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260226.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, February 26, 2026, Vol. 29, No. 41 Headlines A U S T R A L I A ALLIED CORPORATION: First Creditors' Meeting Set for March 4 FONE KING: Second Creditors' Meeting Set for March 2 PHOTON ENERGY: First Creditors' Meeting Set for March 2 SERVING OUR PEOPLE: First Creditors' Meeting Set for March 3 VIKARA SAUNAS: First Creditors' Meeting Set for March 4 H O N G K O N G HONOLULU COFFEE: To Close Shop After More Than 80 Years I N D I A AVESTHAGEN LIMITED: Insolvency Resolution Process Case Summary BALAJI COAL: CARE Keeps B- Debt Rating in Not Cooperating Category BYJU'S: Exceptional Items Push Aakash to INR2,443cr FY24 Loss CAPITAL VENTURES: CARE Keeps B- Debt Rating in Not Cooperating CSA INVESTMENTS: CARE Lowers Rating on INR55cr NCDs to B- DHARMADEV INFRASTRUCTURE: Insolvency Resolution Process Case Summar EARTH ICONIC: Liquidation Process Case Summary EUPHORIA TECHNOLOGIES: Liquidation Process Case Summary FEEDBACK ENERGY: Liquidation Process Case Summary JAYAMM MILK: Insolvency Resolution Process Case Summary MATRIX GAS: Insolvency Resolution Process Case Summary MIKI MAIZE: Insolvency Resolution Process Case Summary NEELKANTH SWEETS: CARE Keeps B Debt Rating in Not Cooperating NEESA AGRITECH: Liquidation Process Case Summary P.C. DEY: Liquidation Process Case Summary PANCHAM JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating PAVAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category PLUZ RESORT: CARE Keeps B- Debt Rating in Not Cooperating Category PRAYAG POLYTECH: Insolvency Resolution Process Case Summary QRS RETAIL: CARE Keeps B- Debt Rating in Not Cooperating Category RADHA CASTING: CARE Keeps B- Debt Rating in Not Cooperating RADHA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating REACH TO TEACH: Voluntary Liquidation Process Case Summary RONGOGE MEGA: CARE Keeps B- Debt Rating in Not Cooperating SATISH AGRO: CARE Keeps D Debt Rating in Not Cooperating Category SHAMSONS INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating SHANKHA DEEP: CARE Lowers Rating on INR20cr Long Term Loan to B- SHIVRAM SYNTHETICS: CARE Keeps D Debt Rating in Not Cooperating SHROFF OIL: CARE Lowers Rating on INR7cr LT Loan to B- SUN PETPACK: Liquidation Process Case Summary SURUCHI PROCESSORS: Insolvency Resolution Process Case Summary TAJSHREE CARS: CARE Keeps D Debt Rating in Not Cooperating Category TRILLION REAL: Insolvency Resolution Process Case Summary VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating ZULAIKHA MOTORS: CARE Keeps D Debt Ratings in Not Cooperating M A L A Y S I A BERJAYA LAND: Net Loss Widens to MYR121.8MM in Q2 Ended Dec. 31 EMPIRE RESORTS: S&P Lowers ICR to 'B' on Rising Refinancing Risk HENGYUAN REFINING: Net Loss Narrows to MYR260.2 Million in FY2025 N E W Z E A L A N D CONSTRUCTION & KITCHENS: Creditors' Proofs of Debt Due on March 24 CORDIAL HOMES: Director Flees Abroad Amid Unpaid Debts GARADICE LIMITED: Creditors' Proofs of Debt Due on April 17 RAMP CONTRACTING: Creditors' Proofs of Debt Due on March 19 SECPRO LIMITED: Court to Hear Wind-Up Petition on March 5 WOODEND HAIR: Court to Hear Wind-Up Petition on March 5 P H I L I P P I N E S DEL MONTE PACIFIC: Reaches Settlement With US Unit's Creditors SSI GROUP: Marks & Spencer to Close All Philippine Stores by May S I N G A P O R E ACROPOWER PTE: Commences Wind-Up Proceedings NANYANG OPTICAL: Commences Wind-Up Proceedings SEA HUB: Commences Wind-Up Proceedings SOI47TWO PTE: Commences Wind-Up Proceedings URBAN RENEWABLES: Court Enters Wind-Up Order S O U T H K O R E A [] KOREA: Gov't Unveils KRW2.1T Aid for Petrochem Restructuring - - - - - ================= A U S T R A L I A ================= ALLIED CORPORATION: First Creditors' Meeting Set for March 4 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Allied Corporation Asia Pacific Pty Limited (trading as Allied Gaming and Tech Fast Australia) will be held on March 4, 2026, at 11:00 a.m. at the offices of Clifton Hall, at Level 3, 431 King William Street, in Adelaide, SA. Daniel Lopresti and Anna Agostino of Clifton Hall were appointed as administrators of the company on Feb. 20, 2026. FONE KING: Second Creditors' Meeting Set for March 2 ---------------------------------------------------- A second meeting of creditors in the proceedings of Fone King Franchising Pty Ltd has been set for March 2, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 27, 2026 at 4:00 p.m. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Jan. 23, 2025. PHOTON ENERGY: First Creditors' Meeting Set for March 2 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Photon Energy Engineering Australia Pty Ltd, Photon Energy Australia Pty Ltd, and Photon Energy Operations Australia Pty Ltd will be held on March 2, 2026, at 11:00 a.m. via teleconference only. Blair Pleash of Hall Chadwick was appointed as administrator of the companies on Feb. 18, 2026. SERVING OUR PEOPLE: First Creditors' Meeting Set for March 3 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Serving Our People Inc will be held on March 3, 2026, at 10:30 a.m. at the offices of SV Partners, at 22 Market Street, in Brisbane, QLD. Abdul Chambal and Matthew Bookless of SV Partners were appointed as administrators of the company on Feb. 19, 2026. VIKARA SAUNAS: First Creditors' Meeting Set for March 4 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Vikara Saunas Pty Ltd will be held on March 4, 2026, at 11:00 a.m. at the offices of WLP Restructuring, Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW, and via virtual meeting technology. Nicholas Charlwood and Glenn Livingstone of WLP Restructuring were appointed as administrators of the company on Feb. 21, 2026. ================= H O N G K O N G ================= HONOLULU COFFEE: To Close Shop After More Than 80 Years ------------------------------------------------------- Genevieve Pang at Time Out Hong Kong reports that iconic cha chaan teng Honolulu Coffee Shop - one of few remaining first-generation examples of classic 'tea restaurants' in the city - is set to serve its last on Sunday, March 1, at its Wan Chai location, following more than eight long decades of being in business. According to Time Out, Honolulu Coffee Shop has been a fixture of Hong Kong's dining scene since the 1940s, celebrated as a cornerstone of heritage and a symbol of the city's idiosyncratic local cuisine. Its old-school interiors, packed with squeaky vinyl booths and glass-topped tables, also served as a filming location for the 2010 Hong Kong romantic comedy Crossing Hennessy. News of Honolulu Coffee Shop's imminent closure was shared online last week, causing customers to flock to the long-standing shop on busy Hennessy Road for one final sip of the cha chaan teng's signature Honolulu coffee and Hong Kong-style 'silk stocking' milk tea, and to enjoy a final bite of its fragrant egg tart, Time Out notes. Boasting 192 delicate layers of crust, these buttery, crispy baked goods are Honolulu's claim to fame, and the shop takes pride in the fact that its recipes have remained unchanged for more than 50 years. ========= I N D I A ========= AVESTHAGEN LIMITED: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Avesthagen Limited No. 144, NXB, Level-I, 10th Road, KIADB IT Park, Arebinnamangala, Jala Hobli, Bandikodigehalli, Bangalore, Bgnorth, Karnataka, India, 562149 Insolvency Commencement Date: February 6, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: August 5, 2026 Insolvency professional: Piyush Kisanlal Jani Interim Resolution Professional: Piyush Kisanlal Jani Om Ashray, New Laxminagar, Behind Mazar Ring Road, Gondia, Maharashtra - 441614 Email: capiyushj@gmail.com Plot No. 212, Pragati Colony, 2nd Floor, Ring Road, Chhatrapati Square, Near Kalpavruksha Hospital, Nagpur, Maharashtra - 440015 Email: cirp.avesthagenltd@gmail.com Last date for submission of claims: February 24, 2026 BALAJI COAL: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the rating on the bank facilities of Shree Balaji Coal Traders Limited (SBCTL; part of SMJ group) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CARE B-; Stable; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 20, 2024, placed the rating(s) of SBCTL under the 'issuer non-cooperating' category as SBCTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBCTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 5, 2025, November 15, 2025, November 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SBCTL, incorporated