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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, April 9, 2026, Vol. 29, No. 71
Headlines
A U S T R A L I A
BOWEN COKING: Shareholders Face Loss of Equity Under Argo-Led Plan
D'ORAZIO ENTERPRISES: Second Creditors' Meeting Set for April 15
ENZOS CUCINA: First Creditors' Meeting Set for April 16
INTERPRAC FINANCIAL: ASIC Seeks Appoint Receiver to Probe Sale
NEDZIAK & NEDZIAK: First Creditors' Meeting Set for April 20
NEPTUNE MARINE: First Creditors' Meeting Set for April 16
SILVERFERN GROUP: ASIC Cancels AFS Licence
SMALL PROJECTS: Enters Liquidation; Owes AUD3.73 Million
WASH DRONES: First Creditors' Meeting Set for April 16
C H I N A
CHINA VANKE: Seeks to Delay Another Bond Payment to Avoid Default
[] CHINA: Underwater Mortgages Force Banks to Get More Creative
I N D I A
ADANI GREEN: Gautam Adani Will Seek to Dismiss US SEC Fraud Case
ATLAS CYCLES: CRISIL Keeps D Debt Rating in Not Cooperating
DHANA JEWEL: CRISIL Lowers Rating on INR3.5cr Cash Loan to B
FURNACE FABRICA: CRISIL Keeps D Debt Ratings in Not Cooperating
HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
INDO LAMINATES: Insolvency Resolution Process Case Summary
LAKSHMI VENKATA: CRISIL Keeps B Debt Ratings in Not Cooperating
MITSOM ENTERPRISES: Insolvency Resolution Process Case Summary
OMM STEEL: CRISIL Keeps B Debt Rating in Not Cooperating Category
PARASMAL PAGARIYA: CRISIL Lowers Rating on INR5cr Loan to B
PARL POLYTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
PAVAN INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
RUDRAKSH PSYLLIUM: CRISIL Lowers Rating on INR5cr Cash Loan to B
SCIKNOW TECHNO: CRISIL Keeps C Debt Rating in Not Cooperating
SIMRAN FOOD: CRISIL Lowers Rating on INR13cr Cash Loan to B
SUCCEEDSMART PRIVATE: Voluntary Liquidation Process Case Summary
SUNGARD AVAILABILITY: Voluntary Liquidation Process Case Summary
TEC LINE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
THREE SEASONS: CRISIL Keeps D Debt Rating in Not Cooperating
WOBILLAHI: CRISIL Lowers Rating on INR3cr Cash Loan to D
N E W Z E A L A N D
ABACUS CAPITAL: Creditors' Proofs of Debt Due on May 31
HARVEST KITCHEN: Simon Dalton Appointed as Receiver and Manager
LEVEL UP: Court to Hear Wind-Up Petition on April 16
MIKES PANEL: Creditors' Proofs of Debt Due on April 30
PHONE PLUS: Court to Hear Wind-Up Petition on April 23
S I N G A P O R E
GLOBAL LEADERSHIP: Creditors' Proofs of Debt Due on May 6
GRACE OCEAN: Insurer Settles With Dali Owner and Operator
NDK CRYSTAL: Creditors' Proofs of Debt Due on May 7
RADIANCE ALLIANCE: Creditors' Proofs of Debt Due on May 8
STRAITS PHOENIX: Creditors' Proofs of Debt Due on May 8
TK ENTERPRISE: Court Enters Wind-Up Order
- - - - -
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A U S T R A L I A
=================
BOWEN COKING: Shareholders Face Loss of Equity Under Argo-Led Plan
------------------------------------------------------------------
TipRanks reports that existing equity holders in Bowen Coking Coal
Ltd could lose their entire investment if a proposed transfer of
shares to Argo Bowen 2 Pty Ltd is approved, with administrators
arguing the equity has no value and should be transferred for no
consideration.
Bowen Coking Coal Ltd and several related entities are currently
operating under a single deed of company arrangement after
creditors voted in February 2026 to proceed with a restructuring
proposal put forward by Argo, according to TipRanks. The group,
focused on coking coal and related marketing and management
services, remains under the control of deed administrators Mark
Holland and Shaun Fraser as efforts continue to stabilise
operations and address creditor claims.
As part of the process, the administrators have applied to the
Supreme Court of New South Wales for orders to transfer 100% of the
company's shares and convertible securities to Argo, TipRanks
relates. A final hearing is scheduled for April 23, 2026, while
shareholders and creditors have until April 16, 2026, to review
explanatory materials and lodge any objections or requests to be
heard, TipRanks reports.
