260410.mbx

260410.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 Friday, April 10, 2026, Vol. 29, No. 72 Headlines A U S T R A L I A ALPHA VISTA: Collapses Into Voluntary Administration MINE & RAIL: Second Creditors' Meeting Set for April 16 NAMOUR TRANSPORT: Second Creditors' Meeting Set for April 16 P&G SOLUTIONS: Second Creditors' Meeting Set for April 16 QUEENSLAND RECYCLING: Placed Into Liquidation Owing AUD213.8MM RICH DIGITAL: Second Creditors' Meeting Set for April 16 RIHAAN SDP: First Creditors' Meeting Set for April 16 THINK TANK: S&P Assigns Prelim. B(sf) Rating on Class F Notes WACO KWIKFORM: Enters Administration With Over 650 Jobs At Risk H O N G K O N G PAN ASIA: Hong Kong Court Adjourns Winding-Up Petition Hearing I N D I A ABHISHEK PROPBUILD: CARE Moves D Debt Rating to Not Cooperating BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating Category BHAVANI RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category BST TEXTILE: CARE Lowers Rating on INR57.69cr LT Loan to D CMC COMMUTATOR: ICRA Keeps B Debt Ratings in Not Cooperating HOTLINE CAPITAL: CARE Moves C/A4 Debt Ratings to Not Cooperating J.R. FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category JYOTI GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating MAHATMA GANDHI: ICRA Lowers Rating on INR20cr LT Loan to D MAHESHWARI COAL: ICRA Withdraws B Rating on INR6cr LT Loan MAHI CORPORATION: ICRA Withdraws D Rating on INR5cr LT Loan MANJUNATHA SILKS: ICRA Keeps B+ Debt Rating in Not Cooperating PRAGYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category PROODLE HOSPITALITY: CARE Keeps B Debt Rating in Not Cooperating PROPCARE DEVELOPERS: CARE Moves D Debt Ratings to Not Cooperating S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category SADGURU MEDICAL: ICRA Withdraws B Rating on INR7.90cr Term Loan SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category SMILE INTERIORS: ICRA Keeps B Debt Rating in Not Cooperating SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating SURESH ANGADI: CARE Reaffirms D Rating on INR47.96cr LT Loan TENSHI KAIZEN: ICRA Keeps B+ Debt Rating in Not Cooperating TRUCAP FINANCE: CARE Moves D Debt Ratings to Not Cooperating UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category V.K. GOPAL: ICRA Keeps B Debt Ratings in Not Cooperating Category J A P A N [] JAPAN: Business Failures Hit 12-Year High in Fiscal 2025 M A L A Y S I A NIGHTHAWK TRANSPORT: Falls Into Voluntary Administration WRP ASIA: To Shut Down Over Iran War Disruptions N E W Z E A L A N D DREAMHOME PARKVIEW: Court to Hear Wind-Up Petition on April 16 FRESH DYNAMICS: Creditors' Proofs of Debt Due on June 1 GOOD CARS: Car Dealer Enters Receivership Owing NZD4.16 Million JACKSON WAY: Court to Hear Wind-Up Petition on April 16 MA HOMES: Creditors' Proofs of Debt Due on May 8 MGS STATIONS: Creditors' Proofs of Debt Due on May 15 S I N G A P O R E METAL PROGRESS: Creditors' Proofs of Debt Due on May 7 METAPARK PTE: Creditors' Meetings Set for April 15 MP THAI: Court to Hear Wind-Up Petition on April 24 SYNZTEC SINGAPORE: Creditors' Proofs of Debt Due on May 7 ZHONE TECHNOLOGIES: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ALPHA VISTA: Collapses Into Voluntary Administration ---------------------------------------------------- The Daily Telegraph reports that Alpha Vista, an Aussie fintech company claiming to use artificial intelligence and data science to reduce human emotion for investors, has plunged into voluntary administration. Ben Carson, Brett Lord & Ben Carson of RSM were appointed as administrators of Alpha Vista Financial Services Holdings Pty Limited, Alpha Vista IP Holdings Pty Limited, Alpha Vista Corporate Services Pty Limited, Tactical Global Management Limited and Alpha Vista Investment Managers Pty Limited on March 31, 2026. Alpha Vista provides AI-based asset management, investment products, and financial advisory solutions for investors and businesses. MINE & RAIL: Second Creditors' Meeting Set for April 16 ------------------------------------------------------- A second meeting of creditors in the proceedings of Mine & Rail Company Pty Ltd has been set for April 16, 2026, at 11:00 a.m. via video conference. 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. Barry Wight and Thomas Birch of Cor Cordis wereappointed as administrators of the company on March 5, 2026. NAMOUR TRANSPORT: Second Creditors' Meeting Set for April 16 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Namour Transport Pty Ltd has been set for April 16, 2026, at 11:00 a.m. at the offices of SV Partners, at 1st Floor, Corner Sydney and Gordon Street, in Mackay, QLD. 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 15, 2026 at 4:00 p.m. Frank O'Neill and David Stimpson of SV Partners were appointed as administrators of the company on March 4, 2026. P&G SOLUTIONS: Second Creditors' Meeting Set for April 16 --------------------------------------------------------- A second meeting of creditors in the proceedings of P&G Solutions Pty Ltd has been set for April 16, 2026, at 11:00 a.m. via virtual meeting technology only. 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 15, 2026 at 4:00 p.m. Anne-Marie Barley of AMB Insolvency was appointed as administrator of the company on March 2, 2026. QUEENSLAND RECYCLING: Placed Into Liquidation Owing AUD213.8MM -------------------------------------------------------------- Bianca Mulheron at SkyNews.com.au reports that a government-backed Queensland recycling group has been placed into liquidation owing an estimated AUD213.8 million. Queensland Recycling Technologies Group (QRT), which operated Brisbane-based outfit Rino Recycling, entered voluntary administration in September after the Clean Energy Finance Corporation called in receivers over debts of about AUD93 million. Creditors voted on April 2 to liquidate the group's eight affected entities. A report lodged with ASIC by administrators Mark Holland and Anthony Connelly of McGrath Nicol found the group owed about AUD213.8 million when it collapsed, SkyNews.com.au discloses. The CEFC was listed as the first-ranking secured creditor and was owed about AUD93 million. Investment manager Alceon, a part-owner of QRT, was listed as the second-ranking secured creditor and was also owed about AUD93 million. Other secured creditors were owed AUD2.1 million, employees were owed AUD1.1 million, mostly in unpaid annual leave, unsecured creditors were owed an estimated AUD20.4 million, and related parties were owed a further AUD4 million. According to SkyNews.com.au, receivers sold one of the company's two Pinkenba sites, on Eagle Farm Road, to Brisbane waste rival BMI Group in a AUD74 million deal completed in February. Most of QRT's 111 staff were made redundant on December 19, just days before Christmas. As of February 28, receivers had collected AUD73 million for the CEFC through cash in bank accounts, insurance refunds and debtor recoveries, but the report said the lender was not expected to recover all of its money, SkyNews.com.au relays. The CEFC would need to be repaid in full before any funds could flow to other creditors, leaving little prospect of a return for anyone else. SkyNews.com.au relates that the administrators said the group's failure followed "several operational issues" after its new recycling plant began operating in late 2023, as QRT tried to ramp up production. Revenue from recycled products stagnated between the 2023 and 2025 financial years as the company "faced difficulties commercialising recovered and recycled materials" and saw limited opportunities tied to government infrastructure projects. SkyNews.com.au says directors blamed the losses on market and policy settings that did not provide enough support for reliable end-markets for recycled materials, as well as failed negotiations between QRT's secured lenders over continued funding. They also pointed to landfill levy exemptions and other policy settings that made landfill cheaper for some waste streams and weakened the competitiveness of recycling. SkyNews.com.au adds that the report said the group was also hit by rising rent, insurance and overheads, along with growing interest costs on its debt to the CEFC and Alceon. QRT recorded a net loss of AUD38.9 million in the 2025 financial year. Administrators also said the company had struggled to agree on a repayment plan with the Australian Taxation Office over about AUD3.5 million in unpaid PAYG tax accrued over two years, SkyNews.com.au relays. QRT's second Pinkenba site, on Main Beach Road, has not yet been sold and remains under negotiation after one offer was received for the transfer of its lease and environmental permit. RICH DIGITAL: Second Creditors' Meeting Set for April 16 -------------------------------------------------------- A second meeting of creditors in the proceedings of Rich Digital Pty Limited has been set for April 16, 2026, at 11:00 a.m. at the offices of Level 5, 10 Shelley Street, Sydney NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by April 15, 2026 at 5:00 p.m. Matthew Levesque Hocking and Todd Gammel of HLB Mann Judd were appointed as administrators of the company on March 6, 2026. RIHAAN SDP: First Creditors' Meeting Set for April 16 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Rihaan SDP Pty Ltd will be held on April 16, 2026, at 10:00 a.m. via virtual meeting. Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant Thornton Australia were appointed as administrators of the company on April 8, 2026. THINK TANK: S&P Assigns Prelim. B(sf) Rating on Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight of the nine classes of residential mortgage-backed, floating-rate pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2026-1 Trust. Think Tank Residential Series 2026-1 Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination for each class of rate notes provide credit support. S&P's assessment of credit risk considers Think Tank's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria." Preliminary Ratings Assigned Think Tank Residential Series 2026-1 Trust Class A1-S, A$150.00 million: AAA (sf) Class A1-L, A$260.00 million: AAA (sf) Class A2, A$49.00 million: AAA (sf) Class B, A$14.50 million: AA (sf) Class C, A$13.25 million: A (sf) Class D, A$5.50 million: BBB (sf) Class E, A$4.00 million: BB (sf) Class F, A$2.00 million: B (sf) Class G, A$1.75 million: Not rated WACO KWIKFORM: Enters Administration With Over 650 Jobs At Risk --------------------------------------------------------------- Daniel Norton at Scaffmag reports that a group of companies linked to one of Australia's largest scaffolding and formwork providers has entered voluntary administration, placing more than 650 jobs at risk. Ten entities tied to Kwikform, the Australian arm of Waco International, were placed into administration earlier this week, Scaffmag relates. The Sydney-based businesses traded under several names, including Waco Kwikform, Star Scaffolds and United Scaffolding Group. The group operates across 23 locations in Australia and New Zealand, providing scaffolding, formwork and shoring services. According to Scaffmag, administrators from McGrathNicol have been appointed to oversee the process, with the companies continuing to trade while options are explored. In a statement, management said efforts had been underway to sell parts of the business, but delays and wider market conditions forced the move. They said the appointment of administrators would provide "sufficient runway" to complete potential transactions and maximise returns for creditors, Scaffmag relays. Financial pressures appear to have played a key role, Scaffmag notes. The most recent accounts showed revenue of around AUD148 million, alongside a loss of more than AUD10 million, a sharp reversal from a profit the previous year. The group has been involved in major projects, including supplying scaffolding for infrastructure and events such as Formula One in Melbourne and hospital developments in New South Wales. It remains unclear how much debt the companies hold, says Scaffmag. Other parts of the wider Waco International Group are not affected by the administration. ================= H O N G K O N G ================= PAN ASIA: Hong Kong Court Adjourns Winding-Up Petition Hearing -------------------------------------------------------------- TipRanks reports that Pan Asia Data Holdings Inc. has disclosed that a High Court hearing in Hong Kong on a creditor-initiated winding-up petition against the company has been adjourned from April 8, 2026 to June 24, 2026 at the joint request of the company and the petitioner. TipRanks relates that no winding-up order has been granted to date, and the company said it is in amicable settlement negotiations with the petitioner, while warning shareholders and potential investors to exercise caution when dealing in its shares as it plans to provide further updates on any significant developments. According to TipRanks, the adjournment buys Pan Asia Data Holdings additional time to resolve the petition outside of court, potentially averting a forced liquidation that could disrupt its operations and erode shareholder value if negotiations fail. The company's cautionary guidance underscores ongoing legal and financial uncertainty, leaving investors focused on whether a settlement can be reached before the rescheduled June hearing and how any outcome may affect its stability and listing status. Headquartered in Wan Chai, Hong Kong, Pan Asia Data Holdings Inc., an investment holding company, engages in the provision of big data and third-party payment services in the People's Republic of China and internationally. It offers data analytics and information technology services. The company was formerly known as Manfield Chemical Holdings Limited and changed its name to Pan Asia Data Holdings Inc. in December 2019. ========= I N D I A ========= ABHISHEK PROPBUILD: CARE Moves D Debt Rating to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Abhishek Propbuild Private Limited (APPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 129.30 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers Abhishek Propbuild Private Limited (APPL) has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE Ratings Ltd.'s rating on APPL's bank facilities will now be denoted as CARE D; 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 take into account the non-payment of surveillance fees. The reaffirmation of ratings takes in to account the ongoing delays in debt servicing. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on February 28, 2025, the following were the rating weakness (updated for the information available from the management, interaction with lenders, Annual Report FY25(A): Key weaknesses * Ongoing delays in debt servicing: Company had defaulted in servicing the debt obligations and the account was classified as NPA by the lender post which the account was transferred to an ARC (Asset Reconstruction Company). Further, as informed by the Lender there are ongoing delays in debt servicing and the same was also reported the annual report for FY25(A) shard by the company. Liquidity: Poor Liquidity position of the company remained poor considering high interest burden on the company and inability to repay it on timely manner. Abhishek Propbuild Pvt Ltd, part of Mantri group, is operating a retail mall viz. 'Mantri Square Mall (MSM)' in Malleswaram, Bengaluru with leasable area of 867,636 sft and 12 MW of windmill assets in Davangere district of Karnataka. The power generated from windmills is largely utilized for captive consumption with balance power sold out to 3rd parties in open market. BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bell Finvest (India) Limited (BFIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 150.00 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 March 23, 2020, placed the rating of BFIL under the 'issuer non-cooperating' category, as BFIL 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. BFIL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls, and email dated December 12, 2025. In line with the extant Securities and Exchange Board of India (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 ratings. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Not applicable Negative factors: Not applicable Analytical approach: Not applicable Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating, the following were the rating weaknesses and strengths. Key weakness: * Delay in debt servicing: There have been continuing delays in servicing of debt obligations to the lenders. Key strengths: Not applicable Liquidity: Not applicable Incorporated in 2008, BFIL is a Reserve Bank of India (RBI)-registered non-deposit taking non-systemically important non-banking finance company (NBFC-ND- Non-SI Company). The company provides term loans and working capital loans to small and medium enterprise (SME) customers. Bhupesh Rathod is the promoter and CEO of the company, who looks after the company's operations, and is supported by his son, Chirag Rathod, Director. BHAVANI RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Bhavani Rice Mill (SBRM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SBRM's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SBRM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1975, Shree Bhavani Rice Mill (SBRM) is promoted by the Patel family and is engaged in the milling of paddy and par boiled rice as well as trading of paddy and rice. The firm operates from its processing unit located at Bavla in the Ahmedabad district of Gujarat with an installed input capacity of ~100 MT per day. BST TEXTILE: CARE Lowers Rating on INR57.69cr LT Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of BST Textile Mills Private Limited (BTMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 57.69 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB; Stable Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 7, 2025, placed the rating(s) of