in 2002, promoted by Kolkata based Late Mr. S. M. Bhutoria, is engaged in the trading of coal and coke and providing services relating to transportation and handling of coal. SBCTL procures coal mainly from Coal India Ltd. and its subsidiaries. The company has four warehousing facilities at Dhankuni (WB), Cuttack, (Odisha), Ramgarh (Jharkhand) and Singrauli (MP). BYJU'S: Exceptional Items Push Aakash to INR2,443cr FY24 Loss ------------------------------------------------------------- BW Disrupt reports that Aakash Educational Services Limited (AESL) reported a net loss of INR2,443 crore for the financial year ended March 2024, largely due to exceptional items linked to its parent, Think & Learn Private Limited. The exceptional charges included high finance costs, provisions related to loan defaults and repayments, and write-offs involving the related party. Revenue from operations remained largely flat at INR2,438 crore in FY24, compared with INR2,399 crore in FY23, according to media reports citing ROC filings. BW Disrupt says student fees continued to drive the business, contributing 96 per cent of total revenue and rising 2 per cent to INR2,341 crore during the year. Income from franchise operations, however, declined 8.5 per cent to INR97 crore. The company also recorded INR433 crore in non-operating income, primarily from interest income, manpower services and the unwinding of discounts on security deposits, taking total income to INR2,471 crore, BW Disrupt discloses. On the cost side, employee benefits remained the largest expense, accounting for 56 per cent of total expenditure and rising 14 per cent year-on-year to INR1,411 crore, BW Disrupt relays. Depreciation and amortisation expenses increased 28 per cent to INR259 crore, while higher spending on advertising, study material, professional fees, IT and other overheads pushed total expenditure up 14 per cent to INR2,532 crore. According to BW Disrupt, the company booked INR2,720 crore in exceptional items during the year. Of this, INR1,363 crore related to interest and loan obligations, likely linked to BYJU'S, while INR780 crore in loans extended to the related party were written off. AESL also recorded a one-time termination fee of INR100 crore following the end of its service agreement with Think & Learn in May 2023. Additional charges included goodwill impairment of INR102 crore and a write-down of intangible assets worth INR300 crore. Excluding exceptional items and deferred tax, the company reported a loss of INR61 crore, compared with a profit of INR153 crore in FY23, BW Disrupt discloses. Despite the bottom-line pressure, AESL remained operationally profitable, posting an Ebitda of INR307 crore. However, its Ebitda margin declined to 12.57 per cent, while return on capital employed (ROCE) stood at 6.76 per cent. The company spent INR1.04 to earn every rupee in FY24. As of March 2024, it reported current assets of INR315 crore, including cash and bank balances. Recently, Think & Learn approached the Supreme Court of India challenging the National Company Law Appellate Tribunal's approval of Aakash's INR240 crore rights issue, BW Disrupt notes. The court declined to stay the fundraise and allowed the company to proceed, while permitting the parent to participate in proportion to its shareholding. Despite ownership challenges and legal complexities surrounding its parent, Aakash remains one of the more stable assets within the broader BYJU'S ecosystem, even as competition in the test preparation segment intensifies, says BW Disrupt. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CAPITAL VENTURES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Capital Ventures Private Limited (CVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 24.00 CARE B-; Issuer Not Cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 10, 2025, placed the rating(s) of CVPL under the 'issuer non-cooperating' category as CVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Capital Ventures Pvt. Ltd. (CVPL), incorporated in 2013, is a closely held company engaged in trading of FMCG (fast moving consumer goods) products which include personal care and home care products, spices, beverages, snacks and dietary supplements etc. Further, the company is involved in the trading (export) of rice under its brand name, "Parliament". CSA INVESTMENTS: CARE Lowers Rating on INR55cr NCDs to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of CSA Investments Private Limited (CIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 5.00 CARE B-; Stable Downgraded from debentures CARE B; Stable Non-convertible 50.00 CARE B-; Stable Downgraded from debentures CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has downgraded for the instruments of CIPL considering sustained losses, negative net worth, poor liquidity, limited track record and small scale of operations. However, CareEdge Ratings notes than the company raised INR2.95 crore in FY25 and INR0.01 crore in 9MFY26 and plans to raise further capital in FY27. Its ability to scale up while improving its financial profile would remain monitorable. Its ratings also factor in experience of the promotor. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in its net worth * Sizeable scale of operations with improvement in its financial profile Negative factors * Stretched liquidity Outlook: Stable The stable outlook factors in CareEdge Ratings' expectation that CIPL will continue to maintain its credit profile. Detailed description of key rating drivers: Key weaknesses * Limited track record with small scale of operations: Having incorporated in January 2022, CIPL is involved in investing and trading in the equity market, foreign currency derivatives, future & options and other fixed income products. As on September 30, 2025, it had a total investment book of INR4.01 crore. Continued losses The company continued to report losses with a net loss of INR1.69 crore in H1FY26 against loss of INR3.69 crore in FY25. Its losses are largely driven by low revenue in comparison to direct expenses and finance cost. Going forward, the company's ability to achieve economies of scale and subsequently break even remain a key rating monitorable. * Revenue depending on capital market instruments: CIPL's major source of revenue is from investing and trading in the stock market, reflecting limited revenue diversification. Given that proprietary trading activities are exposed to market volatility, earnings profile becomes highly sensitive to market movements. CareEdge Ratings expects the proprietary trading income to continue to be a major revenue contributor. Key strengths * Experienced promotor: Chiranshu Arora is CIPL's promotor and Managing Director. He possesses extensive 12-year experience in the financial services industry ranging from investment banking, wealth management, fund management, equity research, and stock broking operations. Sunny Dhiman, Chief Financial Officer of the company holds a decade-long expertise in Finance & Accounts. Malika Verma is the Company Secretary and Compliance officer of CIPL who has experience in diverse sectors. Liquidity: Poor The company has cash and bank balance of INR1.68 crore as on September 30, 2025 ( INR3.08 crore as on December 31, 2025), along with investment book of INR4.01 crore which is largely liquid investments. Against this it had borrowings including NCDs of INR15.85 crore as on September 30, 2025 (~ INR22 crore as on December 31, 2025), with monthly interest payouts. However, the company has been mainly reliant on equity support and debt funded operations to fund opex requirements. Its ability to raise funds continuously will remain crucial. CIPL was incorporated on January 7, 2022. The company invests and trades in the equity market, forex, derivatives and other fixed income products. It had total assets of INR14.4 crore as of September 2025. Chiranshu Arora, CIPL's managing director, possesses an extensive 11-year experience in the financial services industry. DHARMADEV INFRASTRUCTURE: Insolvency Resolution Process Case Summar ------------------------------------------------------------------- Debtor: Dharmadev Infrastructure Limited Dharmadev House, Shyamal Cross Road, Satellite, Ahmedabad, Gujarat - 380015 Insolvency Commencement Date: February 9, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: August 8, 2026 Insolvency professional: Rajendra Puranik Interim Resolution Professional: Rajendra Puranik C-601, Dindoshi Onkar CHS Ltd. Shivdham Complex, Off Gen A. K. Vaidya