260223.mbx

260223.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 Monday, February 23, 2026, Vol. 29, No. 38 Headlines A U S T R A L I A BOWEN COKING: Argo QLD Takes Control of Burton Coal Complex EMPIRE NIGHT: First Creditors' Meeting Set for Feb. 27 ENVISION DIGITAL: First Creditors' Meeting Set for Feb. 27 MINE SUPPORT: First Creditors' Meeting Set for Feb. 26 PLENTI PL 2026-1: Moody's Assigns B2 Rating to AUD10.80MM F Notes RUOPS PTY: First Creditors' Meeting Set for Feb. 27 X3976 PTY: First Creditors' Meeting Set for Feb. 27 C H I N A ROAD KING: BVI Court Moves Hearing on Unit's Liquidation to March H O N G K O N G CIMG INC: Assentsure PAC Raises Going Concern Doubt I N D I A ANANT SKY: CRISIL Lowers Rating on INR6.01cr LT Loan to B CHANDRIKA POWER: CRISIL Withdraws B Rating on INR66.7cr Term Loan CHANNELPLAY LIMITED: CRISIL Cuts Rating on INR12cr Loan to B DEGNA BIOENERGY: CRISIL Lowers Rating on INR39.52cr LT Loan to B DIVIT VENTURES: CRISIL Lowers Rating on INR35cr Cash Loan to B FITWEL GASKET: CRISIL Withdraws B Rating on INR6cr Term Loan METENERE LTD: IDRCL Settles Insolvency Case PLACERO INTERNATIONAL: CRISIL Cuts Rating on INR16cr Loan to B PREM JAIN: CRISIL Withdraws B Rating INR45cr Cash Loan REALPLY INDUSTRIES: CRISIL Lowers Rating on INR15cr Loan to B REPOSE BAKE: CRISIL Withdraws B+ Rating on INR11.5cr Term Loan ROLLING SPIN: CRISIL Withdraws B+ Rating on INR14.1cr Term Loan ROTECH HEALTHCARE: CRISIL Withdraws B Rating on INR20cr Cash Loan ROTOCAST INDUSTRIES: CRISIL Withdraws B Rating on INR15cr Loan SELVA STONE: CRISIL Reaffirms B+ Rating on INR10cr Cash Credit SHAH MACHINES: CRISIL Withdraws B Rating on INR7cr Proposed Loan SHRINIVAS (G): CRISIL Lowers Rating on INR157cr Term Loan to B STEELMAN TELECOM: CRISIL Assigns B Rating on INR42.22cr Loan TATVA PLASTICS: CRISIL Lowers Rating on INR30cr Cash Loan to B TELAWNE POWER: CRISIL Withdraws B Rating on INR19cr Loan WIND WORLD: INOXGFL Acquires Company's IPP and O&M Assets N E W Z E A L A N D D & L DECORATORS: Court to Hear Wind-Up Petition on April 23 JC JAMES: Creditors' Proofs of Debt Due on March 20 MINGLIANG GARDEN: Creditors' Proofs of Debt Due on March 20 NZ CONCRETE: Court to Hear Wind-Up Petition on March 23 SAKURA CORPORATION: Creditors' Proofs of Debt Due on March 16 [] NEW ZEALAND: Insolvencies Hit Highest Annual Level in 2025 S I N G A P O R E AUTODEALZ PTE: Court to Hear Wind-Up Petition on March 6 DASIN RETAIL: Placed Under Interim Judicial Management GLOBAL TRADE: Court to Hear Wind-Up Petition on Feb. 27 MAXEON SOLAR: Closes SunPower Malaysia Sale to MFS Technology TIPSY BIRD: High Court Winds Up Sentosa Beach Club Operator TRIDENT WATER: Commences Wind-Up Proceedings WEALTH DYNAMIX: Creditors' Proofs of Debt Due on March 19 S O U T H K O R E A BITHUMB: FSC, FSS Criticized for Missing System Flaw - - - - - ================= A U S T R A L I A ================= BOWEN COKING: Argo QLD Takes Control of Burton Coal Complex ----------------------------------------------------------- iQ Industry Queensland reports that private mining company Argo QLD is taking the reins at the Burton coal complex following a Bowen Coking Coal creditors' meeting last week. It comes after the group heralded its arrival as a Queensland coal power late last year by acquiring a 70 per cent stake in Bowen Basin miner Fitzroy Australia Resources, iQ notes. According to iQ, a company spokesman said subsidiary Argo Bowen had reached an agreement with the administrators of Bowen Coking Coal to acquire the business and was working closely with the management team to ensure an orderly ownership transition. A second agreement has been reached for Bowen Coking Coal's mothballed Bluff mine near Blackwater, which is being sold to Maverick M Australia (controlled by UK-registered Meta Mines Investments), iQ says. Receivers and managers were appointed for Bowen Coking Coal and related entities at the start of August last year, iQ notes. The appointment of FTI Consulting's Ben Campbell, John Park and Joanne Dunn came shortly after Bowen Coking Coal called in Mark Holland and Shaun Fraser of McGrathNicol Restructuring as administrators. It followed the rejection of a company submission to the Queensland Revenue Office for a short-term deferral of royalties amid challenging market conditions for coal. The company was suspended from trading on the ASX on July 15 last year after being hit with a payment demand from its former mining contractor BUMA Australia for almost $15.3 million, iQ recalls. BUMA subsequently turned up the heat by issuing a creditor's statutory demand for more than $6.8 million. iQ notes that the company's Burton mine complex near Moranbah has continued operations throughout the sale process. Buyer Argo Bowen is backed by Talisman Partners and Mercuria Energy Group. Its purchase includes the Burton mine complex and a raft of development projects. The transactions for that package and the Bluff mine each involve a deed of company arrangement (DOCA) approved at a creditors' meeting last week, according to iQ. The target completion date for the Burton mine DOCA is in April, while the other DOCA is expected to be wrapped up next month, iQ adds. Headquartered in Brisbane, Australia, Bowen Coking Coal Limited (ASX:BCB) -- https://www.bowencokingcoal.com.au/ -- together with its subsidiaries, engages in the exploration, development, and production of metallurgical coal in Australia. The company holds interests in the Isaac River Project located in the Bowen Basin in Central Queensland; the Cooroorah Project located north of Blackwater; and the Comet Ridge Project located in Queensland, as well as the Hillalong and Burton Lenton Coking Coal Project in Bowen Basin. It also has interests in the Carborough project; Broadmeadow East coking coal project located in Bowen Basin, Queensland; and the Bluff Mine, an open cut mine located in the southern Bowen Basin. Shaun Robert Fraser and Mark Holland of McGrathNicol were appointed as administrators of the company on July 29, 2025. EMPIRE NIGHT: First Creditors' Meeting Set for Feb. 27 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Empire Night Club RnB & Cocktail Lounge Pty Ltd will be held on Feb. 27, 2026, at 10:00 a.m. at the offices of Jirsch Sutherland, at Level 9/120 Edward Street, in Brisbane, Qld and via virtual meeting. Christopher John Baskerville of Jirsch Sutherland was appointed as administrator of the company on Feb. 17, 2026. ENVISION DIGITAL: First Creditors' Meeting Set for Feb. 27 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Envision Digital Pty Ltd will be held on Feb. 27, 2026, at 1:00 p.m. via virtual meeting only. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 17, 2026. MINE SUPPORT: First Creditors' Meeting Set for Feb. 26 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Mine Support Services Pty Ltd will be held on Feb. 26, 2026, at 11:00 a.m. via virtual meeting facilities. John McInerney and Lisa Gibb of Grant Thornton Australia were appointed as administrators of the company on Feb. 16, 2026. PLENTI PL 2026-1: Moody's Assigns B2 Rating to AUD10.80MM F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as trustee of the Plenti PL & Green ABS Trust 2026-1. Issuer: Perpetual Corporate Trust Limited in in its capacity as trustee of the Plenti PL & Green ABS Trust 2026-1 AUD260.00 million Class A1 Notes, Assigned Aaa (sf) AUD60.00 million Class A1-G Notes, Assigned Aaa (sf) AUD31.60 million Class B Notes, Assigned Aa2 (sf) AUD14.40 million Class C Notes, Assigned A2 (sf) AUD7.60 million Class D Notes, Assigned Baa2 (sf) AUD10.80 million Class E Notes, Assigned Ba1 (sf) AUD10.80 million Class F Notes, Assigned B2 (sf) AUD2.80 million Class G1 Notes is not rated by us AUD2.00 million Class G2 Notes is not rated by us Plenti PL & Green ABS Trust 2026-1 is a static cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables, extended to consumer obligors located in Australia. All receivables were originated by Plenti Finance Pty Limited (Plenti). Plenti is an Australian non-bank lender providing consumer and commercial loans, including unsecured personal loans, renewable energy loans, secured auto loans and renewable BNPL contracts, to prime borrowers in Australia. Plenti is a 100%-owned subsidiary of Plenti Group Limited, established in 2014 and listed on the Australian stock exchange. As of September 2025, Plenti has originated circa AUD3.5 billion in personal and renewable energy loans. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Historical performance data. Plenti was established in 2014, with significant origination growth beginning in 2015 for personal loans, in 2017 for green personal loans and from 2021 onwards for renewable energy buy-now-pay-later (BNPL) loans. -- The evaluation of the capital structure. The transaction features a sequential/pro rata paydown structure. Initially, the notes will be repaid on a sequential basis starting with the Class A Notes (Class A1 and A1-G Notes). Once pro rata paydown conditions are satisfied, principal will be distributed pro rata among Class A through Class F Notes. Following the call date, or if the pro rata conditions are otherwise not satisfied, the principal collections distributions will revert to sequential. Initially, the Class A, Class B, Class C, Class D, Class E and Class F Notes benefit from 20.0%, 12.1%, 8.5%, 6.6%, 3.9% and 1.2% of note subordination, respectively. -- The availability of excess spread over the life of the transaction. -- The liquidity facility in the amount of 1.5% of the rated note balances, subject to a floor of AUD1.5 million. -- The interest rate swap provided by National Australia Bank Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)). -- The experience of Plenti RE Limited as servicer, and the back-up servicing arrangements with Perpetual Corporate Trust Limited. MAIN MODEL ASSUMPTIONS Moody's base case assumptions are a mean default rate of 4.5%, a recovery rate of 10.0%, and a Aaa portfolio credit enhancement ("PCE") of 22.0%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio default distribution curve and to associate a probability with each potential future default scenario in its ABSROM cash flow model. Moody's assumed mean default rate is stressed compared to the extrapolated observed levels of default, estimated at 3.9%. The stress Moody's have applied in determining its mean default rate reflects the limited historical data available for Plenti's portfolio. It also reflects the current macroeconomic trends, and other similar transactions used as a benchmark. The PCE of 22.0% is broadly in line with other comparable Australian personal loan and renewable energy ABS deals and is based on Moody's assessments of the pool taking into account (i) historical data variability, (ii) quantity, quality and relevance of historical performance data, (iii) originator quality, (iv) servicer quality, (v) certain pool characteristics, such as asset concentration. The key pool features are as follows: -- The weighted average interest rate of the portfolio is 11.6%, with interest rates ranging from 2.1% to 24.7%. -- The weighted average Equifax credit score of the portfolio is around 797. -- The weighted average remaining term of the portfolio is 67.1 months. The weighted average seasoning of the initial portfolio is 2.6 months. -- Renewable energy receivables constitute 17.7% of the portfolio, of which 1.5% are green fixed interest-bearing loans and 16.2% are BNPL loans. Renewable energy loans are extended to obligors for the purchase and installation of residential renewable energy equipment such as solar panels and home batteries. Renewable energy receivables have historically displayed lower loss rates than other personal loans. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. RUOPS PTY: First Creditors' Meeting Set for Feb. 27 --------------------------------------------------- A first meeting of the creditors in the proceedings of Ruops Pty Ltd (formerly known as Sable Rubber Operations Pty Ltd) will be held on Feb. 27, 2026, at 10:00 a.m. at the offices of DVT Mcleods, at Level 5, 145 Eagle Street, in Brisbane, QLD. Jonathan Mcleod and Nick Keramos of DVT Mcleods were appointed as administrators of the company on Feb. 17, 2026. X3976 PTY: First Creditors' Meeting Set for Feb. 27 --------------------------------------------------- A first meeting of the creditors in the proceedings of X3976 pty ltd (formerly Conrock Australia Pty Ltd) will be held on Feb. 27, 2026, at 10:00 a.m. via virtual meeting facilities. David Coyne of BRI Ferrier was appointed as administrator of the company on Dec. 12, 2025. ========= C H I N A ========= ROAD KING: BVI Court Moves Hearing on Unit's Liquidation to March ----------------------------------------------------------------- Hong Kong Business reports that the BVI Court has adjourned the winding up application against New Select Global Limited, a wholly owned subsidiary of Road King Infrastructure Limited, which will be heard on March 16, 2026, according to a regulatory announcement. The court hearing will include an application for the appointment of provisional liquidators for the subsidiary, Hong Kong Business relates. The Company disclosed on Nov. 21, 2025, that a liquidation application was filed against New Select Global Limited in the Eastern Caribbean Supreme Court in the High Court of Justice, Virgin Islands (Commercial Division). The winding up application was filed by the trustee of one series of senior notes with an alleged outstanding principal amount of US$441,594,600 plus accrued interest, of which New Select is one of the guarantors. About Road King Infrastructure Road King Infrastructure Limited, an investment holding company, invests in, develops, operates, and manages property projects and toll roads in the People's Republic of China. It operates through Property Development and Investment, Toll Road, and Investment and Asset Management segments. The company engages in the development, rental, and sale of residential and commercial properties. It also engages in the property funds, cultural, tourist, and commercial businesses. In addition, it provides financial and management services. Further, the company invests in and operates a toll road portfolio of four expressways in Mainland China and four expressways in Indonesia spanning approximately 610 kilometers. As reported in the Troubled Company Reporter-Asia Pacific in late August 2025, Moody's Ratings has downgraded Road King Infrastructure Limited's corporate family rating to Ca from Caa2. At the same time, Moody's have downgraded to C from Caa3 the backed senior unsecured ratings on the notes issued by the company's financing vehicles: RKI Overseas Finance 2017 (A) Limited, RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A) Limited, RKPF Overseas 2019 (E) Limited and RKPF Overseas 2020 (A) Limited. Moody's have also maintained the negative outlook. ================= H O N G K O N G ================= CIMG INC: Assentsure PAC Raises Going Concern Doubt --------------------------------------------------- CIMG Inc. filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended September 30, 2025. CIMG have incurred net losses since its inception in 2013, including net losses of $4.89 million and $8.97 million for the fiscal years ended September 30, 2025, and 2024, respectively. As of September 30, 2025, accumulated deficit was approximately $87.23 million. The Company said, "We expect to incur significant sales and marketing expenses, as well as costs associated with operating as an exchange-listed public company, prior to recording sufficient revenue from our operations to offset these expenses." "These losses have had, and will continue to have, an adverse effect on our working capital, total assets and stockholders' equity. Our ability to become and remain profitable will depend on our ability to generate significantly higher revenues from the sales of the Homology of Medicine and Food Series and Maca Series products, etc., which depends upon a number of factors, including but not limited to successful sales, manufacturing, marketing and distribution of our products and services." "Because of the risks and uncertainties associated with our commercialization efforts, we are unable to predict when we will become profitable, and we may never become profitable. Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our inability to achieve and then sustain profitability would have a material adverse effect on our business and financial condition." "Our independent auditor's report for the fiscal year ended September 30, 2025 includes an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern, and absent additional financing we may be unable to remain a going concern." AUDITOR GOING CONCERN QUALIFICATION Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, 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. MANAGEMENT PLANS Considering the Company's current cash resources and its current and expected levels of operating expenses for the next 12 months, the Company expects to need additional capital to fund its planned operations for at least the 12 months. This evaluation is based on relevant conditions and events that are currently known or reasonably foreseeable. A reduction in consumer demand for, or revenues from the sale of, the Company's products could further constrain our cash resources. "We intend to seek to raise additional capital through public or private equity offerings. However, we may not be able to raise such additional capital on favorable terms or at all. If we are unsuccessful in efforts to raise additional capital, based on our current levels of operating expenses, our current capital is not expected to be sufficient to fund our operations for the next twelve months. These conditions raise substantial doubt about our ability to continue as a going concern." "We may also consider raising additional capital in the future to expand our business, to pursue strategic investments or acquisitions, to take advantage of financing opportunities or for other reasons, including to: * fund development of our products; * acquire, license or invest in technologies or intellectual property relating to our existing products; * acquire or invest in complementary businesses or assets; and * finance capital expenditures and general and administrative expenses. Our present and future funding requirements will depend on many factors, including: * success of our current marketing efforts; * our revenue growth rate and ability to generate