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260413.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 Monday, April 13, 2026, Vol. 29, No. 73 Headlines A U S T R A L I A AUSHEN GROUP: First Creditors' Meeting Set for April 15 IMPERO PACIFIC: Creditors Vote to Liquidate Builder INSPIRETEK HOLDINGS: Enters Liquidation Owing AUD9 Million INSPIRETEK HOLDINGS: First Creditors' Meeting Set for April 14 ITHEA CORPORATION: First Creditors' Meeting Set for April 15 JRE (NSW): First Creditors' Meeting Set for April 15 PABLAZ GROUP: First Creditors' Meeting Set for April 14 VOGUE POOLS: Placed Into Liquidation C H I N A SUNAC CHINA: Unit Censured Over Bond Disclosure Lapses I N D I A ESROBOTICS PRIVATE: Voluntary Liquidation Process Case Summary IBC SOLAR: Voluntary Liquidation Process Case Summary INDRAPRASTHA SRISHAILA: Voluntary Liquidation Process Case Summary NEWFER INDIA: Voluntary Liquidation Process Case Summary PALLISHREE LTD: Insolvency Resolution Process Case Summary R.R. AGRO: CRISIL Lowers Rating on INR20cr Cash Loan to B RAJ-SNEH AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating RAM IMPEX: CRISIL Keeps C Debt Rating in Not Cooperating Category RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating SERENITAS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating SIVA SANKARA: CRISIL Keeps D Debt Ratings in Not Cooperating SIVA STONE: CRISIL Keeps D Debt Rating in Not Cooperating SKYLINE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating SOUTH INDIA: CRISIL Lowers Rating on INR5.4cr LT Loan to B ST. GEORGE: CRISIL Keeps C Debt Ratings in Not Cooperating SUDHA BUSINESS: CRISIL Lowers Rating on INR10.32cr LT Loan to B SWASTIK TRADELINK: CRISIL Keeps D Debt Rating in Not Cooperating USHASWINI RICE: CRISIL Keeps B Debt Ratings in Not Cooperating VAGHASIYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating VARDHMAN ENTERPRISE: CRISIL Keeps D Ratings in Not Cooperating VASUNDHARA CHEM: CRISIL Lowers Rating on INR8cr Cash Loan to B VENKATA SAI: CRISIL Lowers Rating on INR4cr Cash Loan to B VENKATRAMA AGRO: CRISIL Lowers Rating on INR18cr Cash Loan to B VETRY: CRISIL Keeps B Debt Rating in Not Cooperating Category VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating VIRENDRA SATIJA: CRISIL Keeps D Debt Ratings in Not Cooperating YONDR OPERATIONS: Voluntary Liquidation Process Case Summary [] INDIA: Lok Sabha Passes Insolvency and Bankruptcy Code Bill M A L A Y S I A GREENPRO CAPITAL: FY2025 Swings to $2.98MM vs $725,827 in FY2024 N E W Z E A L A N D ALEENDA OPHRAH: Commences Wind-Up Proceedings CHANCE VOIGHT: FMA Seeks Liquidation of Additional 25 Entities CONCEPT BUILDERS: Court to Hear Wind-Up Petition on April 16 KIT GROUP: Commences Wind-Up Proceedings SWEET AND ME: Creditors' Proofs of Debt Due on May 4 TALLEY'S LIMITED: Mulls Closure of Westport Fish Processing Factory TERRACE BAR: Court to Hear Wind-Up Petition on April 16 S I N G A P O R E AFRICA MINERAL: Court Enters Wind-Up Order GENERAL ATLANTIC: Creditors' Proofs of Debt Due on May 11 INNOVATION TECHNOLOGY: Creditors' Proofs of Debt Due on May 8 KATRINA GROUP: Auditors Raise Going Concern Doubts OPAL FINTECH: Court to Hear Wind-Up Petition on April 17 RW UKISHIMA: Creditors' Proofs of Debt Due on May 9 - - - - - ================= A U S T R A L I A ================= AUSHEN GROUP: First Creditors' Meeting Set for April 15 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Aushen Group Pty Ltd (trading as XJS Coaching School) will be held on April 15, 2026, at 11:00 a.m. at the offices of Jirsch Sutherland, at Level 30, 140 William Street, in Melbourne, Vic and via virtual meeting. Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were appointed as administrators of the company on April 7, 2026. IMPERO PACIFIC: Creditors Vote to Liquidate Builder --------------------------------------------------- Daily Telegraph Sydney reports that creditors owed up to AUD21 million have forced Impero Pacific Group (traded as Impero Construction), a cash-strapped builder with just AUD42 left in the bank, into liquidation after the directors abandoned a deal amid mounting building defect claims. Daily Telegraph relates that directors Anthony Fiorenza and Jonathan Kuo abandoned a previously proposed deal after being overwhelmed by mounting creditor and building defect claims. Creditors voted to liquidate the firm at a meeting on April 2, 2026. Before liquidation, the company had ceased trading in mid-December 2025 and was fighting multiple lawsuits in New South Wales, alongside winding-up actions in the Victorian Supreme Court, according to Daily Telegraph. Administrators from The Australian Business Network suggest the company may have been insolvent as early as June 30, 2023. While the company claims it is owed roughly AUD814,640 from trade debtors, several of these debtors dispute the claims, making the final return for creditors highly uncertain, adds Daily Telegraph. INSPIRETEK HOLDINGS: Enters Liquidation Owing AUD9 Million ---------------------------------------------------------- The Courier Mail reports that Inspiretek, a mental health app for young athletes founded by former Queensland gymnast Annie Devitt, has entered liquidation owing almost AUD9 million to creditors. The collapse follows a failed attempt to secure critical venture funding. A large portion of the registered debt reportedly consists of loans between the company's trading and holding entities. The company was directed by Annie Devitt and her father, Mark Flamsteed. Rodney Rapson, a former tennis player, served as CEO from late 