Marg, Malad East, Mumbai - 400097 Email: rdpuranik@gmail.com ip.dharmadev@gmail.com Classes of Creditors: Allottees of Real Estate Representative of Creditors in a class: 1. Mr. Malav Jitendra Ajmera 2. Mr. Chirag Rajendra Kumar Shah 3. Mr. Rahul Nareshbhai Shah Last date for submission of claims: February 23, 2026 EARTH ICONIC: Liquidation Process Case Summary ---------------------------------------------- Debtor: Earth Iconic Infrastructures Private Limited B-100, Second Floor, Nariana Industrial Area, Phase-1, South West Delhi, Delhi, India, 110028 Liquidation Commencement Date: January 10, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Vaneet Bhatia Unit No-230, RG Mall, Sector-9, Rohini, North West, National Capital Territory of Delhi, 110085 Email: vaneetbhatia4@gmail.com earthiconicliquidation@gmail.com Last date for submission of claims: April 17, 2026 EUPHORIA TECHNOLOGIES: Liquidation Process Case Summary ------------------------------------------------------- Debtor: Euphoria Technologies Private Limited Office No. 403, 4th Floor, Nishal Arcade Shopping, Near Vaishali Row House, Green City Road, Pal, Surat, Gujarat, India, 395009 Liquidation Commencement Date: January 30, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Bhavik Haribhai Rupapara 303, Silver Hill Apartment, Pal Road, Opposite Sanskar City Apartment, Opposite Ramdhan Ashram, Mavdi Area, Rajkot, Gujarat, 360001 Email: cabhavikr3@gmail.com Solvenza Advisory LLP Plot No. 45,51, Office No. 1, Gami Terra, Sector-6, Sanpada, Thane, Maharashtra, India, 400705 Email: liq.euphoriatechnologies@gmail.com Last date for submission of claims: March 1, 2026 FEEDBACK ENERGY: Liquidation Process Case Summary ------------------------------------------------- Debtor: Feedback Energy Distribution Company Limited Registered Office: 311, 3rd Floor, Vardhaman Plaza, Pocket-7, Plot No-6, Sector-12, Dwarka, New Delhi - 110078 Where Books of Accounts are maintained: 5th Floor, JSS STP Tower-II, IDCO Plot No-E-11/1, & 11/2 Infocity Area, Chandra Shekha rPur, Bhubaneswar, Orissa - 751024 Liquidation Commencement Date: January 28, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Prabhakar Kumar B-5/41, Ground Floor, Vivekanand Apartment, Sec-8, Rohini, New Delhi - 110085 Email: prabhakar_acs@rediffmail.com feedbackenergy.ibc@gmail.com Last date for submission of claims: March 8, 2026 JAYAMM MILK: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Jayamm Milk Products Private Limited D.No. 162/Ward 1, GH Near Govindanagram Theni, Tamil Nadu - 625517 Insolvency Commencement Date: February 13, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: August 12, 2026 Insolvency professional: Tanveer Ilahi Interim Resolution Professional: Tanveer Ilahi D-158/At. No. IV/145, Jaitpur Extension-II, Badarpur Near Rampali School, New Delhi - 110044 Email: ip.tanveerilahi@gmail.com cirpjayamm@gmail.com Last date for submission of claims: March 1, 2026 MATRIX GAS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Matrix Gas & Renewables Limited 15th Floor, A Block, Westgate Business Bay, S G Road, Jivraj Park, Ahmedabad, Ahmedabad City, Gujarat, India, 380051 Insolvency Commencement Date: February 11, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: August 10, 2026 Insolvency professional: Navneet Kumar Gupta Interim Resolution Professional: Navneet Kumar Gupta Minerva Resolutions LLP Unit 2, Block D1, Golf Link, Sector 23B, Dwarka, New Delhi, 110077 Email: navneet@minervaresolutions.com Plot-108/109, Pocket-10 Lakeview Residency, Dhul Siras, Sector 23B, Dwarka, New Delhi - 110077 Email: cirpofmatrixgas@minervasresolution.com Last date for submission of claims: February 25, 2026 MIKI MAIZE: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Miki Maize Milling Private Limited 59, GIDC, Taluka Cambay, Kansari, Gujarat, India, 388630 Insolvency Commencement Date: February 11, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: August 10, 2026 Insolvency professional: Sunit Jagdishchandra Shah Interim Resolution Professional: Sunit Jagdishchandra Shah 801-802, 8th Floor, Abhijeet-1, Opposite Bhuj Mercantile Bank, Mithakhali Six Roads, Navrangpura, Ahmedabad, Gujarat, 380006 Email: sunit78@gmail.com cirp.mikimaize@gmail.com Last date for submission of claims: February 25, 2026 NEELKANTH SWEETS: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Neelkanth Sweets Private Limited (NSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of NSPL under the 'issuer non-cooperating' category as NSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Lucknow, Uttar Pradesh based Neelkanth Sweets Private Limited (NSPL) was incorporated in 2011. It has succeeded an erstwhile proprietorship firm established in year 1992. The company is managed by Mr Virendra Kumar Gupta, Mr Mayank Gupta, Mr Vishnu Gupta, Mr Vivek Gupta and Mr Vinay Gupta. NSPL is engaged in manufacturing of sweets, snacks and namkeens under the brand name 'Neelkanth Sweets '. Further, the company operates a multi cuisine restaurant and a banquet hall under the name of 'Green Restras' and 'Green Banquet' respectively. NEESA AGRITECH: Liquidation Process Case Summary ------------------------------------------------ Debtor: Neesa Agritech and Foods Limited Block No. 279p, Panchratna Industrial Estate, Changodar, Gujarat, India, 382213 Liquidation Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Bhavik Haribhai Rupapara 303, Silver Hill Apartment, Pal Road, Opposite Sanskar City Apartment, Opposite Ramdhan Ashram, Mavdi Area, Rajkot, Gujarat, 360001 Email: cabhavikr3@gmail.com Plot No. 45,51, Office No. 1, Gami Terra, Sector-6, Sanpada, Thane, Maharashtra, India, 400705 Email: liq.neesaagritech@gmail.com Last date for submission of claims: March 5, 2026 P.C. DEY: Liquidation Process Case Summary ------------------------------------------ Debtor: P.C. Dey & Son Distributors Private Limited Deshbandhu Park, Bata Show Room Jessore Road, Habra, West Bengal, India - 743263 Liquidation Commencement Date: January 22, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Sriram Mittal Sriram Mittal & Co., Room No. 611, 6th Floor, P-41, Princep Street, Kolkata, West Bengal - 700072 Email: srirammittal.ey@gmail.com AAA Insolvency Professionals LLP, 15B, Ballygunge Circular Road, Mousumi Apartments, Ground Floor, Kolkata - 700019 Email: pcdeycirp@gmail.com Last date for submission of claims: February 21, 2026 PANCHAM JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pancham Jewellers Private Limited (PJPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of PJPL under the 'issuer non-cooperating' category as PJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Pancham Jewellers Pvt Ltd (PJPL) was incorporated by Mr. Pankul Aggarwal in 2005. The company is engaged in the business of manufacturing and trading of gold jewellery, diamond/precious stones, gold bars/coins etc., since the commencement of its operations in 2005. The company sells jewellery and precious stones to wholesale customers through its manufacturing unit located at Rajpura (Punjab), where it manufactures jewellery and does casting work. PAVAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pavan Agro Foods (PAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.48 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of PAF under the 'issuer non-cooperating' category as PAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pavan Agro Foods (PAF) was established on April 24, 2017 by Mrs. K. Sri Lakshmi & Mrs. G. Subhadramma as a Partnership firm. The firm has proposed to set up Dal Mill with capacity of 2000 tonne per annum. The total cost of setting up facility (decorticating pulses) is INR6.46 core which is being funded through bank term loan to the extent of Rs 4.48 crore and remaining through partners' fund of around INR1.98 crore. The firm has also applied for the working capital facility of INR1 crore with the bank which is under appraisal. The firm is expected to decorticate (de-hull) pulses such as Bengal gram & Toor dal in the proposed facility which is under construction. The firm proposes to install machineries that will cater the end to end process right from stripping the skin, cleaning, grading, splitting, grinding & packing of pulses. The end product will be packed in bags upto 50 kgs and will be supplied to local wholesale dealers. The commercial operations of the firm are expected to start from December 2018. As on November 30, 2017, the total cost incurred by the firm was INR 0.45 crore which is approximately 7% of the total