Headquartered in Brisbane, Australia, Bowen Coking Coal Limited
(ASX:BCB) -- https://www.bowencokingcoal.com.au/ -- together with
its subsidiaries, engages in the exploration, development, and
production of metallurgical coal in Australia. The company holds
interests in the Isaac River Project located in the Bowen Basin in
Central Queensland; the Cooroorah Project located north of
Blackwater; and the Comet Ridge Project located in Queensland, as
well as the Hillalong and Burton Lenton Coking Coal Project in
Bowen Basin. It also has interests in the Carborough project;
Broadmeadow East coking coal project located in Bowen Basin,
Queensland; and the Bluff Mine, an open cut mine located in the
southern Bowen Basin.
Shaun Robert Fraser and Mark Holland of McGrathNicol were appointed
as administrators of the company on July 29, 2025.
D'ORAZIO ENTERPRISES: Second Creditors' Meeting Set for April 15
----------------------------------------------------------------
A second meeting of creditors in the proceedings of D'Orazio
Enterprises Pty Ltd, formerly trading as Meat Lovers Paradise, has
been set for April 15, 2026, at 2:00 p.m. at the offices of WA
Insolvency Solutions, a Division of Jirsch Sutherland, at Level 6,
109 St Georges Terrace, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 14, 2026 at 5:00 p.m.
Jimmy Trpcevski and Clifford Rocke of WA Insolvency Solutions was
appointed as administrator of the company on Feb. 27, 2026.
ENZOS CUCINA: First Creditors' Meeting Set for April 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Enzos Cucina
Labrador Pty Ltd will be held on April 16, 2026, at 11:00 a.m. via
virtual facilities.
Graeme Robert Beattie of Worrells was appointed as administrator of
the company on April 2, 2026.
INTERPRAC FINANCIAL: ASIC Seeks Appoint Receiver to Probe Sale
--------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
commenced Federal Court proceedings seeking the appointment of a
receiver to investigate a proposed sale of Interprac Financial
Planning Pty Ltd by Sequoia Wealth Group Pty Ltd, a wholly owned
subsidiary of ASX-listed Sequoia Financial Group.
Sequoia Wealth entered into a Share Sale Agreement to sell 100% of
its shares in Interprac to Conquest Investment Partners Pty Ltd
(Conquest) in March 2026 for AUD50,000.
If appointed by the Court, the receiver will:
* investigate and report on whether the sale of
Interprac's shares by Sequoia Wealth to Conquest
is bona fide, fair and reasonable, and
* report on Interprac's financial position and its
solvency.
ASIC is bringing this application out of concern that the intended
sale of Interprac may adversely affect the interests of its
creditors, including Interprac's liabilities arising from AFCA
complaints in relation to the Shield Master Fund and First Guardian
Master Fund, given that Sequoia may cease to guarantee Interprac's
debts upon completion of the sale to Conquest.
To date, AFCA has made two lead determinations against Interprac.
There are approximately 911 open AFCA complaints against Interprac
in relation to advice provided by its representatives to invest in
the collapsed Shield and First Guardian Master Funds.
On May 25, 2022, Sequoia Financial, Sequoia Wealth and Interprac
(and other "Group Entities") entered into a Deed of Cross Guarantee
whereby each of the Group Entities guaranteed the debts of the
other Group Entities in the event of a winding up on certain
grounds. If the proposed sale of Interprac proceeds, and the
directors of Sequoia Financial certify that the sale is bona fide
and the consideration payable is reasonable, then Sequoia and the
other Group Entities will be released from their obligations under
the Deed of Cross-Guarantee.
In November 2025, ASIC commenced civil penalty proceedings against
Interprac for allegedly failing to ensure its former authorised
representatives, Venture Egg (a corporate partnership), and Rhys
Reilly Pty Ltd (together, Representatives), complied with the best
interests obligations and for failing to have adequate risk
management systems. Together, these Representatives advised around
6,843 clients to invest around AUD677 million of their
superannuation into Shield and First Guardian. In that proceeding,
ASIC is seeking declarations, civil penalties, and orders to
restrain Interprac from carrying on a financial services business.
NEDZIAK & NEDZIAK: First Creditors' Meeting Set for April 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nedziak &
Nedziak Pty Ltd, trading as Gum Tree Pies Yackandandah, Gum Tree
Pies, Gum Tree Pies Bright, Gum Tree Pies Wodonga, will be held on
April 20, 2026, at 12:00 a.m. via Microsoft Teams.
David Henry Sampson of BPS Recovery was appointed as administrator
of the company on April 8, 2026.
NEPTUNE MARINE: First Creditors' Meeting Set for April 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Neptune
Marine and Towage Pty Ltd will be held on April 16, 2026, at 11:00
a.m. via virtual meeting technology.
Antonetta Carroll and Hayden Leigh White of FTI Consulting were
appointed as administrators of the company on April 3, 2026.
SILVERFERN GROUP: ASIC Cancels AFS Licence
------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of The
Silverfern Group Pty Ltd.
The AFS licence was cancelled on the basis that Silverfern ceased
carrying on the financial services business.
