Renaissance Matta, Marithe Charenai Matta, Mark Harvey Matta and Cecilio Flores. Incorporated in 2020, Dual Fuel was primarily authorized to establish, operate, manage and maintain gas stations, with franchising listed as a secondary purpose in its articles of incorporation. However, it was not authorized to solicit investments from the public or issue investment contracts, the SEC said. According to the Inquirer, an investigation by the EIPD found that the company had offered securities in the form of investment contracts without the required licenses from the SEC. Under the scheme, Dual Fuel partnered with Legends Petroleum Corporation, which acted as a franchising company, to encourage the public to become "franchise co-owners" of gasoline stations. Investors were required to shell out at least PHP500,000 in exchange for promised quarterly profits for 20 years. The company reportedly offered 280 franchisee co-owner slots covering eight gasoline stations, the Inquirer relates. ================= S I N G A P O R E ================= INNOVATE CAPITAL: Commences Wind-Up Proceedings ----------------------------------------------- Members of Innovate Capital Pte. Ltd. on March 4, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Oon Su Sun Dang Looyean Finova Advisory c/o 182 Cecil Street #23-02 Frasers Tower Singapore 069547 PARKER SINGAPORE: Commences Wind-Up Proceedings ----------------------------------------------- Members of Parker Singapore Rig Holding Pte. Ltd. on March 13, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Alex Lee Tiong Wee Boardroom Corporate & Advisory Services 1 Harbourfront Avenue #14-07 Keppel Bay Tower Singapore 098632 ST SOLUTION: Court to Hear Wind-Up Petition on April 10 ------------------------------------------------------- A petition to wind up the operations of ST Solution Group 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 T2 TEA: Australian Tea Brand Closing All Outlets in Singapore ------------------------------------------------------------- The Business Times reports that premium Australian tea specialist T2 Tea will shut all three of its outlets in Singapore. It has branches at 313@Somerset, Suntec City and VivoCity. The brand opened its first Singapore flagship store in 2017 as part of its expansion into Asia. In response to BT queries, a spokesperson for T2 Tea said the Singapore stores will close at the end of March as their "current leases reach their conclusion". The spokesperson added that the brand is "reviewing and resetting" its retail property portfolio in Asia, "which remains an important growth area". "T2 Tea is currently operating in the strongest position we have seen in more than a decade, following a period of disciplined focus and bold strategic decisions across the business." Customers across South-east Asia, including Singapore, can still buy T2 Tea's products through its online store with local currencies, BT relays. This allows the company "to serve the region more broadly" as it continues to invest in Asia and grow its footprint across more countries, said the spokesperson. BT relates that the brand will also keep serving its wholesale partners in Singapore, while exploring the "right retail opportunities" for the future. T2 Tea's priority is supporting its Singapore team through this transition, the spokesperson said, adding that the city-state will remain "an important part" of its community, BT adds. URBAN MOTORS: Placed in Provisional Liquidation ----------------------------------------------- Ms. Muk Siew Peng of ClearView Associates on March 10, 2026, was appointed as provisional liquidator of Urban Motors Pte. Ltd. The provisional liquidator may be reached at: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 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 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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