260401.mbx

260401.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 1, 2026, Vol. 29, No. 65 Headlines A U S T R A L I A COMPOSITE NATURAL: Second Creditors' Meeting Set for April 10 GENETIC TECH: Advances Restructuring as Cash Reserves Dwindle HEALTHSCOPE NEWCO: Agrees Terms for Ousted CEO La Spina's Exit MA ASSET: First Creditors' Meeting Set for April 10 MECCA BRANDS: Fined Failing to Lodge Financial Reports on Time MOMENTUM CONSULTING: First Creditors' Meeting Set for April 9 STAINLESS SUPPLIES: First Creditors' Meeting Set for April 13 TOP QUALITY: First Creditors' Meeting Set for April 13 VIKARA SAUNAS: Placed in Liquidation With AUD2 Million Debt C H I N A AIR CHINA: Annual Net Loss Widens to CNY1.77BB in 2025 CHINA SOUTHERN: Returns to Profit in 2025 After 5 Years of Losses I N D I A FUTURE CORP: NCLAT Rejects BSE Plea on Defreezing Demat Accounts LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating MEGHA GUM: CRISIL Keeps D Debt Ratings in Not Cooperating MIDAS PETROCHEM: CRISIL Keeps D Debt Rating in Not Cooperating MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating MKR. TRADERS: CRISIL Keeps D Ratings in Not Cooperating Category PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating R AND M INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating RN RICE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ROHINI METALS: CRISIL Keeps D Debt Rating in Not Cooperating S. M. T. HI-TECK: CRISIL Keeps D Debt Rating in Not Cooperating SAMARTHA LEISURES: CRISIL Keeps D Debt Ratings in Not Cooperating SENTHIYAPPA MODERN: CRISIL Keeps D Ratings in Not Cooperating SHAMLAL COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating SOMANI KUTTNER: CRISIL Keeps C Debt Ratings in Not Cooperating SS AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category STANDARD PAPER: CRISIL Keeps D Debt Rating in Not Cooperating SUNDIAL MINING: CRISIL Keeps D Debt Ratings in Not Cooperating SUNITA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating SUPER JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating VENKATESWARA EDUC: CRISIL Withdraws D Rating on INR7.5cr Loan N E W Z E A L A N D BDC PLUMBING: Court to Hear Wind-Up Petition on April 16 HUKA RIDGE: Ecovis KGA Appointed as Receivers KMD BRANDS: Raises Funds to Help Recapitalise Biz; Reports 1H Loss MEVO ASSETS: First Creditors' Meeting Set for April 10 PHARMAZEN LIMITED: PwC Appointed as Receivers WRIGHT CONCRETE: Court to Hear Wind-Up Petition on April 20 S I N G A P O R E FAR EAST PROPERTY: Creditors' Proofs of Debt Due on April 27 FEO VENTURES: Creditors' Proofs of Debt Due on April 27 HAYFIN ADVISORS: Creditors' Proofs of Debt Due on April 27 NAN JING FOOD: Court to Hear Wind-Up Petition on April 10 SHANGHAI FRUITS: Court to Hear Wind-Up Petition on April 17 - - - - - ================= A U S T R A L I A ================= COMPOSITE NATURAL: Second Creditors' Meeting Set for April 10 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Composite Natural Pty Ltd, formerly trading as Innowood Natural Pty Limited, has been set for April 10, 2026, at 11:00 a.m. at the offices of TI Group (NSW) Pty Ltd, at Level 1, 17 Brookhollow Ave, in Norwest, NSW, and via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by April 9, 2026 at 4:00 p.m. Darrin Paine of TI Group (NSW) was appointed as administrator of the company on Feb. 26, 2026. GENETIC TECH: Advances Restructuring as Cash Reserves Dwindle ------------------------------------------------------------- TipRanks reports that Genetic Technologies reported its Appendix 4C and quarterly activities for the June 2025 quarter, highlighting that it remained under a Deed of Company Arrangement following its voluntary administration in November 2024. Creditors approved the restructuring plan in February 2025, and Deed Administrators continued implementing the DOCA and related restructuring initiatives through the quarter, during which the business was not trading. As at June 30, 2025, the company held AUD0.277 million in cash and cash equivalents, with operating cash flows minimal and mainly tied to residual administration and corporate costs partly offset by small operating receipts, TipRanks relays. No payments were made to related parties during the quarter, underscoring the tightly constrained operating environment as the company attempts to stabilize its financial position and progress its restructuring process. Genetic Technologies Limited (ASX:GTG) -- https://genetype.com/ -- a molecular diagnostics company, engages in the provision of predictive genetic testing and risk assessment tools to help physicians manage people's health in the America, Canada, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. HEALTHSCOPE NEWCO: Agrees Terms for Ousted CEO La Spina's Exit -------------------------------------------------------------- The Australian Financial Review reports that Healthscope has reached an agreement with ousted chief executive Tino La Spina on the terms of his exit from the company. According to the Financial Review, Mr. La Spina confirmed on March 29 he would step down, but said he still supported the plan to turn the operator into a not-for-profit entity known as For Purpose Co. "Whilst my role as chief executive has come to an end earlier than I had