The cancellation was made with Silverfern's consent following
enquiries made by ASIC about non-compliance with statutory
reporting, audit requirements and failure to pay ASIC fees.
Silverfern resolved its non-compliance with respect to these issues
prior to the cancellation.
ASIC may cancel an AFS licence held by a body corporate without the
requirement for a hearing, if the body ceases to carry on the
financial services business.
Silverfern has held AFS licence number 382641 since July 9, 2009.
SMALL PROJECTS: Enters Liquidation; Owes AUD3.73 Million
--------------------------------------------------------
Herald Sun reports that Toorak-based construction business Small
Projects Company has entered liquidation owing AUD3.73 million
after its director blamed a former colleague for allegedly
misappropriating funds and draining working capital.
WASH DRONES: First Creditors' Meeting Set for April 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wash Drones
Pty Limited will be held on April 16, 2026, at 1:30 p.m. at the
offices of HoganSprowles, at Level 1, 44 Pitt Street, in Sydney,
NSW.
Michael Hogan of HoganSprowles was appointed as administrator of
the company on April 6, 2026.
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C H I N A
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CHINA VANKE: Seeks to Delay Another Bond Payment to Avoid Default
-----------------------------------------------------------------
Bloomberg News reports that China Vanke told some bondholders that
it is seeking to extend a yuan bond due this month with an offer to
repay 40 per cent of the principal upfront, according to sources
familiar with the matter, as it again races to avoid default.
Bloomberg relates that Vanke is considering offering the same terms
as earlier proposals to extend three other bonds by a year, the
sources added, highlighting how a company at the epicentre of
China's property crisis is still facing liquidity challenges.
The company would need the support of holders of more than 90 per
cent of the notes for the plan to take effect, according to the
prospectus.
The bond, which has two billion yuan outstanding, is set to mature
on April 23. Vanke's proposal is not final and could change, the
sources said, asking not to be identified as the matter is private,
Bloomberg relays.
Vanke, which posted a record CNY88.6 billion loss last year, is one
of China's few major property developers to avoid default so far.
But the next few months are critical as it has more than CNY11
billion of bond maturities looming to July, with five onshore notes
and two put options that could be exercised before the end of that
month.
The builder will send final proposals on the April bond to holders
by April 14 and meet with them on April 17 to discuss the extension
plans, according to a company filing, which did not provide further
details. The bond last traded at about CNY51 in late March, amid
thin liquidity, according to data compiled by Bloomberg.
Delaying payment on the April note would buy Vanke some time as it
considers a broader debt plan, Bloomberg notes.
Bloomberg says the developer is mulling several options, including
potentially asking to extend maturities as long as 10 years, a
possible tender offer and setting up an asset-backed trust product,
though the eventual details could change.
The company is also facing financial pressure from interest
payments on some of its loans and needs to renegotiate those
terms.
Vanke has been in the midst of a liquidity crunch for more than two
years, during which it has leaned heavily on loans from its
state-owned shareholder, Shenzhen Metro Group, to service debt,
according to Bloomberg.
It remains unclear whether there would be any further support from
Shenzhen Metro to help address the builder's upcoming bond
maturities in the months ahead.
After posting its second full-year loss since its 1991 initial
public offering, Vanke told investors that it is seeking a
long-term debt resolution plan and pledged to "actively" find new
sources of funding this year.
It also promised to meet its goal for home deliveries, and said it
would look to local governments to purchase some land parcels and
existing homes, Bloomberg relays.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
Fitch Ratings, in February 2026, upgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
to 'CC' from 'RD' following the completion of what Fitch views as a
distressed debt exchange (DDE) in accordance with its Corporate
Rating Criteria. The IDRs reflect China Vanke's post-restructuring
profile. Fitch also affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK), at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.
Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.
S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27,
2025.
[] CHINA: Underwater Mortgages Force Banks to Get More Creative
---------------------------------------------------------------
Bloomberg News reports that China's unrelenting housing downturn is
forcing the country's banks to confront a thorny issue: sinking
real estate values are pushing millions of mortgages underwater,
increasing the risk of losses for lenders and property owners.
Behind the scenes, Chinese bankers and officials are getting
creative to contain the fallout.
Several state-owned banks have approached cash-strapped borrowers
and offered them payment holidays on their mortgages for as long as
two years, according to people familiar with the matter, who asked
not to be identified discussing their firms' policies, Bloomberg
relays.
Some lenders are working with individual customers to find buyers
for their homes, instead of calling defaults and foreclosing on the
properties.
According to Bloomberg, local courts across the country have slowed
the pace of accepting cases involving defaulted mortgages to limit
the volume of forced property sales. Some courts have even
suspended or limited the number of litigation cases that banks can
file for residential mortgage defaults.
