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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, March 5, 2026, Vol. 29, No. 46
Headlines
A U S T R A L I A
BRALEA PTY: First Creditors' Meeting Set for March 11
CLIENT CARE: First Creditors' Meeting Set for March 9
COMPOSITE NATURAL: First Creditors' Meeting Set for March 9
INFINITY PHARMACY: Partners Group Circles Collapsed Priceline Chain
LEDA ALUMINIUM: First Creditors' Meeting Set for March 9
QUEENSLAND INDOOR: Liquidators Continue Probe Into AUD61MM Tax Debt
SANDHU JAGIRDAR: First Creditors' Meeting Set for March 9
SHEARER HOMES: Enters Administration Owing AUD4 Million
C A M B O D I A
PRINCE GROUP: Taiwan Indicts 62 Over Suspected Scam Centre Operator
H O N G K O N G
NEW WORLD: US$4 Billion Talks With Blackstone Stall Over Control
I N D I A
AGARWAL CHEM: Insolvency Resolution Process Case Summary
BORIVALI HEALTHCARE: Insolvency Resolution Process Case Summary
CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
DEEPAK DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
DYNAMIX CHAINS: CRISIL Keeps D Debt Ratings in Not Cooperating
ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
HI REACH: CARE Keeps C Debt Rating in Not Cooperating Category
HIM STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
JBS ENTERPRISES: Insolvency Resolution Process Case Summary
JHV STEELS: CARE Keeps C Debt Rating in Not Cooperating Category
KAY KAY FOODS: Voluntary Liquidation Process Case Summary
KG IRON: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
MADHAVA HYTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
MAGNI TECH: CARE Keeps B- Debt Rating in Not Cooperating Category
MEDICON LEATHER: CRISIL Keeps D Debt Rating in Not Cooperating
MUBASA ELECTRICAL: CARE Keeps B- Debt Rating in Not Cooperating
NARENDRANATH AGENCY: CARE Keeps B- Debt Rating on Not Cooperating
NEXGEN CONSULTANCY: CRISIL Keeps B- Ratings in Not Cooperating
OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating
PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
PRIMA KLEENSEED: CRISIL Keeps B- Debt Ratings in Not Cooperating
S.M MUSTHAFA: CARE Keeps B- Debt Rating in Not Cooperating Category
SANKAR COTTON: CARE Keeps D Debt Rating in Not Cooperating
SANKAR MARINE: CARE Keeps C Debt Rating in Not Cooperating Category
SHIKHARJEE RICE: CARE Keeps B- Debt Rating in Not Cooperating
SKILL ONLINE: Voluntary Liquidation Process Case Summary
SRINIVASA RICE: CARE Keeps C Debt Rating in Not Cooperating
SUPREME AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
TOPGAMES TECHNOLOGIES: Voluntary Liquidation Process Case Summary
TUF INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
VOSTOK FOODS: Insolvency Resolution Process Case Summary
J A P A N
NIDEC CORP: Warns of US$1.6 Billion Charges From Accounting Scandal
SOFTBANK GROUP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
M A L A Y S I A
PERAK CORP: Shareholders Approve PN17 Regularisation Plan
N E W Z E A L A N D
ALBERT ENTERPRISES: Court to Hear Wind-Up Petition on March 16
CMC CONCRETE: Creditors' Proofs of Debt Due on March 25
HAPPY SPROUTS: Creditors' Proofs of Debt Due on April 10
HAPPY SPROUTS: Goes Into Liquidation; Owes NZD1 Million to IRD
HIGH PERFORMANCE: Creditors' Proofs of Debt Due on April 24
ROTORUA PROPERTY: Court to Hear Wind-Up Petition on March 13
SHUNDI CUSTOMS: Seascape Developer Placed in Receivership
S I N G A P O R E
BAKERY & CAFE: Court Enters Wind-Up Order
CENTRALITY PLATFORM: Commences Wind-Up Proceedings
DERMATOLOGY & LASER: Commences Wind-Up Proceedings
RISK MANAGEMENT: Commences Wind-Up Proceedings
TOPFORD TRADING: Creditors' Proofs of Debt Due on April 4
- - - - -
=================
A U S T R A L I A
=================
BRALEA PTY: First Creditors' Meeting Set for March 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Bralea Pty
Ltd (trading as Lone Ranges Shooting Complex) will be held on March
11, 2026, at 11:30 a.m. via virtual meeting only.
Mervyn Jonathan Kitay of Worrells WA was appointed as administrator
of the company on Feb. 26, 2026.
CLIENT CARE: First Creditors' Meeting Set for March 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Client Care
First Pty Ltd will be held on March 9, 2026, at 3:00 p.m. via
Zoom.
Antony Resnick and Henry Kwok of DVT Mcleods were appointed as
administrators of the company on Feb. 25, 2026.
COMPOSITE NATURAL: First Creditors' Meeting Set for March 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Composite
Natural Pty Ltd (formerly trading as Innowood Natural Pty Limited)
will be held on March 9, 2026, at 10:00 a.m. at Level 1, 17
Brookhollow Avenue, in Norwest, NSW, and virtual meeting
technology.
Darrin Paine of TI Group (NSW) was appointed as administrator of
the company on Feb. 26, 2026.
INFINITY PHARMACY: Partners Group Circles Collapsed Priceline Chain
-------------------------------------------------------------------
Australian Financial Review's Street Talk reports that
Zug-headquartered private capital player Partners Group is weighing
a tilt at Infinity Pharmacy Group, the collapsed owner of dozens of
Priceline pharmacies which is up for sale with a AUD500 million
price tag.
Street Talk understands Joshua Hartz, a former partner in Bain
Capital's special situations, is trying Infinity on for a fit in
his new employer's portfolio. It comes after Partners hired Mr.
Hartz last year to build a dedicated special sits team, drawing on
the dealmaker's success with tough assets like Accolade Wines.
Wesfarmers owns Australian Pharmaceutical Industries (API), a drug
wholesaler that owns the Priceline brand. In late December 2025,
Wesfarmers pushed about half of the Priceline stores of its largest
franchisee, Infinity Pharmacy Group, into receivership following
years of financial difficulties.
Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of
Teneo were appointed as administrators of Infinity Pharmacy Group
Pty, IPG Pacific Fair Pty Ltd, IPG Woodford Pty Ltd and Krina K Pty
Ltd on Dec. 18, 2025.
LEDA ALUMINIUM: First Creditors' Meeting Set for March 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Leda
Aluminium Pty Ltd will be held on March 9, 2026, at 11:00 a.m. via
virtual meeting only.
Ernie Chou of EKC Advisory was appointed as administrator of the
company on Feb. 25, 2026.
QUEENSLAND INDOOR: Liquidators Continue Probe Into AUD61MM Tax Debt
-------------------------------------------------------------------
ABC News reports that a Queensland indoor sporting company owes
creditors AUD2.6 million on top of a AUD61 million debt with the
tax office following its collapse.
Queensland Indoor Arenas, owned by Colin and Ashlee Kinnest, ran
indoor sports centres in Bundaberg, Brisbane and Logan until its
companies went into liquidation late last year.
According to the ABC, the Australian Tax Office (ATO) is pursuing
AUD61 million in debt and penalties owed by companies Bundaberg
Indoor Sports and Kinnest Family PTY LTD, and their director Colin
Kinnest.
The ABC relates that the ATO alleges the companies lodged false
business activity statements and claimed more than AUD39 million in
refunds.
Mr. Kinnest and his wife Ashlee Kinnest's ownership of AUD10
million worth of properties was frozen by the Federal Court in
September.
Cameron John Woodcroft and Bradley Vincent Hellen, of Pilot
Partners, were appointed by Mr. Kinnest as liquidators of the
companies in November.
The ABC understands two businesses, an indoor sports centre at
Strathpine and a beach volleyball venue in Bundaberg, have sold to
new owners.
Mr. Woodcroft said the liquidation process was ongoing.
"We are continuing to conduct our investigations into the affairs
of the company and the circumstances leading up to the
liquidation," the ABC quotes Mr. Woodcroft as saying.
Documents lodged to ASIC show the Kinnest Family Pty Ltd owed more
than AUD430,000 to employees in wages and superannuation, the ABC
discloses.
The reports also detail a list of at least 140 secured and
unsecured creditors, which included AUD39,000 owed to the Indoor
Netball Federation of Queensland.
The document also shows AUD10,517 is owed in rates to Bundaberg
Regional Council, AUD1,015,318 to Money Renters Pty Ltd and
AUD13,998 to WorkCover Queensland.
The ABC adds that Mr. Woodcroft said his investigation into the
company's finances was continuing and he urged other creditors to
come forward.
"Our responsibilities as liquidators include identifying and
recovering assets, assessing creditor claims, and reviewing any
transactions that may be recoverable for the benefit of creditors,"
he said.
SANDHU JAGIRDAR: First Creditors' Meeting Set for March 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sandhu
Jagirdar Pty Ltd will be held on March 9, 2026, at 3:00 p.m. via
Microsoft Teams.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Feb. 25, 2026.
SHEARER HOMES: Enters Administration Owing AUD4 Million
-------------------------------------------------------
Herald Sun reports that Shearer Homes, a family-owned Victorian
builder, has collapsed into administration with AUD4 million in
debts after its biggest client terminated their contract over
alleged damages.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Feb. 2, 2026.
A second meeting of the creditors of the Company will be held on
March 10, 2026, at 10:00 a.m. via Microsoft Teams.
===============
C A M B O D I A
===============
PRINCE GROUP: Taiwan Indicts 62 Over Suspected Scam Centre Operator
-------------------------------------------------------------------
Reuters reports that Taipei prosecutors on March 4 indicted 62
people linked to the Prince Group, a multinational network accused
of running a vast network of scam centres, including the company's
chairman who was arrested and deported to China from Cambodia
earlier this year.
Chen Zhi, who founded the conglomerate the U.S. alleges is a front
for a multibillion-dollar online fraud and money laundering
operation, was pictured by Chinese state media hooded and
handcuffed as he was led off a plane at a Beijing airport in
January.
According to Reuters, Taipei prosecutors said in a statement that
Taiwan was one of the locations where Chen had funnelled illicit
funds via shell companies, buying luxury goods, sports cars and
real estate.
"This was done to conceal and disguise the source and flow of the
criminal proceeds," it said.
Reuters relates that the funds remitted into Taiwan from overseas
by members of the group for alleged money-laundering purposes
totalled around TWD10.8 billion ($339.12 million), where they
bought 24 properties, 35 vehicles, and held TWD55.53 million in
other assets such as cash, designer bags, and shoes, the statement
said.
More than TWD5.5 billion in assets have been seized in Taiwan, the
prosecutors' office added, Reuters relays.
Chen's whereabouts are currently unknown and it was not possible
to contact him for comment.
In November, the Prince Group denied any wrongdoing in a statement
issued via a U.S. law firm, Reuters notes.
On March 2, Taiwan put 33 luxury cars, including Ferraris, up for
auction after they were seized as part of the investigation,
according to Reuters.
"To conceal and disguise criminal proceeds, they exploited
Taiwanese nationals to carry out money-laundering activities in
Taiwan through online gambling and underground remittances," the
prosecutors' office said.
"This not only seriously disrupted Taiwan's financial order and
social stability, but also damaged Taiwan's international image."
Reuters says authorities across Asia, including Singapore and Hong
Kong, have also seized assets or detained individuals linked to the
Prince Group.
The transnational scam industry emerged in Southeast Asia during
the pandemic, Reuters states. It is believed to generate billions
of dollars a year for organised crime using trafficked workers to
defraud victims from around the world.
Based in Cambodia, Prince Group engages in real estate development,
financial services, and consumer services.
=================
H O N G K O N G
=================
NEW WORLD: US$4 Billion Talks With Blackstone Stall Over Control
----------------------------------------------------------------
Reuters, citing Bloomberg News, reports that talks between
Blackstone and New World Development have stalled, as the Cheng
family resists giving up control of the Hong Kong property
developer, said people familiar with the matter.
The New York-based private equity firm proposed investing about
$2.5 billion in a special-purpose vehicle that would make it New
World's largest shareholder, while the Cheng family would
contribute $1 billion to $1.5 billion, Bloomberg said, Reuters
relays.
