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260303.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 Tuesday, March 3, 2026, Vol. 29, No. 44 Headlines A U S T R A L I A HUNTER WIDE: Second Creditors' Meeting Set for March 4 MR ROADS: First Creditors' Meeting Set for March 5 SYDNEY WORKS: First Creditors' Meeting Set for March 9 TASMANIA: Finances Set to 'Rapidly Deteriorate', Treasury Warns VIKING CARGO: First Creditors' Meeting Set for March 5 VULCAN MINE: First Creditors' Meeting Set for March 6 H O N G K O N G CIMG INC: Dismisses Assentsure PAC, Hires ST & Partners for FY2026 I N D I A AISHWARYA ORGANISERS: Voluntary Liquidation Process Case Summary ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating CARDIO FITNESS: CRISIL Keeps D Debt Ratings in Not Cooperating CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating CHAPHEKAR AND COMPANY: CRISIL Keeps D Ratings in Not Cooperating DHANLAXMI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating DINODIA EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating FLOKING PIPES: CRISIL Keeps D Debt Ratings in Not Cooperating FSD BUILDING: CRISIL Keeps D Debt Ratings in Not Cooperating G R POLYFILM: CRISIL Keeps B- Debt Ratings in Not Cooperating GAUTAMI CHEMICALS: CRISIL Keeps D Debt Rating in Not Cooperating GILCO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating GRAMEEN IMPACT: Voluntary Liquidation Process Case Summary GREENBILT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating JIVA STEELS: Liquidation Process Case Summary KAKAN RICE: Insolvency Resolution Process Case Summary KALPATARUVU SPINNING: CRISIL Keeps D Ratings in Not Cooperating KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating KLASSIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating KOHENOOR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating KUBER AGRICOLD: CRISIL Keeps B- Debt Ratings in Not Cooperating LB COTTON: CRISIL Keeps D Ratings in Not Cooperating Category MANOJ CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating MITTAL ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating MSR ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating NAYAAGARH SUGAR: Liquidation Process Case Summary PIONEER CHANNEL: Liquidation Process Case Summary PRAVEEN ELECTRICAL: CRISIL Keeps D Ratings in Not Cooperating ROEVPL VENTURES: Insolvency Resolution Process Case Summary SAKET INFRA : Insolvency Resolution Process Case Summary SARDA BIO: CRISIL Keeps B- Debt Ratings in Not Cooperating SHREE TEL: Insolvency Resolution Process Case Summary SPECTRA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating TELANGANA HIRE: Voluntary Liquidation Process Case Summary J A P A N MEITETSU DEPARTMENT: Store Closes in Nagoya After 71-Year Run M A L A Y S I A BINTAI KINDEN: Exits PN17 Status N E W Z E A L A N D FOOD4LESS NEW LYNN: Goes Into Liquidation HRE 2021: Creditors' Proofs of Debt Due on March 27 MODERN CONSULTING: Creditors' Proofs of Debt Due on March 27 NEW ZEALAND DAIRY: Court to Hear Wind-Up Petition on April 16 TEAK CONSTRUCTION: Goes Into Liquidation After 34 Years TENUS LIMITED: Creditors' Proofs of Debt Due on March 20 VATAR INVESTMENTS: Court to Hear Wind-Up Petition on March 26 P H I L I P P I N E S SSI GROUP: Marks & Spencer Group Denies Philippines Exit S I N G A P O R E METAOPTICS TECHNOLOGIES: Annual Loss Widens to SGD5.4MM in FY2025 STRAITS TRADING: Net Loss Widens to SGD208.4MM in H2 Ended Dec. 31 S O U T H K O R E A [] KOREA: LCCs Face Structural Deficits Amid Iran Conflict - - - - - ================= A U S T R A L I A ================= HUNTER WIDE: Second Creditors' Meeting Set for March 4 ------------------------------------------------------ A second meeting of creditors in the proceedings of Hunter Wide Civil Pty Ltd has been set for March 4, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW, and via Zoom teleconferencing facilities. 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 March 3, 2026 at 4:00 p.m. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Jan. 28, 2026. MR ROADS: First Creditors' Meeting Set for March 5 -------------------------------------------------- A first meeting of the creditors in the proceedings of Mr Roads Contracting Pty Ltd will be held on March 5, 2026, at 10:00 a.m. via teleconference facilities. Andrew Quinn and Liam Bellamy of Mackay Goodwin were appointed as administrators of the company on Feb. 24, 2026. SYDNEY WORKS: First Creditors' Meeting Set for March 9 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Sydney Works Pty Ltd will be held on March 9, 2026, at 12:00 p.m. via Microsoft Teams. Andrew Blundell and Simon Cathro of Cathro & Partners were appointed as administrators of the company on Feb. 25, 2026. TASMANIA: Finances Set to 'Rapidly Deteriorate', Treasury Warns --------------------------------------------------------------- ABC News reports that Tasmania's finances are on track to "rapidly deteriorate", and total net debt could reach AUD146 billion by 2040, according to a new report released by the state's Department of Treasury and Finance. The ABC relates that the cost of servicing this debt would increase from 2 per cent of operating revenue to more than 50 per cent within 15 years, while deficits would become "increasingly unmanageable". The stark warnings are included in Treasury's fiscal sustainability report released Feb. 27, based on assumptions that no corrective action is taken by the government. The report is released every five years, the ABC says. It shows that Tasmania's financial buffers have been depleted, the state is poorly positioned to respond to economic shocks - such as pandemics - and there is a likelihood of further credit rating downgrades, according to the ABC. The ABC relates that Tasmania already has the equal lowest credit rating of Australian jurisdictions. The Treasury report highlighted that the state is rapidly approaching a fiscal cliff. "Without action, the annual growth in debt servicing costs is projected to exceed the growth in state revenue within 10 years," it reads. The ABC says Treasury urged significant budget repair of about AUD3.3 billion over the next five years and AUD11.3 billion over 15 years. But it warned against only focusing on job cuts or service reductions. "Improvements to productivity and the planning and delivery of services can be beneficial. "However, they are not sufficient on their own and will take time to have an effect." It also highlighted that focusing mainly on