planned, I am not stepping [back] from my belief in the team at Healthscope and the For Purpose business," the report quotes Mr. La Spina as saying. "The future For Purpose business is unquestionably the best outcome for our superb teams of doctors, nurses and staff, but also for the patients they serve and the healthcare system overall." The Financial Review relates that Mr. La Spina was told to step down this month following a breakdown in his relationship with Healthscope's receivers, McGrathNicol. He was placed on gardening leave as the parties mediated the terms of his exit from the company. At the time, Mr. La Spina insisted that he was still chief executive and said he was disappointed the company had announced an interim boss while a mediation process was under way, the Financial Review relays. Healthscope chief operating officer Nicole Waldron was named interim chief executive. Mr. La Spina, a former Qantas executive, joined Healthscope in February last year, just months before the hospital operator fell into receivership with debts of AUD1.6 billion, and was working with McGrathNicol to implement a proposal to turn the company into a not-for-profit entity. According to the Financial Review, McGrathNicol said on March 29 it remained committed to the "For Purpose" plan, under which 31 of Healthscope's hospitals will transfer into a new, not-for-profit structure. Calvary Health Care and Healthscope's biggest landlord, Canada's Northwest Healthcare Properties, said last month they planned to lodge a rival offer for the unsold hospitals in the network within weeks, the Financial Review relays. That plan has not yet been formally presented to receivers or lenders, but sources said the parties were still working on an alternative proposal, which has also been backed by David Di Pilla's HMC Capital. In a memo sent to staff earlier this month, Mr. La Spina said he had written to McGrathNicol expressing concerns about how it was conducting the receivership. "I am concerned that the receivers are overreaching and making decisions that are outside their remit," he wrote. Healthscope would not reveal the terms of Mr. La Spina's departure or remuneration package, the Financial Review notes. His direct management style and differences of opinions with McGrathNicol over the implementation of For Purpose proposal, including how much debt it would hold, contributed to his departure, sources familiar with the situation but not authorised to speak publicly said. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MA ASSET: First Creditors' Meeting Set for April 10 --------------------------------------------------- A first meeting of the creditors in the proceedings of M.A. Asset Holding Group Pty Ltd will be held on April 10, 2026, at 3:00 p.m. via teleconference. Edwin Narayan and Mitchell Ball of Mackay Goodwin were appointed as administrators of the company on March 27, 2026. MECCA BRANDS: Fined Failing to Lodge Financial Reports on Time -------------------------------------------------------------- Three large proprietary companies associated with the Mecca group have paid AUD594,000 in infringement notices after allegedly failing to lodge audited financial reports on time, according to The Australian Securities & Investments Commission (ASIC). Mecca Brands Pty Ltd, Mecca Brands NZ Pty Ltd and RTCH Pty Ltd each paid an infringement notice of AUD198,000, after allegedly failing to lodge audited financial reports for the year ended 28 December 2024 within the statutory timeframe. The reports were due by April 28, 2025. ASIC began inquiries with Mecca in July 2025, and the companies lodged their financial statements shortly after being contacted by ASIC. Payment of an infringement notice is not an admission of guilt or liability, and the companies are not regarded as having been convicted of the alleged offence. Mecca is an Australian beauty retailer. There are over 110 Mecca stores across Australia and New Zealand, in addition to an online store. MOMENTUM CONSULTING: First Creditors' Meeting Set for April 9 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Momentum Consulting Group Pty Ltd will be held on April 9, 2026, at 11:00 a.m. via Microsoft Teams. Jeffrey Marsden and Duncan Clubb of BDO were appointed as administrators of the company on March 26, 2026. STAINLESS SUPPLIES: First Creditors' Meeting Set for April 13 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Stainless Supplies Australia Pty Ltd will be held on April 13, 2026, at 11:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via Microsoft Teams Meeting. Nick Combis of Vincents was appointed as administrator of the company on March 30, 2026. TOP QUALITY: First Creditors' Meeting Set for April 13 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Top Quality Roofing Solutions Pty Ltd will be held on April 13, 2026, at 10:00 a.m. via Virtual Meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on March 30, 2026. VIKARA SAUNAS: Placed in Liquidation With AUD2 Million Debt ----------------------------------------------------------- The Daily Telegraph reports that liquidators will probe nearly half a million dollars in questionable loans and travel expenses after sauna company Vikara Saunas collapsed with almost AUD2 million in debts. Creditors