Discussions have slowed as the family explores alternatives that
would bring in capital without surrendering control, Bloomberg
added.
The Cheng family has been in discussions with a handful of
financial institutions to sell an equity stake in New World and
Blackstone was the most advanced party in the process, a person
with direct knowledge of the matter told Reuters.
Any investor would have to align their interests with the family
and a change of control would be unlikely, said the person and a
second source familiar with the situation, Reuters relays.
Both declined to be identified as the discussions were private.
Blackstone declined to comment. New World Development did not
immediately respond to a Reuters request for comment.
According to Reuters, the Cheng family is one of Hong Kong's
wealthiest dynasties. Through their private conglomerate, Chow Tai
Fook Enterprises, the family owns 45.24% of the developer,
according to LSEG data.
Reuters says the Cheng family's grip on New World has long been
central to the group's strategy.
The company, the most heavily indebted developer among its peers,
has been seeking to refinance its debt and bolster liquidity as
Hong Kong's property sector remains under strain from tighter
credit conditions and a weak office market, Reuters notes.
The family, without any debt coming due imminently, is seeking to
bring in an equity investor to ease debt pressure, the first
source said.
New World has meanwhile been in negotiations with investors to sell
various assets including the K11 Art Mall in Kowloon, but it has
yet to find a buyer, adds Reuters.
About New World
New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.
New World is still facing challenges even after it pulled off one
of Hong Kong's biggest refinancing deals worth US$11 billion
earlier this year. It has also been trying to secure a loan of as
much as HKD15.6 billion led by Deutsche Bank, though it recently
missed a self-imposed target for that effort, Bloomberg News.
Controlled by Hong Kong's Cheng family, New World carries the
heaviest debt burden among major developers in the city, amid a
prolonged real estate downturn in the financial hub and mainland
China. Its net debt reached 95.5 per cent of shareholders' equity
as at December, according to Bloomberg Intelligence.
=========
I N D I A
=========
AGARWAL CHEM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Agarwal Chem Products (India) Private Limited
105/106, Paishwa Chambers,
17/21, Esaji Street Vadgadi
Masjid, Mumbai - 400003
Insolvency Commencement Date: February 18, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 17, 2026
Insolvency professional: Nitin Om Kothari
Interim Resolution
Professional: Nitin Om Kothari
5A-301, Alica Nagar,
Lokhandwala Township,
Kandivali East,
Mumbai - 400101 Maharashtra
Email: cakotharico@gmail.com
F-151, B Wing, Malad
Express Zone Premises
Co-Operative Society Ltd.,
Western Express Highway,
Near Oberoi Mall, Malad-East,
Mumbai - 400097, Maharashtra
Email: acppl.cirp@gmail.com
Last date for
submission of claims: March 4, 2026
BORIVALI HEALTHCARE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Borivali Healthcare Private Limited
602, Setu Apta Sagar Complex,
Saibaba Nagar, NR J B Khot
School Borivali (W), Mumbai
Maharashtra, India - 400092
Insolvency Commencement Date: February 19, 2026
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 18, 2026
Insolvency professional: Manmohan Jhawar
Interim Resolution
Professional: Manmohan Jhawar
c/o M Jhawar & Co.
203 Mahatma Gandhi Road,
1st Floor, Kolkata - 700007
Email: manmohanjhawar@yahoo.com.in
cirp.borivali@gmail.com
Last date for
submission of claims: March 5, 2026
CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Creative Looms
and Crafts Private Limited (CLCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 18 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CLCPL 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 CLCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CLCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CLCPL continues to be 'Crisil D Issuer not cooperating'.
CLCPL was incorporated in 1983 by Mr. Rishabh Singh and Mrs. Gaeta
Singh. The company is engaged in trading of handicrafts products
and furniture. Company operates through two retail outlets in New
Delhi (one each at Dwarka and Connaught Place).
DEEPAK DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak
Diamonds Private Limited (DDPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 6.4 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 12.5 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 1.1 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 2.5 CRISIL D (Issuer Not
Credit Cooperating)
Proposed Long Term 14.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with DDPL 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 DDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DDPL continues to be 'Crisil D Issuer not cooperating'.
DDPL was initially set up as a partnership concern in 1988, and
reconstituted into a private limited company on July 14, 2014, and
renamed DDPL. The company is a family-run business, promoted by Mr
Parshottam Patel, his wife, Mrs Savita Patel and son, Mr Vijay
Patel.
The company mainly manufactures and trades in brown and white
diamonds, in the range of 0.5-20 points (100 points equals 1
carat). It has recently ventured into manufacture and export of
solitaires. Manufacturing facility is at Surat.
DYNAMIX CHAINS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dynamix
Chains Manufacturing Private Limited (Dynamix) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 4.97 CRISIL D (Issuer Not
Term Loan Cooperating)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
Post Shipment Credit 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 35.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.84 CRISIL D (Issuer Not
Cooperating)
Working Capital 15.89 CRISIL D (Issuer Not
Demand Loan Cooperating)
Crisil Ratings has been consistently following up with Dynamix 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 Dynamix, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Dynamix is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Dynamix continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka. The group manufactures
gold, silver, and diamond-studded jewellery, which is mainly
exported to countries such as the US and the UK. Set up in October
2007, Dynamix Chains manufactures specialised chains and pendants,
which are exported to the US. SAY India, Lily, Dania Oro and Yash
(set up in May 1995, February 2004, February 2006, and November
2006, respectively), export diamond-studded gold jewellery, while
Rolly (established in January 2005) exports light-weight
electro-form jewellery. Jewel America, a leading jewellery
wholesaler in the US, was acquired by the group in February 2009.
ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Essem Jute
Industries Limited (Essem) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.9 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Essem 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 Essem, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Essem
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Essem continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Essem was set up in Kolkata by Mr. Tarun Mall and Mr. Kailash Kumar
Jhawar in December 2002. The company manufactures jute products
such as jute yarn, hessian cloth, and bags. The company's
facilities are in Cooch Behar (West Bengal).