Bloomberg relates that the moves underscore how China's local
institutions are working to limit the damage of a yearslong
property crisis that shows no signs of coming to an end. They also
raise the question of whether official non-performing mortgage
ratios – which have persistently stayed around 1 per cent for big
banks despite rising defaults – only hint at the true scale of
the problem.
China's real estate slump, now in its fifth year, followed a
debt-fuelled buying spree that has amplified the pain for
shell-shocked homebuyers, Bloomberg says.
Home values in major cities like Beijing and Shanghai have plunged
more than a third from their peaks, according to private-sector
gauges that show much bigger declines than official data. In poorer
areas, the decline has been even worse.
As a result, millions of Chinese citizens now owe more on their
mortgages than their properties are worth – a situation known as
negative equity.
Mortgages worth hundreds of billions of yuan are likely in negative
equity, according to Bloomberg Intelligence.
UBS Group estimates that 3.3 million homes could be underwater by
2027, risking losses of as much as CNY232 billion (US$43.3 billion)
from mortgages and business loans collateralised by homes,
according to Bloomberg. These figures, though relatively small in
relation to the volume of outstanding loans, are unprecedented in
China's history.
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I N D I A
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ADANI GREEN: Gautam Adani Will Seek to Dismiss US SEC Fraud Case
----------------------------------------------------------------
Reuters reports that Gautam Adani, India's second richest person,
will ask a U.S. judge to dismiss the Securities and Exchange
Commission's civil fraud case stemming from an alleged bribery
scheme, his lawyers said on April 7.
According to Reuters, Adani and his nephew Sagar Adani were charged
by the SEC in November 2024 with orchestrating a scheme to pay
or promise to pay hundreds of millions of dollars in bribes to
Indian government officials to benefit Adani Green Energy, where
both men are executives and directors.
Reuters relates that the securities fraud case is tied to Adani
Green's alleged failure to disclose the scheme in documents for a
$750 million bond offering in 2021.
In a filing in the Brooklyn, New York federal court, the Adanis'
lawyers said their clients disputed there was any credible evidence
supporting the alleged bribery scheme.
Reuters relates that the lawyers said the Adanis' lack of
involvement in the offering, and the absence of any intent to
defraud or negligence, supported a dismissal.
They also called the SEC claims "impermissibly extraterritorial,"
reflecting how the Adanis and all alleged misconduct were in India,
and the bonds were never traded on a U.S. exchange.
The SEC had no immediate comment, Reuters notes. Lawyers for the
Adanis said they will formally seek a dismissal by April 30.
U.S. prosecutors filed a related criminal case in November 2024
against the Adanis and several other defendants, Reuters notes.
There have been no public developments in that case since December
2024. A spokesman for the U.S. Attorney's office in Brooklyn
declined to comment.
Gautam Adani, 63, founded and chairs the conglomerate Adani Group,
and is chairman of Adani Green.
He is worth about $60.6 billion, ranking 30th worldwide
according to Forbes magazine.
Mukesh Ambani, chairman of the conglomerate Reliance Industries, is
India's richest person, worth about $91.4 billion and ranking 20th
worldwide, Forbes said.
About Adani Green
Adani Green Energy Limited operates as a renewable energy company.
The Company develops, builds, owns, operates, and maintains solar,
hybrid, and wind power farm projects for electricity generation
through infrastructure solutions. Adani Green Energy serves
customers in India.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-December 2025, Moody's Ratings has affirmed the senior secured
ratings on two US dollar bonds issued by two Adani Green Energy
Limited (AGEL) restricted groups.
At the same time, Moody's have changed the outlook on all ratings
to stable from negative.
The two affected ratings are:
1. Adani Green Energy Restricted Limited Group (AGEL RG-1), which
comprises Adani Green Energy (UP) Limited; Parampujya Solar Energy
Private Limited; Prayatna Developers Private Limited - Ba1 ratings
affirmed; outlook stable
2. Adani Green Energy Limited Restricted Group (AGEL RG-2), which
comprises Wardha Solar (Maharashtra) Private Limited, Kodangal
Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited
- Ba1 ratings affirmed; outlook stable
The outlook change to stable reflects Moody's expectations that the
two AGEL restricted groups could maintain credit profiles
supportive of their respective Ba1 ratings over the next 12-18
months.
In August 2025, S&P Global Ratings revised its rating outlook on
three Adani Group entities -- Adani Electricity Mumbai Ltd., Adani
Ports and Special Economic Zone Ltd., and Adani Green Energy Ltd.
Restricted Group 2. This follows S&P's review of the group's
operations and the impact of an ongoing U.S. SEC investigation.
ATLAS CYCLES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Atlas Cycles
(Haryana) Limited (Atlas) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Fixed Deposits 30.0 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Atlas for
obtaining information through letter and email dated February 11,
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 Atlas, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Atlas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on Fixed Deposits of
Atlas continues to be 'Crisil D Issuer not cooperating'.