voted to liquidate the company following a period of voluntary administration that began in February 2026. Nicholas Charlwood and Glenn Livingstone of WLP Restructuring were appointed liquidators on March 26, 2026. Sydney-based Vikara Saunas retailS at-home saunas and cold plunges. ========= C H I N A ========= AIR CHINA: Annual Net Loss Widens to CNY1.77BB in 2025 ------------------------------------------------------ Reuters reports that Air China on March 26 reported a net loss of CNY1.77 billion (US$256.17 million) for 2025, reversing earlier signs of recovery, as the country's flagship carrier was hurt by market competition. The full-year loss was within the company's estimate of about CNY1.3 billion to CNY1.9 billion provided in January but significantly wider than its net loss of CNY233 million in 2024 under IFRS accounting standards, Reuters discloses. The airline swung to a ⁠loss of CNY3.64 billion in the fourth quarter after posting a profit in the third quarter on the back of the peak summer season. This year, Air China will focus on improving efficiency and profitability, the airline said in its annual report, while warning of external risks, including those stemming from jet fuel price volatility and exchange rate swings, Reuters relays. According to Reuters, the 2025 results marked Air China's sixth consecutive annual loss since 2020, as the state-owned carrier ⁠has struggled to return to break-even after the pandemic, despite the industry globally returning to profit in 2023. Contributing factors have included downward pressure on air ticket prices, subdued international travel demand and competition amongst its domestic peers as well ⁠as from China's growing high-speed rail network. Reuters adds that the airline also faces challenges stemming from the U.S.-Israeli war on Iran, which has disrupted global aviation operations, increased jet fuel costs ⁠and led some airlines to raise fares and boost fuel surcharges. China's big state-owned carriers do not hedge against increases in the oil price. Air China Limited -- http://www.airchina.com.cn/-- together with its subsidiaries, is engaged in the provision of airline, airline-related services, including aircraft engineering services, air catering services and airport ground handling services, mainly in Mainland China, Hong Kong and Macau. CHINA SOUTHERN: Returns to Profit in 2025 After 5 Years of Losses ----------------------------------------------------------------- Reuters reports that China Southern Airlines on March 30 reported a net profit of CNY857 million (US$124.01 million) for 2025, returning to the black for the first time since 2019, as it benefited from operational improvements and tighter cost controls. The Guangzhou-based carrier's full-year profit ⁠was within the company's January guidance range of CNY800 million to CNY1 billion and compared with a net loss of CNY1.7 billion in 2024, Reuters relates. It was the only one of China's "Big 3" state-owned airlines to report a full-year net ⁠profit in 2025. In its earnings guidance, the airline said the industry still faced a challenging external environment, supply-chain tightness and rising prices ⁠for aircraft, aviation materials and engines. But the carrier said it had improved its performance by ⁠optimising passenger and cargo capacity allocation and strengthening cost controls, adds Reuters. About China Southern Airlines Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- https://www.csair.com/en/ -- operates airlines, as well as perform aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. China Southern Airlines reported annual net losses of CNY32.70 billion in 2022, CNY4.21 billion in 2023 and CNY1.7 billion in 2024. ========= I N D I A ========= FUTURE CORP: NCLAT Rejects BSE Plea on Defreezing Demat Accounts ---------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by the BSE, ruling that insolvency courts have the authority to order the defreezing of Demat accounts of companies undergoing insolvency proceedings. In its order, a two-member bench of the appellate tribunal said that the National Company Law Tribunal (NCLT) has clear jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to hear such matters and pass necessary directions. It added that the earlier orders passed by the NCLT were valid and within its legal powers. According to ET, the case relates to two companies, Future Corporate Resources and Liz Traders and Agents, whose Demat accounts were frozen by BSE due to non-payment of listing fees and other regulatory dues. ET says the accounts were also frozen for non-compliance with rules, including those under listing regulations. Resolution professionals and liquidators handling these companies had approached the NCLT, seeking defreezing of the accounts so that shares held in them could be sold to recover money during the insolvency process, according to ET. ET says the Mumbai bench of the NCLT had earlier directed BSE to lift the freeze in separate orders passed in 2024 and 2025. BSE challenged these directions before the NCLAT, arguing that the NCLT did not have jurisdiction in matters governed by securities laws and regulations framed by the Securities and Exchange Board of India (SEBI). However, the appellate tribunal rejected this argument. ET