BTMPL under the 'issuer non-cooperating' category as BTMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BTMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2025, January 3, 2026, January 13, 2026 and April 1, 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 have been revised on account of non-availability of requisite information. Revision also factors in ongoing delays in debt servicing as recognized from publicly available information i.e. CIBIL filings. Analytical approach: Standalone Outlook: Not applicable Incorporated in September 2005, BST Textile Mills Private Limited (BTMPL) commenced operations in July, 2007 and is headed by Mr. Mukesh Tyagi. He is supported by his wife Ms. Sangita Tyagi and brother Mr. Pawan Tyagi. The company is into cotton spinning and its factory located at Pantnagar, Uttarakhand & head office is at Mumbai. The company has a total capacity of 26,784 ring spindles and 360 rotors with an annual capacity to produce 12,600 MT of 100% Cotton Yarn in carded and combed variety in the count range of 4s-30s. BTMPL operates in the B2B segment, supplying yarn to manufacturers of denim, terry towel and home furnishing fabrics manufacturers. The yarn is majorly used in the manufacturing of denim, terry towel and home furnishing fabrics. CMC COMMUTATOR: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Cmc Commutator Private Limited (CMC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.35 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 1.65 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Cmc's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Cmc, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1977, CMC is owned and managed by Mr. Ramesh Gudi and family. Based in Belgaum (Karnataka), the company is engaged in the manufacturing of industrial commutators, molded commutators and sliprings. The company is ISO 9001:2000 certified. The company has an installed capacity to manufacture 75000 units per month. The promoters of the company own 72% stake in its subsidiary company- Indo Vacuum Technologies Private Limited (IVT) which is engaged in the manufacturing of vacuum pumps. The promoters are also associated with another group company- Acme Flowtech Private Limited. HOTLINE CAPITAL: CARE Moves C/A4 Debt Ratings to Not Cooperating ---------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Hotline Capital Services Private Limited (HCSPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 100.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from HCSPL to monitor the rating(s) vide e-mail communications dated February 18, 2026, February 25, 2026, and March 6, 2026, among others and numerous phone calls. However, despite repeated requests, the company has not provided requisite information for monitoring ratings. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating basis best available information, which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The rating on HCSPL's bank facilities will now be denoted as CARE C/CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using these rating(s). The ratings also take into account the small scale of operations and highly concentrated business profile, inherent uncertainties and volatility associated with trading operations coupled with high dependence on capital market, exposure to regulatory and operating risks. However, ratings favourably factor in HCSPL's adequate capitalisation profile and long track record in capital market segment along with experienced promoters and management team. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on March 28, 2025, the following were the key rating strengths and weaknesses (updated for the limited information available from company's Annual Report FY25). Key strengths * Long track record of the company and experienced management: HCSPL started its operations in the year 2000. The company is led by Sunil Aneja is MBA from IMS Indore and has over 23 years' experience of Capital market and over 15 years' experience in derivative products since the day these were launched in India. He has rich experience of commodity market trading. The company is also led by Rajiv Aneja and Binoo Aneja who have experience of over two decades in the capital market industry. * Adequate capitalization: The company has adequate tangible net worth of INR31.79 crore as on March 31, 2025, increased from INR30.17 crore as on March 31, 2024, considering internal accruals. Total non-fund-based debt is at INR60 crore as on March 31, 2024, and increased to Rs. 100 crore as on March 31, 2025. As on March 31, 2025, gearing (as on adjusted total debt including non-fund-based debt) stood at 3.34x, against 2.13x as on March 31, 2024. The company has also received debt funding from promoters to the tune of INR33.17 crore as on September 30, 2024 (compared to INR33.72 crore as on March 31, 2024) which is used for margin utilisation. The resource profile constitutes of non-fund-based borrowings, i.e, bank guarantees (BGs) which formed 73% of the total debt as on March 31, 2025. These BGs are backed by fixed deposits (FDs) to the extent of 25%. HCSPL started operations in 2000. It offers online equity trading facilities for investors and traders and provides integrated trading applications for execution of trades. The company undertakes investments in diverse portfolios such as Equity, Derivatives, FOREX, and IT software, among others to generate returns. HCSPL also trades in its pro account and trades on NSE, NSE Derivative, NSE-FX. The company is managed by three directors Rajiv Aneja, Sunil Aneja and Binoo Aneja who have experience of over two decades into capital market and derivative products. The company is primarily engaged into proprietary trading (mainly derivatives) and broking. It also provides broking services to HNI clients. J.R. FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of J.R. Foods Limited (JRFL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 2.30 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 35.75 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding JRFL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with JRFL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1993, J R Foods Limited (JRFL) promoted by Mr. J.K. Kothari refines edible oil from crude palm oil (CPO), rice bran and other edible vegetable oil. Apart from refinery, the company has solvent extraction plants, however, they are under-utilized. The company's manufacturing facility is located on Villupuram-Pondicherry national highway in Tamil Nadu. The refinery capacity is 300MTPD and solvent extraction capacity is 400TPD. The key revenue generating segment of the company is oil refinery which constituted around 95% of the total operating revenues in FY2018. JYOTI GENERAL: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Jyoti General Industries in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.20 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jyoti General Industries's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jyoti General Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jyoti General Industries was established in 1981 by Mr. Than Mal Totla and Mr. Prabhulal Totla as a partnership firm. In 2004 the partnership was reconstituted with Mr Than Mal Totla, Mr. Vinod Kumar Totla, Ashok Kumar Totla, Shiv Kumar Totla as partners in an equal ratio. JGI is engaged in the processing and trading of rice. The manufacturing facility of the company is located on Chittor road, Bundi Rajasthan. MAHATMA GANDHI: ICRA Lowers Rating on INR20cr LT Loan to D ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Mahatma Gandhi Sahakara Sakkare Karkhane (MGSSK), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating downgraded from [ICRA]C+; ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 15.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based- Rating downgraded from [ICRA]C+; Cash Credit ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The ratings of MGSSK have been downgraded following the lender's confirmation that the company's account has been classified as a Non‑Performing Asset (NPA). Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in March 2025. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with MGSSK, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MGSSK, a co-operative society registered under the Karnataka Co-operative Societies Act, 1959, operates a sugar mill with a capacity of 3,500 tonne of cane per day (TCD), integrated with an 8-megawatt (MW) co-generation power plant, in Balki Taluk of Bidar district in Karnataka. Registered in March 1981, the entity commenced its commercial operations in FY2003 with www.icra .in Page |2 2,500-TCD crushing capacity. Registered in April 1991, the society commenced its operations in November 2003 with 2500 TCD. In FY2012 and FY2013, the entity expanded its processing capacity to 3500 TCD and installed the cogeneration plant. MAHESHWARI COAL: ICRA Withdraws B Rating on INR6cr LT Loan ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Maheshwari Coal Benefication & Infrastructure Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Maheshwari Coal Benefication & Infrastructure Private Limited towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 2.46 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Short Term- 2.