HI REACH: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hi Reach
Construction Equipments Private Limited (HRCEPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 24, 2025, placed the rating(s) of HRCEPL under the
'issuer non-cooperating' category as HRCEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HRCEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 10, 2025, December 20, 2025, December 30, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
HRCEPL was incorporated in September 1992 by Mr Sanjay Mohan Kaul
and started commercial operations in October 1992. HRCEPL is
engaged in the manufacturing of scaffoldings items which find its
application in the construction industry. The company has two
manufacturing plants which are located at Sahibabad, Uttar Pradesh,
and Alwar, Rajasthan. The company is also engaged into
manufacturing and retailing store of home furnishing, women
apparels and accessories such as leather bag, artificial jewellery,
etc, under the brand name of 'Indian August' in Noida, Uttar
Pradesh.
HIM STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Him Steel
Private Limited (HSPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
ShortTerm Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 5, 2025, placed the rating(s) of HSPL under the
'issuer non-cooperating' category as HSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 22, 2025, January 1, 2026, January 11, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Him Steel Pvt. Ltd. (HSPL) was incorporated by Mr. Ashok Raja and
his brother Mr. S.S. Raja on May 03, 2011 for the purpose of
trading in gold, silver and precious stones etc with the name M/s.
Shree Bullion Pvt Ltd. Thereafter in FY15, the management decided
to carry on the steel business and taken over an automatic steel
plant situated at Bilaspur, Himachal Pradesh, with installed
capacity of 1,26,667 Metric Tonnes Per Annum (MTPA).
JBS ENTERPRISES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: JBS Enterprises Limited
Building No. 20A, 2,
1st Floor, Bella Vista,
Oswal Park, Pokharan Road No.2,
Thane West, Thane,
Maharashtra, India, 400601
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: Rajeev Mannadiar
Interim Resolution
Professional: Rajeev Mannadiar
401, Darshan CHS,
Raghunath Dadaji Street,
Fort, Mumbai - 400001
Email: rajeev@integroip.com
jbsentl.cirp@outlook.com
Last date for
submission of claims: March 4, 2026
JHV STEELS: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JHV Steels
Limited (JSL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 6, 2025, placed the rating(s) of JSL under the
'issuer non-cooperating' category as JSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2025, January 2, 2026, January 12, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Kolkata based JHV Steels Limited (JSL) is a limited company
promoted by Mr. Hira Lal Jaiswal. JSL is engaged in manufacturing
of thermo mechanically treated bars (TMT Bars), coal dust and
grains. The manufacturing unit of JSL is located at Mirzapur, Uttar
Pradesh.
KAY KAY FOODS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Kay Kay Foods LLP
5, Century Market
Outside Prem Darwaja,
Ahmedabad, Gujarat - 380002
Liquidation Commencement Date: February 18, 2026
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Vinit Nagar
818, Shivalik Satyamev,
Bopal-Ambli Cross Road,
Bopal, Ahmedabad,
Gujarat - 380058
Tel: 02717-416007
Email: ipvinitnagar@gmail.com
Last date for
submission of claims: March 20, 2026
KG IRON: CRISIL Keeps B- Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of KG Iron and
Steel Castings Private Limited (KGIS) continues to be 'Crisil
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 Crisil B-/Stable (Issuer Not
Cooperating)
Cash Credit 2.5 Crisil B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 2 Crisil B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.5 Crisil B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with KGIS 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 KGIS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KGIS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KGIS continues to be 'Crisil B-/Stable Issuer not cooperating'.
KGIS was incorporated in September 2009 as Suchita (India) Alloys &
Steels Private Limited and started operations in January 2011.
During December 2012, Mr. Kamlesh Gupta and Mr. Rahul Gupta
acquired majority stake in the company. Consequently, name was
changed to KG Iron & Steel Castings Private Limited in March 2013.
KGIS is engaged in manufacturing of mild steel (MS) ingots and has
its manufacturing unit situated in Raisen, Madhya Pradesh.
MADHAVA HYTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhava
Hytech Infrastructures India Private Limited (MHIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MHIPL 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 MHIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MHIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
MHIPL undertakes civil construction work on contract basis for
Railways, and State Road authorities. The company is promoted by
Mr. Pradeep Kilaru and is based out of Hyderabad.
MAGNI TECH: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Magni Tech
Speciality Cables Private Limited (MTSCPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 20, 2025, placed the rating(s) of MTSCPL under the
'issuer non-cooperating' category as MTSCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MTSCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 6, 2025, December 16, 2025, December 26, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Sikar (Rajasthan) based Magni Tech Speciality Cables Private
Limited (MTSCPL) was incorporated in 2014 by Mr. Laxman Singh Deora
and Mr Virendra Singh Deora. MTSCPL is engaged in the business of
manufacturing and supplying of Insulated wire and cable, Shielded
cable, Screened Cable and Communication cable (Industrial Used for
machinery), Single core house cable, flat submersible cable and
Optical fiber cables. It manufacturers Insulated wire and cable in
different sizes from its manufacturing facility located at Shree
Khatu Shyamji Industrial Area, Sikar.
MEDICON LEATHER: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Medicon
Leather Private Limited (MLPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with MLPL 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 MLPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MLPL continues to be 'Crisil D Issuer not cooperating'.
MLPL was incorporated in 1987. It is engaged into manufacturing of
leather products such as belts, bags, wallets, etc. It has
manufacturing facility locate in Bommanahalli-Bangalore. It is
promoted by Mr. Sangieve Bulchandani and Neeta Bulchandani.
MUBASA ELECTRICAL: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mubasa
Electrical Private Limited (MEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 27, 2025, placed the rating(s) of MEPL under the
'issuer non-cooperating' category as MEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2025, January 2, 2026, February 19,2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
MEPL was incorporated in 1997 and is currently being managed Mr
Sanjeev Kumar and Mr Charanjit Singh. The company is engaged in the
manufacturing of distribution transformers with capacities ranging
from 6.3 KVA to 1,000 KVA at its manufacturing facility located at
Patiala, Punjab. The raw materials used in manufacturing are copper
wire/rod, aluminium wire/rod, transformer oil, brass fittings,
ceramic insulators, press board, etc, which are procured
domestically from manufacturers based in Rajasthan, Haryana,
Punjab, Bangalore, Mumbai, etc. The company sells its products
under the brand name of "MUBASA" to the State Electricity Utilities
which include Punjab State Electricity Board, Dakshin Haryana Bijli
Vitran Nigam Limited and Uttar Haryana Bijli Vitran Nigam. The
company receives the orders through tenders and bidding process.