relates that the NCLAT said that issues related to defreezing of Demat accounts in such cases are directly connected to the insolvency resolution process and therefore fall under the jurisdiction of the NCLT. It also clarified that such actions are not barred under the moratorium provisions of the IBC. Importantly, the tribunal highlighted that the IBC has overriding powers over other laws in case of any conflict. Referring to Section 238 of the Code, it said that provisions of the IBC will prevail over other legal frameworks, including securities laws, during insolvency or liquidation proceedings, ET relays. ET adds that the tribunal also noted that the ownership of shares in the Demat accounts was not disputed and that the dues owed by the companies had become part of the insolvency process. Therefore, the NCLT was well within its rights to deal with such matters. Future Corporate Resources Limited operates as a holding company. The Company, through its subsidiaries, offers advertisement, space hiring, event management, and feature film production services. Future Corporate Resources serves customers in India. LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi Govardana Rice Industry (SLG) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.27 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.43 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLG 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 SLG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLG continues to be 'Crisil D Issuer not cooperating'. Incorporated in year 2013, SLG is engaged into processing i.e. milling, polishing and sorting of non-basmati rice. SLG is partnership firm with V Vinod Kumar Naidu as its Managing Director. Company is having its rice mill situated at Nellore district of Andhra Pradesh. MEGHA GUM: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Megha Gum and Chemicals (MGC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.25 CRISIL D (Issuer Not Cooperating) Cash Credit 0.75 CRISIL D (Issuer Not Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MGC 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 MGC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MGC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MGC continues to be 'Crisil D Issuer not cooperating'. Set up as a proprietorship firm by Ms. Urmila Goyal, MGC commenced operations in 2005 by setting up a guar gum refining unit in Hisar, Haryana. Its cotton ginning and cotton oil refining unit began operations in November 2012. MGC is managed by Mr. Rajinder Goyal and Mr. Anuj Goyal. MIDAS PETROCHEM: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Midas Petrochem Private Limited (MPPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MPPL 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 MPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPPL continues to be 'Crisil D Issuer not cooperating'. MPPL, set up in 2012 in Mumbai, trades in poly vinyl chloride (PVC) resins. Its promoters are Mr. Dipesh Janani and his father Mr. Hasmukh Janani. The Janani family has been trading in PVC resins since 2005 through two proprietorship concerns, Midas Marketing Inc and Midas Petrochem Industries. Since 2013-14, the promoters have been shifting their trading activities to MPPL and currently all the trading activity is carried out under MPPL. MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Milestone Enterprises (ME) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Cash 0.5 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MSE 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 MSE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MSE continues to be 'Crisil D Issuer not cooperating'. MSE is a proprietorship firm promoted in 2015 by Mr Bhagat Singh. It is engaged in the manufacturing of corrugated boxes for packing automotive spare parts, fast-moving consumer goods, and agro-based products. The firm is also setting up a unit to manufacture rubber-related automotive spare parts. It also trades in auto parts. MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Millennium Business Centre - Nashik (MBC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MBC 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 MBC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBC continues to be 'Crisil D Issuer not cooperating'. Set up in 1999, MBC runs its restaurant, Yahoo in Nashik, Maharashtra. The hotel, being set up with 50 rooms, is also expected to commence operations at Nashik, in May 2019. Operations are managed by Mr Deepak Patil, Mr Mohan Patil and Mr Suhas Patil. MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Miraz Marine Food (MMF) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL C (Issuer Not Cooperating) Packing Credit 3.6 CRISIL A4 (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMF 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 MMF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMF continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. MMF, set up in 2012 is a Kodamthuruthu (Kerala)-based partnership firm that exports processed marine products. The firm is managed by the partners - Mr. Baburaj and Mr. C B Hari. MKR. TRADERS: CRISIL Keeps D Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M.K.R. Traders