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others Incorporated in 2005, MCBIPL is involved in the coal trading and logistics business in Chhattisgarh. The company also has a coal beneficiation facility (dry technology) with an input capacity of 1.2-million tonnes per annum (mtpa) and a private railway siding. MAHI CORPORATION: ICRA Withdraws D Rating on INR5cr LT Loan ----------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Mahi Corporation Pvt. Ltd. in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Mahi Corporation Pvt. Ltd. towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term- 1.45 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Incorporated in November 2013, Mahi Corporation Private Limited (MCPL) processes guar seeds to obtain guar gum refined splits and by-products like churi and korma. The company operates from its facility located at Tankara in Rajkot district of Gujarat, with an installed guar gum seeds processing capacity of 16,500 MTPA. MANJUNATHA SILKS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Manjunatha Silks in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.74 [ICRA]B+ (Stable); ISSUER NOT Fund-based COOPERATING; Rating continue Term Loan to remain under the 'Issuer Not Cooperating' category Long-term- 3.95 [ICRA]B+ (Stable); ISSUER NOT Fund-based COOPERATING; Rating continue Cash Credit to remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sri Manjunatha Silks's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sri Manjunatha Silks, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Manjunatha Silks was established as a partnership firm in 2006. The firm's key promoters are Mr. N Ravi, Mr. N Govindaraj and Mr. N Baskar. The firm primarily involves in retailing of apparels for women, men and kids, with a major portion of revenues derived from women clothing including silk sarees, designer sarees, cotton sarees and other readymade garments. At present, the firm operates a 14,400-square feet textile retail showroom in Tirupattur, Tamil Nadu. Besides, it is in the process of setting up a 20,000-square feet retail showroom in Krishnagiri, Tamil Nadu at a cost of INR7.2 crore. The new showroom is likely to commence commercial operations from October 2018. PRAGYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the long-term rating of Pragya Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 8.00 [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Pragya Rice Mill's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Pragya Rice Mill, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, Pragya Rice Mill is a partnership firm engaged in milling, processing and sorting of non-basmati rice. The concern has its plant at Rai Bareli (U.P.) with a milling capacity of 4 tonnes per hour. The firm started its commercial operations in September 2014 and primarily sells non-basmati (Sama Mansoori) rice through export as well as domestic sales. The direct exports are made to Nepal and the balance is sold through exporters to countries like Dubai, Saudi Arabia etc. PROODLE HOSPITALITY: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Proodle Hospitality Services Private Limited (PHSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible Debentures 55.00 CARE B; Stable Assigned Rationale and key rating drivers Rating assigned to the proposed debentures of PHSPL are constrained by moderate scale of operation with thin profitability margins, project implementation risk, limited geographical presence, leveraged capital structure and weak debt-coverage indicators. However, the rating derive strength from the experience of the promoters and reputed customer base. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Consistent growth in operating income while sustaining PBILDT margins above 6% * Improvement in overall gearing above 3x. * Improvement in debt coverage metrics with total debt to GCA below 5x on sustained basis Negative factors * Non-renewal of multiple contracts leading to decline in income below INR100 crore with PBILDT margin below 3% * Any slowdown in execution of proposed project leading to lower accruals and stretch in liquidity Analytical approach: Standalone Outlook: Stable The stable outlook reflects that the entity is likely to benefit from the experience of the promoters with established & reputed client base. Detailed description of key rating drivers: Key weaknesses * Moderate scale of operations with thin profitability margins: PHSPL operates at a relatively moderate scale, recording INR255.25 crore in total operating income in FY25, while its tangible net worth remained moderate at INR4.17 crore as of March 31, 2025, due to accumulated losses till FY22. For 9MFY26 (01 April 2025 to 31 December 2025), the company has achieved sales of Rs 134.57 crore witnessing a dip in turnover due to termination of the contract with one of its largest customer. Profitability remains thin and volatile, driven by high raw material and labour expenses, which together account for around 80% of total costs. The PBILDT margin declined to 3.52% in FY25 from 4.13% in FY24, and the PAT margin fell to 0.27% in FY25 from 1.06% in FY24. * Leveraged capital structure and weak debt-coverage indicators: PHSPL's capital structure remains highly leveraged, with overall gearing at 7.27x as of March 31, 2025, albeit improving from 12.19x in FY24. The rising borrowings have weakened debt coverage metrics with Total debt/GCA, deteriorating to 8.13x in FY25 from 5.04x in FY24. The proposed NCD issuance of INR55.00 crore is expected to further strain capital structure in FY26 and FY27. * Highly competitive and fragmented catering segment industry: The catering segment is characterized by intense competition and a highly fragmented industry structure, with the presence of numerous organized and unorganized players operating across institutional, industrial, corporate, and social catering segments. Low entry barriers, price‑sensitive customers, and limited scope for product differentiation constrain pricing power and exert pressure on operating margins. Contracts are typically awarded through competitive bidding, resulting in thin margins and limited flexibility to pass on increases in input costs such as food ingredients, labour, logistics, and fuel. Additionally, customer stickiness remains moderate, with contracts often subject to periodic renewals, performance reviews, and renegotiations, increasing revenue volatility. Consequently, players are required to continuously focus on operational efficiency, scale, service quality, and cost control to sustain profitability and maintain their market position. * Project risk associated with setting up of new centralised Kitchen: PHSPL plans to set up two new centralized kitchens with one in Hyderabad to service an existing major client and another in Bengaluru to support anticipated new client acquisitions. The project, which is relatively larger compared to the Net worth entails a INR24 crore CAPEX which is to be funded by the proposed NCD issue. Since the project expenditure is yet to be incurred and is planned to be funded through the proposed debenture issue, the timely mobilization of funds and execution of these projects remains to be seen. Key strengths * Experienced promoters and long track record of operations: PHSPL is promoted by Mr. Kavi Prasad and Mr. Srinath Ragavanin the year 2010. Both the promoters are having experience of almost a decade in hospitality segment. The company's major decisions and operations are vested in them. The vast experience of the directors in the hospitality segment is to benefit the company at large. * Reputed customer base: Over the years of its operations, the promoters have established strong-standing relations with reputed customers across various industrial establishment such as automobile, manufacturing, IT service, etc. Major clients include Foxconn Hon Hai Technology India Mega Development P Ltd, Samsung Electronics India, Vellore institute of Technology, Christian Medical College, KIA Motors India and others. Liquidity: Stretched Liquidity remains constrained, with a current ratio of 0.86x as on March 31, 2025 and very high overall gearing of 7.27x as on March 31, 2025, leaving limited capacity for additional borrowings. Working capital utilisation remained elevated at around 98 percent over the past 12 months ended December 2025, necessitating additional short‑term borrowings in November 2025. Liquidity is also supported through promoter‑infused unsecured loans, which increased to INR13.00 crore as on March 31,2025. The free cash and bank balances remained low at INR0.22 crore. The servicing of the proposed NCD repayments, scheduled to commence after a three‑year moratorium, is expected to exert additional pressure on liquidity in the absence of a timely ramp‑up in operations of the new capacities. Proodle Hospitality Services Private Limited (PHSPL) was established by Mr. Kavi Prasad and Mr. Srinath Ragavan in the year 2010. PHSPL is engaged in food catering services for leading manufacturing and IT companies including educational institutions. The company enters catering contracts with its customers for a period of 1-3 years for providing food service from its in-house kitchen at client's location delivering 589.32 Lakh PAX annually. PROPCARE DEVELOPERS: CARE Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Propcare Developers Private Limited (PDPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 230.