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260325.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, March 25, 2026, Vol. 29, No. 60 Headlines A U S T R A L I A BOON BUILDING: First Creditors' Meeting Set for April 1 EVOTECH PACIFIC: First Creditors' Meeting Set for March 31 GLOBAL EVERGREENING: First Creditors' Meeting Set for April 2 LIBERTY BELL: First Creditors' Meeting Set for April 2 NATURALLY AUSTRALIAN: First Creditors' Meeting Set for March 31 RON CROUCH: Owes More Than AUD23 Million to Creditors, Staff YUMBAH AQUACULTURE: To Shut Abalone Farm on Kangaroo Island C H I N A CBAK ENERGY: Unfinished Financial Statements Delays 10-K Filing COUNTRY GARDEN: To Post Up to US$320MM Profit After Debt Overhaul [] CHINA: Over Half of Chinese Car Dealers Post Losses in 2025 I N D I A AISHWARYA INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating CENTURY VENTURES: CARE Lowers Rating on INR9.15cr LT Loan to D DEVGHAR ISPAT: CARE Keeps C Debt Rating in Not Cooperating EPHYSX TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating GOKUL DAIRY: CARE Lowers Rating on INR16cr LT Loan to D GOKUL'S TILES: CARE Keeps B- Debt Rating in Not Cooperating GUJRAT SAW: CARE Keeps B- Debt Ratings in Not Cooperating Category ISKRUPA MALL: CARE Keeps D Debt Rating in Not Cooperating Category JBF INDUSTRIES: NCLT Rejects Sole Resolution Plan KERAM OIL: CARE Lowers Rating on INR16cr Long Term Loan to B- MITHUN REDDY: CARE Keeps B- Debt Rating in Not Cooperating N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating N. M. RUBBERS: CARE Keeps B- Debt Rating in Not Cooperating R.G.R EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating RAGHURAMACHANDRA RICE: CARE Keeps B- Rating in Not Cooperating RANGANATHA GOLD: CARE Keeps D Debt Rating in Not Cooperating SAVANI INFRACON: CARE Keeps B- Debt Rating in Not Cooperating SHARADA AYURVEDIC: CARE Keeps C Debt Rating in Not Cooperating SRINIVASA AGRO: CARE Keeps B- Debt Rating in Not Cooperating TIRUMALA CASHEW: CARE Keeps B- Debt Rating in Not Cooperating UNDERWATER SERVICES: CARE Keeps D Debt Rating in Not Cooperating VAIBHAV SPINTEX: CARE Lowers Rating on INR54.31cr LT Loan to B+ VINAYAKA EXPORTS: CARE Lowers Rating on INR20.44cr LT Loan to D VIZEBH AGRI: CARE Keeps D Debt Rating in Not Cooperating Category N E W Z E A L A N D HAWTHORNDALE ESTATE: Court Declares Director Bankrupt JAKS 322: Creditors' Proofs of Debt Due on April 24 KONSTRUK LIMITED: Creditors' Proofs of Debt Due on April 17 MCCAIN ANZ: To Close Hastings Vegetable Processing Plant in 2027 MERIT MEATS: Khov Jones Appointed as Receivers STS LOGGING: Court to Hear Wind-Up Petition on April 13 SUNNY SCRAP: Court to Hear Wind-Up Petition on April 1 P H I L I P P I N E S ROBINSONS RETAIL: To Shut Down Korean Specialty Chain S I N G A P O R E E'CAPS RENOVATION: Court to Hear Wind-Up Petition on April 17 ENTERPRIZE ENERGY: Court Enters Wind-Up Order SILKROAD PROPERTY: Creditors' Proofs of Debt Due on April 24 - - - - - ================= A U S T R A L I A ================= BOON BUILDING: First Creditors' Meeting Set for April 1 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Boon Building Pty Limited will be held on April 1, 2026, at 10:30 a.m. via Teleconference and Video Conference Only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on March 20, 2026. EVOTECH PACIFIC: First Creditors' Meeting Set for March 31 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Evotech Pacific Pty Ltd will be held on March 31, 2026, at 11:00 a.m. via virtual meeting only. Ernie Chou of EKC Advisory was appointed as administrator of the company on March 20, 2026. GLOBAL EVERGREENING: First Creditors' Meeting Set for April 2 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Global Evergreening Alliance Limited will be held on April 2, 2026, via Videoconference. Joseph Hansell, Vaughan Strawbridge and Kathryn Warwick of FTI Consulting were appointed as administrators of the company on March 23, 2026. LIBERTY BELL: First Creditors' Meeting Set for April 2 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Liberty Bell Bay Pty Ltd will be held on April 2, 2026, at 11:00 a.m. via Microsoft Teams. Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of the company on March 23, 2026. NATURALLY AUSTRALIAN: First Creditors' Meeting Set for March 31 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Naturally Australian Tea Tree Oil Pty Ltd will be held on March 31, 2026, at 10:30 a.m. via virtual meeting technology. Adam Francis Ward of Worrells was appointed as administrator of the company on March 19, 2026. RON CROUCH: Owes More Than AUD23 Million to Creditors, Staff ------------------------------------------------------------ James Harrison at SkyNews.com.au reports that staff and creditors of a failed NSW trucking business will be out-of-pocket upwards of AUD23 million after the company suffered massive losses. Ron Crouch, a trucking business in regional NSW's Wagga Wagga, fell into voluntary administration in December after 47 years on Australian roads. According to SkyNews.com.au, the company's executive director Geoff Crouch said staff shortages, government regulation and economic pressures all played a part in the collapse. Administrator Stephen Dixon from HM Advisory issued a report revealing the company was losing more than AUD500,000 per month in the months leading up to it falling into administration, The Daily Telegraph reported, SkyNews.com.au relays. It also showed that Freight Specialists - the logistics and transportation company located in Sydney's west which purchased Ron Crouch's operations - paid AUD10,000 but excluded worker entitlements, according to SkyNews.com.au. Freight Specialists did re-employ 75 per cent of the 120 Ron Crouch staff. Priority employee claims are estimated to total more than AUD2.26 million, however, only about AUD700,000 is likely to be recovered to pay this, SkyNews.com.au discloses. According to SkyNews.com.au, many staff are likely to miss out on some of their entitlements, such as unpaid superannuation, while the administrator warned other unsecured creditors should not expect to see any payments. Founded by Mr Crouch's parents in 1978, the truck business served Australia with depot and warehouse facilities in Sydney, Melbourne, Adelaide, Brisbane and Wagga Wagga. Stephen Dixon of HM Advisory was appointed as administrator of the company on Dec. 8, 2025. YUMBAH AQUACULTURE: To Shut Abalone Farm on Kangaroo Island ----------------------------------------------------------- ABC News reports that Yumbah Aquaculture will cease its abalone farming operations on Kangaroo Island by mid-year, citing the impacts of the