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260427.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 27, 2026, Vol. 29, No. 83 Headlines A U S T R A L I A BARCOO AGENCIES: First Creditors' Meeting Set for April 29 COASTAL CLADDING: First Creditors' Meeting Set for April 30 LINKED MECHANICAL: First Creditors' Meeting Set for May 1 MB STAR: Melbourne Star Set to Spin Again by End of This Year MOSSY INVESTMENT: First Creditors' Meeting Set for May 1 MOTHER IN LAWS: First Creditors' Meeting Set for April 30 C H I N A HUAYI BROTHERS: Enters Pre-Reorganization as Debt Crisis Deepens JIANGLING MOTORS: Ford JV Liquidated After Financial Losses H O N G K O N G KAISA GROUP: Chapter 15 Case Summary KAISA GROUP: Chapter 15 Recognition Hearing Scheduled for May 19 I N D I A A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating ADITYA SALES: CRISIL Keeps B- Debt Ratings in Not Cooperating AISHWARYA CHICKEN: CRISIL Keeps D Debt Ratings in Not Cooperating AISHWARYA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating AKANKSHA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating ALUBEE DIE: CRISIL Keeps B Debt Ratings in Not Cooperating AMARAVATHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating AMMAN SAGO: CRISIL Keeps B Debt Ratings in Not Cooperating ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating ASHISH EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating BABA BISWANATH: CRISIL Keeps B Debt Ratings in Not Cooperating BHAGYODAYA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating BHARAT SCANS: CRISIL Keeps D Debt Ratings in Not Cooperating BREMELS RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating CAUVERY TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating CITY MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating HARITHA FERTILISERS: CRISIL Keeps D Ratings to Not Cooperating JAIPRAKASH ASSOCIATES: NCLAT Reserves Ruling on Vedanta Plea JC PATRA: CRISIL Assigns B+ Rating to INR1cr Proposed Loan SUPERTECH: SC Asks NCLAT to Take Decision on 14 Housing Projects J A P A N UNIFICATION CHURCH: At Least JPY40 Billion Secured in Liquidation N E W Z E A L A N D CIRCLE PAINTING: Court to Hear Wind-Up Petition on May 8 HUMPHRYS HOLISTIC: Creditors' Proofs of Debt Due on May 19 KIWI STAR: Court to Hear Wind-Up Petition on May 25 NEVERLAND RETAIL: Creditors' Proofs of Debt Due on May 15 STRATTON PROPERTIES: Creditors' Proofs of Debt Due on May 21 S I N G A P O R E 38 DEGREES: Creditors' Meetings Set for May 4 ENCHANT HOLDING: Creditors' Proofs of Debt Due on May 23 LUYE MEDICAL: Placed Under Provisional Liquidation MOMOLATO PTE: Court to Hear Wind-Up Petition on May 8 NUODLE PTE: Court to Hear Wind-Up Petition on May 15 S O U T H K O R E A HOMEPLUS: Home Shopping Unit Emerges as Preferred Bidder - - - - - ================= A U S T R A L I A ================= BARCOO AGENCIES: First Creditors' Meeting Set for April 29 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Barcoo Agencies Pty Ltd, trading as Ray White Rural (Blackall) and Ray White Livestock (Blackall), will be held on April 29, 2026, at 11:00 a.m. via Microsoft Teams. Bradd William Morelli and Christopher John Baskerville of Jirsch Sutherland were appointed as administrators of the company on April 20, 2026. COASTAL CLADDING: First Creditors' Meeting Set for April 30 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Coastal Cladding (VIC) Pty Ltd will be held on April 30, 2026, at 11:00 a.m. via online meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on April 20, 2026. LINKED MECHANICAL: First Creditors' Meeting Set for May 1 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Linked Mechanical Pty Ltd will be held on May 1, 2026, at 10:00 a.m. at the offices of Robson Cotter Insolvency Group, Unit 1, 78 Logan Rd, in Woolloongabba, QLD and via virtual meeting technology. Murray Daniel of Robson Cotter Insolvency Group was appointed as administrator of the company on April 21, 2026. MB STAR: Melbourne Star Set to Spin Again by End of This Year ------------------------------------------------------------- Gemma Grant at The Age reports that the Melbourne Star Observation Wheel will be spinning again by the end of this year, after an agreement was reached between the owners and voluntary administrators of the embattled tourist attraction. According to The Age, the wheel was permanently closed in 2021 after owners MB Star Properties Pty Ltd entered liquidation, partially due to the impacts of the COVID-19 pandemic. But in March, the troubled attraction was offered a lifeline. A deed of company arrangement was accepted by creditors that would see the company restructured and revitalised, with the aim of reopening the attraction in the second half of the year, The Age relays. Last year, the wheel received more than AUD11 million in investment from a combination of international and local backers, The Age recalls. Along with MB Star Properties, Swiss amusement company Robu Group and American amusement group Ray Cammack Shows will all manage the wheel collaboratively going forward. The Age says Melbourne-based Skyline Attractions, which also owns observation wheels in Airlie Beach, Adelaide and at South Wharf in Melbourne, will operate the wheel. "Our team has been working closely on the recommissioning of the Melbourne Star since August last