cash flows from sales of our products; * effects of competing technological and market developments; and * changes in regulatory oversight applicable to our products. "The various alternatives for raising additional capital include short-term or long-term debt financings, equity offerings, collaborations or licensing arrangements and each one carries potential risks. If we raise funds by issuing equity securities, our stockholders will be further diluted. If we raise funds by issuing debt securities, those debt securities would have rights, preferences and privileges senior to those of holders of our Common Stock. The terms of debt securities issued or borrowings pursuant to a credit agreement could impose significant restrictions on our operations or our ability to issue additional equity securities or issue additional indebtedness." "We may also be required under additional debt financing to grant security interests on our assets, including our intellectual property. If we raise funds through collaborations and licensing arrangements, we might be required to relinquish significant rights to our intellectual property, or grant licenses on terms that are not favorable to us which could lower the economic value of those items to us." "The credit markets and the financial services industry have in the past experienced turmoil and upheaval characterized by the bankruptcy, failure, collapse, or sale of various financial institutions and intervention from the U.S. federal government. Furthermore, the capital markets and the financial services industry are currently and expected to continue to be unpredictable and volatile. These events typically make equity and debt financing more difficult to obtain. Accordingly, additional equity or debt financing might not be available on reasonable terms, if at all." If the Company cannot secure additional funding when needed, including due to changes in its business plan, a lower demand for its products or other risks described in its Annual Report, it may have to delay, reduce the scope of or eliminate one or more sales and marketing initiatives and development programs, which would have a materially adverse effect on its business. A full text copy of the Company's Annual Report is available at https://tinyurl.com/swpf7r3w 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. As of September 30, 2025, the Company had $74.18 million in total assets, $27.65 million in total liabilities, and a total stockholders' equity of $46.53 million. ========= I N D I A ========= ANANT SKY: CRISIL Lowers Rating on INR6.01cr LT Loan to B --------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Anant Sky Infratech Private Limited (ASIPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 17 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Cash Credit 4.99 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Long Term 6.01 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with ASIPL for obtaining information through letter and email dated February 2, 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 ASIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of ASIPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Incorporated in 2020, ASIPL offers engineering, procurement and commissioning services, mainly of transmission lines, transmission towers and substations including related electrical and civil work; it is based in Kanpur (Uttar Pradesh). Mr. Pradeep Singh, Mr. Sharad Singh, and Mr. Deepesh Singh own and manage the business. CHANDRIKA POWER: CRISIL Withdraws B Rating on INR66.7cr Term Loan ----------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Chandrika Power Private Limited (CPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Proposed Working 3.3 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Term Loan 66.7 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Crisil Ratings has been consistently following up with CPPL for obtaining information through letter and email dated February 3, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of CPPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/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 July 11, 2025. '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 CPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPPL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised to the rating on bank facilities of CPPL to 'Crisil B/Stable Issuer not cooperating'. from 'Crisil B+/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of CPPL 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. CPPL, incorporated on May 29, 2010, has set up grain based 60 KLPD Ethanol unit in Bihar to produce ethanol in January 2024 and commercial production started on March 29, 2024. The company is promoted by Mr Ruhail Ranjan (holding 99.9% stake) and Mr Manoj Kumar (holding 0.01% stake). CHANNELPLAY LIMITED: CRISIL Cuts Rating on INR12cr Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the rating on bank facilities of Channelplay Limited (CPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.74 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Cash Credit 1.26 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Cash Credit 9 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Cash Credit 11.26 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB/Stable') Proposed Cash 2.74 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Migrated from 'Crisil BBB/Stable') Sales Bill 12 Crisil B/Stable (ISSUER NOT Discounting COOPERATING; Migrated from 'Crisil BBB/Stable') Sales Bill 8 Crisil B/Stable (ISSUER NOT Discounting COOPERATING; Migrated from 'Crisil BBB/Stable') Sales Bill 6 Crisil B/Stable (ISSUER NOT Discounting COOPERATING; Migrated from 'Crisil BBB/Stable') Crisil Ratings has been consistently following up with CPL for obtaining information through letter and email dated February 2, 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 CPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPL 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 CPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB/Stable'. CPL, incorporated in 2007, offers consultancy in human resource and marketing management. It also provides technology platforms for field force management. The business is divided into six verticals - sales force outsourcing, visual merchandising and signage, loyalty programmes, mystery shopping and audits, technology solutions and market research. Mr Sundeep Holani and Mr Sukesh Madaan are the promoters. DEGNA BIOENERGY: CRISIL Lowers Rating on INR39.52cr LT Loan to B ---------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Degna Bioenergy Private Limited (SVLPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 39.52 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with SVLPL for obtaining information through letter and email dated January 22, 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 SVLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVLPL 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 SVLPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. DBPL, incorporated in February 2023, is establishing a biogas plant in Uttar Pradesh, strategically located to utilise local biodegradable waste. The plant will produce 24,000 cubic metre of raw biogas per day, yielding 9.6 TPD of CBG and biofertilisers as byproducts. The estimated total project cost is INR60.66 crore. Dr Shaksham Mittal and Dr Navin Mittal are directors of the company. DIVIT VENTURES: CRISIL Lowers Rating on INR35cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Divit Ventures LLP (DVL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with DVL for obtaining information through letter and email dated January 14, 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 DVL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DVL 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 DVL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Set up in 2024, DVL is currently setting up a store for retailing gold jewellery in Mysuru, Karnataka, under franchise agreement with Kalyan. The store was commissioned in October 2024. DVL is owned and managed by Mr D B Raghu, Mr D B Anand, Mrs Asha S C and Ms Varsha Abhinandan. FITWEL GASKET: CRISIL Withdraws B Rating on INR6cr Term Loan ------------------------------------------------------------ CRISIL Ratings has withdrawn the ratings on certain bank facilities of Fitwel Gasket Company (India) Private Limited (FGCIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 6 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Working Capital 2.5 Crisil B/Stable/Issuer Not Demand Loan Cooperating (Withdrawn) Crisil Ratings has been consistently following up with FGCIPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FGCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FGCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of FGCIPL to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of FGCIPL 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. FGCIPL was incorporated in 1985, as a proprietorship firm, and converted into a private limited company in 2011. Operations are managed by the promoter, Mr Chaitanya S Shirole. FGCIPL manufactures gaskets and heat shields, at its facility in Pune. METENERE LTD: IDRCL Settles Insolvency Case ------------------------------------------- The Economic Times of India reports that India Debt Resolution Co Ltd (IDRCL), the managing arm of the government-backed bad bank, National Asset Reconstruction Co Ltd (NARCL), has distributed about INR330 crore among banks after resolving two accounts in its first resolutions since the bad bank started operations in 2022. Earlier this month, IDRCL completed the redemption of the security receipts (SRs) issued to banks after dealing with various intervention applications in the National Company Law Tribunal (NCLT)-monitored resolution of metals company Metenere Ltd through a INR295 crore resolution plan by Orissa Metaliks Pvt Ltd. SRs were also redeemed in the case of bankrupt solar parts maker Helios Photo Voltaic last week, resulting in a gross recovery of INR92 crore after a plan by OCL Iron & Steel was approved by the NCLT. NARCL had acquired this debt from banks under the 15:85 structure in which 15% cash was paid with the rest of the amount covered by government-backed security receipts which were to be redeemed on recovery. "In both cases, bank SRs have been redeemed. In the Metenere case about INR251 crore was distributed to banks while in the case of Helios INR78 crore was distributed, in the first such recovery for the bad bank created for this purpose," a person familiar with the matter said on condition of anonymity. IDRCL did not reply to ET's emailed queries. To be sure, the recovery in both the cases for IDRCL was very low. The company had acquired INR4,879 crore of total debt in Metenere for INR257 crore, spelling a 95% haircut. The account was already in NCLT with a INR210 crore offer from Orissa Metaliks. IDRCL acquired the company at a higher offer and ensured competing bids to Orissa Metaliks, forcing a higher final offer of INR295 crore. The final recovery, at 6% of the total debt, was just slightly higher given the large debt Metenere had. "Three of the largest public sector banks will gain most from these SR redemptions. In the Metenere case, State Bank of India (38%), Bank of Baroda (16%) and Punjab National Bank (11%) will be major beneficiaries of the INR251 crore distribution," said a second person. Similarly, in the Helios case, NARCL acquired the INR2,058 crore debt for just INR62 crore, at a haircut of 97%. The final recovery of INR92 crore just makes it slightly better at 4.5%. "NARCL and IDRCL were formed to deal with complex recovery cases which banks had not been able to solve. In both cases many legal knots had to be untied. In the Helios case, for example, a Supreme Court stay had to be lifted and a new insolvency process to be started while keeping costs under check. All this would not be possible without expertise," said the second person. In the Helios case, Punjab National Bank, with 75% of the debt, and State Bank of India (20%) will be the major beneficiaries of the recovery. PLACERO INTERNATIONAL: CRISIL Cuts Rating on INR16cr Loan to B -------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Placero International Private Limited (PIPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Cash Credit 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Overdraft Facility 5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Proposed Fund- 4 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 15 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Term Loan 10 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with PIPL for obtaining information through letter and email dated January 30, 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 PIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PIPL 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 PIPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. PIPL was incorporated in 2020, by the promoter, Mr Vedant Padia and his family members. The company manufactures chromo duro and flamingo bottles under the Pexpo brand. Its manufacturing facility in Kundli and Sonipat (both in Haryana) have an installed capacity of 10,00,000 bottles per month. PREM JAIN: CRISIL Withdraws B Rating INR45cr Cash Loan ------------------------------------------------------ CRISIL Ratings has withdrawn the ratings on certain bank facilities of Prem Jain Ispat Udyog Private Limited (PJIUPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 45 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Proposed Long Term 1.42 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Term Loan 3.58 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Crisil Ratings has been consistently following up with PJIUPL for obtaining information through letter and email dated April 21, 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 PJIUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PJIUPL is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised the rating on bank facilities of PJIUPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of PJIUPL 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. Incorporated in 2008, PJIUPL manufactures TMT bars and mild steel (MS) ingots. The company's manufacturing facility is in Ranpur, Kota in Rajasthan, and has installed capacity of 99,000 MTPA and 28,800 MTPA for TMT bars and MS ingots, respectively. The company manufactures TMT bars under its own brand, Bajaj TMT, and the Kamdhenu TMT brand under a user agreement license with Kamdhenu Ltd. PJIUPL is promoted by the Jain family, which include Mr Prem Chand Jain, Mrs Sunita Jain, Mr Tanmay Jain and Mr Dhyata Jain. REALPLY INDUSTRIES: CRISIL Lowers Rating on INR15cr Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Realply Industries Private Limited (RIPL) to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Cash Credit 1 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Letter of Credit 15 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Letter of Credit 9 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+') Rupee Term Loan 1.13 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Working Capital 1.37 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with RIPL for obtaining information through letter and email dated February 2, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of RIPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB/Stable/Crisil A4+'. Incorporated in 1997 and promoted by Mr Alok Agarwal and his family members, New Delhi-based RIPL manufactures decorative veneers and plywood at its unit in Sonipat, Haryana. REPOSE BAKE: CRISIL Withdraws B+ Rating on INR11.5cr Term Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Repose Bake House Private Limited (RBHPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 11.5 Crisil B+/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with RBHPL for obtaining information through letter and email dated August 8, 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-cooperation 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 RBHPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on RBHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RBHPL continues to be 'Crisil B+/Stable Issuer Not Cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of RBHPL 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. RBHPL was set up in July 2022 and is currently establishing a bakery to produce bread/loaf, pav and bun, rusk, sandwich and other bakery products at the Sumitra Agrotech Food Park in Assam. The facility is expected to be operational in October 2024. The company is promoted by Mr. Mukul Deka, Mr. Rajiv Deka, Mr. Anupam Deka, Mr. Samrat Deka and Mr. Sagar Rai Deka. ROLLING SPIN: CRISIL Withdraws B+ Rating on INR14.1cr Term Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Rolling Spin Flour Mills Private Limited (RSFMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 14.1 Crisil B+/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with RSFMPL for obtaining information through letter and email dated August 8, 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-cooperation 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 RSFMPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on RSFMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSFMPL continues to be 'Crisil B+/Stable Issuer Not Cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of RSFMPL 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. RSFMPL was incorporated in June 2022 with the aim of establishing a 200 tonnes per day (TPD) flour mill processing unit to produce maida, flour, sooji, bran, and refined flour at the Sumitra Agrotech Food Park located in Kuiyapani village, Mangaldai, Darrang district of Assam. ROTECH HEALTHCARE: CRISIL Withdraws B Rating on INR20cr Cash Loan ----------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Rotech Healthcare Private Limited (RHPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.75 Crisil A4 (ISSUER NOT COOPERATING; Migrated from 'Crisil A4+'; Rating Withdrawn) Cash Credit 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Proposed Long Term 0.23 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Term Loan 0.29 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Term Loan 10.23 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Term Loan 10.23 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Term