harmful algal bloom as "the final straw". The closure will result in the loss of 15 permanent jobs, the ABC relates. According to the ABC, Yumbah CEO David Wood said the company would provide staff support including short-term retention incentives, redeployment opportunities to other sites where possible and mental health support. Kangaroo Island Mayor Michael Pengilly said the announcement was "a terrible day for jobs, business and the aquaculture industry on Kangaroo Island," the ABC relays. "This facility has been an important contributor to our local economy and reputation," the ABC quotes Cr Pengilly as saying. "I would like to see perhaps governments being in a position where they can get together and put in a research facility there or use the facility for training." "It's a great facility, a great location and the capacity to actually do something is there." He said he would be reaching out to the appropriate state ministers as soon as parliament returned, the ABC adds. ========= C H I N A ========= CBAK ENERGY: Unfinished Financial Statements Delays 10-K Filing --------------------------------------------------------------- CBAK Energy Technology, Inc. has not finalized its financial statements for the fiscal year ended December 31, 2025. As a result, the Company is unable to file its Annual Report on Form 10-K within the prescribed time period without unreasonable effort or expense. The Company anticipates that it will file the Form 10-K within the fifteen-day grace period provided by Exchange Act Rule 12b-25. About CBAK Energy Technology Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. The Company's primary product offering consists of new energy high power lithium and sodium batteries. In addition, after completing the acquisition of 81.56% of registered equity interests (representing 75.57% of paid-up capital) of Hitrans in November 2021, the Company entered the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, whose products have a wide range of applications on batteries that would be applied to electric vehicles, electric tools, high-end digital products, and storage, among others. Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2025, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $363.9 million in total assets, $245.4 million in total liabilities, and $118.5 million in total stockholders' equity. COUNTRY GARDEN: To Post Up to US$320MM Profit After Debt Overhaul ----------------------------------------------------------------- Zhang Shidongin at South China Morning Post reports that Country Garden Holdings is expected to return to profit for the year ended December 31, helped by a non-cash gain from the completion of its debt restructuring. According to its filings to the Hong Kong stock exchange on March 23, the group would record "a profit ranging from approximately CNY1 billion [US$145 million] to CNY2.2 billion for the year ended December 31, 2025". That compared with the loss of about CNY35.15 billion over the same period in 2024, the Post discloses. The turnaround was mainly attributable to the completion of its debt restructuring, the Guangdong-based property development company said. Excluding this factor, the loss was primarily due to pressure on gross profit margins in its development business, affected by industry conditions, and further impairment provisions for certain assets and property projects, it said, the Post relays. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. [] CHINA: Over Half of Chinese Car Dealers Post Losses in 2025 -------------------------------------------------------------- Yicai Global reports that more than half of auto dealers in China ended in the red last year, with the percentage exceeding 50 percent for the first time in several years, mainly due to intensifying competition in the world's largest car market. Fifty-six percent of car dealers reported losses in 2025, compared with 42 percent the previous year, according to the findings of a recent survey conducted by the China Automotive Dealers Association, Yicai relays. The proportion of loss-making dealerships was on a downward trend over recent years, standing at 44 percent in 2023 and 45 percent in 2022. In addition, the percentage of dealers in the black tumbled to 24 percent from 39 percent last year from 2024, while that of those who broke even climbed to 21 percent from 19 percent. According to Yicai, the situation with retail prices being lower than purchase prices has worsened because of the intensified competition and a decline in demand for fuel vehicles, making it a significant factor contributing to overall losses in dealers' new car business last year. About 82 percent of dealerships faced price inversion within the year, with more than half reporting the figure at over 15 percent. New car sales have negatively impacted dealerships' performance by 26 percent, while after-sales services were the most critical source of profits, accounting for 81 percent of the overall gross profit, with financial and insurance services contributing 24 percent, Yicai relates. In contrast, new car sales remain one of the primary profit sources for new energy vehicle dealers, making up 27 percent of their overall gross profit, with after-sales services accounting for 37 percent and financial and insurance services for 19 percent. In addition, 30 percent of participants in the survey were dealers or agents of NEV brands last year, up from 17 percent in 2024. More than half of the dealers hold a cautious outlook on China's passenger car market for this year, the report, as cited by Yicai, said. Only 23 percent believe that sales will grow year over year, while 32 percent predict they will remain flat. ========= I N D I A ========= AISHWARYA INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Aishwarya Industries (SAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.85 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 31, 2025, placed the rating(s) of SAI under the 'issuer non-cooperating' category as SAI had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 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 Established on December 8, 2014; Shree Aishwarya Industries (SAI) is a partnership firm which has recently set up a manufacturing unit for production of PP Bags at Ghodageri, Taluk Hukkeri of Belgaum District. The firm is into manufacturing of PP Bags with a production capacity of 2190 TPA which would utilize around 250 Kg. of PP granules per hour to produce around 1663 bags/hour. CENTURY VENTURES: CARE Lowers Rating on INR9.15cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Century Ventures (CV), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.15 