2022 until September 2025. Before its collapse, the app had attracted high-profile early investors, including tennis coach Darren Cahill and Vu Tran of the software firm GO1, The Courier Mail relays. The Courier Mail says the liquidator, Jarvis Archer of Business Reset, noted that despite significant investment in the technology platform and promising early opportunities, the company could not find the necessary commercial partners to continue. INSPIRETEK HOLDINGS: First Creditors' Meeting Set for April 14 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Inspiretek Holdings Limited will be held on April 14, 2026, at 2:00 p.m. at the offices of Pearce & Heers Insolvency Accountants, at Level 10, 127 Creek Street, in Brisbane, Queensland. Michael Dullaway and Mark Pearce of Pearce & Heers Insolvency Accountants were appointed as administrators of the company on April 1, 2026. ITHEA CORPORATION: First Creditors' Meeting Set for April 15 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Ithea Corporation Pty. Ltd. will be held on April 15, 2026, at 10:00 a.m. at the offices of Dye & Co. Pty Ltd, at 165 Camberwell Road, in Hawthorn East, Vic and via electronic means. Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were appointed as administrators of the company on April 7, 2026. JRE (NSW): First Creditors' Meeting Set for April 15 ---------------------------------------------------- A first meeting of the creditors in the proceedings of JRE (NSW) Pty Ltd, trading as Enzo's Cucina Glenmore Park, will be held on April 15, 2026, at 11:00 a.m. via virtual facilities only. Graeme Robert Beattie of Worrells was appointed as administrator of the company on April 1, 2026. PABLAZ GROUP: First Creditors' Meeting Set for April 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Pablaz Group Pty Ltd will be held on April 14, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW. Liam Thomas Bailey and Christopher John Palmer of O'Brien Palmer were appointed as administrators of the company on March 31, 2026. VOGUE POOLS: Placed Into Liquidation ------------------------------------ Daily Telegraph Sydney reports that Vogue Pools & Spas, a New South Wales swimming pool builder, has collapsed into liquidation. Daily Telegraph relates that the Tuggerah-based company, which operated across the Central Coast, Newcastle, and the Hunter Valley, was placed into court-ordered liquidation on April 1, 2026, following an application by the Workers Compensation Nominal Insurer. According to Daily Telegraph, a winding-up application was filed in the NSW Supreme Court on Feb. 26, 2026, leading to the appointment of liquidator Bruno Secatore from SSB Advisory. Prior to the collapse, the Master Pool Builders Association of Australia issued a consumer alert warning that the company had used their logos and contracts without authorization, Daily Telegraph says. Daily Telegraph adds that many homeowners have been left with unfinished projects and reported significant "contact issues" with the company's owner, Ryan O'Connell, leading up to the insolvency. Vogue Pools & Spas Pty Ltd. specialized in "done for you" backyard transformations, including design, construction, landscaping, and vendor financing across the Central Coast and Hunter Valley regions. ========= C H I N A ========= SUNAC CHINA: Unit Censured Over Bond Disclosure Lapses ------------------------------------------------------ TipRanks reports that Sunac China disclosed that its wholly owned unit Sunac Real Estate Group and executive director Wang Mengde received a warning letter from the Tianjin Securities Regulatory Bureau and a public criticism from the Shenzhen Stock Exchange. The penalties stem from failures between late 2021 and mid-2025 to promptly disclose overdue debts and asset seizures under Chinese corporate and enterprise bond information rules. TipRanks relates that the board, excluding Wang, attributed the disclosure lapses to objective factors such as Sunac Real Estate's operational scale, debt situation, resource allocation and practical challenges during a period of financial stress. Directors stressed there was no dishonest or fraudulent conduct, affirmed Wang's continued suitability as an executive director, and said the measures will not materially impact group operations as Sunac Real Estate implements remedial steps to improve its disclosure compliance, TipRanks relays. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ========= I N D I A ========= ESROBOTICS PRIVATE: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Esrobotics Private Limited Flat No AB701 Tiara SNo 13, Hissa No 1/10 Pashan, N.I.A., Pune - 411045 Liquidation Commencement Date: March 30, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mandar Wagh Flat No. C-1302, Grandstand Trinity, Service Road from Vedbhavan to Warje, Pune, Bangalore Highway, Near Chandani Chowk, Pune - 411038 C/o Anand Chaitanya Corporate Legal Advisros LLP 603, 5th Floor, Venture Building, Above McDonald's Paud Road, Bhusari Colony, Pune 411038 Tel No: 98228 44488 Email: vl.esrobotics@rediffmail.com Last date for submission of claims: April 29, 2026 IBC SOLAR: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: IBC Solar Projects Private Limited 707, Lodha Supremus, Senapati Bapat Marg, Lower Parl West, Near HDFC Bankhouse, Delisle Road, Mumbai, Maharashtra, India, 400013 Liquidation Commencement Date: March 30, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaraju 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi's Railway Museum Kothrud, Pune - 411038 Tel No: 020-25466265/25461561 