economic growth to solve fiscal issues - a measure often pointed to by the government - would not work. "Government revenues correlate poorly with economic growth, and Tasmania's major revenue sources are largely outside the State's control (GST and Commonwealth grants)." During last year's state budget, Treasurer Eric Abetz foreshadowed that the 2026-27 budget would include measures to start to reverse the state's fiscal trends, the ABC recalls. This week, it was revealed the government is considering slashing superannuation payments given to some high-earning current and retired public servants. Despite the dire warnings, the Treasury report said there was still enough time to reverse course, the ABC relays. "The challenge facing the state is large but not insurmountable," it reads. Tasmania's net debt is projected to reach AUD129.5 billion by 2040, while public corporation debt - including government businesses like TT-Line - adds another AUD16.8 billion in the same period, the ABC discloses. VIKING CARGO: First Creditors' Meeting Set for March 5 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Viking Cargo Logistics Pty Ltd will be held on March 5, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on Feb. 23, 2026. VULCAN MINE: First Creditors' Meeting Set for March 6 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Vulcan Mine Management Pty Ltd - Holston Pty Ltd - Ranger Equipment Pty Ltd - Vector Civil and Construction Pty Ltd - Vulcan Sales and Marketing Pty Ltd will be held on March 6, 2026, at 11:00 a.m. via Microsoft Teams. Thomas Birch and Jeremy Joseph Nipps of Cor Cordis were appointed as administrators of the company on Feb. 25, 2026. ================= H O N G K O N G ================= CIMG INC: Dismisses Assentsure PAC, Hires ST & Partners for FY2026 ------------------------------------------------------------------ CIMG Inc. disclosed in a regulatory filing that the Audit Committee of the Board of Directors approved the dismissal of Assentsure PAC as the Company's independent registered public accounting firm, effective as of such date. The reports of Assentsure on the Company's consolidated financial statements for the fiscal years ended September 30, 2025 and September 30, 2024 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's fiscal years ended September 30, 2025 and September 30, 2024, and the subsequent interim period through the date of dismissal, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Assentsure on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Assentsure, would have caused Assentsure to make reference thereto in its reports on the Company's financial statements. During the Company's fiscal years ended September 30, 2025 and September 30, 2024, and the subsequent interim period through the date of dismissal, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K). Following Assentsure's dismissal, the Audit Committee approved the engagement of ST & Partners PLT as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2026. ST & Partners has been engaged to audit the Company's consolidated financial statements for the fiscal year ending September 30, 2026 and to review the Company's interim financial statements for the quarterly periods ending December 31, 2025, March 31, 2026, and June 30, 2026. During the Company's fiscal years ended September 30, 2025 and September 30, 2024, and the subsequent interim period through the Company's appointment of ST & Partners, neither the Company nor anyone acting on its behalf consulted with ST & Partners regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that ST & Partners concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K). The Company has provided Assentsure with a copy of the foregoing disclosures and has requested that Assentsure furnish a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made herein. A copy of Assentsure's letter, dated February 19, 2026, is available at https://tinyurl.com/3a328pph About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's former auditor, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $74.18 million in total assets, $27.65 million in total liabilities, and a total stockholders' equity of $46.53 million. ========= I N D I A ========= AISHWARYA ORGANISERS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Aishwarya Organisers Private Limited 37/1, Yogeshwar Nagar Society, Nr. Anjali Cinema Nr. Rushabh Flat, Vasna, Ahmedabad, Gujarat- 380007 Liquidation Commencement Date: February 16, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Vinit Nagar 818, Shivalik Satyamev, Bopal-Ambli Cross Road, Bopal, Ahmedabad-380058, Gujarat Email: ipvinitnagar@gmail.com Telephone No: 02717-416007 Last date for submission of claims: March 18, 2026 ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ali Agency (Ali; part of Mahavir group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Ali for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Ali, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ali is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Ali continues to be 'Crisil D Issuer not cooperating'. About the Group Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily trades in sugar, pulses, and edible oil. BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Best Foods Limited (BFL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BFL for obtaining information through letter and email dated January 30, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BFL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in fiscal 2004, BFL, promoted by Mr Mohinder Pal Jindal and his son, Mr Dinesh Gupta, mills and processes basmati rice for the global and domestic markets. Processing units in Karnal, Haryana; Hamidpur, Delhi; and Faridkot, Punjab, have total rice milling capacity of 101 tonne per hour (tph) and sorting and grading capacity of 149 tph. CARDIO FITNESS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cardio Fitness India Private Limited (CFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Foreign Exchange 3.32 CRISIL D (Issuer Not Forward Cooperating) Letter of Credit 4.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.68 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CFPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CFPL was set up by Mr Deepak Dewan in New Delhi in 1995. The company offers a range of cardio- and strength-training products and support services. Its products include computerized treadmills, cross-trainers, and steppers. CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ceasan Glass Private Limited (CGPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Funded Interest 1.94 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 12.1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.46 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 2.