Private Limited (MKR) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 0.72 CRISIL D (ISSUER NOT COOPERATING) Proposed Cash 3.28 CRISIL D (ISSUER NOT Credit Limit COOPERATING) Crisil Ratings has been consistently following up with MKR 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 MKR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MKR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MKR continues to be 'Crisil D Issuer not cooperating'. Based in Sholingur, Tamil Nadu, MKR trades in provisions such as rice, maida, oil, and grams. It procures from mills, farmers, and agents, and sells to retailers in Sholingur. In August 2016, MKR entered the retail segment and opened a retail outlet in Sholingur. It plans to expand further, in the retail business, over the medium term. PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Pipe & Metal (India) (PMI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.75 CRISIL D (Issuer Not Cooperating) Proposed Fund- 4.25 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with PMI 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 PMI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PMI continues to be 'Crisil D Issuer not cooperating'. Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based proprietorship firm of Mr. Narendra Gupta. It trades in iron and steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and Rajasthan. PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pradhama Multi Speciality Hospitals & Research Institute Limited (PMSHRIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 0.75 CRISIL D (Issuer Not Cooperating) Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PMSHRIL 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 PMSHRIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMSHRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PMSHRIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2014, PMSHRIL is setting up a 593-bed multi-specialty hospital in Visakhapatnam, Andhra Pradesh. The operations of the hospital will be managed by Dr. Visweswara Rao Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started commercial operations in July, 2017. R AND M INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R and M International Private Limited (RMIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.6 CRISIL D (Issuer Not Cooperating) Cash Credit 6.9 CRISIL D (Issuer Not Cooperating) Proposed Fund- Based Bank Limits 1.1 CRISIL D (Issuer Not Cooperating) Term Loan 1.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMIPL 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 RMIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RMIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. RMIPL was incorporated in 2009 in Mumbai by Dr Rachna Rai and Mrs Meena Sarda. Subsequently Mrs Meena Sarda resigned and Dr Gopal Rai (husband of Dr Rachna Rai) joined the company as MD and CEO. The company undertakes repair and strengthening of civil structures using fibre wrapping and pre-stressing using carbon laminates. It also undertakes water proofing of civil structures. The company executes projects in Maharashtra, Karnataka, Andhra Pradesh, Gujarat, Bihar, Uttar Pradesh, Delhi, etc. RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Renganayagi Varatharaj College of Engineering (RVCE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RVCE 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 RVCE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RVCE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RVCE continues to be 'Crisil D Issuer not cooperating'. RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by the KRTA Varatharaj Educational Trust. The college is affiliated to Anna University of Technology, Tirunelveli, and accredited to All-India Council for Technical Education. The college is managed by Chairman Mr V Kesavan, Secretary Mr V Ragavan, and correspondent, Ms Brindha J Ragavan. RN RICE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. N. Rice Mill (RNRM) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RNRM 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 RNRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RNRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RNRM continues to be 'Crisil D Issuer not cooperating'. RNRM was set up in 2003 as a partnership entity by Mr Rajesh Bansal and Mr Shri Mangeram. The firm is engaged in milling basmati rice. Its facility has installed paddy milling and sorting capacity of 10 tonne per hour at Kaithal in Haryana. ROHINI METALS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Rohini Metals Industries (RMI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMI 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 RMI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMI continues to be 'Crisil D Issuer not cooperating'. RMI was established in 2016, it is located in Nagpur, Maharashtra. RMI is owned and managed by Shri Prakash Waghdhare and Smt. Sindhu Waghdhare. RMI is engaged in recycling lead acid batteries to manufacture lead ingots, with installed capacity of 18000 tons/month. S. M. T. HI-TECK: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of S. M. T. Hi-Teck Polymer (SMT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMT 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 SMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMT continues to be 'Crisil D Issuer not cooperating'. SMT was established as a proprietorship firm by Mrs.Tulasi Rani in 2012 in Muthukrishnaperi, Tamil Nadu. The firm is engaged in the manufacturing of poly-phenylene oxide (PPO) bags for the sugar, rice, cement and flour industries. SAMARTHA LEISURES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Samartha Leisures and Restaurants Private Limited (SLRPL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 2.8 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SLRPL 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 SLRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SLRPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010, SLRPL, promoted by Mr Vinayak Phalak and Ms Rohini Phalak, operates a hotel, Tanarika Resort, at Bhusaval. It is equipped with 2 suites, 33 business class rooms, 2 banquet halls, a bar, a multi-cuisine restaurant, a conference hall, a lawn, and a swimming pool. SENTHIYAPPA MODERN: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Senthiyappa Modern Rice Mill (SMRM; part of the Senthiyappa group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMRM 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 SMRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMRM continues to be 'Crisil D Issuer not cooperating'. Established in 1987 by Mr V S Madasamy as a partnership concern, SMRM processes rice at its manufacturing facilities in Tamil Nadu. The day to day operations are managed by Mr.Kannan Established in 2010 by Mr Kannan as a proprietary concern, GFH processes rice at its facilities in Tamil Nadu. SHAMLAL COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shamlal Company India Private Limited (SCIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3.5 CRISIL D (Issuer Not Cooperating) Loan Against 2.0 CRISIL D (Issuer Not Property Cooperating) Proposed Long Term 4.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SCIPL 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 SCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCIPL continues to be 'Crisil D Issuer not cooperating'. Set up as partnership firm (Shamlal and Company) in Salem, Tamil Nadu, in 1957 by Mr. Shamlal Bajaj and Mr. Desraj Bajaj, and reconstituted as a private limited company. SCIPL is engaged in dying, processing and printing of fabric, and also trades in grey fabric. The company used to trade in iron ore but discontinued that business after ban on iron ore mining. SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Shandar Snacks Private Limited (SSSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 1.50 CRISIL D (Issuer Not Cooperating) Long Term Loan 8.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSSPL 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 SSSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in May 2013, SSSPL manufactures ready-to-eat nachos in six different flavours and sells 100 percent of its produce, under the brand name 'Tastilo'. SSSPL has set-up a manufacturing facility at Kashipur, Uttarakhand. SOMANI KUTTNER: CRISIL Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Somani Kuttner India Private Limited (SKIPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL A4 (Issuer Not Cooperating) Overdraft Facility 9.1 CRISIL C (Issuer Not Cooperating) Overdraft Facility 5 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKIPL 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 SKIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SKIPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Set up in August 1996 by the Somani group, SKIPL is currently jointly promoted by the Somani group and Kuttner. The latter is a leading player in design, engineering, and installation of foundry equipment and steel mill technology. The Somani group is run by Mr DK Somani and his son, Mr TK Somani. SKIPL operates as an engineering, procurement, and commissioning contractor, and undertakes turnkey projects for the steel industry. The balance 50 percent stake in SKIPL is held by Northern Exim Pvt Ltd. SS AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S. S. Agro (SSA; part of the SS group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil D (Issuer Not Cooperating) Cash Credit 5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSA 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 SSA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSA continues to be 'Crisil D Issuer not cooperating'. The SS group, based in Jalalabad, district Bhatinda (Punjab), is managed by Mr Pravesh Kumar and his brothers. Both SSA and SSO process and sell basmati rice. STANDARD PAPER: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Standard Paper And Board India Private Limited (SPBIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPBIPL 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 SPBIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPBIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPBIPL continues to be 'Crisil D Issuer not cooperating'. SPBIPL was established in 2010 and commenced operations in 2016; it is promoted by Mr Yennarkey R Chiranjeevi Rathnam