year and have made fantastic progress," The Age quotes business manager Jay Jones as saying in a statement. "It's a privilege to support the safe return of this much-loved attraction, welcoming locals and visitors back to enjoy the views and see the wheel light up the Docklands skyline once again." The Age relates that Lord Mayor Nick Reece said that the reopening is an exciting announcement – calling it a "wheely big deal" for Melbourne. "It's been more than five years since the Melbourne Star last turned. Now, members of the public can look forward to seeing more exciting tests as things progress down at The District," Mr. Reece said. "The City of Melbourne has been involved in many behind-the-scenes conversations to help get the Star turning once more . . . We'll be working closely with Skyline Attractions to ensure a smooth process towards the relaunch." The Age notes that the AUD100 million wheel originally opened in 2008 under the name Southern Star, but closed less than two months later due to serious design flaws. Since its rebranding, the Melbourne Star has since faced prolonged periods of closure. For almost five years between 2009 and 2013, it was closed to the public and most of the structure was rebuilt. In 2024, the City of Melbourne even considered selling the 120-metre tall structure for parts. But the upcoming reopening will bring renewed optimism to the Docklands, an area that has previously been described as a suburb that has failed to reach its full potential, The Age states. "The District [Docklands] is proud to be the home of the Melbourne Star and seeing visitors to the precinct enjoy all the attraction has to offer will be a significant milestone," said director of precincts for The District Docklands Jonathan Codman. "The Melbourne Star has long been integral to Docklands and is a world-class attraction. We're committed to supporting its return as a vibrant part of Melbourne's unique offering," he said. MOSSY INVESTMENT: First Creditors' Meeting Set for May 1 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Mossy Investment Company Pty Ltd will be held on May 1, 2026, at 9:00 a.m. at the offices of Robson Cotter Insolvency Group, at Unit 1, 78 Logan Rd, in Woolloongabba, QLD, and via virtual meeting technology. William Roland Robson and Murray Daniel of Robson Cotter Insolvency Group were appointed as administrators of the company on April 21, 2026. MOTHER IN LAWS: First Creditors' Meeting Set for April 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of The Mother in Laws Pty Limited, trading as 'Hungry Wolf's Terrigal', will be held on April 30, 2026, at 10:00 a.m. at the offices of Shaw Gidley, at Level 1, 160 Pacific Highway, in Charlestown, NSW, and via teleconference. Paul William Gidley of Shaw Gidley was appointed as administrator of the company on April 17, 2026. ========= C H I N A ========= HUAYI BROTHERS: Enters Pre-Reorganization as Debt Crisis Deepens ---------------------------------------------------------------- Caixin Global reports that a Chinese court has launched a pre-reorganization process for Huayi Brothers Media Corp., pushing the once-dominant film studio to the brink of bankruptcy after it missed a debt payment. Caixin relates that the Zhejiang Jinhua Intermediate People's Court accepted a restructuring application filed by creditor Beijing Tairuifeike Technology Co. Ltd. The creditor initiated the process after the studio failed to repay a principal debt of CNY11.4 million (US$1.7 million). JIANGLING MOTORS: Ford JV Liquidated After Financial Losses ----------------------------------------------------------- CarExpert reports that a partnership between Ford and Chinese automaker Jiangling Motors Co (JMC) has been axed after ongoing losses totalling at least JPY750 million since it was announced in January 2022. According to CarExpert, Ford said the Jiangling Ford Automobile Technology (JFT) joint venture was created to "accelerate growth of Ford's passenger vehicle business in China." However, a Jiangling Motors report published in 2025 confirmed the JV accumulated even higher losses of JPY2.3 billion over four years, with its revenue falling 45.4 per cent last year alone. According to Chinese news outlet Soho.com, the JV has now been liquidated. Ford has not made any official statement. While the JV did not manufacture vehicles, it was tasked with driving sales growth through the development of a dealer network of 181 outlets across China, branded as outdoor/adventure lifestyle-oriented ‘Ford Beyond' stores. Separate from Changan Ford – a 50:50 joint venture between Ford and Changan which manufactures the brand's vehicles in China – the 'Ford Beyond' outlets focused on SUVs and pickups rather than traditional passenger cars, CarExpert notes. CarExpert relates that the strategy aimed to capitalise on easing Chinese regulations around pickup use in urban areas. This was expected to present an opportunity for more lifestyle-oriented models such as a Chinese-market version of the Ford Ranger – Australia's best-selling model for the past three years. The first Ford Beyond dealership opened in October 2023 in Chongqing, where restrictions on pickup trucks had already been lifted. CarExpert says the lineup also included the Bronco from 2024 and the Ford Equator Sport SUV, also known as the Territory (not sold