project cost funded by promoters' capital. Bengal gram seeds & Toor dal seeds are the main raw material which would be procured from the farmers in and around Guntakal, Andhra Pradesh. PLUZ RESORT: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Pluz Resort (PR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.70 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 18, 2024, placed the rating(s) of Pluz Resort (PR) under the 'issuer non-cooperating' category as PR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2025, November 13, 2025, November 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Pluz Resort (PR) was established by Mr Mehul Parmar in the year March, 2013. Mr Mehul Parmar, Proprietor, has seven years of experience in hospitality industry. The resort is located at Silvassa (Dadra and Nagar haveli, Union Territory) with the amenities such as Restaurant, Conference hall, Banquets, Swimming pool, Health club, Spa, Discotheque etc. Total number of rooms in resort is 105. The resort is categorized as a “4 Star” resort. PR received liquor license in the year 2014. During FY15 PR has undertaken an expansion project to increase the total number of rooms in the resort from 75 to 105. PRAYAG POLYTECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Prayag Polytech Private Limited C-587, Phase-I, Industrial Area, Bhiwadi, Alwar, Rajasthan - 301019 Insolvency Commencement Date: February 10, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: August 9, 2026 Insolvency professional: Rishabh Chand Lodha Interim Resolution Professional: Rishabh Chand Lodha E-5, Basant Vihar, Bhilwara - 311001 E-mail: rishabhlodha57@gmail.com prayagpolytech.cirp@gmail.com Last date for submission of claims: February 24, 2026 QRS RETAIL: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of QRS Retail Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 65.86 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 17, 2024, placed the rating(s) of QRL under the 'issuer non-cooperating' category as QRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. QRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 2, 2025, November 12, 2025, November 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable QRS Retails Ltd (QRL) is a public limited company started by Mr. D. Arunachalam and Sri D Thilakarajan as Quilon Radio Service in 1947 with retailing of 'Philips' radios and radiograms. The company is now engaged in the retail Trade of consumer durables and electronic appliances. As on March 31, 2018, the company had 28 retail outlets Including 3 'Max' outlets, 2 'Nilgiris' Outlets, 2 'World of Titan' and balance electronics stores. RADHA CASTING: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radha Casting and Metalik Private Limited (RCMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of RCMPL under the 'issuer non-cooperating' category as RCMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable RCMPL was incorporated in June 2006, was promoted by brothers Mr. Dhananjay Kumar and Mr. Pawanjay Kumar of Jharkhand. The company had initially set up a pig iron plant (installed capacity 15000 metric tonnes per annum: MTPA) at Ramgarh, Jharkhand and commenced commercial operation in the year 2008. But, later on, in May 2011, the company was forced to shut down its pig iron plant due to iron ore scarcity owing to iron ore mining related issues leading to rising raw material cost and weak demand. Since, February 2012, the company had started manufacturing Mild Steel (MS) Ingots with installed capacity of 15, 000 MTPA at its existing plant. RADHA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radha Poultry Farm (RPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 13, 2024, placed the rating(s) of RPF under the 'issuer non-cooperating' category as RPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 29, 2025, November 8, 2025, November 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Radha poultry Farm (RPF) was established in the year 2015 and promoted by Mr. Rathnamma (Managing Partner) along with other family members. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their Manure. The firm have 2 units, for one unit the firm receives only rent and other unit was utilised for poultry business. The firm sells its products like eggs and cull birds to retailers through own sales personnel and through some dealers located in Assam, Kerala, Maharashtra and Tamil Nadu. The firm mainly buys chicks (small chickens) from Venkateshwara Hatcheries Private Limited. The firm purchases raw materials for feeding of birds like rice broken, maize, sun flower oil cake, shell grit, minerals and soya from local traders. REACH TO TEACH: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Reach to Teach Private Limited 501, Raaj Chamber, CTS No. 115, New Nagardas Road, Andheri Subway Road, Andheri (East), Nagardas Road, Mumbai, Mumbai, Maharashtra, India, 400069 Liquidation Commencement Date: February 10, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: R. Bhuvana c/o Akshayam Corporate Advisors Private Limited 5th Floor West, Old No. 23 & 24, New No. 37, Chamiers Towers, Chamiers Road, Teynampet, Chennai, 600018 Tel: (978) 998-2805 Email: bhuvana.r@akshayamcorporate.com Last date for submission of claims: March 12, 2026 RONGOGE MEGA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rongoge Mega Food Park Private Limited (RMFPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.07 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 6, 2024, placed the rating(s) of RMFPPL under the 'issuer non-cooperating' category as RMFPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 22, 2025, November 1, 2025, November 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated on August 31, 2017, Rongoge Mega Food Park Private Limited (RMFPPL) was promoted by Mr. Likha Maj, Mr. Likha Chada and Mr. Likha Akash and its registered office is situated at Papum Pare District of Arunachal Pradesh. RMFPPL has got InPrinciple Approval from Ministry of Food Processing Industries (MFPI) for setting up of a mega food park in the district of Papum Pare, Arunachal Pradesh under a new central sector scheme as Pradhan Mantri Kisan SAMPAD Yojana. The primary objective of the scheme is to provide state of art infrastructure facilities for the food processing, storage facilities along with the comprehensive supply chain facilities. The expected outcome is increased realization for farmers, creation of high-quality processing infrastructure, reduction in wastage, capacity building of producers, processors and creation of an efficient supply chain along with significant direct and indirect employment generation. Currently, the company has proposed to establish one Central Processing Centre (CPC) at Papum Pare District of Arunachal Pradesh and two Primary Processing Centres (PPC) one at Yachuli, Arunachal Pradesh and another at Bhalukpong, Arunachal Pradesh. The core processing infrastructure for CPC and PPC includes dry warehouse, cold storages, manual sorting & grading line, individual quick freezer (IQF), pre-processing line for IQF, blast freezer, boilers, aseptic brick filling line and reefer vans. The proposed site for the food park has 50 acres of land and the total project cost is INR73.02 crore (excluding land cost) which is to funded by government grant of INR50.00 crore, contribution by the company of INR10.95 crore and term loan of INR12.07 crore. The financial closure for the debt portion of the project is yet to be tied up. However, the company has already prepared with all the necessary documents to be submitted to the MFPI to get the final approval except bank sanction letter along with bank appraisal report and the project is estimated to become operational by October 2020. SATISH AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satish Agro Industries (SAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of SAI under the 'issuer non-cooperating' category as SAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Indore (Madhya Pradesh) based Satish Agro Industries (SAI) was formed as a proprietorship concern by Mr. Satish Jain in 1998. SAI is engaged in manufacturing of agricultural spray pumps, power sprayers and other machinery parts. The firm supplies its product to government departments, private sector unit and direct counter sale to farmers. SHAMSONS INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shamsons Industries (SI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 0.55 