Loan 0.13 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Term Loan 4.14 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Term Loan 3 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable'; Rating Withdrawn) Crisil Ratings has been consistently following up with RHPL for obtaining information through letter and email dated February 10, 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 RHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RHPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of RHPL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil BB+/Stable/Crisil A4+'. Crisil Ratings has withdrawn its ratings on the bank facilities of RHPL 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. RHPL was incorporated in 2020 as "Rotech Healthcare LLP" and was later reconstituted as a private limited in 2022. RHPL is engaged in manufacturing of hygiene products such as baby diaper pant, adult pull-ups and sanitary napkins. RHPL market their products under the brand name "Lyfcare and Lyficare". RHPL manufacturing facility is located in Rajkot, Gujarat. RHPL is owned & managed by Mr. Adarsh Patel. ROTOCAST INDUSTRIES: CRISIL Withdraws B Rating on INR15cr Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Rotocast Industries Limited (Rotocast), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.4 Crisil A4/Issuer Not Cooperating (Withdrawn) Cash Credit 15 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Letter of Credit 1.5 Crisil A4/Issuer Not Cooperating (Withdrawn) Proposed Long Term 0.1 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Crisil Ratings has been consistently following up with Rotocast for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Rotocast, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Rotocast is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised the ratings on bank facilities of Rotocast revised to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of Rotocast 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. Rotocast was incorporated in 1984, promoted by Mr Shiv Kumar Malani and Mr Hari Krishna Mohta. The company, based in Raipur, Chhattisgarh, manufactures steel abrasives (shots and grits), steel castings, fabricated products and EPE products. It has an installed capacity of 27,000 tpa for steel abrasives and 1200 tpa for alloy castings. SELVA STONE: CRISIL Reaffirms B+ Rating on INR10cr Cash Credit -------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Selva Stone Export Pvt Ltd (SSEPL) Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 10 Crisil B+/Stable (Reaffirmed) Term Loan 5.25 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the company's modest scale of operations amid intense competition in the granite industry, large working capital requirement and leveraged financial risk profile. The weaknesses are partially offset by the extensive industry experience of the promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SSEPL. Key rating drivers & detailed description Weaknesses: * Modest scale of operations amid intense competition: SSEPL's scale of operations remains low, as reflected in revenue of about INR19.6 crore in fiscal 2025 (Rs 19.5 crore in the previous fiscal). In the international markets, the company faces competition from other countries exporting granite and other natural stones. The intense competition may continue to restrict scalability and bargaining power with customers. * Large working capital requirement: Gross current assets (GCAs) were high at 251 days as on March 31, 2025, mainly due to substantial inventory. However, inventory has moderated to 183 days as on March 31, 2025, from 205 days a year earlier and is expected to remain at a similar level. * Leveraged financial risk profile: The financial risk profile is constrained by modest networth of INR7.58 crore and high gearing of 2.12 times as on March 31, 2025. Due to continuous net losses and increase in working capital requirement, the financial risk profile has weakened. In the absence of any debt-funded capital expenditure plan and with improvement in accrual, the financial risk profile is expected to improve. Strength: * Extensive experience of the promoters: Longstanding presence of the promoters, G Selvaraj, M Selvaraj and M Saravanan, in the granite industry has helped them establish healthy relationship with suppliers and customers and gain strong understanding of the dynamics of the domestic and international markets. Liquidity Stretched Bank limit utilisation was high at 100% on average for the 12 months through August 2025. Annual cash accrual is expected over INR1 crore against yearly term debt obligation of INR0.81-1.18 crore over the medium term. The current ratio was low at 0.97 time on March 31, 2025. GCAs were high at 251 days as on March 31, 2025. Outlook Stable Crisil Ratings believes SSEPL will continue to benefit from the extensive experience of its promoters in the granite industry and established relationship with clients. Rating sensitivity factors Upward factors * Sustenance of revenue and operating margin above 12%, leading to increase in cash accrual * Improvement in the financial risk profile, especially liquidity profile Downward factors * Decline in revenue or operating margin, leading to lower cash accrual * Decline in net cash accrual to debt obligation ratio below 1 time Incorporated in 2012, SSEPL processes granite stones and slabs. The company is promoted by G Selvaraj, his son M Selvaraj, and brother-in-law M Saravanan. Its manufacturing unit is in Krishnagiri, Tamil Nadu. SHAH MACHINES: CRISIL Withdraws B Rating on INR7cr Proposed Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Shah Machines Private Limited (SMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- 7 Crisil B/Stable/Issuer Not Based Bank Limits Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SMPL for obtaining information through letter and email dated January 8, 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 SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of SMPL to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of SMPL 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. Established as a proprietorship firm named Shah Tools India in 1970, SMPL was subsequently incorporated in 1995. SMPL is owned and managed by Mohd Omer and Mohd Sami. SMPL manufactures machinery including spare parts, sub-assemblies, accessories, components, and value-added design changes for preparing or making up cigarette and other special purpose machines. SMPL markets them under brand name LOGA, MK8, GD121 and AHSM. Its facility is in Hyderabad, Telangana. The customers of SMPL include ITC Limited, Godfrey Phillip India Limited and VST Industries etc., and few foreign middle east companies like Al Wadania General Trading company LLC (UAE). SHRINIVAS (G): CRISIL Lowers Rating on INR157cr Term Loan to B -------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with SEBI guidelines, had migrated the rating of Shrinivas (g) Educational And Research Institute Of Medical Sciences (SERIMS) 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 migrating the rating on bank facilities of SERIMS to 'Crisil B/Stable' from 'Crisil B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 11 Crisil B/Stable (Migrated from Bank Loan Facility 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 157 Crisil B/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 65 Crisil B/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') The rating continues to reflect the exposure of SERIMS to risks related to ongoing project and modest scale of operations. These weaknesses are partially offset by the extensive industry experience of the trustees in diversified industries. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SERIMS. Key Rating Drivers - Weaknesses * Exposure to risks related to ongoing project: Demand risk is expected to be moderate as the industry is intensely competitive. Timely completion and successful stabilisation of operations will remain key monitorable. * Modest Scale of Operations: The scale of operations of the business during the initial year of operations in FY25 was modest at around INR7.7 crore. The 150-bed medical college is expected to be operational from FY27. The commencement of the same and the sustenance of hospital operations is expected to support the business risk profile over the medium term. Key Rating Drivers - Strengths * Extensive industry experience of the trustees: The trustees have an experience of over 20 years in running various firms and have exposure in different types of industries. This has given them an understanding of the dynamics of the market and enabled them to establish healthy relationships with various stakeholders. SERIMS is currently setting up a unit that is equipped with latest equipment and technology. Therefore, the adoption of latest machinery in an industry with steady demand is expected to support its business risk profile over the medium term. Liquidity Stretched Modest cash accruals supported by infused equity of around INR120 crore is sufficient against against term debt obligation of INR6.5 crore over the medium term. Current ratio are low at 1.1 times on March 31, 2025. Outlook Stable Crisil Ratings believes that