Email: rp.anagha@kanjcs.com Last date for submission of claims: April 29, 2026 INDRAPRASTHA SRISHAILA: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Indraprastha Srishaila Business Private Limited Indraparashtha, No. 9, Kingston Street, Richmond Town, Bangalore, Karnataka, 560025 Liquidation Commencement Date: March 30, 2026 Court: Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan, 8th Main, 15th Cross Malleshwaram, Bangalore - 560055 Tel No: 98456 66596;080-23565641 Email: pragnya.cas@gmail.com Last date for submission of claims: April 29, 2026 NEWFER INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Newfer India Private Limited Flat No. 1522, 15th Floor, 6, Devika Tower, Nehru Place, South Delhi, New Delhi, India, 110019 Liquidation Commencement Date: March 30, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sanjeev Kumar Office No. 201, 3rd Floor, Above Ashadeep Collections, Datta Mandir Road, Near Dange Chowk, Thergaon, Pune, Maharashtra - 411033 Tel No: +91 96650 22275 Email: liquidatornewfer@gmail.com Last date for submission of claims: April 29, 2026 PALLISHREE LTD: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Pallishree Ltd. Registered Office: Holding No-408, O.B. Road Ward No.-6, Pallishree, Arambagh, Hooghly - 712601, West Bengal Corporate Office: Merlin Infinite DN-51, 12th Floor, Suite No. 1205, DN Block, Sector V, Bidhannagar, Kolkata, West Bengal, 700091, India City Office: 7 Indian Mirror Street, Kolkata - 700013 West Bengal, India Insolvency Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: September 23, 2026 Insolvency professional: Neeraj Jain Interim Resolution Professional: Neeraj Jain 4 Synagogue Street, Suite #205, 2nd Floor, Facing Brabourne Road, Kolkata - 700001 Email: reachneerajjain@gmail.com Unit 1, 14th Floor, Chatterjee International Centre, 33A, Jawaharlal Nehru Road, Kolkata, 700071 Email: cirp.pallishree@gmail.com Last date for submission of claims: April 10, 2026 R.R. AGRO: CRISIL Lowers Rating on INR20cr Cash Loan to B --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of R.R. Agro Foods (RRAF), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RRAF for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RRAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RRAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RRAF revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 2007 as a proprietorship firm by Mr R Rengadurai, RRAF mills and processes paddy into rice And sells the same under the brand name Karuda', 'Vaigai', 'Sivaji', 'RRight choice', 'Star', 'Oli vilakku' and 'Komatha'. RAJ-SNEH AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raj-Sneh Auto Wheels Private Limited (RAWPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Inventory Funding 5 CRISIL D (Issuer Not Facility Cooperating) Inventory Funding 5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with RAWPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RAWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RAWPL continues to be 'Crisil D Issuer not cooperating'. Incorporated on October 29, 2016, and promoted by Mr. Priyank Jain, Mr. Mayank Gupta, and Mr. Ashish Jain, RAWPL has Maruti's Nexa dealership in Meerut. It operates under the 3S (sales, service, and spares) system for all the Nexa models (Baleno and S-Cross). RAM IMPEX: CRISIL Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ram Impex Corporation (RIC) continue to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL C (ISSUER NOT COOPERATING) Letter of Credit 12 CRISIL A4 (ISSUER NOT COOPERATING) Letter of Credit 3 CRISIL A4 (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RIC for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RIC continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. RIC, set up in 2011, trades in steel, medium density fibre boards and glass. Mr. Kakarlapudi Raju and Mr. Srinivas Reddy Marella are the promoters. The firm is based in Hyderabad. RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RPN Engineers Chennai Private Limited (RPN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.76 CRISIL D (Issuer Not Cooperating) Cash Credit 1.25 CRISIL D (Issuer Not Cooperating) Inland/Import 2.50 CRISIL D (Issuer Not Letter of Credit Cooperating) Term Loan 0.02 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPN for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RPN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPN continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPN was incorporated as partnership firm 'Lookmans Engineers and Contractors' during 1995. The partnership firm was converted into a Private Limited Company in May 1999. The company is promoted by Mr. Laqman Basha. SERENITAS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Serenitas Infra Private Limited (SPIPL; previously known as Southern Pharma India Private Limited) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (Issuer Not Cooperating) Long Term Bank 15 Crisil D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SPIPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPIPL continues to be 'Crisil D Issuer not cooperating'. SPIPL was incorporated on April 22, 2015. The company manufactures active pharmaceutical ingredients at its facility in Atchutapuram, near Visakhapatnam, Andhra Pradesh. SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shivalik Vyapaar Private Limited (SVPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 18.96 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.67 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVPL continues to be 'Crisil D Issuer not cooperating'. Set up by Mr. Rajendra Agarwal in 2005, SVPL manufactures automotive and industrial batteries and valve-regulated lead-acid (VRLA) batteries. The company has a battery manufacturing facility in Sanwar (Madhya Pradesh). SIVA SANKARA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Siva Sankara Paper Mills (SSPM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.68 CRISIL D (Issuer Not Cooperating) Term Loan 1.10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSPM for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSPM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSPM continues to be 'Crisil D Issuer not cooperating'. SSPM was establish in 2005, it is located in Unguturu, Andhra Pradesh. SSPM is owned and managed by Mrs K Padmini, Mrs Radhikamani and Mr G Radha. SSPM is engaged in manufacturing of kraft paper. It has an installed capacity of 18000 MTPA. SIVA STONE: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Siva Stone Exports India Private Limited (SSSPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSSPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSSPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in December 2013 in Ongole, Andhra Pradesh, and promoted by Mr. Siva Narayana and his family members, SIPL processes and exports granite slabs. The company is promoted by Mr. Siva Narayana who has been associated with the granite industry for over 10 years. SKYLINE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Skyline Engineering Contracts India Private Limited (SECPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 25 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.13 CRISIL D (Issuer Not Cooperating) Proposed Long Term 27.12 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 3.75 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with SECPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SECPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SECPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SECPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established as a partnership firm, Skyline Construction Company, in 1985 by the late Mr Jugal Kishore Guliani and reconstituted as a private limited company in 1991, SECPL is promoted by Mr Jugal Kishore Guliani's son, Mr Ashok Kumar Guliani. The company constructs buildings across the residential, commercial, and industrial segments. Registered office is in New Delhi. SOUTH INDIA: CRISIL Lowers Rating on INR5.4cr LT Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of South India Warehouse Corporation (SIWC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.4 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Proposed Long Term 1.6 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SIWC for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SIWC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIWC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIWC revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in April 2010 in Bijapur, Karnataka, as a partnership firm, SIWC provides warehousing services for agricultural commodities, primarily food grains and pulses. Mr Mahaveer Poraval oversees the firm's operations. ST. GEORGE: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ST. George Electronica Private Limited (STG) continue to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 20.45 CRISIL A4 (Issuer Not Cooperating) Term Loan 9.50 CRISIL C (ISSUER NOT COOPERATING) Term Loan 6.70 CRISIL C (ISSUER NOT COOPERATING) Working Capital 12.05 CRISIL C (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with STG for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of STG continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. The company is engaged in trading of electrical and electronic appliances and has 6 retail stores in Chennai. It was established in 2014 at Thrissur in Kerala by Mr KT Jissy. SUDHA BUSINESS: CRISIL Lowers Rating on INR10.32cr LT Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Sudha Business Enterprises Private Limited (SBEPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Cash Credit/ 9.3 CRISIL B/Stable (Issuer Not Overdraft facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Inventory Funding 10.00 CRISIL B/Stable (Issuer Not Facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Inventory Funding 1.50 CRISIL B/Stable (Issuer Not Facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Long Term Loan 1.38 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Proposed Long Term 10.32 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SBEPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBEPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2009, Ranchi-based SBEPL is an authorised dealer of MSIL passenger cars; it also services vehicles and sells spares. It expanded its business by opening a new Nexa showroom in fiscal 2016. The company was earlier an authorised dealer of BAL's two-wheelers; it surrendered this dealership in September 2013. Mr Rahul Singh, Mr Abhishek Singh, and Mr Sunil Singh are the directors. SWASTIK TRADELINK: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Swastik TradeLink Private Limited (STPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of STPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2001, STPL, is promoted by Mr Sandeep Jain. The company is engaged into trading of steel, chemicals, cloth. The company also have distributorship of Reliance Jio and Spice Mobile. USHASWINI RICE: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Ushaswini