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of SI under the 'issuer non-cooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttar Pradesh based, Shamsons Industries (SI) was established as a partnership firm in the year 2005 and commenced its operations from 2008. The firm is currently being managed by Mr. Deepak Batra and Mr. Varun Batra sharing profit and losses equally. The firm is engaged in the manufacturing of all types of sports shoes at its manufacturing unit located at Sahibabad, Ghaziabad with an installed capacity of 12, 00,000 pairs per annum per shift as on March 31, 2021. The firm sells its products under the brand name namely "STINN" to the distributors spread all over India. The firm has one associate concern namely; "Shamsons Polymers Private limited"; incorporated in 1993 engaged in similar line of business. SHANKHA DEEP: CARE Lowers Rating on INR20cr Long Term Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shankha Deep Exports Private Limited (SDEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 5, 2024, placed the rating(s) of SDEPL under the 'issuer non-cooperating' category as SDEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 21, 2025, October 31, 2025, November 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SDEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Shankha Deep Exports Private Limited (SDEPL) was incorporated on January 25, 2008 by Jana family of Kolkata, West Bengal. The company is engaged in processing and export of sea food, primarily Vannami and black tiger prawns. SDEPL has its processing facilities on lease rental basis at Kolkata, West Bengal (owned by Bengal Marine Private Limited). The facility has an aggregate processing capacity of 1500 metric ton per annum of seafood. The company exports its products mainly to Japan and Vietnam. Mr. Kamdev Jana (Managing Director) is having about 8 years of experience in sea food industry, looks after the overall management of the company. He is further assisted by other three directors who are also having about 8 years of experience in this business. SHIVRAM SYNTHETICS: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shivram Synthetics Private Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 10, 2025, placed the rating(s) of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2025, December 6, 2025, December 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bhilwara (Rajasthan) based Shivram Synthetics Private Limited (SSPL) was initially formed by Mr. Manoj Kumar Chandak and Mr. Navneet Mehta in 2008. Subsequently, there are changes in the promoters and in 2014, Mr. Prashant Surolia and Mr. Pradeep Surolia took over the directorship of the company and assumed its current name. SSPL is engaged in the business of manufacturing of grey fabrics and trading of finished fabrics as well. The company outsources the processing work required for the manufacturing of finished fabrics. SHROFF OIL: CARE Lowers Rating on INR7cr LT Loan to B- ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Shroff Oil Manufacturing Company Private Limited (SOMCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 19, 2024, placed the rating(s) of SOMCPL under the 'issuer non-cooperating' category as SOMCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOMCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2025, November 14, 2025, November 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SOMCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Incorporated in April, 1994 by Thakkar family, SOMCPL is engaged in the manufacturing of castor oil, castor deoiled cake and its derivatives which find application primarily in the manufacturing of soaps, lubricants, hydraulic and brake fluids, paints, dyes, coatings, inks, cold resistant plastics, wax and polish, nylon, pharmaceuticals and perfumes etc. SOMCPL's manufacturing unit is located at Luna in Baroda district of Gujarat. It had an installed capacity of 12,000 Metric Tonnes per Annum (MTPA) for castor oil and 14,500 MTPA for castor cake as on March 31, 2015. SUN PETPACK: Liquidation Process Case Summary --------------------------------------------- Debtor: Sun Petpack Jabalpur Private Limited 774 - Gole Bazar, NA, Jabalpur, Madhya Pradesh, India - 482002 Liquidation Commencement Date: January 30, 2026 Court: National Company Law Tribunal, Indore Bench Liquidator: Rakesh Kumar Jindal Efficax Resolution Professionals Private Limited No. 3656/6, Gali No.6, Narang Colony, Tri Nagar, New Delhi - 110035 Email: md@efficaxindia.com 3rd Floor, 70-D, Pocket-A, Vikaspuri, Extension Opposite Pillar No- 11, West Delhi, New Delhi - 110018 Email: liquidator_sunpetpack@efficaxindia.com Last date for submission of claims: March 1, 2026 SURUCHI PROCESSORS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Suruchi Processors Private Limited Flat No. 5/A, 5th Floor, Sunish Apartments, Near New Experimental School, Umra, Surat, Gujarat, India - 395007 Insolvency Commencement Date: January 28, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: July 27, 2026 Insolvency professional: Varun Anil Chopra Interim Resolution Professional: Varun Anil Chopra C-1002, Ashirvad Avenue VIP Road, Opposite Shyam Baba Mandir, Althan, Surat, Gujarat, 395007 Email: ipvarunchopra@gmail.com 505, 21st Century Business Centre, Near World Trade Centre, Ring Road, Surat - 395002 Email: cirp.suruchi@gmail.com Last date for submission of claims: February 22, 2026 TAJSHREE CARS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tajshree Cars Private Limited (TCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 20, 2025, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 6, 2025, December 16, 2025, December 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable TCPL was established in the year 2013. The company is an authorized dealer for the four wheelers of Honda Cars India Limited (Honda) in Nagpur region. TRILLION REAL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Trillion Real Estate and Properties (India) Private Limited 417, 1st Floor, Natu Wada, Dsk Chintamani, Shaniwar Peth, Pune, Maharashtra Insolvency Commencement Date: February 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 15, 2026 Insolvency professional: Srigini Rajat Naidu Interim Resolution Professional: Srigini Rajat Naidu Block No. 11-12, 1st Floor, Mount Annex, Opposite Oriental Insurance Co., Mount Road, Extension Sadar, Nagpur - 440001 Email: rajat_naidu@yahoo.com 1502-Ved Solitaire, Cement Road, Dharampeth Extension, Shivaji Nagar, Nagpur (MH) - 440001 Email: treppl.cirp@gmail.com Last date for submission of claims: March 2, 2026 VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Vinayak Logistic (SVL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 11, 2024, placed the rating(s) of SVL under the 'issuer non-cooperating' category as SVL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 27, 2025, November 6, 2025, November 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shri Vinayak Logistics (SVL) was formed in January 2015 as a partnership concern by Mr. Meharban Singh, Mr. Anil Choudhary, Mr. Vikas Choudhary and Mr. Vijay Kumar Choudhary with an objective to set up a warehouse at Indore (Madhya Pradesh). The firm has envisaged total project cost of INR21.69 crore towards the project to be funded through term loan of INR16.25 crore and remaining through partner's capital and unsecured loans. Till September 12 2017, the firm has incurred INR8.15 crore towards the project which was funded by term loan of INR2.25 crore and remaining through unsecured loans from partner' and partner's capital. The firm is expecting to be complete its project and commence operations from January 2018. YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Yogindera Worsted Limited (YWL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 66.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 16, 2025, placed the rating(s) of YWL under the 'issuer non-cooperating' category as YWL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YWL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 2, 2025, December 12, 2025, December 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1997, Yogindera Worsted Limited (YWL) was promoted by Mr. Ajay Kumar Gupta and his family members in collaboration with Punjab State Industrial Development Corporation Limited (PSIDCL). It was subsequently acquired by the 'Shiva' group in 2007. The product profile of YWL was also changed from predyed worsted/acrowool yarn to include other varieties of yarns like dyed/white worsted woolen yarn, Acro Woolen yarn, acrylic yarn, polyester yarn, fancy yarn, hand knitting yarn, melange yarns, space dyed/printed yarns, knitted cloth, etc. The company operates from its manufacturing facility in Bathinda, Punjab. ZULAIKHA MOTORS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Zulaikha Motors Private Limited (ZMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 120.