SERIMS will benefit from the extensive experience of its trustees in diversified businesses Rating sensitivity factors Upward factors * Stabilization of operations at the new unit in time with operating margins of more than 25% resulting in higher than expected accruals * Improvement in financial risk profile with timely repayments, steady accretion to reserves and no major debt funded capex plans Downward factors * Delay in commencement of operations resulting in reduced topline and operating margins lower than 15% leading to modest accruals * Any major debt funded capex plans resulting in stretch in the financial risk profile of the business SERIMS was registered as charitable trust in 2008, under section income tax act. The trust is setting up a multi-specialty hospital in Saran, Bihar. Hospital has been operational from January 2024. A 150 bed multispecialty hospital is being setup and the same is expected to be operational from Q2 FY27. The trust is managed by Mr. Shrinivas Prasad and other managing trustees. STEELMAN TELECOM: CRISIL Assigns B Rating on INR42.22cr Loan ------------------------------------------------------------ CRISIL Ratings has assigned its 'Crisil B/Stable/Crisil A4' ratings to the bank facilities of Steelman Telecom Ltd (STL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.4 Crisil A4 (Assigned) Bill Discounting 12 Crisil A4 (Assigned) Long Term Loan 19.38 Crisil B/Stable (Assigned) Working Capital Facility 42.22 Crisil B/Stable (Assigned) The ratings reflect STL's experienced management and established track record, widespread geographical presence, well-established customer base, and healthy order book providing revenue visibility. These strengths are partially offset by exposure to intense competition and susceptibility to tender-based operations. Analytical approach Crisil Ratings has combined the operational and financial risk profiles of STL and its subsidiaries. Unsecured loans from the directors have been treated as 75% equity and 25% debt. Key Rating Drivers - Weaknesses * Exposure to intense competition: Due to the presence of a large number of organised and unorganised players in the segment because of modest capital requirement, the industry is exposed to intense competition. Therefore, scale of operations determines the negotiating power with suppliers and customers, and the ability to withstand business downturns. * Risk related to investment in subsidiary: EC Wheels Pvt Ltd (EC Wheels), a subsidiary of STL, operates in the cab service business. This business requires significant initial investments for procuring fixed assets, such as cars, which have been supported by external borrowings and unsecured loans extended by the parent entity or directors. Improvement in the credit profile of the subsidiary and/or the cash flow of STL (consolidated) will remain a key monitorable over the medium term. * Weak financial risk profile: In the last two years, EC Wheels has availed debt to increase its fleet strength. Accordingly, capital structure is leveraged with gearing and total outside liabilities to tangible networth (TOLTNW) ratios of 2.28 and 2.73 times, respectively, as on March 31, 2025. Furthermore, EC Wheels has incurred huge losses in the last two fiscals due to high interest expenses, which in turn has impaired the networth and reserve and surplus leading to increase in leverage over the medium term. Debt protection metrics continue to be modest with interest coverage expected to remain around 1.1 times over the medium term. Key Rating Drivers - Strengths * Experienced management and established track record supporting the scale of operations: STL has been providing engineering, procurement and construction (EPC) and operations and maintenance (O&M) services in the telecom industry for the last two decades. It has worked on multiple telecom sites across more than five states in the country, including Orissa, Assam and West Bengal and has completed several contracts in the telecom tower segment. Further, it also benefits from the promoters' industry experience of over three decades, their strong understanding of market dynamics, and healthy relations with customers and suppliers, which will continue to aid the business. This has supported the group's topline of INR231 crore and is expected to have similar growth in fiscal 2026 as well with year-to-date revenue of around INR117 crore till September 2025. * Wide geographical presence and a well-established customer base: The company has longstanding relationships with its customers and suppliers. It has executed telecom services related projects in more than five states. Its customers include well-established players, such as Reliance Jio, Airtel, Vodafone Idea, Indus Towers, Ericsson India, Nokia Solutions, Tata Communications, Tata Consultancy Services and Bharat Sanchar Nigam Ltd. STL has bagged repeat orders from these customers. Liquidity Poor Bank limit utilisation averaged a moderate 87.36% for the 12 months ended September 2025. However, net cash accrual is expected to be less than the repayment obligations of INR13 crore, which will be supported by the infusion of unsecured loans from the directors. Current ratio was moderate at 1.03 times as on March 31, 2025. The promoters are likely to extend support in the form of equity and unsecured loans to meet the working capital requirements and repayment obligations. Outlook Stable Crisil Ratings believes STL will continue to benefit from the extensive experience of its promoters, and established relationships with clients. Rating sensitivity factors Upward factors * Significant improvement in operating margin and revenue, leading to higher net cash accrual of over INR14 crore sufficient to cover repayment obligations over the medium term. * Positive cash flow of subsidiary supporting its own operational expenses. Downward factors * Decline in operating margin below 1% or revenue leading to lower net cash accrual. * Large debt-funded capital expenditure weakening the financial risk profile of the group. About the group STL was incorporated in 2003 as Dwarka Prasad Bindal & Sons Hotels Pvt Ltd. In 2008, the name of the company was changed to Steelman Telecom Pvt Ltd. It was converted to a public limited company with the current name in 2022. STL provides support services and solutions to the telecom industry including network survey and planning, installation and commissioning, network testing and optimisation, network solutions and managed services for network maintenance. Headquartered in Kolkata, the company has presence across India. Its branch offices are in Bhubaneshwar and Gurugram, and site offices across all 28 telecom circles. STL is promoted by Mahendra Bindal, Girish Bindal, Deep Shikha Bindal, Manjushree Bindal, Saloni Bindal, Shruti Bindal and Mayank Bindal. STL's equity shares are listed on the SME platform of the Bombay Stock Exchange with effect from October 10, 2022. TATVA PLASTICS: CRISIL Lowers Rating on INR30cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Tatva Plastics Pipes Pvt Ltd (TPPPL) to 'Crisil B/Stable/Crisil A4' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 Crisil A4 (Downgraded from 'Crisil A4+') Cash Credit 30 Crisil B/Stable (Downgraded from 'Crisil BB-/Stable') Letter of Credit 10 Crisil A4 (Downgraded from 'Crisil A4+') SME Care Loan 0.23 Crisil B/Stable (Downgraded from 'Crisil BB-/Stable') Term Loan 14.77 Crisil B/Stable (Downgraded from 'Crisil BB-/Stable') The downgrade reflects the stretched liquidity of TPPPL owing to subdued business risk profile as sales declined 22% on-year in fiscal 2025 due to lower-than-expected order execution. Revenue dropped to INR49 crore in fiscal 2025 from INR62 crore in fiscal 2024 and operating margin worsened to negative 9% from negative 1.5%. The company earned revenue of INR14-15 crore till December 2025 in fiscal 2026 and is expected to close the fiscal at around INR25 crore. Liquidity was also constrained, as reflected in high bank limit utilisation of 99% on average for the 12 months through September 2025, with no cushion in cash accrual vis-à-vis debt obligation of INR2-3 crore. The promoters will need to extend unsecured loan to meet the debt obligation. The ratings reflect the dependence of TPPPL on civil/engineering, procurement and construction (EPC) contractors for sales and the leveraged capital structure of the company. The weaknesses are partially offset by the extensive experience of the promoters in the pipe and pipe fittings industry and the expected increase in the company's scale of operations. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TPPPL. Key rating drivers - Weaknesses * High dependence on EPC contractors: The demand for high-density polyethylene (HDPE) pipes is driven by government initiatives and projects. Moreover, as TPPPL supplies materials indirectly through civil/EPC contractors, it is dependent on counterparties. Sales were hit by reduced government spending on Jal Jeewan projects leading to decrease in revenue to INR49 crore in fiscal 2025 from INR62 crore in fiscal 2024. In response, TPPPL has diversified into the polyvinyl chloride (PVC) pipes segment, supplying directly to consumers. However, its PVC pipe production capacity is limited. Continued healthy relationship with civil/EPC contractors to ensure steady flow of orders will be monitorable. Decrease in revenue and inability to absorb fixed cost have resulted in negative operating margin, which has led to negative cash accrual, constraining the overall liquidity. Gross current assets (GCAs) were sizeable at 170-180 days as on March 31, 2025, on account of substantial receivables. * Leveraged capital structure: Due to debt-funded capital expenditure (capex), TPPPL's capital structure is highly leveraged. With ramp-up in operations and steady accretion to reserve, the capital structure is expected to improve. Prudent working capital management or equity infusion by the promoters, leading to a better capital structure, will remain monitorable. Key rating drivers - Strengths * Extensive experience of the promoters: Experience of more than two decades in the pipe and pipe fittings industry has given the key promoter, Gagan Goel, a sound understanding of the market dynamics, which has helped TPPPL establish healthy relations with big players in the industry. Continuous support from the promoters has enabled TPPPL to successfully implement the HDPE project and start PVC pipe production with low dependance on external funding. These factors are expected to help the company ramp up operations quickly over the medium term. Liquidity Poor Net cash accrual will be insufficient to meet debt obligation. The promoters are willing to extend unsecured loan to meet debt obligation. Bank limits were utilised extensively at 99% on average over the 12 months through September 2025. The current ratio was low at 0.32 time on March 31, 2025. Outlook Stable Crisil Ratings believes TPPPL will continue to benefit from the extensive experience of its chief promoter. Rating sensitivity factors Upward factors: * Substantial increase in revenue to over INR50 crore and improvement in profitability, leading to rising cash accrual * Strengthening of the financial risk profile and reduction in bank limit utilisation Downward factors: * Delay in stabilisation of operations leading to net cash accrual below INR1 crore * Sizeable, debt-funded capex or stretch in the working capital cycle constraining the financial risk and liquidity profile TPPPL manufactures HDPE pipes, permanently lubricated (PLB) ducts, PVC pipes, double wall corrugated (DWC) pipes and fittings. TPPPL is owned and managed by Gagan Goel (promoter of Dish Tv and Zee Entertainment), Sushila Goel and Nishi Goel. TELAWNE POWER: CRISIL Withdraws B Rating on INR19cr Loan -------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Telawne Power Equipments Private Limited (TPEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Letter of credit & Bank Guarantee 10 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Letter of credit & Bank Guarantee 19 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with TPEPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation 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 TPEPL. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on TPEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TPEPL continues to be 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of TPEPL 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. TPEPL was incorporated in 2004, promoted by Mr. Rakesh Telawne and his family members. The company manufactures power transformers in various sizes and types at its manufacturing facilities in Navi Mumbai, Maharashtra. WIND WORLD: INOXGFL Acquires Company's IPP and O&M Assets --------------------------------------------------------- The Economic Times reports that INOXGFL Group has emerged as the successful bidder for Wind World India's independent power producer (IPP) and operations and maintenance businesses (O&M) under a national company law tribunal (NCLT)-monitored bidding process, as per a stock exchange disclosure by the listed Inox Green Energy Services on Feb. 19. Financial details were not disclosed, but ET had reported the bid at INR1,800–1,900 crore. Wind World (India) Infrastructure designs, manufactures, and installs wind energy solutions, including wind turbine generators (WTGs) and infrastructure like access roads and substations. The company is a subsidiary of Wind World India Limited. As reported Troubled Company Reporter-Asia Pacific in late 2025, the Mumbai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of the corporate insolvency resolution process (CIRP) against Wind World (India) Infrastructure following an application filed by IDBI Bank. The tribunal also appointed Megha Agrawal as the interim resolution professional (IRP) for the company. ===================== N E W Z E A L A N D ===================== D & L DECORATORS: Court to Hear Wind-Up Petition on April 23 ------------------------------------------------------------ A petition to wind up the operations of D & L Decorators (2021) Limited will be heard before the High Court at Napier on April 23, 2026, at 2:15 p.m. Remarkable People Limited filed the petition against the company on Jan. 15, 2026. The Petitioner's solicitor is: Sari Robb Duncan Cotterill 197 Bridge Street Nelson 7010 JC JAMES: Creditors' Proofs of Debt Due on March 20 --------------------------------------------------- Creditors of JC James Food Limited and RMP Limited are required to file their proofs of debt by March 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2026. The company's liquidator is: Craig Young Restructuring Services Limited PO Box 87340 Auckland MINGLIANG GARDEN: Creditors' Proofs of Debt Due on March 20 ----------------------------------------------------------- Creditors of Mingliang Garden Limited are required to file their proofs of debt by March 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2026. The company's liquidator is: Simon Rogan Kelman & Co PO Box 7575 Auckland 1141 NZ CONCRETE: Court to Hear Wind-Up Petition on March 23 ------------------------------------------------------- A petition to wind up the operations of NZ Concrete Homes Limited will be heard before the High Court at Hamilton on March 23, 2026, at 10:45 a.m. Tika Interiors Limited filed the petition against the company on Jan. 22, 2026. The Petitioner's solicitor is: Tim Conder Holland Beckett 45 The Strand Tauranga SAKURA CORPORATION: Creditors' Proofs of Debt Due on March 16 ------------------------------------------------------------- Creditors of Sakura Corporation Limited are required to file their proofs of debt by March 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 12, 2026. The company's liquidator is Kevyn Botes of i-Business Recovery Limited. [] NEW ZEALAND: Insolvencies Hit Highest Annual Level in 2025 ------------------------------------------------------------- New Zealand experienced its highest level of business insolvencies since the Global Financial Crisis in 2025, according to new data from BWA Insolvency. The BWA Insolvency Quarterly Market Report confirms 3,132 liquidations, receiverships and voluntary administrations were recorded in 2025, an 11.3 per cent increase on 2024 and the highest annual total in 15 years. BWA Insolvency principal Bryan Williams said the sharp rise in failures reflects pressures that have built over several years and are now coming to the surface. The final quarter of 2025 saw a significant increase in appointments, reaching 933 cases. This was a 31.5 per cent increase on the same quarter in 2024 and the strongest quarterly rise of the year. Liquidations increased from 666 to 891 during the quarter while voluntary administrations rose from 6 to 16. Receiverships decreased from 37 to 26. Mr. Williams said the latest business confidence results show genuine signs of improvement in economic sentiment, yet they co-exist with persistent financial strain for many companies. While construction had the highest number of insolvencies in 2025, the rate of new insolvencies in the sector is slowing, with a 9.3 per cent year-on-year - much less than the sharp increases seen in previous years. This suggests the worst pressures may be easing for the industry. Several consumer-facing and cost-sensitive sectors saw substantial increases. These included food and beverage, repair and maintenance, personal services, retail trade, transport and delivery, and manufacturing. Mr. Williams said the large number of closures is unlikely to hinder the broader recovery that many forecasters expect to continue through 2026. "These closures reflect the challenges of recent years, not the conditions we are moving into. Their only connection to today's economy is that they continue operating within it, without the financial strength to survive," he said. ================= S I N G A P O R E ================= AUTODEALZ PTE: Court to Hear Wind-Up Petition on March 6 -------------------------------------------------------- A petition to wind up the operations of Autodealz Pte. Ltd. will be heard before the High Court of Singapore on March 6, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Feb. 9, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 DASIN RETAIL: Placed Under Interim Judicial Management ------------------------------------------------------ The High Court of Singapore entered an order on Feb. 10, 2026, to place Dasin Retail Trust Management Pte. Ltd. under interim judicial