Rice Industries (SURI) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.46 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 1.54 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SURI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SURI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SURI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SURI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2013, SURI is a partnership firm, that mills and processes paddy into rice, rice bran, broken rice, and husk. The firm is based at Nalgonda, Telangana. VAGHASIYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vaghasiya Exports (Vaghasiya) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 2.75 CRISIL D (Issuer Not Discounting Cooperating) Packing Credit in 1.25 CRISIL D (Issuer Not Foreign Currency Cooperating) Proposed Short Term 6.00 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Vaghasiya for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Vaghasiya, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Vaghasiya is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Vaghasiya continues to be 'Crisil D Issuer not cooperating'. Set up in 1994 in Mumbai as a partnership firm by Mr Mansukh Patel and Mr Pankaj Mistry (equal partners), Vaghasiya cuts and polishes imported rough diamonds (mainly white, in 0.1 cents-1 carat range), which it export to Belgium, Hong Kong, and Israel. The firm outsources its unit to associate concern in Dahisar, Maharashtra. VARDHMAN ENTERPRISE: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vardhman Enterprise - Ahmedabad (VE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.8 CRISIL D (Issuer Not Cooperating) Drop Line Overdraft Facility 4.45 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VE for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VE continues to be 'Crisil D Issuer not cooperating'. Established in 2008, VE is an Ahmedabad-based partnership firm promoted by Mr Pannalal Jain and his family. It trades in sugar in the domestic market. Operations aremanaged by Mr Mahavirprasad Jain, who has an industry experience of more than three decades. VASUNDHARA CHEM: CRISIL Lowers Rating on INR8cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Vasundhara Chem Plast Industries (VCPI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 1 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with VCPI for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VCPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCPI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. VCPI was set up in 1997 as a partnership between Mr. Ravi Gupta, Vinod Gupta and Pista Devi Gupta. The Daman-based firm manufactures and supplies die cut handle bags, loop handle bags, T-shirt bags, trash can liners and garbage bags. VENKATA SAI: CRISIL Lowers Rating on INR4cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Venkata Sai Industries (VSI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Long Term Loan 2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with VSI for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 2016, VSI is a Hyderabad based partnership firm engaged in milling of paddy. Mr Hari Krishna, and family are the partners. Its facility is located in Nalgonda. VENKATRAMA AGRO: CRISIL Lowers Rating on INR18cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Sri Venkatrama Agro Tech (SVAT), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 18 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SVAT for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVAT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVAT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVAT revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Set up in 2011, SVAT mills and processes paddy into rice, rice bran, broken rice, and husk. It is promoted by Mr Padmakar Choudary and family. VETRY: CRISIL Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of VETRY continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VETRY for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VETRY , which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VETRY is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VETRY continues to be 'Crisil B/Stable Issuer not cooperating'. VETRY (initially known as "Karuvampalayam Green Park Trust"and later "Andipalayam Green Park Promotion Trust") is a social organization set in 2001 by business community in Tirupur, Tamil Nadu. It is primarily a non-profit charitable organization (N.G.O) with focus on ecological protection and educational activities. VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Vibhav Farms (VF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.57 CRISIL D (Issuer Not Cooperating) Open Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.82 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 1.11 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with VF for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VF continues to be 'Crisil D Issuer not cooperating'. Established in 2013 and based in Hyderabad (Telangana), VF is engaged in the poultry business and produces hatching eggs. The firm's poultry farms are located in Medak district, Telangana and promoted and managed by Mr.Y Pavan Kumar Reddy. VIRENDRA SATIJA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Virendra Satija Foundation Society (VSFS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 0.98 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 6.