in Australia, and unrelated to the locally developed 2004-2016 Territory). ================= H O N G K O N G ================= KAISA GROUP: Chapter 15 Case Summary ------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Kaisa Group Holdings Ltd (Lead Case) 26-10818 Cricket Square, Hutchins Drive 2681 Grand Cayman KY1-1111 Cayman Islands Rui Jing Investment Company Limited 26-10819 Business Description: Kaisa Group Holdings Ltd., founded in 1999 and headquartered in Shenzhen, China, is an investment holding company engaged in property development, investment and management. Its businesses include residential and commercial property development, urban renewal and integrated urban complexes, along with hotel operations, tourism projects, commercial asset management and property services. The group also has activities in maritime transport, education, healthcare-related services, and cultural and sports operations across more than 50 cities in China. Chapter 15 Petition Date: April 10, 2026 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. John P Mastando III Foreign Representative: Mr. Tam Lai Ling 30/F, The Center, 99 Queen's Rd Central Hong Kong Foreign Proceeding: Scheme under sections 670, 673, and 674 of the HK Companies Ordinance Foreign Representative's Counsel: Anthony Grossi, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York NY 10019 Tel: (212) 839-5599 Email: agrossi@sidley.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FNU2XQY/Kaisa_Group_Holdings_Ltd_and_Kaisa__nysbke-26-10818__0001.0.pdf?mcid=tGE4TAMA KAISA GROUP: Chapter 15 Recognition Hearing Scheduled for May 19 ---------------------------------------------------------------- Mr. Tam Lai Ling, in his capacity as the authorized foreign representative for Kaisa Group Holdings Ltd. and for Rui Jing Investment Company Limited with respect to restructuring proceedings entitled: (i) in the Matter of Kaisa Group Holdings Ltd. (Case Number RCMP 1705/2024) and (ii) in the Matter of Rui Jing Investment Company Limited (Case Number HCMP 1706/2024), has filed voluntary petitions for relief under chapter 15 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York, Case No 26-10818. Copies of the Recognition Motion and all other documents filed n the cases can be accessed from the Court's website, http://ecf.nysb.uscourts.gov(a PACER login and password are required to retrieve documents) or free of charge by visiting the Debtors' noticing and information agent Kroll's website at https://restructuring.ra.kroll.com/Kaisa/. Among other things, the Recognition Motion requests entry of an order recognizing each of the Hong Kong Proceedings as a foreign main proceeding or, in the alternative, a foreign nonmain proceeding pursuant to section 1517 of the Bankruptcy Code, granting related relief pursuant to section 1520 of the Bankruptcy Code, and granting certain additional relief pursuant to sections 1507 and 1521 of the Bankruptcy Code, including injunctive relief. The Court has scheduled a hearing to consider the relief requested in the Recognition Motion at 9:30 a.m. (prevailing Eastern Time) on May 19, 2026. The Recognition Hearing will be held before the Honorable John P. Mastando II of the United States Bankruptcy Court for the Southern District of New York. The Recognition Hearing will be an evidentiary hearing at which witnesses ay testify. Information regarding the Court's Zoom and hearing procedures can be found on the Court's website. Any objection to the Recognition Motion must be made in accordance with the Bankruptcy Code, the Local Rules of the United States Bankruptcy Court for the Southern District of New York, and the Federal Rules of Bankruptcy Procedure, in a writing that sets forth the basis for such objection with specificity and the nature and extent of the respondent's claims against the Debtors. Any such objection must be filed electronically with the Court on the Court's electronic case filling system in accordance with and as provided in General Order M-399 (a copy of which may be viewed on the Court's website at wwwnysb.uscourts.gov) and the Court's Procedures for the Filing, Signing and Verification of Documents by Electronic Means, and served upon the Foreign Representative's counsel, Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019 (Attn: Anthony Grossi), so as to be received by 5:00 p.m. (prevailing Eastern Time on May 5, 2026, with a courtesy copy served upon the Chambers of the Honorable John P. Mastando II, United States Bankruptcy Judge, United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York 10004-1408. Any party in interest objecting to the Recognition Motion or the relief requested therein must appear electronically or in person at the Recognition Hearing (unless ordered otherwise by the Court). The Recognition Hearing may be adjourned from time to time without further notice other than an announcement in open court or a notice of adjournment filed with the Court. If no objection is timely and served as provided above, the Court may grant the relief requested in the Recognition Motion without a hearing or further notice. About Kaisa Group Holdings Ltd. Kaisa Group is a Hong Kong investment firm. Kaisa Group sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10818) on April 10, 2026. Bankruptcy Judge John P. Mastando III oversees the Chapter 15 