Atlas was originally incorporated as Atlas Industries Ltd in 1951,
promoted by Mr Janki Das Kapur; the name was changed in fiscal
2003. The company manufactures bicycles for the domestic and export
markets under the Atlas brand. Its manufacturing facilities are in
Sonipat, Haryana, and Sahibabad, Uttar Pradesh. It also
manufactured tubes at its plant in Bawal, Haryana; however,
operations at this unit and at the bicycle unit in Malanpur, Madhya
Pradesh, were shut down in fiscal 2015. Atlas is listed on National
Stock Exchange (NSE) and Bombay stock Exchange (BSE).
DHANA JEWEL: CRISIL Lowers Rating on INR3.5cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Dhana Jewel Craft (Dhana), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with Dhana for
obtaining information through letter and email dated February 28,
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 Dhana, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Dhana
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Dhana revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
Dhana is a proprietorship firm set up by Mr Cherussery Velayudhan
Raveendran. It manufactures jewellery at its unit in Thrissur,
Kerala. The firm supplies to major players including Jos Alukkas
Group, Francis Alukkas Group and Chungath Jewellery. The firm is a
part of Cherussery Group. The group company, Cherussery Credits
Private Limited (Cherussery; rated Crisil B/Stable) is engaged in
financing business. Cherussery, a non-deposit-taking NBFC licensed
by the Reserve Bank of India, provides gold loan, property loans,
small business loan, and international/domestic money transfer
services.
FURNACE FABRICA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Furnace
Fabrica India Limited (FFIL) continues to be 'Crisil D/Crisil D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with FFIL for
obtaining information through letter and email dated February 28,
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 FFIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FFIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FFIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
FFIL was established in the 1970s by its current chairman, Dr Badri
Prasad, and managing director, Mr A Basheeruddin. The company
provides EPC (engineering, procurement, construction) services for
projects across industries, including oil refineries and steel
manufacturing plants. It has a technology tie-up with Outotec GmbH,
Germany (formerly, Lurgi Metallurgie GmbH), for building sulphuric
acid plants in India. It also has subsidiaries in Dubai and Zambia.
The company has a plant in Navi Mumbai, and has set up a new
manufacturing unit in Kandla, Gujarat, in the Kandla Special
Economic Zone. The unit commenced operations in November 2010 and
manufactures high-pressure vessels, heat exchangers, and waste-heat
boiler systems.
HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Hanuman
Infra Private Limited (SHIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SHIPL for
obtaining information through letter and email dated February 11,
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 SHIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm undertakes civil
construction works such as construction of roads and railway
tunnels.
INDO LAMINATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Indo Laminates Private Limited
79, Rajinder Park, Nangloi,
West Delhi, New Delhi,
Delhi, India, 110041
Insolvency Commencement Date: March 13, 2026
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 13, 2026
Insolvency professional: Rajneesh Kumar Aggarwal
Interim Resolution
Professional: Rajneesh Kumar Aggarwal
C60, 3rd Floor, C-Block,
Community Centre, Janak Puri,
New Delhi - 110058
Email: ca@arkadvisors.in
indolaminates.cirp@gmail.com
Last date for
submission of claims: April 10, 2026
LAKSHMI VENKATA: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Venkata Maruthi Raw and Boiled Rice Trading Company (LVMT) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 1.7 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.3 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with LVMT for
obtaining information through letter and email dated February 11,
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 LVMT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LVMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LVMT continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 2005, LVMT is a proprietorship firm of Mr B Goutham
Reddy. The firm mills and processes paddy into rice, rice bran,
broken rice, and husk. Its rice mills are in Nellore, Andhra
Pradesh.
MITSOM ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mitsom Enterprises Private Limited
Flat No. 1, Vishnu Prasad,
S.No. 783/B Erandwane
Pune, Maharashtra - 411004
Insolvency Commencement Date: March 25, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 21, 2026
Insolvency professional: Pankaj Sham Joshi
Interim Resolution
Professional: Pankaj Sham Joshi
9, Sudarshan CHS, Mahant Road,
Vile Parle East, Mumbai - 400057
Email: pjoshi.ip@gmail.com
cirp.mitsom@gmail.com
Last date for
submission of claims: April 10, 2026
OMM STEEL: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Omm Steel
Suppliers (OSS) continues to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.48 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with OSS for
obtaining information through letter and email dated February 11,
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 OSS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
OSS continues to be 'Crisil B/Stable Issuer not cooperating'.
OSS, a partnership firm, was established in 2013 by
Bhubaneswar-based Mr. Abinash Das and Mr. Bijan Choudhury. The firm
primarily provides transportation and logistics services to MCL,
dealers of Jindal Steel & Power Ltd (JSPL), and other companies. It
is also a dealer for steel and cement for JSPL for the districts of
Bhubaneswar, Cuttack, Balasore, and Bhadrak, all in Odisha. Prior
to transportation services, the partners traded in steel and
cement.