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with CGPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CGPL continues to be 'Crisil D Issuer not cooperating'. CGPL was set up in 2007 by Mr. C H V N Raghurama Gupta. Based in Ongole, Andhra Pradesh, the company manufactures figured, patterned, or wired glass. CHAPHEKAR AND COMPANY: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chaphekar and Company (CAC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 11 CRISIL D (Issuer Not Cooperating) Proposed Bank 1 CRISIL D (Issuer Not Guarantee Cooperating) Proposed Cash 1 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with CAC for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CAC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CAC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CAC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1973 as a partnership firm by Mr M R Chaphekar, CAC undertakes civil construction works related to roads and bridges. Currently, the daily operations are being managed by Mr Ashish Chaphekar. DHANLAXMI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dhanlaxmi Cotex (DC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DC for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DC continues to be 'Crisil D Issuer not cooperating'. Set up in 2013, DC is a partnership firm promoted by the Patel family. The firm undertakes cotton ginning and pressing operations at its production facility in Kadi (Gujarat). DC started its commercial production in October 2014. DINODIA EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dinodia Educational Society (DES) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DES for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DES continues to be 'Crisil D Issuer not cooperating'. DES, established in 2008, is operating a school near Siliguri, West Bengal, under the name G D Goenka Public School, Siliguri (GDGPSS). DES is associated with the GD Goenka group of schools, and all the facilities have been built up and the school is operated under the ageis of the group. The school is located at Dagapur, around 7 Km away from the city of Siliguri, West Bengal, and is spread over an area of 7.32 acres. GDGPSS has commenced operation from 2009-10 and operate classes from Nursery to class XII under the affiliation of Central Board of Secondary Education. DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dwarikamayee Bhandar (DB; part of Maa Kalika group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.7 CRISIL D (Issuer Not Cooperating) Proposed Cash 5.8 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with DB for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DB continues to be 'Crisil D Issuer not cooperating'. The Maa Kalika group, promoted by the Odisha-based Jajodia family is primarily engaged in wholesale trading in of agro items such as sugar, pulses, and edible oil. Operations are primarily managed by Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia. FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Fenix Process Technologies Private Limited (FPTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Export Packing Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1.02 CRISIL D (Issuer Not Cooperating) Term Loan 6.48 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FPTPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FPTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FPTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FPTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2006 and based in Pune, FPTPL is promoted by Mr. M V Rao. The company undertakes process engineering and manufacturing, involving the provision of complete design, engineering, and equipment solutions for distillation and other mass-transfer operations. FLOKING PIPES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Floking Pipes Private Limited (FPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.00 CRISIL D (Issuer Not Cooperating) Long Term Loan 38.69 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 0.31 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FPPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FPPL continues to be 'Crisil D Issuer not cooperating'. FPPL, incorporated in 2010, is promoted by two business groups: the Electro group of companies, represented by Mr Brij Khandelwal and Mr Ankur Khandelwal, and the Modi group of companies, represented by Mr Nilesh Modi. The company has set up a PVC-O manufacturing plant in Chennai where the operations are yet to stabilise. FSD BUILDING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of FSD Building Materials Private Limited (FSD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 30 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FSD for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FSD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FSD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FSD continues to be 'Crisil D Issuer not cooperating'. FSD, incorporated in 2010, is promoted by Mr Yahya Farouk Darvesh, Ms Hanifa Farouk Darvesh, and Mr Zakaria Farouk Darvesh based in Mumbai. The family has been engaged in the timber industry for over 100 years. The company trades in timber, medium-density fibreboard, and wood-based chemicals, and is managed by Ms Hanifa Farouk Darvesh and Mr Zakaria Farouk Darvesh. G R POLYFILM: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of G R Polyfilm Private Limited (GRPPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B-/Stable (Issuer Not Cooperating) Cash Credit 4.5 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 2 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GRPPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GRPPL continues to be 'Crisil B-/Stable Issuer not cooperating'. GRPPL was incorporated in 1990 by Kolkata-based Mr. Rabindar Jaiswal and his other family members. The company manufactures flexible packaging materials such as polyester laminated rolls, multilayer flexible films, oil print films, water printed films, bags, and pouches. Its manufacturing facilities are in Kolkata and operations are managed by promoter-director. GAUTAMI CHEMICALS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Gautami Chemicals and Pesticides Private Limited (GCP) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GCP for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GCP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GCP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GCP continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1996, GCP is engaged in manufacturing and sale of pesticides. The Rajahmundry based company is promoted by Mr. Goluguri Bapi Raju. GILCO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gilco Exports Limited (GEL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 1.25 CRISIL D (Issuer Not Cooperating) Cash Credit 3.