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 5, 2025, placed the rating(s) of CV under the 'issuer non-cooperating' category as CV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 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). The ratings for CV have been revised on account of non-availability of requisite information. The ratings have been revised on account of delays in debt servicing as recognized from publicly available information i.e. CIBIL Filings. Analytical approach: Standalone Outlook: not applicable Ahmedabad (Gujarat) based CV is a partnership firm established in 2015 by Mr. Yogesh Todi and Mrs Manisha Todi. The firm is engaged into manufacturing of customized printed corrugated boxes which are used in packaging purpose by various industries like home appliances, food products, liquor, confectioneries, pharmaceuticals etc. Presently, operations of CV are managed by Mr. Yogesh Todi and Mrs. Manisha Todi. Century operates from its sole manufacturing facilities located in Ahmedabad with an installed capacity of manufacturing 1.50 lakh boxes per day as on March 31, 2017. CV has associate concern i.e. Classic Corrugations Private Limited which is operational since 2011 and engaged into manufacturing of corrugated boxes. DEVGHAR ISPAT: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Devghar Ispat (DI) continues 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of DI under the 'issuer non-cooperating' category as DI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 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 Devghar Ispat (DI) was established as a partnership firm in July 2016 by Mr. Ajay Kumar Agarwal, Mr. Vijay Kumar Agarwal and Mr. Sanjay Kumar Agarwal based out of Raigarh, Chhattisgarh. The firm has been engaged in trading of iron and steel products like billets, ingots and TMT bars etc. EPHYSX TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of EPHYSX Technologies Private Limited (ETPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of ETPL under the 'issuer non-cooperating' category as ETPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ETPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 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 Telangana based, EPHYSX Technologies Private Limited (Erstwhile Smarttrak Solar Systems Private Limited) was incorporated in the year 2011 and promoted by Mr. G. Bhagawan Reddy and his spouse Mrs. P. Pratibha. The company is engaged in the manufacturing of solar trackers and providing services like civil construction work, sale of structure material and tracker (single axis and dual axis), installation and erection in solar power business segment. The company purchases the raw materials like Steel, Motor, Bearing, Tubes and GI sheet among others from local traders of Telangana. GOKUL DAIRY: CARE Lowers Rating on INR16cr LT Loan to D ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Gokul Dairy Products (GDP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated September 5, 2025, placed the rating(s) of GDP under the 'issuer non-cooperating' category as GDP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GDP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 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). The ratings assigned to the bank facilities of GDP have been revised on account of non-availability of requisite information. The revision also factored in delays in debt servicing recognized from publicly available information i.e. CIBIL Filings. Analytical approach: Standalone Outlook: Not Applicable Kunigal (Karnataka) based, Gokul Dairy Products (GDP) was established in 1997 as a partnership firm by Mr. K.N. Krishna Murthy along with his family members. The firm is engaged in the processing of milk and manufacturing of value-added products like condensed, skimmed milk powder, milk cream, khova and ghee. GDP has installed capacity of processing 1 lakh litres per day of raw-milk as on December 31, 2021 It sells processed milk under the brand name "Kaveri" and milk products under the name "Milky Wave" mainly in the states of Karnataka, Andhra Pradesh and Tamil Nadu. The milk is procured from the local farmers on an average of 40,000 litres per day. GOKUL'S TILES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Gokul's Tiles Mart (SGTM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.00 CARE B-; Issuer Not Cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of SGTM under the 'issuer non-cooperating' category as SGTM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGTM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, March 13, 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 Salem based, Sree Gokul's Tiles Mart (SGTM) was established in the year 1995 as a proprietorship concern by Mr. Kandasamy Narendran who has more than two decades of experience in trading business. SGTM is engaged in retail trading of tiles, tap fittings, and sanitary ware of various brands. The firm has its showroom located at Karuppur, Salem. GUJRAT SAW: CARE Keeps B- Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Gujrat Saw Mill (GSM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 1.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank Facilities 6.00 CARE A4; ISSUER NOT 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 21, 2025, placed the rating(s) of GSM under the 'issuer non-cooperating' category as GSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSM 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 Established in December 16, 1976, GSM is engaged in business of import, processing and trading of timber logs. The operations of GSM are managed by Mr Bhimji Lalji Patel, Mr Kantilal Lalji Patel, Mr Panchan Lalji Patel and Mr Shivkumar Lalji Patel, sharing profit and loss in equal proportions. The firm has a saw mill in Lakadganj, Nagpur. ISKRUPA MALL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Iskrupa Mall Management Company Private Limited (IMMCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 80.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated March 17, 2025, had reviewed the rating of IMMCPL, under the 'issuer not-cooperating' category as the company failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. The company continues to be noncooperative, despite repeated requests for submission of information through emails dated January 31, 2026, February 10, 2026, February 20, 2025, and February 26, 2026, among others. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on best available information. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Detailed description of key rating drivers: At the time of the last rating on March 17, 2025, the following was the rating weakness (updated for the information available from stock exchange/Lender/Latest available financials/Debenture Trustee): * Delays in servicing of debt obligation: There are delays in debt servicing as reported in the audited financial statement for year ended March 31, 2023. On September 24, 2024, the Mumbai bench of the National Company Law Tribunal (NCLT) directed initiating Corporate Insolvency Resolution Process (CIRP) against IMMCPL, admitting a plea filed by a lender and a resolution professional has been appointed to carry out the functions of the company in the CIRP period. IMMCPL is a wholly owned subsidiary of Bansi Mall Management Company Private Limited, a company fully owned by the promoters of Future Group led by Kishore Biyani. The company is engaged in mall management advisory services, space hire, consultancy, and fabric trading business. The company has also emerged as an Innovation and Incubation Center for Future group. The company owns a property (1.08 lsf) at Vadodara, which has been entirely given on a leave and license basis to Future Lifestyle Fashions Limited (rated 'CARE D; ISSUER NOT COOPERATING'). JBF INDUSTRIES: NCLT Rejects Sole Resolution Plan ------------------------------------------------- TipRanks reports that JBF Industries Limited, which is undergoing a Corporate Insolvency Resolution Process, has seen its restructuring efforts face a setback after the sole resolution plan submitted for the company was not accepted by the insolvency court. The company remains under the supervision of a Resolution Professional, and its status is closely watched by stakeholders given its listings on both BSE and NSE. According to TipRanks, the National Company Law Tribunal's Ahmedabad Bench has orally rejected the single resolution plan filed by the Resolution Professional under Section 31 of the Insolvency and Bankruptcy Code and has referred the matter back to the Committee of Creditors. This decision implies that creditors will need to reassess options for JBF Industries' revival or other outcomes, potentially prolonging the insolvency process and adding uncertainty for lenders and investors. JBF Industries Limited (JBF) was founded by Mr. Bhagirath Arya as a yarn texturizing company and has since then established and expanded capacities into polyester chips (textile grade, bottle grade and film grade), partially oriented yarn (POY) and polyester (BOPET) film. It also manufactures fully drawn yarn (FDY) and polyester texturized yarn (PTY). JBF Industries Limited commenced insolvency proceedings on Jan. 25, 2024. KERAM OIL: CARE Lowers Rating on INR16cr Long Term Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Keram Oil Mills Private Limited (KOMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/ 5.00 CARE B-; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating Reaffirmed Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of KOMPL under the 'issuer non-cooperating' category as KOMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KOMPL 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). The ratings assigned to the bank facilities of KOMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Keram Oil Mills Private Limited (KOMPL) was established in the year 1997 as a proprietorship concern as a small unit in Kerala. It was then converted to a partnership concern in 2006 and in 2019 as a Private Limited Company. The company have more been in this edible oil segment for more than 25 years. KOMPL is engaged in oil extraction and selling of related products. Their main product is packaged coconut oil which they sell it under their brand of 'KERAM'. KOMPL also sells De-oiled cake (cattle feeds) under the name of 'Keram Agro cattle feeds' since FY22. Currently the company have two manufacturing units in Kerala for oil extraction with capacity of 160MT per day. MITHUN REDDY: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mithun Reddy (MR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.22 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 31, 2025, placed the rating(s) of MR under the 'issuer non-cooperating' category as MR had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. MR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 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 Mithun Reddy (MR) refers to Joint Borrowers namely: Mr. R Mithun, Mr. C Ramesh and Mr. R Bharat. The said individuals have come together to lease their property, a building with an aggregate area of 51,866 square feet, to lessee 'M/S Narayana E Techno School (NETS). NETS having schools across Karnataka and has entered into a lease agreement with Mithun Reddy on June 27, 2014, in order to start a school on the scheduled premises located at Bangalore District. N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of N & N Constructions (NNC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 30, 2025, placed the rating(s) of NNC under the 'issuer non-cooperating' category as NNC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NNC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 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 NNC based out of Visakhapatnam, was incorporated as a partnership firm on April 15, 2010, by Mr P. S. Santosh, Managing Partner of the firm along with three other partners, Mr P. Satya Rao, Mrs P. Balabharathi, Mrs P. Varalakshmi. The firm is engaged in execution of railway construction projects which includes erection and commissioning of railway tracks and sidings for public and private companies; civil works including construction of industrial and residential buildings, drains and road works; supplying of Ready Mix Concrete (RMC); large format earth works etc. N. M. RUBBERS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of N. M. Rubbers (NMR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 27, 2025, placed the rating(s) of NMR under the 'issuer non-cooperating' category as NMR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NMR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, March 6, 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 N.M. Rubbers (NMR) was incorporated in January 2000 by Mr. N.M. Mujeeb as a proprietorship concern in Kottayam district of Kerala for trading in rubber products like cenex, normal latex rubber and scrap rubber. The firm caters to customers situated in Kerala only. Small processing is done to convert the raw rubber to the finished product. This finished product is sold to industries manufacturing threads, tyre, footwear, hoses, hand gloves and