PARASMAL PAGARIYA: CRISIL Lowers Rating on INR5cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Parasmal Pagariya and Sons (PPS), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Proposed Long 4 CRISIL B/Stable (Issuer Not
Term Bank Loan Cooperating; Revised from
Facility 'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with PPS for
obtaining information through letter and email dated February 11,
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 PPS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PPS revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
Set up in 1994, PPS promoted by Mr. Ulhas Pagariya. PP& Sons is
engaged into wholesale trading of food grains, spices and edible
oil. PP & Sons is part of the Pagariya group. Pagariya group has
been in the whole sale food grains, spices and edible oil trading
business from past 40 years.
PARL POLYTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parl Polytex
(PP) continue to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B/Stable (Issuer
Not Cooperating)
Cash Credit 1.35 CRISIL B/Stable (Issuer
Not Cooperating)
Long Term Loan 6 CRISIL B/Stable (Issuer
Not Cooperating)
Proposed Working 0.65 CRISIL B/Stable (Issuer
Capital Facility Not Cooperating)
Crisil Ratings has been consistently following up with PP for
obtaining information through letter and email dated February 11,
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 PP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PP
continues to be 'Crisil B/Stable Issuer not cooperating'.
PP, based at Udaipur (Rajasthan) was established as a partnership
firm in 2017 by Mrs Ruchi Chandalia and family members. The firm
set up a facility to manufacture Polypropylene woven bags, which
commenced commercial operation in July 2017.
PAVAN INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pavan
Industries - Hyderabad (PIH) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer
Not Cooperating)
Proposed Cash 5 CRISIL B/Stable (Issuer
Credit Limit Not Cooperating)
Crisil Ratings has been consistently following up with PIH for
obtaining information through letter and email dated February 11,
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 PIH, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PIH continues to be 'Crisil B/Stable Issuer not cooperating'.
PIH, setup in 2006, is partnership firm of Mr. Praveen Chowdhary
and Mrs. Susheela Devi. The firm is engaged in milling of paddy
into processed non-basmati rice at Ranga Reddy, Telangana.
RUDRAKSH PSYLLIUM: CRISIL Lowers Rating on INR5cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Rudraksh Psyllium Private Limited (RPPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Proposed Cash 1 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with RPPL for
obtaining information through letter and email dated February 11,
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 RPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RPPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
RPPL was established in 2011, promoted by Mr Mukul Soni and his
family members, who have experience of six years in the
agricultural sector. The company processes psyllium seed (popularly
known as isabgol). Its major products are psyllium husk and powder,
organic psyllium, and psyllium cattle feed. The manufacturing unit
at Jodhpur has capacity of 16 tonne per day, which is currently
utilised at 60%.
SCIKNOW TECHNO: CRISIL Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sciknow Techno
Solutions Limited (STSL; part of the Karvy Data Management Services
Ltd (KDMSL) group) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 7.5 CRISIL C (Issuer Not
Overdraft Facility Cooperating)
Crisil Ratings has been consistently following up with STSL for
obtaining information through letter and email dated February 11,
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 STSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on STSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
STSL continues to be 'Crisil C Issuer not cooperating'.
About STSL
Hyderabad-based STSL is a manufacturer of electronic components.
About KDMSL
Incorporated in 2008, the Hyderabad-based KDMSL is a step-down
subsidiary of Karvy Stock Broking Ltd (KSBL). It offers business
and knowledge processing services. The company started off as a
pure-play back office service provider and gradually, added other
verticals such as e-Governance, banking, telecom and E-commerce. It
is an established player in government mandates such as the Aadhar
and PAN cards, NPR Biometric and E-TDS. It has healthy relations
with several key government departments and enjoys strong support
from KSBL.
SIMRAN FOOD: CRISIL Lowers Rating on INR13cr Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Simran Food Private Limited (SFPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (Issuer Not
Cooperating; Revised from
'Crisil B+/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with SFPL for
obtaining information through letter and email dated February 11,
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 SFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SFPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.
SFPL, set up in 1998 by Mr. Vijay Gupta, manufactures wheat
products such as maida and wheat flour. The manufacturing facility
is in Varanasi, Uttar Pradesh.