and his wife, Ms Vijayalakshmi Chiranjeevi Rathnam, who also manage operations. The company, based in Sivakasi, Tamil Nadu, is part of the Standard group and trades in printer and copier paper. SUNDIAL MINING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sundial Mining and Metals LLP (SMML) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Term Loan 3 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SMML 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 SMML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMML continues to be 'Crisil D Issuer not cooperating'. SMML was set up in September 2013 as a limited-liability partnership between Mr. G Ravi Kumar and family. This Bengaluru-based firm trades in and exports bauxite and iron ore; it primarily exports to China. SUNITA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sunita Impex Private Limited (SIPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 Crisil D (Issuer Not Cooperating) Bill Discounting 6.2 Crisil D (Issuer Not Cooperating) Export Packing 3 Crisil D (Issuer Not Credit Cooperating) Foreign Letter 1 Crisil D (Issuer Not of Credit Cooperating) Proposed Long Term 0.05 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SIPL 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 SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SIPL was set up in 1974 as a partnership, M/s Sunita Textile & Engineer, between Mr Mahavir Sonika and Mr Shushil Kumar Sonika. It was reconstituted into a private-limited company of the current name in 1991. Initially, the company traded in textile machinery; it later diversified into trading of machinery and spare parts, ranging from food processing, pharmaceutical to printing and packaging machinery. The company then ventured into manufacturing and export of readymade garments with its facility at Marathahalli (Karnataka). SUPER JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Super Jewellers Private Limited (SJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Term Loan 0.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SJPL 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 SJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJPL continues to be 'Crisil D Issuer not cooperating'. Set up as a partnership firm in 2002, and reconstituted as a private limited company in 2004, SJPL has been promoted by Mr Ajay Garg and Mr Diniv Singla. The company retails in gold, diamond, and silver jewellery from its showroom in Bhatinda. VENKATESWARA EDUC: CRISIL Withdraws D Rating on INR7.5cr Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Sri Venkateswara Educational Society - Nellore (SVES), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 4.5 CRISIL D (Issuer Not Cooperating, Withdrawn) Term Loan 7.5 CRISIL D (Issuer Not Cooperating, Withdrawn) Crisil Ratings has been consistently following up with SVES for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the ratings on bank facilities of SVES to 'Crisil D/Crisil D Issuer not cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of SVES 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. SVES, founded by Mr. Babu Naidu, in year 2012, runs an education group 'which is based out of Nellore (Andhra Pradesh) providing education from engineering to professional courses. SVES offering courses across engineering, pharmacy, business management and computer applications. ===================== N E W Z E A L A N D ===================== BDC PLUMBING: Court to Hear Wind-Up Petition on April 16 -------------------------------------------------------- A petition to wind up the operations of BDC Plumbing & Gas Limited will be heard before the High Court at Invercargill on April 16, 2026, at 10:00 a.m. Oakleys Plumbing Supplies Central Limited filed the petition against the company on Feb. 19, 2026. The Petitioner's solicitor is: Amanda Rigg c/o Kearneys Lawyers Level 1 254 Montreal Street Christchurch 8013 Email: amanda@kearneys.co.nz HUKA RIDGE: Ecovis KGA Appointed as Receivers --------------------------------------------- Gareth Russel Hoole and Raymond Paul Cox of Ecovis KGA Limited on March 24, 2026, were appointed as receivers and managers of Huka Ridge Bre Limited. The receivers and managers may be reached at: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 KMD BRANDS: Raises Funds to Help Recapitalise Biz; Reports 1H Loss ------------------------------------------------------------------ Radio New Zealand reports that outdoor retail company KMD Brands is raising funds to help recapitalise the business as it reports a first half loss of NZD13.1 million. The NZX and ASX-listed owner of Kathmandu, Rip Curl and Oboz footwear brands saw group sales grow 7.3 percent to just over NZD505 million in the six months ended January, RNZ discloses. However, gross margins fell while operating expenses were up 2.4 percent to NZD223.8 million. "We're particularly encouraged by the improved performance of Kathmandu, which has delivered double-digit same store sales growth for the first time in over two years," RNZ quotes chief executive Brent Scrimshaw as saying. In need of more capital to continue its brand turnaround strategy, the company launched a NZD65.3 million equity raising, underwritten by Goldman Sachs and Forsyth Barr, according