contraceptives. R.G.R EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R.G.R Educational Trust (RET) 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 Limited (CareEdge Ratings)had, vide its press release dated January 28, 2025, placed the rating(s) of RET under the 'issuer non-cooperating' category as RET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2025, December 24, 2025, January 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable R.G.R Educational Trust (RET) was established as a non-profit making organization in the year 2010 (started its operation in 2011) by three trustees namely Mr. P. Rajamanickam, Mrs. R. Gunavathi, and Mrs. R. Revathi. The trust runs two schools in the name of RGR Matriculation Higher Secondary School and RGR International School. RAGHURAMACHANDRA RICE: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Raghuramachandra Rice Industries (SRRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.65 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 30, 2025, placed the rating(s) of SRRI under the 'issuer non-cooperating' category as SRRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 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 Karnataka based, Sri Raghuramachandra Rice Industries (SRRI) was established in 2011 as proprietorship firm by Mr. Raghuram Ambati. SRRI is engaged in milling and processing of rice. The rice milling unit of the firm is located at Raichur, Karnataka. Apart from rice processing, the firm is also engaged in selling off its by-products such as broken rice, bran and husk. The main raw material paddy is directly procured from local farmers located in and around Raichur, Karnataka and sells its finished products of rice and other by-products in the open market Karnataka, Tamil Nadu and Andhra Pradesh. RANGANATHA GOLD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Ranganatha Gold and Silver (SRGS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 31, 2025, placed the rating(s) of SRGS under the 'issuer non-cooperating' category as SRGS had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SRGS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 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 Sri Ranganatha Gold and Silver (SRGS) is a partnership firm incorporated on April 5, 2012 by Mr. K. Rangachari, Mr. K. Venkateshachari, Mr. K. Rathnachari and Mr. K. Ramakrishnachari who share equal profits. The major operation of the firm is in the business of wholesale trading and retailing of gold and silver ornaments. It also has facility of designing and making gold and silver ornaments as per the customer request. The showroom is situated at Challakere, Karnataka. Mr. K. Rangachari is the managing partner and has an experience of around 25years in the Gold and silver industry. He also has a proprietary concern by name "Sri Ranganatha Swamy Jewellary" which is also involved in similar line of business SAVANI INFRACON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Savani Infracon LLP (SIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 25 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 27, 2025, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, March 6, 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 Ahmedabad (Gujarat) based, SIL was established as a limited liability partnership firm in March 2017. Mr. Madhavray K. Savani, Mrs. Narmadaben M. Savani and Mr. Vishal S. Sheth are the key partners of the firm. The firm is engaged into Real Estate Development. Currently the firm is constructing a commercial project known as 'World Centre 3' at Ahmedabad with the total cost of INR116.25 crore and till February 4, 2018 the firm has incurred cost of INR33.74 crore towards the project. The project consists of 11 storey building for 5 shops and 42 offices (aggregate 47 units) on Sabarmati Riverfront, Ashram Road, Ahmedabad, Gujarat. The firm has commenced project from June, 2017 and it is expected to be completed by September, 2019. The firm belongs to Savani group which is into same line of business for more than a decade and successfully completed five projects. SHARADA AYURVEDIC: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sharada Ayurvedic Medical College (Run By Sri Basava Education Charitable & Social Welfare Trust) (SAMCBSBECSWT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.65 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 31, 2025, placed the rating(s) of SAMCBSBECSWT under the 'issuer non-cooperating' category as SAMCBSBECSWT had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. SAMCBSBECSWT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 17, 2025, December 27, 2025, January 6, 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 Sharada Ayurvedic Medical College (SAMC) is a under construction college established under Sri Basava Education Charitable & Social Welfare Trust (SBE). The trust was established in the year 2004 with trustees as Mr. Chandrashekhar Kuppi, Mr. Prabhu Kuppi, Mrs. Nagaratna Kuppi, Mr. Somnath Reddy and Mr. Lingraj. The trust is a closely held family owned trust in Yadgir district of Karnataka. SRINIVASA AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Srinivasa Agro Rice Industries (SSARI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 15.00 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 30, 2025, placed the rating(s) of SSARI under the 'issuer non-cooperating' category as SSARI had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. SSARI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 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 Sri Srinivasa Agro Rice Industries (SSARI), a partnership firm, was established in 2011 by Mr N. Srinivas. The mill is located in Gangavati in Koppal district of Karnataka. The firm is involved in hulling of paddy, converting of paddy into rice, broken rice and bran with a total installed capacity of 8 tons per hour. SSARI sells its products (rice, broken rice and bran) to the end customers through brokers as well as direct channels in the states of Tamil Nadu and Karnataka. TIRUMALA CASHEW: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tirumala Cashew Industries (TCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 30, 2025, placed the rating(s) of TCI under the 'issuer non-cooperating' category as TCI had failed to provide information for monitoring of the rating and had as agreed to in its Rating Agreement. TCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2025, December 26, 2025, January 5, 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 Udupi (Karnataka) based Tirumala Cashew Industries (TCI) is a partnership concern