SUCCEEDSMART PRIVATE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Succeedsmart Private Limited
Flno Ab701 Tiara S. No. 13,
Hissa No 1/10 Pashan, N.I.A.,
Pune, Pune City,
Maharashtra, India 411045
Liquidation Commencement Date: March 28, 2026
Court: National Company Law Tribunal, Maharashtra Bench
Liquidator: Mandar Shrikant Wagh
"Venture" Building
Office No. 603, 5th Floor
Above McDonald,
Right Bhusari Colony,
Kothrud, Pune - 411038
Permanent Address:
Flat No. C-1302, Grandstand Trinity,
Service Road from Vedbhayanto Warje,
Pune Bangalore Highway,
Near Chandani Chowk,
Pune, Maharashtra 411038
Tel No: 98228 44488
Email: mandar.wagh@anandchaitanya.com
Last date for
submission of claims: April 27, 2026
SUNGARD AVAILABILITY: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Sungard Availability Services (India) Private Limited
Office No. 915B, 9th Floor,
Apex Business Court, Phase 2 Building,
CTS Number 3217, S.No. 588/2C,
Bibwewadi Kondhwa Road,
Bibwewadi, Pune - 411037
Maharashtra, India
Liquidation Commencement Date: March 30, 2026
Court: National Company Law Tribunal, Maharashtra Bench
Liquidator: Krishna Chamadia
B-13, Anjani Complex,
Parera Hill Road, Andheri East,
Mumbai - 400099
Tel: 98339 09615
Email: ksca.ibc@gmail.com
sungard.ibc@gmail.com
Last date for
submission of claims: April 29, 2026
TEC LINE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tec Line
Industries (TLI) continue to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.95 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Fund- 4.68 Crisil B/Stable (Issuer Not
Based Bank Limits Cooperating)
Term Loan 8.17 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TLI for
obtaining information through letter and email dated February 12,
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 TLI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TLI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TLI continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 2017, TLI manufactures breathable and non-breathable
hygiene films that find application in a wide variety of disposable
hygiene products. The manufacturing unit is at Rajkot, Gujarat.
THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thangamman
Exports (TE) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bills Receivable 1 CRISIL A4 (Issuer Not
Discounting Cooperating)
Long Term Loan 0.3 CRISIL C (Issuer Not
Cooperating)
Packing Credit 3 CRISIL A4 (Issuer Not
Discounting Cooperating)
Proposed Long Term 1.7 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Short Term Bank 1 CRISIL A4 (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with TE for
obtaining information through letter and email dated February 12,
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 TE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TE
continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.
TE was established in 1985 by Mr Chandrasekaran as a proprietorship
firm in Tiruppur, Tamil Nadu. The firm manufactures and exports
readymade garments. It undertakes knitting, cutting, stitching, and
packaging of garments at its unit in Tiruppur.
THREE SEASONS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Three Seasons
Aquatech Private Limited (TSAPL) continues to be 'CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with TSAPL for
obtaining information through letter and email dated February 12,
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 TSAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSAPL continues to be 'Crisil D Issuer not cooperating'.
TSAPL, incorporated in fiscal 2012, is setting up a unit for
processing shrimp, which would be exported. The plant is in East
Godavari district, Andhra Pradesh. Operations are expected to
commence by April 2021.
WOBILLAHI: CRISIL Lowers Rating on INR3cr Cash Loan to D
--------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Wobillahi (WO), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Rupee Term Loan 1 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Rupee Term Loan 3 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with WO for
obtaining information through email dated October 16, 2025, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
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 based on best-available
or limited or dated information on the firm. Such non-cooperation
by a rated entity may be a result of deterioration in its credit
risk profile. Any rating with an 'Issuer not cooperating' suffix
lacks 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 WO, which restricts the ability
of Crisil Ratings to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that the rating
action on WO is consistent with 'Assessing Information Adequacy
Risk'. Based on the best-available information, Crisil Ratings has
downgraded its rating to 'Crisil D Issuer not cooperating' from
'Crisil B/Stable; Issuer not cooperating' owing to delay in debt
servicing.
Registered in 1998, WO is a Karnataka-based distributor and
transporter of fresh fish. The firm procures fresh seawater fishes
from 12 fish centres across India, which are then sold to producers
of fish meal (used in poultry feed) and fish oil (for preparing
medicines and leather finishing). Mohammed Ali, K P Hussain and K P
Ibrahim manage the business
=====================
N E W Z E A L A N D
=====================
ABACUS CAPITAL: Creditors' Proofs of Debt Due on May 31
-------------------------------------------------------
Creditors of Abacus Capital NZ Limited are required to file their
proofs of debt by May 31, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 31, 2026.
The company's liquidators are:
Wendy Somerville
Richard Nacey
c/o Teneo Financial Advisory New Zealand Limited
Suite 8, 248 St Asaph Street
Christchurch 8011
HARVEST KITCHEN: Simon Dalton Appointed as Receiver and Manager
---------------------------------------------------------------
Simon Dalton of Gerry Rea Partners on March 27, 2026, was appointed
as receiver and manager of Harvest Kitchen Limited, MAM Group
Limited and RRS Construction Limited.
The receiver and manager may be reached at:
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
LEVEL UP: Court to Hear Wind-Up Petition on April 16
----------------------------------------------------
A petition to wind up the operations of Level Up Decorators Limited
will be heard before the High Court at Dunedin/Ōtepoti on April
16, 2026, at 10:00 a.m.
Bizcap NZ Limited filed the petition against the company on Jan.