case. Sidley Austin LLP represents the Debtor in the Chapter 15 case. ========= I N D I A ========= A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of A P Goyal Shimla University (APGSU) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 31 Crisil D (Issuer Not Cooperating) Overdraft Facility 5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with APGSU for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APGSU, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APGSU is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APGSU continues to be 'Crisil D/Crisil D Issuer not cooperating'. APGSU was established in 2012, by the AP Goyal Charitable Trust, through the APG Shimla University Establishment and Regulation Act, 2012. The trust is promoted by members of the Goyal family. It offers more than 60 courses to over 3,000 students in Shimla, including graduate and post-graduate programmes in fields of engineering and management, and other courses in various streams. ADITYA SALES: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aditya Sales (AS) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AS for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AS continues to be 'Crisil B-/Stable Issuer not cooperating'. AS, a partnership firm incorporated by Mr. Shailendra Agarwal and Ms. Abhilasha Agarwal, is an auto-dealer for Honda's two-wheeler passenger segment in Lucknow (Uttar Pradesh). AISHWARYA CHICKEN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aishwarya Chicken (AC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 10.50 CRISIL D (Issuer Not Cooperating) Term Loan 0.67 CRISIL D (Issuer Not Cooperating) Working Capital 2.83 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with AC for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AC continues to be 'Crisil D Issuer not cooperating'. AC was set up in the year 2011. AC is engaged in the poultry and hatchery business. AC is owned & managed by Mr. G Nallusamy and Mr. R Gunasekaran. AISHWARYA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aishwarya Feeds (AF) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL D (Issuer Not Cooperating) Cash Credit & 9.5 CRISIL D (Issuer Not Working Capital Cooperating) Demand Loan Long Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.71 CRISIL D (Issuer Not Cooperating) Packing Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.29 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AF for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AF continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established as a partnership firm in 1996, AF manufactures poultry feed at its plant at Namakkal in Tamil Nadu. The firm also trades in eggs in the domestic and overseas markets. Its operations are managed by managing partner, Mr R Gunasekaran, and his family members. AKANKSHA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Akanksha Poultry Farm (APF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with APF for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APF continues to be 'Crisil D Issuer not cooperating'. APF, established in 2010 by Mr Anil Shirsath, produces broiler chicken on a contract manufacturing basis. AFMC, a proprietary concern of Mr Shirsath's wife, Ms. Savita Anil Shirsath, was formed in 2011 for manufacturing poultry feed, and meets around 80% of APF's feed requirements. ALUBEE DIE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Alubee Die Casters (ADC) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 14 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Term Loan 12 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Working 6.05 CRISIL B/Stable (ISSUER NOT Capital Facility COOPERATING) Working Capital 0.95 CRISIL B/Stable (ISSUER NOT Demand Loan COOPERATING) Crisil Ratings has been consistently following up with ADC for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ADC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ADC continues to be 'Crisil B/Stable Issuer not cooperating'. Established in the year 2004 by the brothers Mr. G. Prabhuram, Mr.G. Sairam and G. Veerarragavan, ADC is engaged in the business of designing and manufacturing die and high pressure die castings of aluminium alloys and zinc which finds its application in electrical, industrial, and automobile industry. The firm has its manufacturing facility located in Hosur, Tamil Nadu. AMARAVATHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amaravathi Spinning Mills (Rajapalayam) Private Limited (ASMRPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.53 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Export Packing 0.5 CRISIL D (Issuer Not Credit Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ASMRPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASMRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASMRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ASMRPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1989, ASMRPL manufactures cotton yarn. Its facility in Rajapalayam (Tamil Nadu) has a capacity of 12,168 spindles. Its operations are spread across Coimbatore, Karur, Salem, and Erode (all in Tamil Nadu). AMMAN SAGO: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amman Sago Factory (ASF) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL B/Stable (Issuer Not Cooperating) Rupee Term Loan 2.7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASF for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ASF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASF continues to be 'Crisil B/Stable Issuer not cooperating'. ASF, set up in 1984, manufactures tapioca pearls (sago). Operations are managed by the proprietor, Mr R Ganesan. The manufacturing facility is at Salem, Tamil Nadu. ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ankur Iron India Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.12 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.38 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AIPL was set up as a proprietorship concern named Ankur Steel Corporation in 1982 by Mr. Kiran Mehta; it was reconstituted as a private limited company with its current name in 2011. AIPL trades in steel and steel products such as cold-rolled sheets, galvanized sheets, hot-rolled sheets and plates. ASHISH EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Ashish Exports (AE) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (Issuer Not Cooperating) Packing Credit 14 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AE for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AE continues to be 'Crisil B/Stable Issuer not cooperating'. AE, a sole proprietorship concern, was set up in 1999 and is engaged in the manufacturing of menthol and allied products like mint products, essential oils & aromatic chemicals. It is an export-oriented unit, based in Chandausi, Uttar Pradesh. Mr. Ankur Agarwal oversees the operations. It is a family-owned business, and prior to inception of AE, the family was engaged in the manufacturing of menthol and allied products through its sister concern, which was founded by Mr. Dinesh Agarwal, Mr. Ankur Agarwal's father, in 1982. BABA BISWANATH: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL RATINGS said the ratings on bank facilities of Baba Biswanath Rice Mill (BBRM) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 4 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BBRM for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BBRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BBRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BBRM continues to be 'Crisil B/Stable Issuer not cooperating'. Established as a partnership firm, BBRM is engaged in milling of non-basmati rice. The firm is based in Hooghly (West Bengal) and is owned & managed by Mr. Nityaranjan Betal, Mr. Dilipkumar Dey, Mr. Asit Bar and Smt. Rinku Dey. BHAGYODAYA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagyodaya Motors Private Limited (BMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Channel Financing 1.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.70 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 1 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with BMPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1998 as a partnership firm, BMPL was reconstituted as a private limited company in 2002. The company is the exclusive authorized dealer for TML's passenger car in three districts - Bellary, Koppal, and Raichur (all in Karnataka). BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhagyodaya Trokhos Private Limited (BTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (Issuer Not Cooperating) Channel Financing 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 1.75 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with BTPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BTPL was incorporated in 2006. The company is the exclusive authorized dealer for TML's light commercial vehicles (LCVs) in Bellary, Koppal, and Raichur. BHARAT SCANS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Bharat Scans Private Limited (BSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.47 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.75 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4.00 CRISIL D (Issuer Not Cooperating) Proposed Working 1.31 CRISIL D (Issuer Not Capital Facility Cooperating) Working Capital 0.97 CRISIL D (Issuer Not Facility Cooperating) Working Capital 0.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with BSPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1995, BSPL operates six diagnostic centres in Tamil Nadu. It is promoted by Dr Rajamani Emmanuel Gunaseelan and Dr Beula Emmanuel. BREMELS RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bremels Rubber Industries Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Bill Discounting 3 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Bremels for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Bremels, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Bremels is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Bremels continues to be 'Crisil D/Crisil D Issuer not cooperating'. Bremels, set up in 1971, manufactures tyre retreads used for retreading worn-out tyres of heavy vehicles. It sells its products under the Bremels brand. The company also manufactures solid tyres for forklifts. It is setting up a solid tyre manufacturing unit at the Padubidri special economic zone in Udupi (Karnataka). The capex will add capacity of 0.15 million tyres per year. CAUVERY TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cauvery Timber and Saw Mill (CT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CT