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 20.00 CARE D; ISSUER NOT COOPERATING Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated December 12, 2024, placed the rating(s) of ZMPL under the 'issuer non-cooperating' category as ZMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ZMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 28, 2025, November 7, 2025, November 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Zulaikha Motors Private Limited (ZMPL) was incorporated in March 2010 and is engaged in dealership of Mahindra and Mahindra (M&M) vehicles in Chennai through outlets and workshops in Chennai. The company was previously part of the 'Buhari group'. However, from FY19, new promoter Thomas William Pangaraj infused equity and subsequently Buhari group divested it shares. As on FY23 end per the audited financial statement, Buhari group does not have any shareholdings in the company. =============== M A L A Y S I A =============== BERJAYA LAND: Net Loss Widens to MYR121.8MM in Q2 Ended Dec. 31 --------------------------------------------------------------- The Malaysian Reserve reports that Berjaya Land Bhd widened its net loss to MYR121.8 million for the second quarter ended Dec. 31, 2025 (2Q26), weighed by weaker contributions from its hotels segment, a larger loss at its UK-based auto retailing business amid tougher conditions and higher costs, as well as a MYR60 million foreign exchange impact from the stronger ringgit, partly cushioned by stronger earnings from STM Lottery Sdn Bhd and its property division. Quarterly revenue rose 2% year-on-year to MYR1.777 billion, driven mainly by higher revenue from STM Lottery due to larger accumulated Lotto jackpots and an additional draw during the quarter (42 draws versus 41 previously), The Malaysian Reserve discloses. Revenue was also supported by higher progress billings from its property development and investment segment, particularly from projects such as Residensi Oak in Bukit Jalil and Pangsapuri Azalea in Subang Heights, it said in an exchange filing on Feb. 24. For the cumulative six months, Berjaya Land posted a net loss of MYR116.2 million compared with MYR31.2 million in the corresponding period last year, despite revenue increasing to MYR3.660 billion from MYR3.505 billion, The Malaysian Reserve relays. Basic loss per share widened to 2.49 sen from 0.69 sen a year earlier. No dividend was declared for the period. Net assets per share stood at 68 sen as at Dec 31, 2025, compared with 72 sen as at June 30, 2025. Berjaya Land engages in the gaming and lottery management business in Malaysia and internationally. It operates through Toto Betting and Related Activities; Motor Vehicle Dealership; Property Development and Property Investment; Hotels and Resorts; and Club, Recreation and Others segments. Berjaya Land is a subsidiary of Berjaya Corporation Berhad. EMPIRE RESORTS: S&P Lowers ICR to 'B' on Rising Refinancing Risk ---------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Empire Resorts Inc. to 'B' from 'B+'. S&P also lowered the issue rating on the company's secured debt to 'B' from 'B+'. The recovery rating is '3'. The negative rating outlook reflects the rising refinancing risk related to Empire's bond maturing in November 2026. Refinancing risk is rising for Empire Resorts Inc., with a US$300 million bond due in November 2026. S&P believes the U.S.-based gaming operator's cash flows and liquidity will be significantly strained, absent a timely and successful refinancing. Empire's refinancing risk has significantly increased. The company has yet to make any material progress regarding its bond maturing in November 2026. It is reviewing options. A successful refinancing depends on elements beyond Empire's control, including the market environment, investors' risk appetite, and yield conditions. Coupled with the bond maturity within nine months, these factors could push out refinancing. S&P has therefore revised downward its assessment of the company's stand-alone credit profile to 'ccc' from 'ccc+'. Empire's shelving of a proposed sale of non-gaming assets last year has delayed the refinancing process. It was intending to use the proceeds to repay the maturing bond. However, transaction was shelved following a takeover bid by Empire's ultimate parent, Genting Bhd., for Genting Malaysia Bhd. S&P said, "We estimate Empire's unrestricted cash balance and operating cash flow will be less than US$20 million for the 12 months ending Dec. 31, 2026. The figure is significantly short of the US$300 million bond maturing on Nov. 1, 2026. In addition, the company could incur about US$17 million of working capital outflow and capital spending over the period. As such, we estimate the ratio of liquidity sources to uses over the next 12 months has fallen to less than 0.1x." Ongoing support from the parent will bolster Empire's liquidity. A US$20 million advance by Genting Malaysia to Empire in January 2026 will help the subsidiary meet its liquidity needs over the next 12 months, excluding the bond repayment. S&P said, "We see this inflow as critical to the company, given its operations are yet to become self-sustaining. Although the company's EBITDA has turned positive since 2021, operating conditions remain challenging, and we continue to forecast negative free operating cash flow over 2026-2028. "Our rating on Empire reflects our view that Genting group will continue to provide support. We believe Empire's status as a going concern is important for the preservation of Genting's reputation, as well as the group's relationship with the New York state gaming regulators. Empire holds two of the group's four gaming licenses in the state of New York. "Since Empire became operational in 2018, the parent group has injected about US$740 million (through common and preferred equity), including equity injections of US$150 million in 2021, US$100 million in 2024, and short-term loan of US$20 million in 2026. We believe the group is involved with Empire's refinancing, and could provide support should other refinancing options fail." The negative rating outlook reflects the rising refinancing risk related to Empire's bond maturing in November 2026. S&P said, "We may downgrade Empire if delays in bond refinancing continue, with no significant progress within the next six months. "We may also lower the rating if we no longer see Empire as a strategically important subsidiary of Genting group, or if the company is unlikely to receive timely liquidity and equity support from the parent. "We may revise the outlook to stable or raise the rating if Empire can lengthen its debt maturity profile such that refinancing risk is substantially reduced, its capital structure improves, and the company can maintain sufficient liquidity." HENGYUAN REFINING: Net Loss Narrows to MYR260.2 Million in FY2025 ----------------------------------------------------------------- The Malaysian Reserve reports that Hengyuan Refining Company Bhd narrowed its net loss for the financial year ended Dec. 31, 2025 (FY25) to MYR260.2 million on revenue of MYR13.165 billion, compared with a net loss of MYR357.6 million on revenue of MYR17.212 billion a year earlier. In an exchange filing on Feb. 24, the Port Dickson-headquartered refiner said FY25 revenue declined mainly due to lower production intake arising from reduced plant availability during a scheduled pit stop maintenance exercise in 1Q25, as well as the continued weakening of the US dollar against the ringgit in the second half of 2025, The Malaysian Reserve relates. Hengyuan, which is principally involved in the refining and manufacturing of petroleum products, has remained loss-making since 2022, the report notes. For the fourth quarter ended Dec 31, 2025 (4Q25), the group posted a net loss of MYR232.1 million compared with a net profit of MYR179.8 million in the corresponding quarter last year, despite revenue rising to MYR4.264 billion from MYR4.056 billion, The Malaysian Reserve discloses. Hengyuan Refining Company Berhad engages in refining, manufacturing, and selling petroleum products in Malaysia. It