MEP is ISO 9001:2008 certified for its quality management systems.
NARENDRANATH AGENCY: CARE Keeps B- Debt Rating on Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Narendranath Agency (NA) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 21, 2025, placed the rating(s) of NA under the
'issuer non-cooperating' category as NA had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NA continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 7, 2025, December 17, 2025, December 27, 2025, among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
M/s. Narendranath Agency (NA) was set up as a partnership firm in
the year 2009 by Gupta family of Burdwan, West Bengal. The firm is
engaged in distribution of consumer goods, like soap, oil, shampoo,
etc., food items like biscuits, health drink, chocolates,
confectioneries, milk, etc. of Hindustan Unilever Ltd. (HUL),
Johnson & Johnson Pvt. Ltd. (J&J), GlaxoSmithKline Consumer
Healthcare Ltd. (GSK), Colgate-Palmolive (India) Ltd. (CIL) &
Gujarat Co-operative Milk Marketing Federation Ltd (GMFL).
NEXGEN CONSULTANCY: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Nexgen
Consultancy Private Limited (Nexgen) continue to be 'Crisil
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 0.75 Crisil B-/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 3.75 Crisil B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Overdraft 3 Crisil B-/Stable (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with Nexgen 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 Nexgen, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Nexgen is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Nexgen continues to be 'Crisil B-/Stable Issuer not
cooperating'.
Established in 1997 by Mr Sanjay Bhardwaj, Nexgen is an ISO
9001:2000 certified software product and services company that
provides full spectrum software product development services. It
develops software services which are suited to industries such as
information technology, SCM, water supply, BFSI, support and
maintenance, business intelligence, power automation, and
manufacturing. Software products offered by the company are
EL-PSoft, ELintSoft, and PAM-Aqua. It also manufactures hardware
products such as smart meters and data concentrator units.
OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Oswal Knit
India Limited (OKIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 16.70 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated February 6, 2025, placed the rating(s) of OKIL under the
'issuer non-cooperating' category as OKIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OKIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2025, January 2, 2026 and January 12, 2026 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Promoted by Oswal family of Ludhiana, Oswal Knit India Limited
(OKIL) was incorporated in 1992. OKIL is engaged in the
manufacturing of hosiery and woollen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Gadoni' and
'Casablanca' through its six exclusive showrooms and through
various wholesalers and retailers.
POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Polymech
Components Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.43 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 16, 2025, placed the rating(s) of PCPL under the
'issuer non-cooperating' category as PCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 2, 2025, December 12, 2025, December 22, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PCPL) is engaged in the manufacturing of auto
components and construction hardware parts at its plant located at
Shahapu, Thane. PCPL manufactures various products (such as hose
clamps, circlips, bearing pullers, washers, snap ring, spring steel
parts, sheet metal components, steel clamps, pipe clamps, sanitary
clamps) which find application in automobiles, construction and
engineering sector.
PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pradhvi
Multitrade Private Limited (PMPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PMPL 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 PMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PMPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in February 2011, PMPL is promoted by Mr Rajpal Singh.
Company was not operational until November 2012 and started trading
in processed fabrics in Dec 2012.
PRIMA KLEENSEED: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prima
Kleenseed Processors Private Limited (PKPPL) continue to be 'CRISIL
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 5.03 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.97 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PKPPL 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 PKPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PKPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PKPPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
Set up in the 2014, PKPPL is into processing and conditioning of
seeds for various seed companies. Based out of Medak in Telangana,
PKPPL is promoted by Mr. KV Prasad.
S.M MUSTHAFA: CARE Keeps B- Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.M
Musthafa (SM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 22, 2025, placed the rating(s) of SM under the
'issuer non-cooperating' category as SM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 8, 2025, December 18, 2025, December 28, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
S.M Musthafa (SM) was established in the year 2011 promoted by Mr
Sajeepa Mohammed Musthafa. The firm is engaged in construction of
buildings for the Education Sector. The firm receives the work
orders directly from the customers for construction in various
segments like building hostels and college building.
SANKAR COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sankar
Cotton Traders (SCT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 13, 2025, placed the rating(s) of SCT under the
'issuer non-cooperating' category as SCT had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 29, 2025, December 9, 2025, December 19, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sankar Cotton Traders (SCT) was originally started as a propriety
concern in 2003 and Mr. Innamuri Basavaiah is the proprietor.
During the May 2014, SCT was in incorporated a partnership firm, by
Ms Innamuri Dhana Lakshmi w/o Mr. Innamuri Basavaiah as another
partner. The firm is engaged in manufacturing and processing of
Kappas into cotton lint. The firm has its facilities (9 ginners)
located at Guntur District of Andhra Pradesh.
SANKAR MARINE: CARE Keeps C Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sankar
Marine Aquarium (SMA) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.05 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.30 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 16, 2025, placed the rating(s) of SMA under the
'issuer non-cooperating' category as SMA had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMA continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 2, 2025, December 12, 2025, December 22, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
M/S Sankar Marine Aquarium (SMA) was established in the year 2015
as a proprietorship entity by Mr. Swadesh Ranjan Nayak with an
objective to enter into business of processing and trading of sea
fish. Later on in May 2016 the firm was converted into partnership
firm by admitting Mr. Debabrata Nayak (son of Mr. Swadesh Ranjan
Nayak). The processing unit of the entity is located in Shankarpur,
West Bengal with an installed capacity of 30 ton per day. SMA
mainly deals in sea fish (i.e. black and white pomfret, ribbon
fish, macramé fish etc.) which they procure directly from auction
in Digha estuary and caters the same to local exporters after
processing, freezing and packing. The firm has license from Food
Safety and Standards Authority of India (FSSAI) for processing and
exporting of seafood. Mr. Swadesh Ranjan Nayak having more than
four decades of experience in the business of trading of sea
fishes, looks after the day to day operations of the firm along
with his son Mr. Debabrata Nayak along with a team of experienced
professionals who have rich experience in the similar line of
business. The name has been changed from Sankar Marine Aquarium to
SANKAR MARINE AQURIUM PRIVATE LIMITED but name change certificate
is not given on MCA.