established by Mr Yogish Mallya and Ms Priya Mallya on December 10, 1997. The firm is engaged in processing and trading of cashew nuts. The firm procures about 70% of its raw material, the raw nuts, from UAE and West African countries and the cashew kernels are procured from its associate entity, APM Cashew Industries. UNDERWATER SERVICES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Underwater Services Company Limited (USCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.00 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 8, 2025, placed the rating(s) of USCL under the 'issuer non-cooperating' category as USCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 24, 2025, December 4, 2025, December 14, 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 Underwater Services Company Ltd. (USCL) is a wholly owned subsidiary of Samson Maritime Ltd. (SML). The company was originally a partnership firm formed in 1970 as the first commercial diving company in India. Initially, the company provided hull cleaning, hull inspection plus underwater repairs to merchant shipping vessels. Later, the company expanded into Single Point Mooring (SPM) maintenance, offshore diving including saturation and mixed gas, plus salvage and wreck removal, becoming the first Indian member of the International Salvage Union. Presently, USCL is engaged in providing services for operations and maintenance of SPM terminals and diving projects. VAIBHAV SPINTEX: CARE Lowers Rating on INR54.31cr LT Loan to B+ --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Vaibhav Spintex Private Limited (VSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 54.31 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from VSPL to monitor the rating vide e-mail communications dated January 14, 2026, January 19, 2026, January 23, 2026, January 30, 2026, February 19, 2026, February 23, 2026, February 26, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. 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. The ratings on VSPL's bank facilities will now be denoted as 'CARE B+; Stable; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of VSPL are revised on account of non-availability of requisite information. Further, the ratings continue to remain constrained due to small scale of operations with limited track record, profitability margins susceptible to fluctuation in key raw material prices, leveraged capital structure and moderate debt coverage indicators, risk associated with seasonality and fragmented nature of industry and working capital intensive nature of operations FY25 (FY refers to the period from April 01 to March 31). The ratings however favorably, factor in experienced promoters, locational advantage emanating from proximity to raw material, and subsidy benefits under Government of Maharashtra Textile Scheme. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers At the time of last rating on April 2, 2025 the following were the rating strengths and weaknesses (updated based information available from registrar of companies). Key weaknesses * Small scale of operations with limited track record: The company has a short track record of over five months of operations in manufacturing cotton bales in FY23, as it commenced operations on October 1, 2022. The scale of operations of the company continues to remain small as the company reported a revenue of INR 167.35 crore during FY25 compared to INR 185.20 crores in FY24. Despite the slight decline in revenue, the company's PBILDT margin improved to 7.48% in FY25 from 3.86% in FY24, owing to a lower cost of materials consumed. Nevertheless, the overall profitability remains modest. Further, the company's PAT margin also remained low at 0.17% during FY25 (P.Y.: 0.05%) owing to high interest and depreciation expenses associated with the nascent stage of operations. * Profitability margins susceptible to fluctuation in key raw material prices: The basic raw material consumed by VSPL to produce yarn is raw cotton, accounting for more than 80-85% of total cost of production. The raw cotton prices are volatile in nature and depend upon multiple factors such as area under production, yield for the year, vagaries of the monsoon, international demand-supply scenario, inventory carry forward from the previous year, and minimum support price (MSP) decided by the government, among others. The raw cotton prices have been volatile over last couple of years, which translates into risk of inventory losses for the industry players, though at times it also leads to inventory gains. Collectively, these factors and intense competition in the industry contribute to low bargaining power of yarn manufacturers and volatility in profitability. * Leveraged capital structure and moderate debt coverage indicators: The company's capital structure moderated and remained moderate as on March 31, 2025, with overall gearing of 2.28x as on March 31, 2025 as against 1.91x as on March 31, 2024. The moderation in capital structure is primarily due reclassification of unsecured loan as debt as on March 31, 2025. However, debt coverage indicators improved on back of improved profitability on an absolute basis and were moderate as marked by PBILDT interest coverage ratio to 2.50x in FY25 from 1.28x in FY24. However, as on March 31, 2025, the total debt to gross cash accruals (GCA) moderated to 7.37 years as against 5.87x in the previous year owing to a lower cash profit (GCA). * Risk associated with seasonality and fragmented nature of industry: The cotton business is highly seasonal in nature, as the sowing season is from March to July and the harvesting season is spread from November to February. Hence, working capital utilization is high in the peak season, resulting in low financial flexibility to shield against any adverse situation in the peak period. The cotton industry is highly fragmented with numerous players operating in the unorganized sector. As VSPL faces stiff competition from other players operating in the same industry in the same area, it results in the low bargaining power of VSPL against its customers. * Working capital intensive nature of operation: The company's operations remain working capital-intensive owing to seasonality associated with availability of raw material. The working capital requirements are supported by working capital borrowings. The average inventory period increased to 26 days in FY25 from 15 days in FY24, while the average collection period also increased to 26 days from 17 days, indicating blockage of funds. Resultantly, the operating cycle stood increased at 44 days in FY25 as against 30 days in FY24. Key strengths * Experienced