offers liquefied petroleum gas; petrol; jet fuel; diesel; fuel oil components; sulphur; light naphtha; and propylene. The company operates as a subsidiary of Malaysia Hengyuan International Limited. ===================== N E W Z E A L A N D ===================== CONSTRUCTION & KITCHENS: Creditors' Proofs of Debt Due on March 24 ------------------------------------------------------------------ Creditors of Construction & Kitchens Limited, Auckland Smart Property Services Limited and Anatolia Browns Bay Limited are required to file their proofs of debt by March 24, 2026, to be included in the company's dividend distribution. Construction & Kitchens Limited and Auckland Smart Property Services Limited commenced wind-up proceedings on Feb. 16, 2026. Anatolia Browns Bay commenced wind-up proceedings on Feb. 17, 2026. The company's liquidator is: Pritesh Patel Patel & Co. PO Box 23296 Manukau City Auckland 2241 CORDIAL HOMES: Director Flees Abroad Amid Unpaid Debts ------------------------------------------------------ Jake Kenny at Stuff.co.nz reports that building company Cordial Homes left a trail of unhappy customers and unpaid contractors. Now, it's emerged that its "silver tongued" director has left the country, while his former business partner has been bankrupted. Stuff says Hardik Mungpara once lauded his stellar building skills and sales expertise. During his rise in Christchurch and Queenstown he amassed dozens of clients who, according to promotional material, were overjoyed with his workmanship. He was not shy in spending the fruits of his labour. Mr. Mungpara, also known as Harry Patel, was often seen around town in his 2021 Range Rover. Co-director Jason Williams got a new Ford Ranger and their company financed a new jet ski and dune buggy. The company hosted a generous Christmas party in 2022 for many of their contractors. However, the good times did not last, Stuff notes. In mid-2023 Cordial Homes Ltd came under fire facing accusations of building homes with serious defects and keeping clients waiting with long-overdue homes half built. Dozens of contractors were left hundreds of thousands of dollars out of pocket - some of whom attended the Christmas party. A few months later, the company went bust owing more than NZD1.2 million to more than 110 creditors, Stuff relates. Now, it has emerged that Mr. Mungpara has left the country. His former associate Mr. Williams was bankrupted last week over an unpaid debt to Heartland Bank. Stuff understands Mr. Mungpara was also facing bankruptcy action. The Cordial Homes liquidation wrapped up earlier this month. In his final report, Official Assignee liquidator Peter Hattaway said no funds were realised for any creditors. According to Stuff, Mr. Hattaway mulled referring Mr. Mungpara to the Ministry of Business, Innovation and Employment (MBIE) to be prohibited from the running of another company, but said he deemed this to be unnecessary and unpragmatic given he had left the country. A damaged shipping container, computer equipment and two trailers were the only assets recovered. All were worth little to no value, the report said. Stuff understands a van owned by the company was signed over to an out of pocket contractor in the weeks leading up to the liquidation. Stuff says Mr. Mungpara's Range Rover and Mr. Williams' Ford Ranger were repossessed by the bank. The jet ski and dune buggy were sold. It was believed that somewhere between 35 and 65 customers signed contracts presented to them by Mr. Mungpara. In many cases, he did not supply the build contracts to Cordial Homes Ltd administration staff, Mr. Hattaway said in an earlier report. An associated company Mr. Mungpara set up - Cordial Group Ltd - complicated matters, Stuff says. Some documents had both companies' names on them, confusing both customers and suppliers about who they were dealing with. In some cases, Cordial Homes Ltd customers appeared to have paid Cordial Group Ltd, Mr. Hattaway's report, as cited by Stuff, said. Some contracts were also in the name of JayDub Construction Ltd, a building company run by Mr. Mungpara's former business partner Mr. Williams. He became the registered Master Builder for Cordial Homes, which effectively took over the contracts. GARADICE LIMITED: Creditors' Proofs of Debt Due on April 17 ----------------------------------------------------------- Creditors of Garadice Limited are required to file their proofs of debt by April 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 12, 2026. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 RAMP CONTRACTING: Creditors' Proofs of Debt Due on March 19 ----------------------------------------------------------- Creditors of Ramp Contracting Limited 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. 19, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SECPRO LIMITED: Court to Hear Wind-Up Petition on March 5 --------------------------------------------------------- A petition to wind up the operations of Secpro Limited will be heard before the High Court at Auckland on March 5, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 19, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 WOODEND HAIR: Court to Hear Wind-Up Petition on March 5 ------------------------------------------------------- A petition to wind up the operations of Woodend Hair Design Limited will be heard before the High Court at Christchurch on March 5, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 9, 2026. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch ===================== P H I L I P P I N E S ===================== DEL MONTE PACIFIC: Reaches Settlement With US Unit's Creditors -------------------------------------------------------------- Benjamin Cher at The Business Times reports that Del Monte Pacific (DMP) has reached a settlement with the creditors of its embattled US unit Del Monte Foods (DMF), it said in a bourse filing on Feb. 24. The settlement among the debtors, certain lender groups and the official committee of unsecured creditors and other stake holders was on Feb. 20 approved in the United States Bankruptcy Court for the District of New Jersey, according to BT. The court also approved the sale of all of DMF's operating assets under Section 363 of the US Bankruptcy Code, DMP said in its filing on Feb. 24, BT relays. The settlement and sale transactions are key milestones in the restructuring of DMF, which accounts for a major chunk of the operations of the Singapore- and Philippine-listed DMP. According to BT, the settlement is expected to be implemented through a proposed Chapter 11 plan, which remains subject to confirmation by the US Bankruptcy Court and customary conditions. However, DMP said in its filing that there is no assurance that the plan would be confirmed or the condition satisfied. Last June, DMP opted to skip a payment to the US unit's lenders under a lawsuit settlement tied to the controversial debt restructuring. This resulted in DMP's 25 per cent stake in the US unit being transferred to the lenders. BT relates that DMP said then that its loss of control over DMF led to the deconsolidation of the subsidiary from its financial statements. The US unit subsequently entered a restructuring agreement with the lenders and started voluntary Chapter 11 bankruptcy proceedings to implement its terms. According to BT, the settlement comes after a court-supervised auction of three of DMF's assets: * Its vegetable, tomato and refrigerated-fruit business assets, the global ownership of Del Monte's brand and related intellectual property, subject to existing licensing agreements to Del Monte Produce; * The broth and stock business segment to B&G foods; * The shelf-stable fruit business assets, other than production assets, including the rights and licences to use Del Monte and S&W brands for shelf-stable packaged ambient fruit and fruit sauces in the US and Mexico. BT says DMP had recognised the full impairment of the related current and long-term assets of US$703.5 million, a complete write-down of its investments in the US unit. DMP deconsolidated these entities from May 1, 2025. It said: "Accordingly, the company does not expect to realise any recovery in respect of its equity interests in such entities." The approvals do not result in any material change to the financial impact that DMP previously disclosed. About Del Monte Del Monte Pacific Limited (DMPL) is an investment holding company with subsidiaries principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato, sauces, condiments, pasta, broth, mainly