management. The company's interim judicial manager is Tan Jun Zhang, Solomon. GLOBAL TRADE: Court to Hear Wind-Up Petition on Feb. 27 ------------------------------------------------------- A petition to wind up the operations of Global Trade Well Pte. Ltd. will be heard before the High Court of Singapore on Feb. 27, 2026, at 10:00 a.m. Tsudakoma Corp filed the petition against the company on Feb. 2, 2026. The Petitioner's solicitors are: Resource Law LLC 10 Collyer Quay #18-01, Ocean Financial Centre Singapore 049315 MAXEON SOLAR: Closes SunPower Malaysia Sale to MFS Technology ------------------------------------------------------------- Maxeon Solar Technologies Ltd. has announced that it completed the sale of 100% equity interest in SunPower Malaysia Manufacturing Sdn. Bhd., a Malaysian private company engaged in manufacturing solar power products and a subsidiary of Maxeon, to MFS Technology (S) PTE Ltd, on February 13, 2026, pursuant to the terms of that Share Sale and Purchase Agreement entered into by and between SunPower Technology Ltd., a subsidiary of the Company, and the Buyer, on January 23, 2026. Prior the Closing, the parties amended and supplemented the SPA on February 6, 2026 and February 13, 2026, respectively, through the signing of supplementary agreements, available at https://tinyurl.com/9ufu9s7y and https://tinyurl.com/vwkram68 Supplementary Agreements to the SPA Pursuant to the February 6, 2026 Supplementary Agreement, Vendor and the Buyer agreed to include an additional completion deliverable relating to the management accounts of the Company as of the Closing Date and to amend the definitions of "Vendor's Group" and "Current Directors" in the SPA, with effect as of the date of execution of the Supplemental Agreement. Pursuant to the February 13, 2026 Supplementary Agreement, Vendor and the Buyer agreed to correct a clerical discrepancy in Clause 7.6.2 of the SPA relating to the amount of share capital reduced by the Company in Ringgit Malaysia. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $ 21.65 million in net deficit. TIPSY BIRD: High Court Winds Up Sentosa Beach Club Operator ----------------------------------------------------------- The Straits Times reports that the operator of the now-shuttered Sentosa beach club Tipsy Unicorn has been wound up by the High Court, with liquidators moving in to assess debts owed to creditors. On Jan. 23, Justice Chionh Sze Chyi ordered privately held operator Tipsy Bird into compulsory liquidation after a winding-up application was filed by UOB. Two insolvency practitioners from BDO Advisory were subsequently appointed as joint and several liquidators. Court documents seen by The Straits Times showed that UOB is seeking to recover more than SGD96,000 in debt plus interest from Tipsy Bird. However, this may not be the extent of Tipsy Bird's full liabilities, the liquidators said. In response to queries from The Straits Times in February, they noted that without the Statement of Affairs, which sets out a company's financial position at the point of collapse, they could not determine the total liabilities owed to creditors, or how many parties may be affected. "The directors of the company have not come forward to apprise the liquidators of the affairs of the company," they said, adding that this remained the position as at Feb. 16. According to the liquidators, Tipsy Bird operated Tipsy Unicorn Beach Club at 36 Siloso Beach Walk. Based on their preliminary investigations, the licences required to operate the outlet – including those for the sale of food and liquor and for aquatic facilities – were under Tipsy Bird's name at the time the winding-up order was made, ST relays. They added that the landlord has since exercised its right to take back possession of the premises. Sentosa Development Corporation (SDC), the landlord of Tipsy Unicorn's premises, confirmed on Feb. 19 that the club had ceased operations as of Jan. 30, according to ST. "Sentosa Development Corporation remains committed to curating a diverse mix of beach and lifestyle concepts on Sentosa and is in discussions with potential operators to introduce refreshed experiences over time," ST quotes SDC spokesperson as saying. When ST visited the beachfront venue on Feb. 18, the outlet was shuttered. A notice at the entrance stated that Tipsy Unicorn had ceased operations at the location with effect from Jan. 30. On Instagram, where the beach club has more than 10,000 followers, its profile description now reads "temporarily closed", ST notes. Attempts to make reservations on its website during its usual operating hours showed no available slots. ST says the closure appears to be abrupt. On Jan 26 - four days before operations ceased - the beach club had posted an Instagram reel promoting its Booze, Beats & BBQ event "happening every last Sunday of the month". Corporate records show that Tipsy Bird was incorporated in October 2018, with its principal activity listed as restaurants. Its sole shareholder is local hospitality group Tipsy Collective, ST notes. TRIDENT WATER: Commences Wind-Up Proceedings -------------------------------------------- Members of Trident Water Systems on Feb. 6, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Lim Soh Yen Loh Li Er, Lydia 133 New Bridge Road #25-03/08 Singapore 059413 WEALTH DYNAMIX: Creditors' Proofs of Debt Due on March 19 --------------------------------------------------------- Creditors of Wealth Dynamix Pte. Ltd. are required to file their proofs of debt by March 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 11, 2026. The company's liquidator is: Yiong Kok Kong c/o 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== BITHUMB: FSC, FSS Criticized for Missing System Flaw ---------------------------------------------------- Jun Ji-hye at The Korea Times reports that financial authorities are facing intensified scrutiny over their role in the recent erroneous bitcoin payout incident at Bithumb, after failing to detect critical flaws in the exchange's internal systems, which were cited as a key cause of the case, lawmakers said on Feb. 19. According to The Korea Times, data provided by Rep. Kang Min-guk of the main opposition People Power Party showed that the Financial Services Commission reviewed the exchange three times, once in 2022 and twice in 2025, while the Financial Supervisory Service (FSS) conducted three inspections of their own over the same period. Despite the repeated supervision, authorities failed to identify a key vulnerability - a system structure prone to input errors - that was blamed for the incident. The Korea Times relates that Kang said that existing safeguards were insufficient to prevent a scenario in which a single employee could trigger large-scale coin transfers, and discrepancies between actual holdings and accounting records went undetected. "The episode is not merely a technical mishap but a case that lays bare deeper structural weaknesses in the virtual asset market, including complacent supervision and gaps in regulation," the report quotes Kang as saying. On Feb. 6, Bithumb mistakenly credited 2,000 bitcoins per user instead of bitcoins worth KRW2,000 (about $1.38) during a promotional event, resulting in 620,000 bitcoins being wrongly distributed. The Korea Times says the figure far exceeded the exchange's reported holdings of approximately 42,800 bitcoins as of the third quarter last year, raising concerns that the incident exposed structural flaws in internal controls and ledger management beyond a simple input mistake. Rep. Han Chang-min of the minor Social Democratic Party also questioned whether regulators had carried out largely procedural inspections, The Korea Times relays. "Authorities appeared to be shifting responsibility onto Bithumb despite their supervisory role," Han said. The Korea Times, meanwhile, reports that the FSS has extended the deadline for its formal probe into Bithumb from Feb. 13 to the end of the month, citing the need for additional time. According to the report, the watchdog's eight-member inspection team is intensifying scrutiny of potential violations related to investor protection and anti-money laundering compliance, with particular focus on the system design that allowed coins not actually held by the exchange to be credited. Authorities have not ruled out the possibility that further erroneous payouts could be uncovered, which could deepen concerns over weak internal controls. Appearing before the National Assembly on Feb. 11, Bithumb CEO Lee Jae-won said two minor past incidents of mistaken coin distributions had occurred and were later recovered, The Korea Times relates. An FSS official said that previous cases would also be reviewed as part of the probe. Separately, an emergency response team led by the financial authorities and the Digital Asset eXchange Alliance (DAXA) has been inspecting asset verification and internal control systems at four other exchanges - Upbit, Coinone, Korbit and GOPAX, according to The Korea Times. Any shortcomings identified are expected to be reflected in DAXA's self-regulatory framework and the next phase of crypto legislation, adds The Korea Times. Bithumb is a South Korean cryptocurrency exchange. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***