SHIKHARJEE RICE: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Shikharjee Rice Oil LLP (SSROL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated December 26, 2024, placed the rating(s) of SSROL under the
'issuer non-cooperating' category as SSROL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSROL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 11, 2025, November 21, 2025, December 1, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Seoni (Madhya Pradesh) based Shri Shikharjii Rice Oil LLP (SSROL)
was formed as a limited liability partnership concern in October,
2015 by Mr Gyan Singh Chordia and Mr Kirti Chordia with an
objective to set up greenfield project for Rice Bran Oil plant
(Solvent & Refinery). The plant of the firm will have installed
capacity of 74400 M.T. per annum for Rice Bran and 14800 M.T. per
annum for edible Rice Bran Oil. SSROL has envisaged total project
cost of INR22.15 crore to be funded through debt equity ratio of
1.2:1.
SKILL ONLINE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Skill Online Games Institute
30th Floor, M3M International
Financial Centre, Tower 1,
Golf Course Extension Road,
Sector 66, Badshahpur, Gurgaon,
Haryana - 122101, India
Liquidation Commencement Date: February 21, 2026
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Hardev Singh
101, Plot No. 6, LSC,
Vardhman Rajdhani Plaza,
New Rajdhani Enclave,
Delhi - 110092
Tel: +91 98103-31425
Email: singh_hardev@rediffmail.com
Last date for
submission of claims: March 23, 2026
SRINIVASA RICE: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Rice Industry (SRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.80 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 6, 2025, placed the rating(s) of SRI under the
'issuer non-cooperating' category as SRI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 22, 2025, December 2, 2025, December 12, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Srinivasa Rice Industry (SRI) was established in 2013 as a
partnership firm. It was promoted by Mr. M Surya Prabhakara Rao,
Mr. M. Venkata Ratnam, Ms. M. Suji and Mr. D Venkateswara Rao. SRI
is engaged in milling and processing of rice. The rice milling unit
of the company is located at East Godavari District, Andhra
Pradesh, with an installed capacity to process 15400 metric tons
per annum Apart from rice processing, the firm is also engaged in
selling by-products such as broken rice, husk and bran.
SUPREME AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Supreme
Agro Products (SAP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.66 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 20, 2025, placed the rating(s) of SAP under the
'issuer non-cooperating' category as SAP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 6, 2025, December 16, 2025, December 26, 2025 among
others.
In line with the extant SEBI guidelines CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bikaner (Rajasthan) based Supreme Agro Products (SAP) was formed in
2018 by Mr Dinesh Kumar Jain, Mr Pramod Kumar Kothari and Mr Ajay
Kumar Jain as a partnership concern with an objective to set up a
unit for processing and grading of groundnut and groundnut seeds.
It started commercial operation from October 2018. It has installed
capacity of 125 Tonne Per Day (TPD) for processing of groundnuts.
The firm purchases raw-material locally from mandi through brokers
and commission agents and sells its products in various states of
India. The firm sells its products under the brand name of
"Supreme".
TOPGAMES TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Topgames Technologies India Private Limited
10th Floor, Hindustan Times House,
18-20, Kasturba Gandhi Marg,
Connaught Place, New Delhi - 110001,
India
Liquidation Commencement Date: February 21, 2026
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Hardev Singh
101, Plot No. 6, LSC,
Vardhman Rajdhani Plaza,
New Rajdhani Enclave,
Delhi - 110092
Tel: +91 98103-31425
Email: singh_hardev@rediffmail.com
Last date for
submission of claims: March 23, 2026
TUF INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tuf India
Limited-(Amalgamated) (AIL; earlier known as Albus India Limited)
continue to be 'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 Crisil D (Issuer Not
Cooperating)
Term Loan 11 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with AIL 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 AIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AIL continues to be 'Crisil D Issuer not cooperating'.
AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers -
Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company manufactures
low carbon ferro manganese. Its manufacturing unit is located in
Vishakhapatnam (Andhra Pradesh), and commenced operations in August
2015.
VOSTOK FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vostok Foods Private Limited
Plot No. 11 & 12,
Phase III, Industrial Area
Village Hatli, Chamba, Subtehsil
Sihunta, Himachal Pradesh,
India, 176307
Insolvency Commencement Date: February 19, 2026
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 18, 2026
Insolvency professional: Ankur Bansal
Interim Resolution
Professional: Ankur Bansal
SCO 66, Sector 47D,
Chandigarh - 160047
Email: ip.caankur@gmail.com
cirp.vostok@gmail.com
Last date for
submission of claims: March 6, 2026
=========
J A P A N
=========
NIDEC CORP: Warns of US$1.6 Billion Charges From Accounting Scandal
-------------------------------------------------------------------
The Japan Times reports that Nidec Corporation may book JPY250
billion (US$1.6 billion) in impairment charges as it begins
tallying the cost of an accounting scandal that's forced a
leadership exodus and reportedly sparked an investigation from
Japan's securities commission.
According to The Japan Times, Nidec warned there could be
additional charges that would impact its past financial results,
with third-party investigators saying on March 3 they've uncovered
at least 1,000 instances of improper accounting. The company hasn't
disclosed a timeline for the release of its revised financial
reports.
Scrutiny of Nidec is ramping up, The Japan Times says. The
Securities and Exchange Surveillance Commission is planning to
probe Nidec, including whether additional payments are necessary,
Nikkei reported, citing a person it didn't identify. Depending on
the findings, there may be criminal prosecution, it said.
The Japan Times notes that the world's largest manufacturer of
precision motors has been embroiled in crisis since June, when it
disclosed accounting issues spanning subsidiaries in Italy,
Switzerland and China, as well as its car inverter business. As the
scandal grew, so did the fallout: the company delayed financial
results, had its credit rating downgraded and is at risk of being
delisted.
Nidec's founder Shigenobu Nagamori, whose unyielding focus on
performance was blamed for the scandal, relinquished his post as
chairman emeritus last week, The Japan Times reports. He left the
board in December, though he remains Nidec's largest individual
shareholder.
According to The Japan Times, the departures continued on March 3
with Chairman Hiroshi Kobe, Chief Financial Officer Akinobu Samura
and Vice President Yoshihisa Kitao announcing their resignations.