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSFS for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSFS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSFS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSFS continues to be 'Crisil D Issuer not cooperating'. VSFS was founded in March 2012 to set up a school in Chhindwara, Madhya Pradesh, under the DPS franchise. The school commenced operations in June 2014. Mr Virendra Satija is the chairman of the society. YONDR OPERATIONS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Yondr Operations India Private Limited Spaces Inspire Hub, 2102 Res Co-work 11, 1st Floor, Adani Western Heights, Opposite Gurudwara, Four, Mumbai City, Bungalows Andheri West, Maharashtra, India, 400058 Liquidation Commencement Date: March 27, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rajesh Kumar 105/106, Midas Tower, Sahar Plaza, Andheri Kurla Road, Andheri East, J.B. Nagar, Mumbai - 400059 Tel No: 98302 01612 Email: -Info@exceladvisory.in Last date for submission of claims: April 26, 2026 [] INDIA: Lok Sabha Passes Insolvency and Bankruptcy Code Bill -------------------------------------------------------------- The Hindu reports that the Lok Sabha on April 1 passed a bill to amend certain provisions in different laws for decriminalising and rationalising minor offences to further promote ease of doing business and living. The Jan Vishwas (Amendment of Provisions) Bill, 2026, was passed with a voice vote. According to The Hindu, the bill proposes to amend 784 provisions of 79 Central Acts administered by 23 ministries. It seeks to decriminalise 717 provisions and amend 67 provisions to facilitate ease of living. It also seeks to rationalise more than 1,000 offences, removing outdated and redundant provisions, thereby improving the overall regulatory environment. The Hindu relates that the Parliament also passed amendments to the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, to provide faster resolutions, reduce case backlog and strengthen the financial ecosystem. The Rajya Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, with a voice vote. It had received the Lok Sabha approval on March 30. Replying to a short discussion on the bill in the Rajya Sabha, Finance Minister Nirmala Sitharaman said the IBC has contributed to the health of the Indian banking sector and helped recover assets, The Hindu relays. Ms. Sitharaman, who is also the Minister of Corporate Affairs, said all 11 recommendations made by a Lok Sabha Select Committee were accepted by the government. In addition, one more recommendation of the Ministry of Corporate Affairs was added to it. The Hindu says the Rajya Sabha on April 1 passed the CAPF (General Administration) Bill 2026. Leader of the Opposition in the Rajya Sabha, Mallikarjun Kharge, said that the members wanted the Bill to go to a select committee. The Opposition further staged a walkout amid sloganeering. =============== M A L A Y S I A =============== GREENPRO CAPITAL: FY2025 Swings to $2.98MM vs $725,827 in FY2024 ---------------------------------------------------------------- Greenpro Capital Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the year ended December 31, 2025, the Company recorded a net loss of $2,982,333 (2024 - $725,827), and net cash used in operations of $1,790,250 Total revenue was $2,073,557 and $3,496,405 for the years ended December 31, 2025, and 2024, respectively. Cash balance on December 31, 2025, was $636,659, as compared to $1,124,818 on December 31, 2024, a decrease of $488,159. The Company estimates it may have sufficient cash available to meet its anticipated working capital for the next 12 months upon improving its profitability and the continuing financial support from its major shareholders. Going Concern SFAI Malaysia PLT, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1,790,250 and as of December 31, 2025, the Company incurred an accumulated deficit of $40,246,712. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide additional cash to meet the Company's obligations as they become due. Despite the amount of funds that the Company has raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its shareholders, in the case of equity financing. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/5e834r22 About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. As of December 31, 2025, the Company had $5,091,388 in total assets and $1,500,544 in total liabilities, and total stockholders' equity of $3,590,844. ===================== N E W Z E A L A N D ===================== ALEENDA OPHRAH: Commences Wind-Up Proceedings --------------------------------------------- Members of Aleenda Ophrah Limited on April 2, 2026, passed a resolution to voluntarily wind up the company's operations. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 CHANCE VOIGHT: FMA Seeks Liquidation of Additional 25 Entities -------------------------------------------------------------- The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has applied to the High Court to liquidate a further 25 entities associated with the Rangiora-based Chance Voight Group. This action follows serious concerns about how the Group has been managed and whether it can meet its financial obligations. The latest application is the second liquidation application the FMA has made in respect of entities in the Chance Voight Group. In December 2025, the FMA sought the liquidation of the Chance Voight's Group's parent company, Chance Voight Investment Corporation Limited, and five of its main subsidiaries. The High Court granted the FMA's application for the appointment of interim liquidators pending a hearing on whether the companies should be liquidated. The Court has scheduled a three-day hearing from June 29 to July 1, 2026 to hear the December 2025 liquidation application. Margot Gatland, Head of Enforcement says, "The FMA's decision to seek liquidation of further Chance Voight entities, in addition to those subject to the December 2025 application, follows our receipt of the interim liquidators' report detailing their preliminary investigative findings, as well as our own continuing investigations into the Chance Voight Group." Publication of the Interim Liquidators' Report The interim liquidators' report, detailing their preliminary investigative findings into the affairs of the Chance Voight Group, is currently subject to a court suppression order. The FMA asked the Court to lift suppression over the report at a hearing on March 3, 2026. "We did this because we consider there to be strong public interest in the report being made available to investors and the wider public," says Ms. Gatland. The Group's principal, Mr Whimp, opposed the release of the report at the hearing. The High Court has now issued a judgment on the release of the interim liquidators' report, but the report remains under interim suppression until 5.00 pm on Friday 17 April 2026. The FMA will provide a further update about the publication of the report after that date. Investigation Continues The FMA's investigation into Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group remains ongoing. Anyone with information can contact the FMA by email: cvi@fma.govt.nz or by phone to 0800 434 566. About Chance Voight Chance Voight provided financial services, investments (including property investments), and other financial products. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 16, 2025, the Financial Markets Authority (FMA) said it is investigating Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group. Following the FMA seeking appointment of interim liquidators over six Chance Voight entities, the Court has appointed Malcolm Hollis, John Fisk and Lara Bennett of PwC New Zealand as interim liquidators over the 6 entities with effect from Dec. 10, 2025. The interim liquidation comprises the following entities: - Chance Voight Investment Corporation Limited - Chance Voight Investment Partners Limited - CVI Securities Limited - CVI Financial Limited - CVI Partners Mortgage Fund Limited - CVI Partners Mortgage Income Fund Limited CONCEPT BUILDERS: Court to Hear Wind-Up Petition on April 16 ------------------------------------------------------------ A petition to wind up the operations of Concept Builders Queenstown Limited will be heard before the High Court at Invercargill on April 16, 2026, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 4, 2026. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 KIT GROUP: Commences Wind-Up Proceedings ---------------------------------------- Members of Kit Group Limited on April 2, 2026, passed a resolution to voluntarily wind up the company's operations. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 SWEET AND ME: Creditors' Proofs of Debt Due on May 4 ---------------------------------------------------- Creditors of Sweet And Me Limited are required to file their proofs of debt by May 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 30, 2026. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 TALLEY'S LIMITED: Mulls Closure of Westport Fish Processing Factory ------------------------------------------------------------------- Radio New Zealand reports that Talley's is considering closing its Westport fish processing factory and has started consulting with staff. RNZ understands about 80 jobs could be lost. The Buller Mayor has described the proposed closure as devastating news for locals. In a statement, Talley's Limited chief executive Tony Hazlett said it was looking at consolidating its operations at the Westport site, RNZ relays. "The proposal reflects productivity and efficiency improvements made across Talley's processing network, which now allows the total volume of fish to be processed through Talley's Motueka and Timaru facilities," RNZ quotes Mr. Hazlett as saying. No final decision had been made, he said, and if the proposal went ahead all staff would be offered positions within the Talley's group. "Talley's priority is to engage respectfully with staff throughout the consultation process, exploring options and providing support where needed." Talley's said operations at its other fish processing sites were unaffected, and it remained a strong and stable business. According to RNZ, Buller mayor Chris Russell said it was difficult and devastating news, especially on top of the recent job losses at Western Mineral Sands. He understood the plan would mean that all fish processing in Westport would cease, but that fish would still be received at the Westport wharf and shipped to the other plants. "Given that those two plants (Motueka and Timaru) can handle all of the three plants through-put, with capacity to spare, I would have to say it doesn't look good for Westport's plant. But consultation has to occur, and that will happen over the next two weeks." He had met with the chief executive of Talley's and the company was taking a responsible approach towards employees who might be affected, and was conscious of the impact of job losses on Westport and the wider area, Mr. Russell said. "If people can take advantage of offers from within the Talley's group, that is really really a wonderful thing, but if people leave the Buller district that is not good for us," RNZ quotes Mr. Russell as saying. "We will continue to struggle on as Buller always does." Talley's will consult with staff over the next two weeks, adds RNZ. Talley's Group Limited is a privately owned, New Zealand–based agribusiness company that provides seafood, vegetable and dairy products. TERRACE BAR: Court to Hear Wind-Up Petition on April 16 ------------------------------------------------------- A petition to wind up the operations of The Terrace Bar Limited will be heard before the High Court at Dunedin on April 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 29, 2026. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 ================= S I N G A P O R E ================= AFRICA MINERAL: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on March 27, 2026, to wind up the operations of Africa Mineral Sands Pte. Ltd. Catalyse Capital Limited, Richard Jennings, and Catherine Jennings filed the petition against the company. The company's liquidators are: Goh Wee Teck Ng Kian Kiat RSM SG Corporate Advisory 8 Wilkie Road Unit 03-08, Wilkie Edge Singapore 228095 GENERAL ATLANTIC: Creditors' Proofs of Debt Due on May 11 --------------------------------------------------------- Creditors of General Atlantic Singapore AI Pte. Ltd. are required to file their proofs of debt by May 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2026. The company's liquidators are: Quar Lian Huat Tay Tuan Len c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 INNOVATION TECHNOLOGY: Creditors' Proofs of Debt Due on May 8 ------------------------------------------------------------- Creditors of Innovation Technology and Design Pte. Ltd. are required to file their proofs of debt by May 8, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 30, 2026. The company's liquidator is: Jean Nicolas Foo Kune c/o 20 Collyer Quay #11-05 Singapore 049319 KATRINA GROUP: Auditors Raise Going Concern Doubts -------------------------------------------------- The Business Times reports that the independent auditors for Katrina Group have highlighted uncertainty on the company's ability to continue as a going concern, primarily that the net and current liabilities of the group - which includes its subsidiaries – exceed its net and current assets. In a bourse filing on April 10, the Catalist-listed hospitality, food and beverage company stated that its independent auditors EY had raised uncertainties in its report, BT relates. According to BT, the report was based on the company's financial statements as at Dec. 31, 2025, among other financial documents. The auditor noted that the group and company incurred a net loss of SGD2.8 million and SGD128,000, respectively, in the financial year. Accordingly, the group's net liabilities and current liabilities exceeded its net assets and current assets by SGD6.7 million and SGD18.4 million, respectively, which are a material uncertainty that may cast significant doubt about the group's and the company's ability to continue as a going concern, BT discloses. Thus, the ability for Katrina to continue as a going concern hinges on it generating sufficient cash flow from its operations, as well as continuing financial support from one of the directors and his spouse not to recall an amount previously extended to the group. BT says the auditor also emphasised another uncertainty related to ongoing litigation by the Urban Redevelopment Authority. In July, Katrina's subsidiary ST Hospitality was among four firms and two individuals charged over providing illegal short-term stays, BT recalls. The accused were charged with a total of 340 counts of providing such stays, with each charge carrying a maximum possible fine of SGD200,000. EY's opinion in the report remained unqualified. In the bourse filing, Katrina's board said that it is appropriate to prepare financial statements on a going concern basis, BT relays. It said that it will be able to generate sufficient cash from operations to pay its liabilities, that management continues to manage cashflow of its subsidiaries, and the director and his spouse have pledged not to recall an amount advanced to the group previously, among other things. Katrina released its FY2025 results on Feb. 27, 2025. Besides the abovementioned net loss, its revenue dipped 16 per cent to SGD46 million, as revenue from both of its key business segments declined, BT adds. Katrina Group has 20 restaurants in Singapore under six brands, which include Bali Thai, Lotteria, So Pho and Streats. It also offers serviced apartments and co-living under its subsidiary ST Hospitality. OPAL FINTECH: Court to Hear Wind-Up Petition on April 17 -------------------------------------------------------- A petition to wind up the operations of Opal Fintech Pte. Ltd. (formerly known as Kanz Remit Pte. Ltd.) will be heard before the High Court of Singapore on April 17, 2026, at 10:00 a.m. Oceanus Digital Intelligence Network Pte. Ltd. filed the petition against the company on March 27, 2026. The Petitioner's solicitors are: Gateway Law Corporation 3 Anson Road #24-02 Springleaf Tower Singapore 079909 RW UKISHIMA: Creditors' Proofs of Debt Due on May 9 --------------------------------------------------- Creditors of RW Ukishima Pte. Ltd., RW Ukishima SPE 1 Pte. Ltd., and Uki Japan Pte. Ltd.are required to file their proofs of debt by May 9, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 2, 2026. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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