for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CT continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership concern in 2004, CT trades in timber, mainly in Tamil Nadu. The firm has established relationships with timber depots and saw mills spread across the region, and has a stockyard in Toothukudi. CITY MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of City Motors Private Limited (CMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Electronic Dealer 19.75 CRISIL B/Stable (ISSUER NOT Financing Scheme COOPERATING) (e-DFS) Proposed Long Term .56 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.69 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CMPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CMPL continues to be 'Crisil B/Stable Issuer not cooperating'. CMPL was incorporated in 1995 and commenced operations in 1997. CMPL has HCIL's dealership in Bhubaneshwar, Sambalpur, Angul and Vishakhapatnam. The company has one showroom in each city with 3S facilities (Sales, Service and Spares) of the cars. CMPL is managed by Mr. V K Dhawan and family. HARITHA FERTILISERS: CRISIL Keeps D Ratings to Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Haritha Fertilisers Limited (HFL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 16 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HFL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HFL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, HFL is involved in the manufacturing of nitrogen-phosphorous-potassium (NPK) fertilisers. The company has two manufacturing facilities with installed capacity of 1.50 lakh metric tonne per annum each. The unit-I is located at Ankireddypalli village in Ranga Reddy district and unit-II is located at Damaracherla village in Nalgonda district of Telangana. The company sells products under own brand 'Nandi' in Telangana. JAIPRAKASH ASSOCIATES: NCLAT Reserves Ruling on Vedanta Plea ------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) on April 22 reserved its order on Vedanta's two petitions challenging the selection of Adani Enterprises bid to acquire debt-ridden Jaiprakash Associates Ltd through the insolvency process. A two-member bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra concluded hearings after arguments from Vedanta Ltd and respondents, including the Resolution Professional, Committee of Creditors (CoC) and Adani Enterprises, ET relates. Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JC PATRA: CRISIL Assigns B+ Rating to INR1cr Proposed Loan ---------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil B+/Stable' rating to the long term bank facilities of J C Patra Engineering And Co (JCPEC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- Based Bank Limits 1 Crisil B+/Stable (Assigned) The rating reflects JCPEC's susceptibility to tender-based operations and modest scale of operations. These weaknesses are partially offset by its extensive industry experience of the partners and moderate financial risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JCPEC. Key Rating Drivers - Weaknesses * Modest scale of operation: JCPECs business profile is constrained by its scale of operations in the intensely competitive civil construction industry. Revenue and operating margin in the nine months of fiscal 2026 was at INR2.4 crore and 5.5%, respectively. JCPECs scale of operations will continue limit its operating flexibility. * Susceptibility to tender-based operations: Revenue and profitability entirely depend on the ability to win tenders. Also, entities in this segment face intense competition, thus requiring to bid aggressively to get contracts, which restricts the operating margin to a moderate level. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability margin through operating efficiency becomes critical. Key Rating Drivers - Strengths * Extensive industry experience of the partners: The partners have extensive experience in the industry. This has given them an understanding of the dynamics of the market, and enabled them to establish relationships with its customers, Bharat Petroleum Limited and Indian Oil Corporation Limited to name a few. * Moderate financial risk profile: Networth of INR0.68 crore on March 31, 2025, and external debt limited to unsecured loans from partners, led to gearing and total outside liabilities to total networth ratios of 0.3 time and 0.9 time, respectively. In the absence of debt-funded capital expenditure and steady working capacity cycle, financial risk profile is expected to sustain, supported by steady accretion to reserves. Liquidity Stretched Cash accrual are expected to be over INR0.07 crore which are sufficient against nil term debt obligation over the medium term. In addition, it will act as cushion to the liquidity of the firm. Current ratio was healthy at 3.4 times on March 31, 2025. Outlook Stable Crisil ratings believe JCPEC will continue to benefit from the extensive experience of its partner, and established relationships with clients. Rating sensitivity factors Upward factor * Sustained improvement in scale of operation and sustenance of operating margin, leading to net cash accruals of over INR0.5 crore * Improvement in financial risk profile through accretion to reserves Downward factor * Decline in revenue or profitability weakening business