to RNZ. RNZ relates that the new shares are being sold at six cents each, a 69.2 percent discount to KMD Brands' last traded price of 19.5 cents a share. Institutional shareholders are being offered shareholder NZD6.8 million worth of shares, with existing shareholders being offered the balance of NZD58.5 million. RNZ says the capital raising is part of the deal the company has made to refinance debt, securing a NZD205 million multi-year facility. KMD Brands had a net debt position of NZD94 million at the end of the first half. "The refinanced facility provides KMD with a stable, long-term capital structure that, in combination with the proceeds from the equity raising, is expected to provide sufficient liquidity to execute on the Next Level transformation and fund working capital requirements," the company said in its market statement. KMD Brands remained in a voluntary trading suspension after it delayed its results announcement last week and hinted at plans for the capital raising. RNZ adds that KMD Brands chairman and long-time board member David Kirk has announced he will step down in the coming months. It was not clear from the company's statement whether he will remain on the board. "With the balance sheet now strengthened through the debt refinancing and the launch of the equity raise, KMD Brands is well positioned to continue executing its Next Level strategy," RNZ quotes Mr. Kirk as saying. "Having worked closely with the board and management through this critical phase, and been on the board for 13 years, I believe this is the right time to signal my intention to step down as chairman in the coming months." The board said it has begun the process of finding a successor. About KMD Brands Based in Christchurch, New Zealand, KMD Brands Limited (ASX:KMD) -- https://www.kmdbrands.com/ -- together with its subsidiaries, designs, markets, wholesales, and retails apparel, footwear, and equipment for surfing and the outdoors under the Kathmandu, Rip Curl, and Oboz brands in New Zealand, Australia, North America, Europe, Southeast Asia, and Brazil. The company was formerly known as Kathmandu Holdings Limited and changed its name to KMD Brands Limited in March 2022. KMD Brands reported annual net losses of NZD49.76 million and NZD95.05 million for the years ended July 31, 2024 and July 31, 2025. MEVO ASSETS: First Creditors' Meeting Set for April 10 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Mevo Assets Limited and Mevo Limited will be held on April 10, 2026, at 11:00 a.m. at the offices of BDO Wellington Limited, at Level 1, 50 Customhouse Quay, in Wellington and via Microsoft Teams. Iain Shephard and Jessica Kellow of BDO Wellington Limited were appointed as administrators of the company on March 30, 2026. PHARMAZEN LIMITED: PwC Appointed as Receivers --------------------------------------------- Malcolm Hollis and Richard Nacey of PwC on March 30, 2026, were appointed as receivers and managers of Pharmazen Limited. The receivers and managers may be reached at: Malcolm Hollis Richard Nacey c/o PwC, PwC Waikato PO Box 191 Hamilton 3240 WRIGHT CONCRETE: Court to Hear Wind-Up Petition on April 20 ----------------------------------------------------------- A petition to wind up the operations of Wright Concrete Limited will be heard before the High Court at Hamilton on April 20, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 25, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ================= S I N G A P O R E ================= FAR EAST PROPERTY: Creditors' Proofs of Debt Due on April 27 ------------------------------------------------------------ Creditors of Far East Property Management Services Pte. Ltd. and Far East Real Estate Services PTE. LTD. are required to file their proofs of debt by April 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 23, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FEO VENTURES: Creditors' Proofs of Debt Due on April 27 ------------------------------------------------------- Creditors of FEO Ventures Pte. Ltd. are required to file their proofs of debt by April 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 23, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HAYFIN ADVISORS: Creditors' Proofs of Debt Due on April 27 ---------------------------------------------------------- Creditors of Hayfin Advisors Pte. Ltd. are required to file their proofs of debt by April 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 20, 2026. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 NAN JING FOOD: Court to Hear Wind-Up Petition on April 10 --------------------------------------------------------- A petition to wind up the operations of Nan Jing Food Trading 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 20, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SHANGHAI FRUITS: Court to Hear Wind-Up Petition on April 17 ----------------------------------------------------------- A petition to wind up the operations of Shanghai Fruits Pte. Ltd. will be heard before the High Court of Singapore on April 17, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 23, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 ********* 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. 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