That leaves Chief Executive Officer Mitsuya Kishida tasked with
navigating the fallout of the scandal and overhauling a culture of
excessive pressure to meet targets, The Japan Times relates. He'll
forfeit his base salary until he's submitted a plan to transform
Nidec's corporate governance, with other executives also forgoing
part of their base pay, the company said.
"It's our responsibility to dedicate our efforts to the company's
revival," Kishida told reporters on March 3, after offering an
apology with a deep bow, The Japan Times relays. A committee will
be formed to look into the legal liabilities of all directors,
including those who have already resigned, he added.
An internal probe into a payment of approximately JPY200 million by
Nidec Techno Motor in Zhejiang, China, spurred concern that group
companies arbitrarily decided when to write down risky assets with
management's knowledge, necessitating the third-party
investigation, The Japan Times relates.
The 272-page report released March 3 detailed a litany of
accounting issues at almost every location and level of Nidec —
though the impairment charge is primarily connected to its
automotive business.
Irregularities include inflating the value of raw materials and
inventories, incorrectly declaring customs values, presenting
government grants as revenue in financial statements and counting
labor costs as fixed assets to defer expenses. As financial
pressure built, units attempted to cover losses by reporting higher
revenue but that, in turn, led to even greater strain.
About NIDEC
NIDEC Corporation manufactures and sells electric motors and
related components and equipment worldwide. The company was
founded in 1973 and is headquartered in Kyoto, Japan.
As reported in the Troubled Company Reporter-Asia Pacific in late
January 2026, Moody's Ratings has downgraded Nidec Corporation's
(Nidec) senior unsecured rating to Ba3 from Baa3. At the same
time, Moody's have assigned a Ba3 corporate family rating and
withdrawn the company's Baa3 issuer rating. The outlook was
changed to negative from ratings under review.
SOFTBANK GROUP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised to negative from stable the outlook on
SoftBank Group Corp. S&P affirmed its 'BB+' long-term issuer credit
rating on the company.
SoftBank Group Corp.'s asset liquidity and quality of its
portfolio, and its financial capacity are likely to deteriorate
because of its additional huge investment in OpenAI.
To ease financial pressure, S&P assumes the company will take
prompt mitigation measures such as selling assets, but the timing
and scale of these steps are unclear.
The liquidity of SoftBank Group's investment portfolio will worsen
because OpenAI now accounts for a bigger share of it. OpenAI Group
PBC is a privately held U.S.-based AI research and development
startup company. SoftBank Group's additional investment amount will
be $30 billion (about JPY4.5 trillion).
After closing this additional investment, S&P Global Ratings
expects OpenAI's share of SoftBank Group's investment assets to
increase to around 30%, the same level as Arm Holdings PLC, its
current largest investee. Because OpenAI is a private company, the
share of unlisted shares in SoftBank Group's investment portfolio
is likely to rise to more than 50%. S&P estimates the share on Dec.
31, 2025, was about 42%. The liquidity of its investment portfolio
could further decline if it sells listed shares to ease the
deterioration in its loan-to-value (LTV) ratio.
The creditworthiness of the company's investment assets will also
likely deteriorate. S&P said, "We see OpenAI as one of its
investments with the weakest credit quality. The company's
investments in AI, including OpenAI, mostly involve fledgling
startups and private companies that we believe are exposed to
significant AI innovation risk and fierce competition."
After the additional investment, the company's investment portfolio
will exceed $320 billion (about JPY48 trillion), making it one of
the largest in the world. S&P said, "We believe that this will
bring benefits such as strengthening the company's position in the
industry and enhancing its ability to negotiate investments. The
portfolio's creditworthiness is also supported by our view that
pre-IPO companies including OpenAI make up a portion of the
investment assets."
S&P said, "However, we believe that a series of intensive
investments in private companies in the AI space, including OpenAI,
are increasingly likely to offset that strength.
"The additional investment will further reduce SoftBank Group's
financial capacity, in our view. We estimate that the additional
investment in OpenAI will knock nearly 4 percentage points onto the
company's LTV ratio, worsening this key financial metric.
"The company's LTV ratio was 33%, based on our definition, at the
end of December 2025. We factor the acquisitions of ABB Ltd.'s
robotics business and DigitalBridge Group Inc., a U.S.-based
alternative asset management firm specializing in digital
infrastructure investment into our estimates. Even if we
incorporate that the stock price of Arm, which accounts for about
40% of the company's invested assets, has recovered since the end
of last year, the ratio is likely to worsen to above the 35%
threshold at which we would consider downgrading.
"We believe SoftBank Group could limit negative financial impacts
by selling assets. The company has a proven record of managing its
financial foundation under stress. The $20 billion (about JPY3
trillion) that the company has made since April 2025 by
capitalizing its assets held, including T-Mobile US Inc. and NVIDIA
Corp., has partially funded its investment of $43 billion, which
supports our view. We include its investment in OpenAI in fiscal
2025 (ends March 31, 2026) here.
"The company will also take mitigating measures against the
additional investment, including the sale of assets, in our view.
As an investment holding company, we believe the company has listed
assets to sell. However, we believe it is difficult to predict the
timing and scale of the sale at this time. Pressure on the ratings
will increase if SoftBank Group fails to take swift easing
measures, such as selling holdings.
"The negative outlook reflects our view that SoftBank Group's large
follow-on investment in OpenAI means it will take longer than we
had assumed for the company to restore the liquidity and quality of
its investment assets. The company may take measures to ease its
financial burden, such as selling assets, but we believe the timing
and scale of those measures remain uncertain.
"We might consider a downgrade if we see a heightened likelihood of
either of the below scenarios in the next six-12 months."
The overall liquidity of the investment portfolio does not improve.
This would be reflected in the ratio of unlisted assets remaining
high. This could be the result of, for example, the following
factors. One, a significant volume of listed assets could be sold
to ease financial pressure. Two, the stock value of large, listed
investments such as Arm could deteriorate significantly. Three, the
listing of major investees including OpenAI could be delayed. Four,
the company could further invest in unlisted companies.