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.50 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GEL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1988 and promoted by the Chandigarh-based Gill family, GEL manufactures luggage trolleys, terminal sitting sofas, and parts of conveyer belts. Incorporated in 1988, Gilco GEL is engaged in manufacturing of luggage trolley's, terminal sitting sofas and parts of conveyer belts for Airport Authority of India. GEL is promoted by Chandigarh based Gill family and has its manufacturing unit in Chandigarh. GRAMEEN IMPACT: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Grameen Impact Ventures Private Limited E-86, LGF, Suncity Sector 54, Golf Course Road, Gurugram, Haryana- 122011 Liquidation Commencement Date: February 13, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Ankit Goel AAA Insolvency Professionals LLP AAA House, 64, Okhla Estate Marg, Near Modi Mills, Okhla Phase III, Okhla Industrial Estate, New Delhi – 110020 Telephone No: 011 4666 4622 Email: ankitgoel@aaainsolvency.com info@aaainsolvency.com grameenventure.ibc@gmail.com Last date for submission of claims: March 15, 2026 GREENBILT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Greenbilt Industries Private Limited (Greenbilt) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 21 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Greenbilt for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Greenbilt, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Greenbilt is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Greenbilt continues to be 'Crisil D Issuer not cooperating'. Promoted by Mr Aditya Agrawal, Greenbilt was incorporated on June 4, 2012. The company is setting up a manufacturing unit of aerated autoclave concrete blocks, with an installed capacity of 1,71,000 cubic meter per annum at Durg district (Chhattisgarh). JIVA STEELS: Liquidation Process Case Summary --------------------------------------------- Debtor: Jiva Steels Private Limited 35-330/B, Beside BSNL Office Main Road, Shapur Nagar, IDA, Jeedimetla, Hyderabad, Telangana, India - 500055 Liquidation Commencement Date: January 29, 2026 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Vakiti Vineeth Reddy Flat No. 301, Plot No. 426, Radhamohan Enclave, Mathrusreenagar, Miyapur, Ranga Reddy District, Hyderabad, Telangana, 500049 Email: Vinnethreedy.vakiti@gmail.com cirp.jivasteels@gmail.com Last date for submission of claims: February 28, 2026 KAKAN RICE: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Kakan Rice Mill Private Limited A/5, Grand Chandra 2nd Floor, Frazer Road, Patna, Bihar, India, 800001 Mauza - Gidha & Kayam Nagar, P.O.-Ara, P.S.-Koilwar Thana No. 144139, District-Bhojpur, Bihar Insolvency Commencement Date: February 12, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: August 11, 2026 Insolvency professional: Kamal Nayan Jain Interim Resolution Professional: Kamal Nayan Jain Klass Insolvency Resolution Professionals Private Ltd. 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata - 700020 Email: knjain@knjainco.com cirp.krmpl@gmail.com Last date for submission of claims: March 3, 2026 KALPATARUVU SPINNING: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalpataruvu Spinning Mills Private Limited (KSMPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil D (Issuer Not Cooperating) Long Term Loan 6 Crisil D (Issuer Not Cooperating) Term Loan 25 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSMPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSMPL continues to be 'Crisil D Issuer not cooperating'. KSMPL was established in 2006 by Mr. Raghu Rami Reddy as a public limited company. KSML has its cotton spinning unit based in Guntur (Andhra Pradesh) and manufactures cotton yarn. KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Keya Realty (Keya) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9.26 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.74 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Keya for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Keya, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Keya is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Keya continues to be 'Crisil D Issuer not cooperating'. Set up as a proprietorship concern in 2002, by Mr. Manish Mahendhrabhai Patel, Keya is engaged in construction of residential and commercial real estate projects in Vadodara. KLASSIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Klassik Enterprises Private Limited (KEPL) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 13 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 17 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KEPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KEPL continues to be 'Crisil B-/Stable Issuer not cooperating'. KEPL was incorporated in 2003 by Mr. M Ramakrishna Reddy, Mr. Prasad K, and Mr. K R Srinivasa Reddy. The company develops real estate and is currently implementing a residential project, Landmark, in three phases in Bengaluru. Its registered office is in Bengaluru. KOHENOOR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kohenoor Industries (KI; part of Maa Kalika group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KI for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KI continues to be 'Crisil D Issuer not cooperating'. The Maa Kalika group, promoted by the Odisha-based Jajodia family is primarily engaged in wholesale trading in of agro items such as sugar, pulses, and edible oil. Operations are primarily managed by Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia. KUBER AGRICOLD: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kuber Agricold Private Limited (KAPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.1 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 9.9 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. KAPL was incorporated in December 2013 and provides cold storage services for fruits and vegetables in Rajkot, Gujarat. The total installed capacity being 3000 tons per annum. The Company is promoted by Mr. Vishal Monpara, Mr. Dhanji Chovatiya, and Mr. Sanjay Sorathiya. LB COTTON: CRISIL Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of LB Cotton Industries LLP (LCIL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 3 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LCIL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LCIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LCIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LCIL continues to be 'Crisil D Issuer not cooperating'. Set up in 2011 as a limited liability partnership firm by Mr Dharmendra Pande and his family, LCIL gins and presses cotton and extracts oil from cotton seeds. The firm also trades in de-oiled cakes, cotton seeds, and cotton seed oil. Unit in Dharmabad, Maharashtra, has ginning and pressing capacity of 200 bale per day. MANOJ CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Manoj Cables Limited (MCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Standby Line 3 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with MCL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MCL, incorporated in 1992, engaged in manufacturing and supplying of communication and signaling cables, primarily to Indian Railways. MCL is based in New Delhi and its day to day operation is looks by its Director Mr Manoj Garg. MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manraash Processors (Manraash) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.05 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 5.61 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Manraash for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Manraash, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Manraash is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Manraash continues to be 'Crisil D/Crisil D Issuer not cooperating'. Manraash, set up in 2012, is a partnership firm based at Jetpur, Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience of over two decades in textile processing, dyeing and printing. Production began in October 2015. MITTAL ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Mittal Alloy Castings Company (MACC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.0 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MACC for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MACC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MACC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MACC continues to be 'Crisil D Issuer not cooperating'. Raigarh (Chattisgarh)-based MAAC, incorporated in July 2015, is setting up a facility to manufacture Grinding Media Balls. Mr Deepak Agrawal and Mr Ramsharan Agrawal are the promoters. MSR ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MSR Enterprises (MSR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Cash Credit 2.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MSR for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MSR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSR continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1995, MSR is engaged in laying of distribution lines, erection of electrical substations and transformers, and refurbishment of old distribution lines. MSR majorly caters to all the four zonal power distribution companies of Andhra Pradesh and derives its entire from them. The firm is promoted by Mr. M Srinivasa Rao, a mechanical engineering graduate who manages the operations of the firm. NAYAAGARH SUGAR: Liquidation Process Case Summary ------------------------------------------------- Debtor: Nayaagarh Sugar Complex Limited Plot No - 191, 4th Floor Kharvel Nagar Unit-III, Bhubaneswar, Orissa India-751001 Liquidation Commencement Date: February 13, 2026 Court: National Company Law Tribunal, Cuttack Bench Liquidator: Devendra Umrao 94D, Pocket F, Mayur, Vihar, Phase 2, New Delhi 110091 Email: devumraoibc@gmail.com 2216, Second Floor, Tower A The Corenthum, Sector 62, Noida 201301, Uttar Pradesh Email: cirp.nscl@gmail.com Last date for submission of claims: March 15, 2026 PIONEER CHANNEL: Liquidation Process Case Summary ------------------------------------------------- Debtor: Pioneer Channel Factory Private Limited A-21, 1st Floor, Ghanshyam Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai - 400 053 Liquidation Commencement Date: February 5, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Hetal Gaurang Kothari 604, Oak Building, Mahavir Kalpavrush, GB Road, Kasarvadavali, Thane - 400615 Email: iphetalkothari@gmail.com liquidationpioneerchannel@gmail.com Last date for submission of claims: March 13, 2026 PRAVEEN ELECTRICAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Praveen Electrical Works (PEW) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 11 CRISIL D (Issuer Not Cooperating) Overdraft Facility 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PEW for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PEW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PEW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PEW continues to be 'Crisil D/Crisil D Issuer not cooperating'. PEW was set up in 1994 as a sole proprietorship firm by Mr Prakash C Angadi. The firm undertakes turnkey projects for laying electrical cables and poles, and electrification projects. It has a facility in Karnataka. ROEVPL VENTURES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: ROEVPL Ventures Private Limited 502, Plot No. 91/94, Prabhat Colony, Santacruz (East), Mumbai City, Mumbai, Maharashtra, India, 400055 Oposit Shakshi Hotel, Ward 4, Block Maihar, NH 7 Katni Road, Maihar, Satna, Madhya Pradesh, 485771 Insolvency Commencement Date: February 18, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 17, 2026 Insolvency professional: Ritesh Prakash Adatiya Interim Resolution Professional: Ritesh Prakash Adatiya NPV Insolvency Professionals Private Limited H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email: cirp.roevplventures@npinsolvency.in Last date for submission of claims: March 4, 2026 SAKET INFRA : Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Saket Infra Developers Private Limited 46, B. B. Ganguly Street, 1st Floor, Room No. 4, Kolkata, West Bengal, India, 700012 Insolvency Commencement Date: February 17, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: August 16, 2026 Insolvency professional: Mahesh Chand Gupta Interim Resolution Professional: Mahesh Chand Gupta FE-202, Salt Lake City, Sector-III, 1st Floor, Kolkata - 700106 Email: mcgupta90@gmail.com 11&11/1, B B Ganguly Street, 1st Floor, Suit No.