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers PDPL has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE Ratings Ltd.'s rating on PDPL's bank facilities will now be denoted as CARE D; 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 take into account the non-payment of surveillance fees. The reaffirmation of ratings takes in to account the ongoing delays in debt servicing. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on February 28, 2025, the following were the rating weakness (updated for the information available from the management): Key weaknesses * Ongoing delays in debt servicing: The audit report for FY24 had reported that the company has defaulted in payment of interest and principal and the loans have been classified as NPA as on 31st March 2024. Further as per banker interaction, it is observed that there are ongoing delays in debt servicing of the LRD loan facility and the account is consistently under SMA1/SMA2 category. Liquidity: Poor The liquidity profile of the PDPL(MDPL) remain poor on account of ongoing delay in debt servicing. Mantri developers Private limited (MDPL) was established in July 1999 and is the flagship company of Mantri Group. The group is engaged into residential and commercial real estate- development and hospitality sector. The Group has developed around 21.44 Mn sqft of residential projects and 5.23 Mn sqft of commercial property majorly in Bangalore, Karnataka. On standalone basis the MDPL currently developing 4 residential projects (3 in Bangalore and 1 in Pune) of Total sales able area of 4.49 Mn sqft and a commercial property in Bangalore with saleable area of 0.95 Mn sqft. And manages the commercial project in Pune "Business @ mantri" with leasable area of 0.55 mn sqft. S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term ratings of S. Nanda Industries Pvt. Ltd. (SNIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SNIPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SNIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SNIPL, promoted by Mr Sudhir Nanda in 1992, is engaged in the business of manufacturing and trading of cotton yarn, polyester fibre, recycled fibre and knitted yarn. Most of the sales (~98%) of the company are from trading operations. The company also manufactures fancy yarn at its own manufacturing capacities located in Ludhiana which has 39 machines with total capacity of 800-900 tonnes per annum. SADGURU MEDICAL: ICRA Withdraws B Rating on INR7.90cr Term Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sadguru Medical and Research Centre Private Limited in accordance with its withdrawal policy and closure of the rated facilities, as evidenced by the No Due Certificate issued by the lenders. Consequently, there are no dues pending from Sadguru Medical & Research Center Pvt Ltd. towards the rated bank facilities, and the withdrawal is based on the confirmation received from the lenders regarding the same. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 7.90 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Established in 2004, Sadguru Medical & Research Centre Pvt. Ltd. commenced operations during FY2012 The company runs a multi-speciality hospital in Cuttack, Odisha, with a total capacity of 100 beds. The chairman, Dr. Pradip Kumar Mohanty, and the vice-chairman, Dr. Samita Mohanty, have been associated with the hospital since its inception. SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shallow Ceramic Pvt. Ltd. (SCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.21 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.19 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 1.70 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SCPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shallow Ceramic Private Limited (SCPL) was incorporated in May 2014 and commenced operations in February, 2015. The manufacturing facility is located in Morbi, Gujarat with an installed capacity of 32,000 MTPA of ceramic tiles. The company mainly manufactures digitally printed ceramic wall tiles of two sizes 10" X 15" and 12" X 18". The promoters of the company have long standing experience in the ceramic industry through their former association with another tile manufacturing unit; Segway Ceramic. The company carries out sales of digitally printed ceramic wall tiles mainly to retailers and wholesalers located in Kerala (50-60% of total sales), Gujarat (7-10% of total sales) and other states under the brand name of its own 'Shallow Ceramic'. Majority of the sales is done in the domestic market while exports formed 1.4% of total sales in FY2018. SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Shriram SEPL Composites Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.20 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Shriram SEPL Composites Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Shriram SEPL Composites Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shriram SEPL Composites Private Limited, formed by Shriram EPC Limited and Strategic Engineering Private Limited, is involved in the design, manufacturing, supply and installation of GRP products such as pipes, fittings, tanks and cylinders. The company’s manufacturing facility is located in Singaperumal Koil, Chennai, and has a capacity to produce 600 meters of 900mm diameter pipes per. SSCPL uses imported CNC filament winding machines to manufacture pipes of international standards like ASTM, AWWA, etc and has an in-house lab for quality inspection. SSCPL has received the ISO 9001-2008, ISO 14001-2004 & OHSAS 18001-2007 certifications. SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sln Cnc Tech Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 4.50 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 1.16 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 2.59 [ICRA]C/[ICRA]A4; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short Term- 1.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.75 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sln Cnc Tech Pvt. Ltd.'s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sln Cnc Tech Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SLN CNC Tech Pvt. Ltd., incorporated in the year 2008. It is promoted by a team of members having varied background. Manufacture precession components using most of the engineering materials to the highest industry standards in our modern CNC machining facility, along with the ability to assure quality of complex fabricated assemblies. The company specializes in manufacturing of aluminium, stainless steel, titanium, nimonic, inconel and cobalt alloy products. It has a manufacturing facility located in Peenya Industrial Estate with total area of 21000 sq. ft. The company caters to customers in segments like aviation, automotive, space, defence, power generation and telecommunication. SMILE INTERIORS: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Smile Interiors Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Smile Interiors Pvt. Ltd.'s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Smile Interiors Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, Smile Interiors Pvt. Ltd. is engaged in the manufacturing and exports of handicraft items. The company has its manufacturing facility at Jaipur, Rajasthan, with a capacity to manufacture about 3,00,000 units of wooden and iron articles.The product profile majorly comprises of decorative wooden items made up of combination of wood, brass, iron and wooden furniture such as dinner tables, cabinets, stools and sofas and iron articles such as lamps, chairs, watches etc. The company exports the handicrafts items to US, UAE and European markets. SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sunworld Residency Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 90.