risk profile. * Witnesses a substantial increase in its working capital requirements or large debt funded capex leading to interest coverage of below 1.5 times JCPEC was established in 2017. It is engaged in civil construction works of buildings, structures, tanks, pipes, etc. It is located at Paikpara, Kolkata, West Bengal. It is owned and managed by Mr. Priyodip Patra, Mr. Monohar Patra and Mr. Premadip Patra. SUPERTECH: SC Asks NCLAT to Take Decision on 14 Housing Projects ---------------------------------------------------------------- The Economic Times reports that the Supreme Court on April 20 asked the NCLAT to take an expeditious decision on the amalgamation of the remaining 14 housing projects of debt-ridden realty firm Supertech under a court-monitored framework to ensure completion and end the woes of homebuyers. Earlier, the top court, on February 5, upheld an NCLAT (National Company Law Appellate Tribunal) order asking the State-owned NBCC to complete 16 housing projects, out of a total 30, of Supertech Limited. According to ET, a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the apprehension of homebuyers over uncertainty on the completion of the stalled projects, which are still in limbo and being dealt by the debt-ridden firm unlike 16 other projects that were earlier handed over to the PSU NBCC. ET says the CJI requested the NCLAT to take up the pleas on an urgent basis and hear all the stakeholders, including land-owning agencies such as Greater NOIDA as well as farmers. It noted that the judicial order was necessitated by the fact that the insolvency resolution professional of Supertech Ltd has been suspended due to alleged misconduct. About Supertech Supertech Limited (STL), incorporated in 1995, was promoted by Mr. R. K. Arora. The company is in the business of developing real estate projects in the residential, commercial and retail segments in the NCR region and other prominent places in Uttar Pradesh, Uttarakhand and Bangalore. As reported in the Troubled Company Reporter-Asia Pacific on in late March 2022, insolvency proceedings have been initiated against Supertech Ltd after a National Company Law Tribunal (NCLT) bench on March 25, 2022, admitted a petition filed by Union Bank of India for non-payment of dues by the company. An interim resolution professional (IRP) has also been appointed for Supertech, superseding the company's board. ========= J A P A N ========= UNIFICATION CHURCH: At Least JPY40 Billion Secured in Liquidation ----------------------------------------------------------------- The Japan Times reports that at least JPY40 billion (US$250 million) in deposits and savings have been secured during the liquidation process of the Unification Church in Japan, sources said April 22. The Japan Times, citing a report submitted by the liquidator, lawyer Hisashi Ito, to the Tokyo District Court, relates that transactions on the religious group's accounts were suspended immediately after the liquidation process began on March 4. The group's rental contracts for some 700 properties will be canceled, and about 200 properties owned by it will be sold, starting with those not currently in use, according to the report. Also on April 22, it was publicly announced that claims of losses from large donations to the Unification Church will be accepted for a year from May 20, The Japan Times relays. The Japan Times says the group had about 1,400 employees as of April 20, but about 900 of them - those who have not been involved in the liquidation process - will be dismissed on May 20. In March 2025, the district court issued a dissolution order to the Unification Church, following a request from the culture ministry, the report recalls. It was the first such order on the grounds of Civil Code violations. The order was upheld by Tokyo High Court on March 4. The group then appealed the case to the Supreme Court, adds The Japan Times. ===================== N E W Z E A L A N D ===================== CIRCLE PAINTING: Court to Hear Wind-Up Petition on May 8 -------------------------------------------------------- A petition to wind up the operations of Circle Painting Limited will be heard before the High Court at Auckland on May 8, 2026, at 10:45 a.m. Great River Hill Investment Limited filed the petition against the company on March 16, 2026. The Petitioner's solicitor is: PCW Law Limited 1 Millhouse Drive Northpark, Auckland HUMPHRYS HOLISTIC: Creditors' Proofs of Debt Due on May 19 ---------------------------------------------------------- Creditors of Humphrys Holistic Limited are required to file their proofs of debt by May 19, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2026. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland KIWI STAR: Court to Hear Wind-Up Petition on May 25 --------------------------------------------------- A petition to wind up the operations of Kiwi Star Horticultural Limited will be heard before the High Court at Tauranga on May 25, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 17, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton NEVERLAND RETAIL: Creditors' Proofs of Debt Due on May 15 --------------------------------------------------------- Creditors of Neverland Retail 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 8, 2026. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 STRATTON PROPERTIES: Creditors' Proofs of Debt Due on May 21 ------------------------------------------------------------ Creditors of Stratton Properties Limited are required to file their proofs of debt by May 21, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 20, 2026. The company's liquidators are: Wendy Somerville Malcolm Hollis PwC PwC Waikato PO Box 191 Hamilton 3240 ================= S I N G A P O R E ================= 38 DEGREES: Creditors' Meetings Set for May 4 --------------------------------------------- 38 Degrees Investments Pte. Ltd. will hold a meeting for its creditors on May 4, 2026, at 11:00 a.m. via video conferencing (Microsoft Teams or Zoom). 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. Yiong Kok Kong of DKKY Corporate Advisory was appointed as provisional liquidator of the Company on May 4, 2026. ENCHANT HOLDING: Creditors' Proofs of Debt Due on May 23 -------------------------------------------------------- Creditors of Enchant Holding Pte. Ltd. are required to file their proofs of debt by May 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 17, 2026. The company's liquidators are: Ang Huey Pueh Tee Lian Choy 105 Cecil Street #15-02 The Octagon Singapore 069534 LUYE MEDICAL: Placed Under Provisional Liquidation -------------------------------------------------- Ng Kian Kiat and Goh Wee Teck of RSM SG Corporte on April 9, 2026, were appointed as provisional liquidators of Luye Medical Group Pte Ltd. The provisional liquidators may be reached at: Goh Wee Teck Ng Kian Kiat RSM SG Corporate Advisory 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 MOMOLATO PTE: Court to Hear Wind-Up Petition on May 8 ----------------------------------------------------- A petition to wind up the operations of Momolato Pte. Ltd will be heard before the High Court of Singapore on May 8, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 16, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 NUODLE PTE: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------- A petition to wind up the operations of Nuodle Pte. Ltd. will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on April 15, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ===================== S O U T H K O R E A ===================== HOMEPLUS: Home Shopping Unit Emerges as Preferred Bidder -------------------------------------------------------- The Korea Times reports that Harim Group, Korea's largest poultry processing firm, has emerged as a major player in the country's mergers and acquisitions (M&A) market, as its home shopping unit was selected as the preferred bidder to acquire Homeplus Express, a supermarket chain under ailing retailer Homeplus. According to The Korea Times, Homeplus and its sales advisor, Samil PwC, on April 21 conducted a final round of bidding for Homeplus Express, naming NS Home Shopping the preferred negotiation partner. The Korea Times notes that MBK Partners, the largest shareholder of Homeplus, is seeking to sell the unit for around KRW300 billion (US$203 million), but Harim is reported to have offered less than that. If the two sides reach a deal, the proceeds will be calculated into MBK's rehabilitation plan for cash-strapped Homeplus. The court-imposed deadline for approval of the plan falls on May 4, leaving little room to delay the sale of Homeplus Express, The Korea Times says. Once the sale of Homeplus Express is completed, Homeplus will be able to secure urgently needed cash, such as funds for wage payments. The company paid only half of its employees' salaries last month and the rest was belatedly paid on April 17. Starting out as a chicken supply business, Harim Group has expanded its scale through a series of takeovers, The Korea Times says. It acquired feed maker Jeil Feed in 2001, followed by pork processor Sunjin in 2007 and livestock farming and processing company Farmsco in 2008. In 2015, it extended its domain to shipping, acquiring Pan Ocean for KRW1 trillion. In 2023, the group attempted to acquire Korea's largest shipper HMM, being selected as the preferred bidder after betting KRW6.4 trillion. However, Harim's bid for HMM fell through after it failed to narrow differences with the shipping firm's creditors over management control. The failed attempt made headlines over Harim's financial capacity, while also raising questions about whether it could actually secure funding on that scale. Compared with its bid for HMM, the Homeplus Express deal is much cheaper, and Harim Group appears to have sufficient financial strength. Harim Holdings, the group's holding firm, held KRW1.46 trillion of cash and cash equivalent as of last year, while NS Shopping is estimated to be able to secure nearly KRW140 billion in liquidity. For Harim, the deal to acquire Homeplus Express is expected to be an opportunity to secure a nationwide distribution network without significantly increasing its financial burden, but there are several risks. MGC Global and other firms that submitted letters of intent for Homeplus Express have withdrawn from the bidding, apparently due to the financial burden presented by operating costs after the acquisition of the firm, The Korea Times adds. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* 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. 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