promoters: The company is promoted and directed by Nanda Bhandari and Usha Bhandari. The day-to-day and overall operations are managed by family, including Ashok Bhandari, Swapnil Bhandari, and Shrenik Bhandari. They bring over 15 years of experience through their involvement with group companies, Cottex Private Limited, Vaibhav Cotgin Private Limited, and Vaibhav White Gold Private Limited * Locational advantage emanating from proximity to raw material: VSPL's manufacturing facility is at Yavatmal (situated in the eastern part of Vidarbha, Maharashtra) which is in vicinity of the cotton-growing region of Maharashtra resulting in easy availability of raw cotton leading to lower logistics and other related costs. Moreover, there is robust demand of cotton bales and cotton seeds in the region due to presence of spinning mills in the region. * Subsidy benefits under Government of Maharashtra Textile Scheme: VSPL has secured a subsidy of INR7.21 crore in FY24 under Maharashtra's Package Scheme of Incentives (PSI) administered by the District Industries Centre (DIC). This subsidy is linked to the company's capital investment of INR79 crore and is structured to be disbursed over a period of 10 years, ensuring an annual claim of approximately INR7-8 crore starting from FY24. The calculation is based on a standardized approach, where the total eligible investment is divided over the subsidy tenure, providing financial stability and predictability. Maharashtra's PSI aims to promote industrial development by offering incentives such as capital and electricity subsidies to reduce operational costs and enhance competitiveness. Liquidity: Stretched The company's liquidity is stretched characterised by tightly matched cash accruals repay its expected term debt obligations worth ~6.00 crore during FY26. Further the company had a modest cash and bank balance of around INR2.78 crore as on March 31, 2025. Established in 2020 as a private limited company by Nanda Bhandari and Usha Bhandari, VSPL is engaged in manufacturing cotton yarn and processing of cotton bales. The entity has installed capacity of 20,064 spindles per annum. The registered office and manufacturing unit is at Moharli, Taluka Wani, District Yavatmal, Maharashtra. VSPL procures raw material, cotton bales, from the market and sells cotton yarn and cotton bales (after processing for cleaning) to brokers and agents across Maharashtra and other parts of India. VINAYAKA EXPORTS: CARE Lowers Rating on INR20.44cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Vinayaka Exports (SVE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.44 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Short Term Bank Facilities 4.06 CARE D; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 5, 2025, placed the rating(s) of SVE under the 'issuer non-cooperating' category as SVE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 17, 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). The ratings for SVE have been revised on account of non-availability of requisite information. The ratings have been revised on account of delays in debt servicing as recognized from publicly available information. Analytical approach: Standalone Outlook: Not applicable Udupi based, Shree Vinayaka Exports (SVE) established in the year November, 2013 as a partnership firm by Mr. H. Sudhir Nayak, Ms. Sulaksana Nayak, Mr. H. Panduranga Nayak, Ms. Sathya Nayak and Mr. Karthik Nayak. The partners have the experience of more than two decade in cashew industry. The firm is majorly engaged in processing of cashew nuts into cashew kernels. The firm procures 90% of its raw material from various African countries like Tanzania, Benin, Ivory Coast, Ghana etc. The firm sells the cashew kernels under the brand names of "Vinayaka" and "Sathyashree" mainly in the states of Gujarat, Punjab, Delhi, Uttar Pradesh, Karnataka etc. As on July 28, 2020 the firm has an installed capacity of 170 bags/day of 80 kgs per bag. VIZEBH AGRI: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vizebh Agri - Sciences Private Limited (VASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.87 CARE D; 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 VASPL under the 'issuer non-cooperating' category as VASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VASPL 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: Not Applicable Vadodara-based (Gujarat), VASPL was incorporated during July, 2010 by two promoters namely Mr.Amrish Patel and Mr. Jinesh Patel. The company is in the business of manufacturing of dairy products such as milk, curd, cow ghee, butter, flavoured milk, lassi etc. and operates with an installed capacity of 100,000 litres per day for milk processing. The company sells its products under the brand name "Vizee" in Gujarat, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh etc. Milk is the primary raw material for the company which they procure from their own milk chilling centres. ===================== N E W Z E A L A N D ===================== HAWTHORNDALE ESTATE: Court Declares Director Bankrupt ----------------------------------------------------- The Press reports that the director of two failed companies and wife of a bankrupt pool builder has herself been declared bankrupt, over a NZD400,000 debt. The Press relates that Daneen Lascelles on March 19 lost a prolonged fight for insolvency at the High Court at Christchurch, with Associate Judge Dale Lester adjudicating her bankrupt. She is married to pool builder Richard Lascelles, a bankrupt who represented her earlier in the proceedings. She is the director of two companies currently in liquidation: Hawthorndale Estate Ltd and Sector Ltd, The Press discloses. JAKS 322: Creditors' Proofs of Debt Due on April 24 --------------------------------------------------- Creditors of JAKS 322 NZ Limited and Raza’s Investments 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 March 13, 2026. The company's liquidator is: Craig Young Restructuring Services Limited PO Box 87340 Auckland KONSTRUK LIMITED: Creditors' Proofs of Debt Due on April 17 ----------------------------------------------------------- Creditors of Konstruk Limited are required to file their proofs of debt by April 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 18, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 MCCAIN ANZ: To Close Hastings Vegetable Processing Plant in 2027 ---------------------------------------------------------------- Stuff.co.nz reports that McCain ANZ has confirmed that their Hastings vegetable processing plant will close at the end of the year's processing and packing season, which is expected to be on