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Sunworld Residency Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Sunworld Residency Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sunworld Residency Private Limited, incorporated in June 2010, had leased a 10 acre land parcel from NOIDA to develop a residential housing in Sector 168, Noida. The company is currently developing a residential housing project on the ~10 acre land parcel in sector 168, Noida named Sunworld Arista and launched in December 2011. Sunworld Arista consists of 10 towers and some commercial area. SURESH ANGADI: CARE Reaffirms D Rating on INR47.96cr LT Loan ------------------------------------------------------------ CARE Ratings has reaffirmed ratings on certain bank facilities of Suresh Angadi Education Foundation (SAEF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 47.96 CARE D Reaffirmed Facilities Rationale and key rating drivers The reaffirmation of the ratings assigned to the bank facilities of SAEF factors in the ongoing delays in debt servicing of the term loan facility. There are ongoing delays in payment of interest and subsequently there have been multiple instances of penal charges in the bank statement. The ratings continue to remain constrained on account of small scale of operations despite continuous improvement in Total Operating Income (TOI) led by increase in intake of students, weak financial risk profile marked by high debt and negative net worth and presence in intensely competitive and regulated industry. The ratings, however, derive strength from the vast experience of trustees and diverse portfolio of courses offered. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could individually or collectively lead to positive rating action/upgrade: * Delay-free track record of over three months Negative factors: Factors that could individually or collectively lead to negative rating action/downgrade: Not Applicable Analytical approach: Consolidated Consolidated approach is taken due to the operational and financial linkages between the institutions under SAEF and the inherent cash flow fungibility among them. Outlook: Not Applicable As rating is in default category Detailed description of key rating drivers: Key strengths: * Vast experience of trustees: SAEF was established in 2008 by late Dr. Suresh M Angadi (Former Member of Parliament from Belagavi constituency and Union Minister of State for Railways) and is currently managed by Smt. Mangala S Angadi(wife of late Mr. Suresh Angadi) who is presently serving as the Chairman of Suresh Angadi Education Foundation (SAEF).She was elected as a Member of Parliament for Belagavi Lok Sabha constituency in 2021. She is ably assisted by her elder daughter, Dr. Spoorti Patil who is serving as the director of SAEF and younger daughter Smt. Shradha Shettar who is looking for after overall operations of the trust. * Diverse portfolio of courses offered: SAEF offers wide variety of courses spanning schooling, diploma, graduation and post-graduation levels across diverse disciplines such as management, engineering, science, commerce, arts and architecture. Key weaknesses * Ongoing delays in debt servicing: There are ongoing delays in debt servicing of term loan facility. The same has been confirmed by the management and the lender. Also, a per the loan statement there are ongoing delays in payment of interest and principal and subsequently there are multiple instances of penal interest charges. As articulated by the management, the delay was on account of cashflow mismatch between the fee collection and scheduled payment. With the increase in enrolment and fee collections , the same is expected to be regularized going forward and shall remain a key rating monitorable. Principal is paid two times once in September end and second March end. The company starts collecting the fees from August month, hence generally there are no delays faced for September repayment. However, for the subsequent semester, the fees collections starts from April, while the principal is due on March end, hence there are delays faced. However, for the current year installment the company has already paid the entire due for March 31, 2026. The interest is serviced on monthly basis, hence there are delays of few days in the past. * Small scale of operations albeit continuous improvement in TOI: The scale of operations of SAEF have remained small with Total Operating Income (TOI) in the range of INR 20-35 crore during FY23-FY25. However, the TOI has grown at a CAGR of 25.59% from FY21-FY25 and has improved by 17.46% from INR 27.55 crore in FY24 to INR 33.62 crore in FY25 driven by increase in enrolment and revenue of Angadi Institute of Technology and Management. * Weak financial risk profile marked by high debt and negative net worth: The financial risk profile of SAEF stood weak marked by high term debt and negative net-worth as on 31st March ,2025. The networth has remained negative over the past 3 years owing to continued losses at net level from FY21-FY24. However, the trust has reported SAT of INR 2.57 crore in FY25 as per FY25(Audited) financials. Debt coverage indicators stood marginally weak, as marked by moderate PBILDT interest coverage of 1.76x in FY25 (1.46x in FY24) and very high total debt to GCA (TD/GCA) of 7.68x in FY25(15.11x in FY24). It remained stable during the year was on account of improvement in profitability and stable debt levels. * Intense competition and regulated industry: Despite the increasing trend of privatisation in the education sector in India, the sector continues to operate under stringent regulatory purview. In addition to the University Grants Commission (UGC) and AICTE norms, higher education institutes such as colleges and universities are regulated by the respective state governments with respect to the number of management seats and amount of the tuition fees charged for the government quota and management quota giving limited flexibility to the institutions. These factors resultantly have significant impact on the institutions' revenue generating capacity and profitability. Liquidity: Poor The liquidity of the trust is poor marked by delay in servicing of debt obligations. The trust has high repayment obligations of INR10-11 crore in FY26 and FY27 against which it has achieved a GCA of INR 10 crore as per FY25 (Audited) financials. Suresh Angadi Education Foundation (SAEF) was established in the year 2008 by Late Mr. Suresh Channabasappa Angadi, who was once an MP from Belagavi, Karnataka till Sept'20. The trust was established to set up educational institutions in Belagavi. At present SAEF has 4 institutions under its ambit i.e Angadi Institute of Technology and Management, Angadi College of Commerce & Science, Angadi International School and Angadi School of Architecture. TENSHI KAIZEN: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Tenshi Kaizen Private Limited (TKPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 90.00 [ICRA]B+ (Stable); ISSUER NOT Fund-based COOPERATING; Rating continue Term Loan to remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TKPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with TKPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Tenshi Kaizen Private Limited formerly known as Higher Pharmatech Private Limited was incorporated on April 2, 2007. TKPL is backed by promoters, Mr. Arun Kumar, and Mr. Venkat S Iyer, who have wide knowledge of the pharmaceutical industry and a track record of incubating and developing pharmaceutical businesses. Kaizen has a R&D and manufacturing facility in Harohalli, Bangalore. Kaizen also had a formulation facility in New Jersey which was expected to commence operations from FY2022, however, the same got delayed due to Covid restrictions as machineries could not be installed, which are now being transferred back to India in its Bangalore facility (wherein expansion is being undertaken adjacent to the existing factory site). The operations in expanded unit is expected to commence from December 2023. TRUCAP FINANCE: CARE Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of TruCap Finance Limited to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 750.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Non-Convertible 50.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating moved to ISSUER NOT COOPERATING category Non-Convertible 100.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from TruCap Finance Limited to monitor the rating(s) vide e-mail communications/letters dated March 12, 2026, March 23, 2026, March 25, 2026 and March 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, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, TruCap Finance Limited has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on TruCap Finance Limited's bank facilities and instruments will now be denoted as CARE D; 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). Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations (i.e., principal and interest) for minimum 3 continuous months Analytical approach: CARE Ratings has analysed standalone credit profile of the company. Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on July 18, 2025, the following was the key weakness based on the continuous delay in servicing of debt obligations considering stretched liquidity and non-receipt of committed funds. Key weaknesses * Delays in debt servicing: Based on the best available information, TFL has continued to default on the repayment of its bank facilities and NCDs. Liquidity: Poor TFL liquidity remains poor as reflected by the delays in the debt servicing. TFL (formerly known as Dhanvarsha Finvest Limited) is an RBI-registered non-deposit accepting NBFC since 1998 and listed on NSE and BSE. The company was originally incorporated on November 9, 1994, in Gujarat. Before registering as an NBFC, the company was promoted by Gujarat-based individual promoters who were finance brokers, registrar to the issue and share transfer agent, issue houses or insurance agents/brokers and agents or underwriters, consultants, assessors, values surveyors, mortgage brokers and undertaking provision of hire purchase and credit sale finance and of acting as factors and brokers. Currently, the company is promoted by Mumbai-headquartered Wilson Group, which took over as the parent in 2018 and has business interests spread across financing, real estate, sustainable infrastructure, agro commodities trading, advisory services, and venture capital investing. TFL provides financing options to the relatively under-banked micro, small & medium enterprises (MSME) and low-to mid income (LMI) groups of the society, offering a range of secured and unsecured financing products, tailored to suit borrower requirements. UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Uma Rani Agrotech Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]C+; ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.25 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.15 [ICRA]C+; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- 0.25 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Uma Rani Agrotech Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Uma Rani Agrotech Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2010, URAPL is engaged in milling of par boiled rice; and has an installed production capacity of 28,800 MTPA of rice. The rice mill started commercial production from February 2014. The company's rice milling facility is located in the Birbhum district of West Bengal. V.K. GOPAL: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of V.K. Gopal in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.75 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term 3.75 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding V.K. Gopal's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with V.K. Gopal, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. V.K. Gopal Constructions was established by Mr. V.K. Gopal in 1995 as a proprietorship firm. Since the inception, the firm has been involved in construction of civil works, formation of roads, and asphalting. The firm has completed projects mainly in the state of Karnataka and most of them have been done in and around Bangalore. ========= J A P A N ========= [] JAPAN: Business Failures Hit 12-Year High in Fiscal 2025 ----------------------------------------------------------- The Japan Times reports that the number of corporate bankruptcies in Japan with debts of at least JPY10 million ($63,160) in fiscal 2025, which ended last month, rose 3.5% from the previous year to a 12-year high, Tokyo Shoko Research said April 8. The figure reached 10,505, up for the fourth straight year, reflecting a rise in failures among small companies, The Japan Times discloses. Business failures linked to labor shortages or rising labor costs climbed to a record high of 442 cases. Failures stemming from inflation also increased. Bankruptcies rose in five out of the 10 sectors surveyed. In the service sector, including restaurants, the number increased 5.5% to 3,585, also a record high. As food and utility costs continued to rise with no sign of easing, many companies were unable to raise prices and fell into financial difficulties, The Japan Times relays. The agriculture, forestry, fisheries and mining sector, along with the construction, retail and real estate industries, also recorded more business failures than the previous year. Total liabilities incurred by failed companies shrank 33.9% to JPY1.56 trillion, falling to the JPY1 trillion range for the first time in four years, The Japan Times says. Of the total, cases involving liabilities of less than JPY100 million accounted for 76.7%, highlighting an increase in bankruptcies among small firms and microbusinesses. In March alone, the number of bankruptcies climbed 8.3% year on year to 924, with total liabilities increasing 16.5% to JPY114.8 billion, The Japan Times discloses. The Japan Times adds that a Tokyo Shoko Research official said that inflation driven by the weak yen could "put pressure on the cash flow of small- and medium-sized enterprises with weak earnings" as the situation in the Middle East starts to affect businesses. The official predicted that "corporate failures are likely to continue rising." =============== M A L A Y S I A =============== NIGHTHAWK TRANSPORT: Falls Into Voluntary Administration -------------------------------------------------------- James Harrison at SkyNews.com.au reports that a Northern Territory trucking business has fallen into voluntary administration owing more than AUD17 million to creditors just two years after a takeover deal. Administrators from McGrathNicol were called in for Nighthawk Transport last month as the business struggled with low revenue, tumultuous weather, equipment repairs, staff difficulties, legal costs, and more. The trucking company went under owing ANZ almost AUD7.5 million and another AUD1.6 million to the Australian Taxation Office, SkyNews.com.au discloses. It comes about two years after Nighthawk was acquired by Western Australia-based Marlu Transport Solutions in a AUD13 million deal. According to SkyNews.com.au, Marlu has been in a legal dispute with Nighthawk's previous owner, Bishdun, over AUD6 million as part of the sales agreement. Bishdun was accused of "deceptive and misleading conduct" in the sale, and a five-day trial to battle this out is set for May. SkyNews.com.au relates that the administrators said legal expenses from suing Bishdun weakened the company's financial position and contributed to its downfall. Another major contributor to Nighthawk's failure, the administrators argue, was the fluctuating earnings the company received due to the impact of weather, SkyNews.com.au relays. Nighthawk, which has depots in Darwin, Katherine, and Nhulunbuy, battled fluctuating wet and dry seasons, which forced road closures. This ate into revenue while costs remained fixed, SkyNews.com.au says. SkyNews.com.au adds that the company also faced high repair and maintenance costs from the harsh operating conditions, impacting its equipment. After the takeover in 2024, directors warned that much of the "plant and equipment required significant and unforeseen repairs and maintenance", per the report. "20 assets were identified as being overdue for major service during the first week of operations," they said. "The directors consider the value of the assets were overstated." Meanwhile, maintaining staff levels and remuneration proved difficult for Marlu after taking over, SkyNews.com.au relays. "Wage expectations of existing staff were higher than forecast at the time new contracts were implemented, and there was staff turnover during the transition," McGrathNicol's report said. Nighthawk also owes staff upwards of AUD464,000 in unpaid superannuation, more than AUD100,000 in annual leave, and AUD140,000 of redundancy pay, SkyNews.com.au discloses. The company faced further pain as it lost several revenue streams after the 2024 takeover. Cotton haulage work, which generated upwards of AUD400,000 per month, was lost while the collapse of a partner in South Australia cost them another AUD80,000 per month. WRP ASIA: To Shut Down Over Iran War Disruptions ------------------------------------------------ Anders Melin and Anuradha Raghu at Bloomberg News reports that Malaysian rubber glove maker WRP Asia Pacific Sdn. will begin winding down its business operations this month, citing "severe disruptions across global energy and petrochemical supply chains" caused by the Middle East conflict. WRP has suffered from "significant" increases in costs for petrochemical-derived raw materials and chemicals while facing uncertainty about procurement timelines and suppliers that increasingly require advance payments, the company said in a March 31 letter addressed to customers, which was reviewed by Bloomberg News. "These unforeseen circumstances have forced us to make the difficult but necessary decision to begin the process of winding down business operations with effect from 15 April," the letter said. According to Bloomberg, the announcement comes as the US- and Israel-led war creates the largest oil supply shock in decades, stoking inflation, rattling financial markets and pushing up costs for everything from food to fuel. It has also put industries such as