SoftBank Group's LTV ratio stays above 35%. This could happen if a
rapid and significant deterioration in market conditions causes a
material decline in the asset value of its investment portfolio, or
the company continues aggressive growth investment without
appropriate mitigation measures.
S&P would consider revising up the outlook to stable if all of the
following apply:
-- The liquidity of its portfolio materially improves as
investment assets including OpenAI become listed and the proportion
of highly liquid listed investees significantly increases;
-- The quality of its investment portfolio does not worsen further
while the company continues to rotate assets after investing in
OpenAI; and
-- The company's LTV ratio looks likely to stay below 35%,
including through asset sales.
===============
M A L A Y S I A
===============
PERAK CORP: Shareholders Approve PN17 Regularisation Plan
---------------------------------------------------------
BusinessToday Malaysia reports that Perak Corporation Berhad has
announced that all resolutions related to its proposed
regularisation plan under Practice Note 17 of Bursa Malaysia's Main
Market Listing Requirements were approved at its Extraordinary
General Meeting held on Feb. 27, 2026.
BusinessToday relates that the board stated that further details on
the implementation and progress of the regularisation plan will be
provided as developments occur.
Perak Corporation Berhad, together with its subsidiaries, engages
in the property development, ports and logistics, and hospitality
and tourism businesses in Malaysia.
Perak Corp has lapsed into Practice Note 17 (PN17) status. The
company told the stock exchange on Feb. 11, 2020, that it is now
regarded a PN17 company, arising from the default in payment and
its inability to declare solvency. This comes after the group
defaulted on another repayment of principal, this time in respect
of the Musharakah Mutanaqisah Term Financing-I and Tawarruq
Revolving Credit-i of up to MYR100 million granted by Affin Islamic
Bank Bhd.
=====================
N E W Z E A L A N D
=====================
ALBERT ENTERPRISES: Court to Hear Wind-Up Petition on March 16
--------------------------------------------------------------
A petition to wind up the operations of The Albert Enterprises
Limited will be heard before the High Court at Auckland on March
19, 2026, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 19, 2026.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
CMC CONCRETE: Creditors' Proofs of Debt Due on March 25
-------------------------------------------------------
Creditors of CMC Concrete Limited are required to file their proofs
of debt by March 25, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 25, 2026.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited
Level 2, 5–7 Kingdon Street
Newmarket
Auckland 1023
HAPPY SPROUTS: Creditors' Proofs of Debt Due on April 10
--------------------------------------------------------
Creditors of Happy Sprouts Educare Limited and Eduscapes Limited
are required to file their proofs of debt by April 10, 2026, to be
included in the company's dividend distribution.
Sprouts Educare Limited commenced wind-up proceedings on Feb. 18,
2026.
Eduscapes Limited commenced wind-up proceedings on Feb. 24, 2026.
The company's liquidators are:
Steve Farquhar
Boris Van Delden
Keaton Pronk
Daniel Zhang
c/o McDonald Vague Limited
PO Box 6092
Victoria Street West
Auckland 1142
HAPPY SPROUTS: Goes Into Liquidation; Owes NZD1 Million to IRD
--------------------------------------------------------------
NZ Herald reports that early childhood education provider Happy
Sprouts has gone into liquidation owing more than NZD1 million to
the Inland Revenue Department, as records show repeated breaches of
its three licences over the course of 2025.
Happy Sprouts Hamilton was placed into liquidation on January 16
this year following a special resolution, according to NZ Herald.
HIGH PERFORMANCE: Creditors' Proofs of Debt Due on April 24
-----------------------------------------------------------
Creditors of High Performance Milling Limited are required to file
their proofs of debt by April 24, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 24, 2026.
The company's liquidators are:
David Webb
Robert Campbell
Deloitte
Level 12
20 Customhouse Quay
Wellington 6011
ROTORUA PROPERTY: Court to Hear Wind-Up Petition on March 13
------------------------------------------------------------
A petition to wind up the operations of Rotorua Property Limited
will be heard before the High Court at Auckland on March 13, 2026,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2026.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
SHUNDI CUSTOMS: Seascape Developer Placed in Receivership
---------------------------------------------------------
Radio New Zealand reports that the owner and developer of the
187-metre 52-storey Seascape development near Auckland's waterfront
has been put into receivership.
RNZ relates that receivers Brendon Gibson and Neale Jackson of
Calibre Partners said the immediate priority was to ensure Shundi
Customs's development continues to remain safe and secure.
Shundi has been unable to restart major construction works since it
was ceased on-site in August 2024.
"We will work with the current contractor onsite (Icon
Construction) to ensure the development remains safe and secure.
Our focus will then move to assessing options that will see funds
generated to repay creditors," RNZ quotes Mr. Gibson as saying.
"Seascape is a partially completed development. While we will move
as quickly as possible to assess options, it may take some time
considering the nature of the asset."
The receivers will make further statements as the receivership
progresses, RNZ adds.
Brendon Gibson and Neale Jackson were appointed joint and several
receivers and managers of the assets and undertaking of Shundi
Customs Limited and Shundi Tamaki Village Limited on March 2.
=================
S I N G A P O R E
=================
BAKERY & CAFE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Feb. 20, 2026, to
wind up the operations of The Bakery & Cafe Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
CENTRALITY PLATFORM: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Centrality Platform Pte. Ltd. on Feb. 20, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ms. Muk Siew Peng
c/o ClearView Associates
133 New Bridge Road
#08-01 Chinatown Point
Singapore 059413
DERMATOLOGY & LASER: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Dermatology & Laser Specialist Clinic Pte. Ltd. on Feb.
24, 2026, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
Deloitte Singapore SR&T Restructuring Services
6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
RISK MANAGEMENT: Commences Wind-Up Proceedings
----------------------------------------------
Members of The Risk Management Practitioners Association Limite on
Feb. 25, 2026, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidator is Mr. Bernard Juay.
TOPFORD TRADING: Creditors' Proofs of Debt Due on April 4
---------------------------------------------------------
Creditors of Topford Trading Pte. Ltd. are required to file their
proofs of debt by April 4, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 2, 2026.
The company's liquidator is:
Theng Searn Por
Corporate Republic Advisory
c/o 2 Venture Drive
#11-03 Vision Exchange
Singapore 608526
*********
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
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***