January 31, 2027. A McCain spokesperson said roles at Hastings site will be impacted as operations wind down, Stuff relates. "McCain is consulting and communicating directly with affected employees whose roles may be impacted by providing them with all relevant information about the planned closure, and is also providing dedicated transition assistance, career support, and access to wellbeing services," Stuff quotes the spokesperson as saying. Stuff relates that the spokesperson said the decision follows a "strategic review of our Hastings operations and reflects a shift in how McCain will supply its vegetable portfolio within Australia and New Zealand." "After carefully considering a range of options, we determined that transitioning to a different supply model is the most responsible path forward and best supports the long-term vision of our organisation." The spokesperson said the company was consulting with all employees whose roles would be affected by the planned closure. Regional Development Minster Shane Jones blamed the gentailers, relays Stuff. "Well, we are facing deindustrialisation, and a large part of it is the cost of energy in New Zealand, and that's driven by the egregious behaviour of the gentailers," Stuff quotes Mr. Jones as saying. "You've heard me on this on numerous occasions: Until such time we can develop a remedy for affordable energy, I fear that the gentailers are responsible for a worsened situation of deindustrialisation." Stuff adds that labour Leader Chris Hipkins said he was worried about the country's overall food security. "We're seeing a lot of food producers in New Zealand, food processors in New Zealand, folding up. That's going to have a flow on effect to food growers. And we should be concerned about that," he said. MERIT MEATS: Khov Jones Appointed as Receivers ---------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on March 24, 2026, were appointed as Receivers and Managers of Merit Meats Limited, Julie Enid Mathias and John Cameron Mathias. The Receivers and Managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 STS LOGGING: Court to Hear Wind-Up Petition on April 13 ------------------------------------------------------- A petition to wind up the operations of STS Logging Limited will be heard before the High Court at Tauranga on April 13, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 3, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton SUNNY SCRAP: Court to Hear Wind-Up Petition on April 1 ------------------------------------------------------ A petition to wind up the operations of Sunny Scrap Metals Limited will be heard before the High Court at Auckland on April 1, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 10, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== ROBINSONS RETAIL: To Shut Down Korean Specialty Chain ----------------------------------------------------- Bilyonaryo.com reports that Robinsons Retail Holdings Inc. (RRHI) of the Gokongwei family is reportedly shutting down Korean specialty grocery chain, No Brand. According to Bilyonaryo.com, a Babbler said No Brand may be winding down its local operations in June after aggressive "grand sale" promotions offering up to 90% off best-selling items in several branches sparked online speculation that the retailer is preparing to exit the Philippine market. The chatter has drawn comparisons to SSI Group's earlier decision to end its partnership with Marks & Spencer. Bilyonaryo first reported on May 2 the end of the 40-year partnership between the Tantoco family's SSI Group and Marks & Spencer. The British retailer's local franchise will be taken over by Indonesia's retail powerhouse MAP, which already operates Marks & Spencer in Indonesia and manages more than 2,300 stores across Southeast Asia, with the termination of SSI's contract on May 2. No Brand is a private label concept of South Korea's Emart Inc., offering frozen food, snacks, beverages, beauty products, and home essentials at relatively low prices. In April 2019, Emart granted the Gokongwei group, through Robinsons Supermarket Corporation under Robinsons Retail Holdings Inc. (RRHI), the exclusive and non-transferable rights to operate the brand in the Philippines, Bilyonaryo.com recalls. The concept was folded into RRHI's supermarket division two years later, reflecting its focus on grocery and food products. Since then, the chain has grown to about to 11 branches across Metro Manila, including locations in Shangri-La Plaza, Galleria Ortigas, Glorietta, Circuit Makati, Robinsons Place Manila, Metroeast, Festival Mall, Ayala Malls Manila Bay, UP Town Center, and Alabang Town Center. Financial data, however, suggests the business was still growing. Based on royalty payments equivalent to 1.5% of sales, No Brand's estimated Philippine revenues reached about PHP530 million in 2022, PHP641 million in 2023, and PHP686 million in 2024, Bilyonaryo.com discloses. More recent disclosures showed royalty payments of PHP4.05 million in the first half of 2025, slightly lower than the PHP4.30 million recorded in the same period a year earlier, which may point to some easing in momentum. With a near-PHP700 million business, the heavy discounting has raised questions about whether No Brand has achieved sustainable scale in a highly competitive grocery market dominated by entrenched local and international players, Bilyonaryo.com notes. ================= S I N G A P O R E ================= E'CAPS RENOVATION: Court to Hear Wind-Up Petition on April 17 ------------------------------------------------------------- A petition to wind up the operations of E'caps Renovation & Construction Pte. Ltd. will be heard before the High Court of Singapore on April 17, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 18, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ENTERPRIZE ENERGY: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on March 13, 2026, to wind up the operations of Enterprize Energy Group Pte. Ltd. and Enterprize Star Dragon Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Wong Pheng Cheong Martin Ms. Koay May Yee c/o FTI Consulting (Singapore) 1 Raffles Quay, #27-10 Singapore 048583 SILKROAD PROPERTY: Creditors' Proofs of Debt Due on April 24 ------------------------------------------------------------ Creditors of Silkroad Property Partners Pte. Ltd. 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 March 17, 2026. The company's liquidators are: Toh Ai Ling Chan Kwong Shing, Adrian Tan Yen Chiaw c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 ********* 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. 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