-1, Kolkata - 700012 Email cirp.saketdev@gmail.com Last date for submission of claims: March 3, 2026 SARDA BIO: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sarda Bio Polymers Private Limited (SBPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 10 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBPL for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SBPL, incorporated in 2012, is promoted by Mr. Girdhari Lal Sarda, Mr. Pankaj Sarda, and Mr. Suresh Sarda. The company processes and exports guar gum and guar gum powder. Its processing unit at Pali, Rajasthan, has an installed capacity of 16 tonnes per day. SHREE TEL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Shree Tel Fab Industries Private Limited Patna Chemical Compound, Patna City, P.S.- Mogalpura, Patna, Bihar, India - 800008 Insolvency Commencement Date: February 17, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: August 16, 2026 Insolvency professional: Rajnandan Kumar Interim Resolution Professional: Rajnandan Kumar Shibani Complex, 47C, Pottery Road, Kolkata - 700015 Email: rnk_sa2004@yahoo.co.in cirp.shreetelfabindustries@gmail.com Last date for submission of claims: March 3, 2026 SPECTRA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Spectra Motors Limited (SML) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Cash Credit 50 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Term Loan 0.81 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) Term Loan 14 CRISIL D (Issuer Not Cooperating) Term Loan 4.94 CRISIL D (Issuer Not Cooperating) Working Capital 5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SML for obtaining information through letter and email dated January 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SML continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1993 and promoted by Mr Bharat Bhushan Gupta and family, SML was initially a dealer of Fiat vehicles; however in 1998 it obtained the dealership of Maruti. Currently, the company has six showrooms and eight workshops in Mumbai apart from a showroom and workshop in Surat (Gujarat). It sells 1000-1100 vehicles a month. TELANGANA HIRE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Telangana Hire Purchase Association 5-4-75/C, Nahar Chambers, 1st Floor Opp. Sundaram Motors, M.G. Road, Ranigunj, Secunderabad, Hyderabad, Telangana, India, 500003 Liquidation Commencement Date: February 16, 2026 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Shailesh Baheti 20-1-524, Golla Khidki, Near Laxmi Narayan Temple, Kabutar Khana, Bhahdurpura Hydrrabad, Telangana-500064 Email: shaileshbaheti17@gmail.com Contact No: 9000010183 Last date for submission of claims: March 18, 2026 ========= J A P A N ========= MEITETSU DEPARTMENT: Store Closes in Nagoya After 71-Year Run ------------------------------------------------------------- The Japan Times reports that the main store of Meitetsu Department Store, a landmark at Nagoya Station in central Japan for over 71 years, closed permanently on Saturday [Feb. 28]. According to The Japan Times, the closure is part of a redevelopment plan for the Nagoya Station area, led by the department store operator's parent company, Nagoya Railroad. But it is uncertain when the store building will be demolished and a new building erected, as the redevelopment plan was put on hold last December after a prospective contractor decided not to bid for the project, citing difficulties securing workers. The delay is expected to pose a drag to efforts to revitalize the area surrounding the station. The Meitetsu Department Store main store opened in December 1954 and served as the core of the commercial area near Nagoya Station. However, the store struggled with declining business, with sales falling from JPY79.3 billion ($511 million) in 2000 to JPY37.6 billion in 2024, The Japan Times notes. "Thank you very much for your long-time patronage," The Japan Times quotes president Hitoshi Ishikawa as saying at the closing ceremony. Following the closure, the operator will consider opening some shops on the lower floors of the building. Nagoya Railroad has said it plans to outline the direction of the redevelopment plan in fiscal 2026. =============== M A L A Y S I A =============== BINTAI KINDEN: Exits PN17 Status -------------------------------- The Star reports that Bintai Kinden Corp Bhd has exited Practice Note 17 (PN17) status after regularising its financial condition. The Star relates that Bursa Malaysia Securities Bhd said the company no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the Main Market Listing Requirements. As at Feb. 5, 2026, Bursa Malaysia had 15 PN17 companies and four GN3 companies. Bintai Kinden Corp. Bhd. engages in the provision of mechanical and electrical engineering services, and facilities management services through its subsidiaries. It operates through the following segments: Specialized Mechanical and Electrical Engineering Services; Turnkey, Infrastructure, Civil, and Structural; Concession Arrangement; and Investment Holding and Others. Kinden Corporation has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Malaysia. The company's PN17 classification came after MBSB Bank Bhd (MBSB) on March 29, 2023, issued a notice of termination to Bintai Kinden as the corporate guarantor and its wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM), as the borrower in respect of MYR109 million in Islamic banking facilities in which it has defaulted on. The company had submitted the proposed regularisation plan to Bursa Securities on Oct. 4, 2024. ===================== N E W Z E A L A N D ===================== FOOD4LESS NEW LYNN: Goes Into Liquidation ----------------------------------------- Newstalk ZB reports that Auckland supermarket chain Food4Less has been forced to close one of its stores after creditors put it into liquidation. Food4Less, which operates ethnic food supermarkets in Auckland and Hamilton, confirmed the closure last week of its New Lynn site. According to Newstalk ZB, owner Romit Prakash said the closing of Food4Less New Lynn was "emotional, overwhelming