glove manufacturers at risk, as they rely on imports of nitrile latex - a synthetic rubber - whose prices are linked to energy markets. Bloomberg says the letter and impending wind-down was confirmed by Nadarajah Swaminathan, the general manager of operations. He added that the company is awaiting feedback from shareholders, and that potential buyers of the glove maker could emerge. It's unclear how much relief the industry may see with the just-announced two-week ceasefire and Tehran's agreement to reopen the Strait of Hormuz. Days before WRP sent its letter, the Malaysian Rubber Glove Manufacturers Association (Margma), an industry group, warned that the blockade of the Strait of Hormuz had caused a shortage of a key raw material, placing an "immense financial strain on local manufacturers" and threatening the global supply of medical gloves, Bloomberg says. Disruptions to supplies of global crude and refinery operations have driven up raw material costs by more than 50%, prompting the world's largest glove maker Top Glove Corporation Bhd to raise prices, the company said in a statement to Bloomberg. It is encouraging customers to consider natural rubber gloves instead, it said. The price of butadiene, a colorless gas that's a core ingredient for disposable gloves, has climbed nearly 70% since the war, according to data compiled by Bloomberg. Butadiene can account more than half of nitrile latex costs. Shortages of raw materials and skyrocketing prices are amplifying the unfavourable cost structures of Malaysian glove makers compared with regional competitors, according to Chan Wone Fu, a former chief executive officer of Margma, Bloomberg relays. "Those glove companies which do not have nitrile butadiene rubber latex in their inventory would have to reschedule their production," he said. Malaysia produces roughly 45% of the world's rubber gloves and exports them to 195 countries, the association said in a March 26 statement. Closely held WRP makes surgical, examination and specialty gloves used across healthcare, food processing, and beauty industries, according to its website. It experienced a surge in sales and profits during the pandemic but has been through a difficult stretch since. It posted a MYR78 million loss on MYR204.6 million of revenue in the year ended June 30, 2024, Bloomberg discloses citing regulatory filings. WRP Asia Pacific Sdn Bhd operates as a gloves manufacturing firm. The Company manufactures examination, radiation protection, and surgical gloves. ===================== N E W Z E A L A N D ===================== DREAMHOME PARKVIEW: Court to Hear Wind-Up Petition on April 16 -------------------------------------------------------------- A petition to wind up the operations of Dreamhome Parkview Development Limited will be heard before the High Court at Auckland on April 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 25, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 FRESH DYNAMICS: Creditors' Proofs of Debt Due on June 1 ------------------------------------------------------- Creditors of Fresh Dynamics LP and Fresh Dynamics NZ Limited are required to file their proofs of debt by June 1, 2026, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on April 1, 2026. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery & Insolvency (Auckland) PO Box 3678 Auckland 1140 GOOD CARS: Car Dealer Enters Receivership Owing NZD4.16 Million --------------------------------------------------------------- Autotalk reports that a Christchurch car dealership has entered receivership owing creditors NZD4.16 million after encountering unfavourable trading conditions and falling margins on imported vehicle sales. Good Cars Limited, based in Waltham and owned by Sergey Serikov and Iouri Serikov, was placed into receivership on December 4, 2025 by secured creditor AutoBridge Limited, which was owed NZD2.17 million. Colin Gower and Diana Matchett of BDO Christchurch have been appointed as joint and several receivers and managers, Autotalk discloses. Their first report stated the company imported used vehicles from Japan and sold them online and through its physical dealership. The business specialised in importing a range of used motor vehicles from Japan, which were subsequently sold through online channels and the dealership located on Blenheim Road in Waltham. According to the receivers' report, the company's total liabilities as at the appointment date included several major creditors beyond AutoBridge. Westpac New Zealand was owed NZD875,000, while Inland Revenue was owed a combined NZD673,000 split between preferential claims of NZD614,000 and unsecured debt of NZD59,000, Autotalk discloses. The Inland Revenue's preferential claim primarily relates to GST (NZD595,000) and PAYE (NZD19,000) accrued before the receivership. Employee preferential claims totalled NZD23,000. Other secured creditors listed in the Personal Property Securities Register include Auto Advance Finance Limited, Blackbird Finance Limited, and Nichibo Japan Trading Co Limited, along with various automotive and shipping companies. Autotalk relates that the receivers note that prior to their appointment, the company experienced unfavourable trading conditions and a reduction in margins on imported vehicle sales. As a result, several vehicle loans were in default, prompting AutoBridge to exercise its right to appoint receivers. Since their appointment, the receivers have taken control of all company operations and are currently realising all assets, according to Autotalk. They have continued trading the business while selling down remaining inventory to maximise recoveries for creditors. Autotalk says the receivers have omitted specific asset values from their report, stating that disclosure would materially prejudice their duty to obtain the best price for receivership property sales. It remains too early to determine whether funds will be available for unsecured creditors, as the asset realisation process is not yet complete. Autotalk adds that the receivers note that the directors have fully cooperated during the receivership process. The company operated under a security agreement with AutoBridge dated May 31, 2021, which gave the finance company security interests over the business assets. JACKSON WAY: Court to Hear Wind-Up Petition on April 16 ------------------------------------------------------- A petition to wind up the operations of Jackson Way LP will be heard before the High Court at Auckland on April 16, 2026, at 10:00 a.m. Michelle Janette Gillard, Lisa Adelle Turner and Jeffrey Paul Gillard filed the petition against the company on Oct. 2, 2025. The Petitioner's solicitor is: Stephen Charles Price MinterEllisonRuddWatts PwC Tower, Level 22 15 Customs Street West Auckland 1010 MA HOMES: Creditors' Proofs of Debt Due on May 8 ------------------------------------------------ Creditors of MA Homes Limited, A B Hospitality Limited and Exeo Technologies Limited 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 31, 2026. The company's liquidator is: Craig Young Restructuring Services Limited PO Box 87340 Auckland MGS STATIONS: Creditors' Proofs of Debt Due on May 15 ----------------------------------------------------- Creditors of MGS Stations Limited are required to file their proofs of debt by May 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 2, 2026. The company's liquidator is: Craig Young Restructuring Services Limited PO Box 87340 Auckland ================= S I N G A P O R E ================= METAL PROGRESS: Creditors' Proofs of Debt Due on May 7 ------------------------------------------------------ Creditors of Metal Progress 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 liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 METAPARK PTE: Creditors' Meetings Set for April 15 -------------------------------------------------- Metapark Pte. Ltd. will hold a meeting for its creditors on April 15, 2026, at 3:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Alton Murray Chun-Wen Poon was appointed as provisional liquidator of the Company on March 30, 2026. MP THAI: Court to Hear Wind-Up Petition on April 24 --------------------------------------------------- A petition to wind up the operations of MP Thai Pte. Ltd. will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 31, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 SYNZTEC SINGAPORE: Creditors' Proofs of Debt Due on May 7 --------------------------------------------------------- Creditors of Synztec Singapore 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: Mitani Masatoshi c/o 10 Anson Road #14-06 International Plaza Singapore 079903 ZHONE TECHNOLOGIES: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on April 1, 2026, to wind up the operations of Zhone Technologies Pte. Ltd. Noraini Binte Noor Mohamed Abdul Latiff filed the petition against the company. The company's liquidator is: Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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