under the brand names of "Del Monte", "S&W", "Today's", "Contadina", "College Inn", and other brands. The Company's subsidiaries include Del Monte Pacific Resources Limited; DMPL India Pte Ltd; DMPL Management Services Pte Ltd; GTL Limited; S&W Fine Foods International Limited; and DMPL Foods Limited. At April 30, 2025, the Company had $2.26 billion in total assets against $2.88 billion in total liabilities and shareholders' deficit of $621.06 million. On July 1, 2025, DMPL's U.S. subsidiary Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by Greenberg Traurig, LLP and Simpson Thacher & Bartlett LLP. The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. has retained Morrison Foerster and Kelley Drye & Warren LLP as counsel. SSI GROUP: Marks & Spencer to Close All Philippine Stores by May ---------------------------------------------------------------- Manila Bulletin reports that SSI Group Inc., the country's largest specialty retailer, will cease operations of British fashion and food brand Marks & Spencer in the country on May 2, marking the end of a nearly 40-year partnership as the company seeks to realign its portfolio with shifting consumer demand. Manila Bulletin relates that the publicly-listed retailer, led by SSI President Anthony Huang, disclosed on Wednesday, Feb. 25, that the wind-down through its wholly owned subsidiary Stores Specialists Inc. The move follows months of speculation fueled by store closures in key locations such as TriNoma and Ayala Center Cebu, as well as aggressive discounting across its remaining 13 branches, the report notes. Management described the exit as a strategic necessity in a retail landscape increasingly dominated by fast fashion and e-commerce. SSI Group, which distributes luxury labels including Hermes, Cartier, and Zara, reported that net income for the first nine months of 2025 fell nearly 50 percent to PHP733 million as higher operating costs and a slowdown in discretionary spending weighed on margins, Manila Bulletin discloses. The closure signals a pivot for SSI as it navigates a challenging environment for mid-to-upscale international brands. While Marks & Spencer has been a fixture of the local retail scene since its first store opened in the 1980s, the company noted that it must now prioritize brands that better reflect the future of the industry, Manila Bulletin relays. "Retail is constantly transforming, and we remain committed to strengthening our portfolio with experiences that resonate with today's consumers," the company said in a statement. Manila Bulletin says SSI has recently been expanding its footprint in footwear and luggage, categories that saw a 30 percent revenue jump in 2025, contrasting with the more tepid performance of legacy casual wear. Manila Bulletin adds that SSI said it is working closely with employees and partners to ensure a responsible transition. The company has not yet provided specific details regarding severance packages or potential reassignments within its network of 96 other brands. SSI Group, Inc. (PSE:SSI) engages in brand management and specialty retailing of established international brands. The Company's brand portfolio can be classified into five categories, namely luxury and bridge; casual; fast fashion; footwear, accessories, and luggage; and others, which include home furnishings and accessories, interior design items, food, and personal care. SSI represented 99 brands as of Dec. 31, 2024 consisting of brands such as 'Hermes'; 'Cartier'; 'Salvatore Ferragamo'; 'Zara'; 'Bershka'; 'Stradivarius'; 'Old Navy'; 'Lacoste'; 'GAP'; 'TWG'; 'SaladStop!'; 'Samsonite'; 'Payless ShoeSource'; 'Muji'; and 'Pottery Barn'. SSI's specialty retail footprint consisted of 588 stores located within approximately 90 major malls across the Philippines. ================= S I N G A P O R E ================= ACROPOWER PTE: Commences Wind-Up Proceedings -------------------------------------------- Members of Acropower Pte. Ltd. on Feb. 13, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Yee Kit Hong Kit Yee & Co c/o 10 Eunos Road #13-06 Singapore Post Centre Singapore 408600 NANYANG OPTICAL: Commences Wind-Up Proceedings ---------------------------------------------- Members of Nanyang Optical Co Pte. Ltd. on Feb. 13, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Seah Chee Wei Yee Kit Hong Kit Yee & Co c/o 10 Eunos Road #13-06 Singapore Post Centre Singapore 408600 SEA HUB: Commences Wind-Up Proceedings -------------------------------------- Members of Sea Hub Tankers Pte. Ltd. on Feb. 12, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Lim Loo Khoon Deloitte Singapore SR&T Restructuring 6 Shenton Way, OUE Downtown 2, #33-00 Singapore 068809 SOI47TWO PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of SOI47TWO Pte. Ltd. on Feb. 12, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 URBAN RENEWABLES: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 16, 2026, to wind up the operations of Urban Renewables (Singapore) Pte. Ltd. The company's liquidators are: Tan Kim Han Luke Anthony Furler c/o Quantuma (Singapore) Pte Ltd 137 Amoy Street #02-03, Far East Square Singapore 049965 ===================== S O U T H K O R E A ===================== [] KOREA: Gov't Unveils KRW2.1T Aid for Petrochem Restructuring --------------------------------------------------------------- Yonhap News Agency reports that the government announced on Feb. 25 a 2.1 trillion-won ($1.45 billion) financial package to support the restructuring project of Lotte Chemical Corp. and HD Hyundai Chemical at the Daesan industrial complex, the first authorized project of a broader self-rescue plan of the ailing petrochemical sector. According to Yonhap, the two companies finalized their restructuring plan last year, under which Lotte Chemical will spin off its naphtha cracking center at the Daesan petrochemical complex in Seosan, about 100 kilometers south of Seoul, to create a new entity with HD Hyundai Chemical. Under the plan, the first restructuring program in the petrochemical sector approved by the government, the companies aim to voluntarily reduce their NCC capacity by 1.1 million tons amid a supply glut, and work toward a transition to high-value and eco-friendly products. Fourteen other major petrochemical firms have also submitted their business restructuring plans as the government vowed last year to provide support for companies putting in "voluntary" self-rescue efforts, Yonhap says. Yonhap relates that the 2.1 trillion-won support package for Lotte Chemical and HD Hyundai Chemical, announced at a meeting of economy and industry-related ministers, includes some KRW2 trillion of support to help the companies lessen their financial burden from shutting down their facilities. The government said it will also provide tax incentives, expedite the review process for the integration of the companies' NCC operations, and support their research and development projects for transitioning into high-value and eco-friendly products. In particular, the government will focus on supporting R&D projects aimed at developing high-value petrochemical products used by advanced industries, such as the semiconductor, display, aerospace and secondary battery industries, officials said. The package also includes measures to provide electricity to the companies at a cheaper rate by designating the Daesan complex as a special zone for direct transaction of locally produced electricity, while applying zero tariffs on raw materials imported by the companies, including naphtha and crude oil, Yonhap relays. To further boost the petrochemical sector's long-term competitiveness, the government said it will also come up with a comprehensive support plan within the first half of the year for the chemical ecosystem, which will likely include measures to foster artificial intelligence transformation of the industry and expand exports. "The Daesan project will become a milestone and a model case for the revitalization of the petrochemical industry," Yonhap quotes Finance Minister Koo Yun-cheol as saying. Other petrochemical firms to step up their efforts for voluntary business restructuring, he urged. The government will support the self-rescue plans of the sector as part of efforts to help South Korea's key industries find new growth engines and overcome their structural problems amid "times of a huge transformation," where the global economic and industrial paradigms are shifting, he added. ********* 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 ***