and deeply humbling". "Recently, we received the difficult news regarding the liquidation process. Hearing those words was one of the most confronting moments of my professional life," Prakash said in a Facebook post. "Like many businesses, we have faced challenging circumstances over time - pressures that built quietly, decisions that carried weight, and realities that eventually could not be ignored. "Despite every effort, every long day, every late night and every attempt to find a path forward, we have reached a point where closing is the responsible step." Pritesh Patel of Patel & Co was appointed liquidator of Food 4 Less (New Lynn) Limited on February 24 by the High Court in Auckland, Newstalk ZB discloses. A notice on the New Zealand Gazette said the petitioning creditors were Harman Impex (NZ) Ltd and MZ Holdings Limited. Companies Office Records show Prakash is the sole director of the company, which is owned by U & S Chand Investments Limited - which Romit and Amit Prakash each own a 50% shareholding of. The first liquidator's report is due March 31, Newstalk ZB relays. HRE 2021: Creditors' Proofs of Debt Due on March 27 --------------------------------------------------- Creditors of HRE 2021 Limited (formerly Hills Real Estate Limited) and Kiwi Homes 2019 Limited are required to file their proofs of debt by March 27, 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: Craig Sanson PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 MODERN CONSULTING: Creditors' Proofs of Debt Due on March 27 ------------------------------------------------------------ Creditors of Modern Consulting Limited are required to file their proofs of debt by March 27, 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: Wendy Somerville Malcolm Hollis c/o PwC, PwC Christchurch PO Box 13244 City East Christchurch 8141 NEW ZEALAND DAIRY: Court to Hear Wind-Up Petition on April 16 ------------------------------------------------------------- A petition to wind up the operations of New Zealand Dairy Brands Limited will be heard before the High Court at Auckland/Tamaki Makaurau on April 16, 2026, at 10:00 a.m. Bizcap NZ Limited filed the petition against the company on Nov. 7, 2026. The Petitioner's solicitor is: James Cochrane Lane Neave Lawyers Level 8, Vero Centre 48 Shortland Street Auckland TEAK CONSTRUCTION: Goes Into Liquidation After 34 Years ------------------------------------------------------- BusinessDesk reports that Teak Construction Group and its associated company, TGL 19, have been put into liquidation by their shareholders. PKF Corporate Recovery was appointed as liquidator to the Auckland construction business on March 2, BusinessDesk discloses. According to BusinessDesk, liquidator Steve Lawrence confirmed that five construction sites had been locked up, and 20 Teak staff would lose their jobs. "The liquidators were still gathering information about how much the companies owed, and what was owed to them," BusinessDesk quotes Mr. Lawrence as saying. The 34-year-old Auckland-headquartered building business has more than NZD900 million of projects to its name, according to NZ Herald. TENUS LIMITED: Creditors' Proofs of Debt Due on March 20 -------------------------------------------------------- Creditors of Tenus Limited are required to file their proofs of debt by March 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 20, 2026. The company's liquidators are: John Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach VATAR INVESTMENTS: Court to Hear Wind-Up Petition on March 26 ------------------------------------------------------------- A petition to wind up the operations of Vatar Investments Limited will be heard before the High Court at Auckland on March 26, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 2, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== SSI GROUP: Marks & Spencer Group Denies Philippines Exit -------------------------------------------------------- Manila Bulletin reports that Marks & Spencer Group has clarified that it has no plans to withdraw from the Philippines, moving to calm market jitters after its long-time local partner, SSI Group Inc., announced it would shutter its M&S operations by May 2026. Manila Bulletin relates that the London-based retailer stated on Friday, Feb. 27, that it remains committed to the growth opportunities in the Philippines, despite the looming termination of its decades-long relationship with the country's largest specialty store operator. While the partnership with the Tantoco-led SSI Group is ending, M&S said that the brand is simply moving in a new direction. "Our objective is to build a trusted global brand by bringing the best of M&S to customers around the world. We remain committed to the Philippines and the growth opportunity in the region," Manila Bulletin quotes a spokesperson for Marks & Spencer as saying. "After over 20 years of partnership with the SSI Group, we have made the decision to transition to a new franchise partner to support our ambitious growth plans in the region." According to Manila Bulletin, the company said that the contract with SSI will officially conclude in May 2026. "We thank them for their partnership," the spokesperson added, noting that the brand looks forward to "sharing updates on our growth plans in due course." Manila Bulletin says the clarification follows a disclosure by SSI Group on Feb. 25, confirming that its subsidiary, Stores Specialists Inc., would wind down the brand's local presence under their management. SSI said the exit was a strategic realignment of its portfolio to better match shifting consumer preferences. Manila Bulletin adds that the move concludes a partnership that began in the late 1980s and saw M&S become a staple of Philippine malls. However, the British retailer's latest statement confirms that the brand's signature apparel and food offerings will continue to have a footprint in the market under new leadership. 