30, 2026.
The Petitioner's solicitor is:
James Cochrane
Lane Neave Lawyers
Level 8, Vero Centre
48 Shortland Street
Auckland
MIKES PANEL: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------
Creditors of Mikes Panel Shop Limited are required to file their
proofs of debt by April 30, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 30, 2026.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
PHONE PLUS: Court to Hear Wind-Up Petition on April 23
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A petition to wind up the operations of Phone Plus 2000 Limited
will be heard before the High Court at Auckland on April 23, 2026,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 9, 2026.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
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S I N G A P O R E
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GLOBAL LEADERSHIP: Creditors' Proofs of Debt Due on May 6
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Creditors of Global Leadership Summit Singapore Limited are
required to file their proofs of debt by May 6, 2026, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 31, 2026.
The company's liquidator is:
Yiong Kok Kong
Avic DKKY Pte. Ltd.
180 Cecil Street, #12-04
Singapore 069546
GRACE OCEAN: Insurer Settles With Dali Owner and Operator
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CBS News reports that the company that insured Baltimore's Francis
Scott Key Bridge has reached a US$350 million settlement with the
owner and operator of the cargo ship that hit the bridge in 2024.
According to CBS News, the settlement for ACE American was revealed
with few details in Baltimore federal court on April 2 during a
status hearing regarding the lawsuit the insurer and others have
against the Dali's owner and operator for damages.
US$350 million is the same amount ACE American paid out to Maryland
less than two months after the collapse, CBS News notes.
The city of Baltimore, the state of Maryland, local businesses and
other parties are involved in the lawsuit.
While this new settlement was reached, U.S. District Court Judge
James Bredar advised counsel on both sides that, even if more
settlements come, the remaining parties need to be ready for trial,
CBS News relays.
For years, the ship's owner, Grace Ocean Private Limited, and the
ship's operator, Synergy Marine Group, have tried to limit their
liability in the collapse to around US$44 million, CBS News states.
The basis of which is rooted in a centuries-old maritime law.
However, claimants in the lawsuit - Baltimore, Maryland, among
others - are looking for billions in damages.
CBS News says the bench trial that will decide if the Dali's owner
and operator can limit their liability starts June 1. In court,
Bredar made it clear that all remaining parties need to be ready to
go.
"The schedule has to be given tip top priority," he told counsel.
Before the start of the trial, there is a pre-trial hearing
scheduled for May 5, CBS News says.
According to CBS News, the hearing on April 2 comes exactly a week
after the state marked two years since the collapse.
While the reopening date of the new bridge has been pushed back
from 2028 to 2030, and the rebuild costs have more than doubled,
state leaders said things are still going well, CBS News relates.
The Port of Baltimore has reported its second-best year on record,
and the design for the new bridge is 70% complete. That's something
state leaders have said normally takes years to accomplish.
"At a time when too many people wonder whether building big and
great things is still possible in our country, Maryland once again
is going to lead the way and show what's possible," CBS News quotes
Gov. Wes Moore as saying last month. "There has been historic speed
that we have been able to move at, but we have not at all had to
compromise safety. We have not had to compromise design within that
process because those were tantamount to anything else that was
happening."
Singaporean companies Grace Ocean Private Limited and Synergy
Marine Pte Ltd are the owner and manager of MV Dali.
On March 26, 2024, the Dali catastrophically allided with the
Francis Scott Key Bridge, precipitating its immediate downfall,
claiming lives, ravaging local property, and crippling economic
lifeline at the Baltimore Harbor. Since the disastrous allision,
commercial activities in and around Baltimore have virtually come
to a standstill. It could take several years for the area to
recover fully.
The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco
River at the outer crossing of the Baltimore Harbor.
NDK CRYSTAL: Creditors' Proofs of Debt Due on May 7
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Creditors of NDK Crystal Asia Pte. Ltd. are required to file their
proofs of debt by May 7, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 31, 2026.
The company's liquidator is:
Bob Yap Cheng Ghee
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
RADIANCE ALLIANCE: Creditors' Proofs of Debt Due on May 8
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Creditors of Radiance Alliance Pte. Ltd. are required to file their
proofs of debt by May 8, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 30, 2026.
The company's liquidators are:
Quar Lian Huat
Tay Tuan Leng
c/o Tricor Singapore Pte. Ltd.
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
STRAITS PHOENIX: Creditors' Proofs of Debt Due on May 8
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Creditors of Straits Phoenix 3 Pte. Ltd. are required to file their
proofs of debt by May 8, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 30, 2026.
The company's liquidators are:
Quar Lian Huat
Tay Tuan Leng
c/o Tricor Singapore Pte. Ltd.
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
TK ENTERPRISE: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on March 27, 2026, to
wind up the operations of TK Enterprise Pte. Ltd.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
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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-
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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.
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*** End of Transmission ***