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 ================= METAOPTICS TECHNOLOGIES: Annual Loss Widens to SGD5.4MM in FY2025 ----------------------------------------------------------------- The Business Times reports that Metaoptics Technologies loss for FY2025 deepened to SGD5.4 million from SGD2 million previously, it said in a regulatory filing on Feb. 27. The semiconductor optics company posted an almost nine times increase in full-year revenue to SGD787,388 from SGD79,440 previously. This was mainly driven by higher sales of equipment from a customer's direct laser writer order, as well as higher sales of metalens products and equipment installation services, BT relates. Expenses across the board increased, with finance expenses for the full year clocking the highest increase of over 90 times to SGD176,883 from SGD1,844 previously. This was followed by selling and marketing expenses for FY2025 soaring to SGD204,622 from SGD49,186. Administrative expenses for the full year also jumped to SGD3.7 million from SGD896,702 in FY2024. As a result, MetaOptics reported widenings losses for FY2025, BT discloses. Looking ahead, the growth of MetaOptics is driven by increasing demand for compact optical components in augmented and virtual reality products, as well as 3D sensing and imaging applications. This segment continues to have high barriers to entry, with competition focused on technology. According to BT, MetaOptics' performance in FY2026 might be impacted by the following factors: the pace of commercialisation, timing of customer equipment orders and broader semiconductor capital expenditure conditions. MetaOptics Ltd designs and manufactures metaoptics components and products including metalens, metalens camera modules, metalens manufacturing equipment, and metalens IoT products, such as infrared metalens cameras, pico projectors and IoT metalens colour cameras. It offers 3D biometrics metalens sensor, collimating meta lens for pico projector, IoT metalens color camera, color imaging meta lens, pico projector, ultra-wide FoV IR metalens, direct laser writer, ultra-wide FoV metalens monochromatic IR camera, metalens color camera module, metalens automatic tester. The metalenses are used in various applications by its customers, for smartphones, contactless 3D biometrics modules, projectors, and industrial uses such as IoT devices, LiDAR and HUDs for planes and self-driving cars, and AR/VR devices. STRAITS TRADING: Net Loss Widens to SGD208.4MM in H2 Ended Dec. 31 ------------------------------------------------------------------ The Business Times reports that the Straits Trading Company's net loss widened to SGD208.4 million for its second half ended Dec 31, 2025, from SGD12.5 million a year earlier, as it recorded a one-off charge and a net fair-value loss on investment properties. Revenue increased by 14 per cent year on year to SGD355.8 million, BT discloses citing the group's financial results filed on Feb. 27. Net fair-value changes in investment properties came in at minus SGD43.9 million, compared with a gain of SGD7.7 million in H2 FY2024. The group attributed this primarily to fair-value losses from properties in China, South Korea and Australia. The resources segment had a better showing in H2 FY2025, which the group said was mainly due to higher average tin prices and the ringgit's appreciation against the Singapore dollar, BT relays. The hospitality segment's performance weakened, however, "primarily due to ongoing refurbishment works in its Australia-owned hotel (and) the absence of contribution from a hotel disposed of in December 2024". According to BT, Straits Trading's real estate business reported a greater loss in H2 FY2025. This came on the back of a SGD102.3 million loss that stemmed from the group losing joint control over a joint venture. The group explained that "the appointment of receivers and managers over (a) mortgaged property in December 2025" had led to the investment being derecognised as a joint venture. Loss per share for H2 FY2025 stood at SGD0.444, compared with SGD0.028 for the corresponding period a year earlier. Straits Trading's board has proposed an interim dividend of SGD0.08 a share payable on June 30, with the quantum unchanged from FY2024 and the option of payment in scrip available, BT notes. Singapore-based The Straits Trading Company Limited, a conglomerate-investment company, engages in the resources, property, and hospitality businesses. The Straits Trading Company Limited operates as a subsidiary of The Cairns Pte Ltd. ===================== S O U T H K O R E A ===================== [] KOREA: LCCs Face Structural Deficits Amid Iran Conflict ---------------------------------------------------------- The Korea Times reports that Korea's major low-cost carriers (LCCs) are expected to face structural deficits as the escalating armed conflict in Iran drives up global oil prices. According to the report, the surge in crude oil prices, coupled with the strengthening dollar against the Korean won, presents two major cost burdens to budget airlines. Concerns are rising that the latest Middle East crisis will erode the profitability of the LCCs even further, after they reported sharp earnings declines last year. West Texas Intermediate crude oil was traded at around $65 on Feb. 27, but its value soared to more than $74 on March 1 when the conflict between the United States and Iran reached its peak. Unlike full-service carriers with diversified revenue streams, LCCs such as Jeju Air, Jin Air and T'way Air are particularly vulnerable to external uncertainties, as most of their operating costs in fuel, aircraft leasing and maintenance are denominated in dollars, according to The Korea Times. LCCs' mounting financial strain was clearly reflected in their steep earnings decline last year, driven largely by the prolonged appreciation of the U.S. dollar against the Korean won. Jeju Air turned to a deficit with an operating loss of KRW110.9 billion ($76.1 million) in 2025, The Korea Times discloses. T'way Air also reported an operating loss of KRW265.5 billion during the same period. Jin Air swung to a deficit last year, reporting an operating loss of KRW16.3 billion, its first annual loss since 2022, in the aftermath of the COVID-19 pandemic. According to The Korea Times, industry watchers said ongoing volatility in global energy markets and currency rates will likely exacerbate the fragile financial positions of Korean LCCs. With limited ability to pass rising fuel costs on to price-sensitive travelers, the budget carriers may face deeper deficits without strategic shifts in route networks or cost structures, they said. "The weak won and elevated jet fuel prices are dual headwinds striking LCCs," the report quotes aviation industry official as saying. "If oil prices remain elevated against the backdrop of geopolitical risk, structural losses could become more entrenched in their earnings this year." ********* 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 ***