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260506.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 6, 2026, Vol. 29, No. 90 Headlines A U S T R A L I A BELIEVE EARLY: Childcare Operator Enters Voluntary Administration DANISH RED: First Creditors' Meeting Set for May 12 ECOMARINE GROW-OUT: First Creditors' Meeting Set for May 12 HEALEY INFRASTRUCTURE: Second Creditors' Meeting Set for May 11 JNC TECHNOLOGIES: First Creditors' Meeting Set for May 12 SHORELANDS PTY: First Creditors' Meeting Set for May 14 C H I N A CHINA METAL: Faces Going-Concern Disclaimer Amid Restructuring SUNAC CHINA: Sets 2026 AGM to Approve Accounts, Board Mandates I N D I A BHATI ASSOCIATES: CARE Keeps C Rating in Not Cooperating Category ECO POLYFIBRES: CARE Keeps D Debt Ratings in Not Cooperating EMBASSY DEVELOPMENT: NCLAT Ends Insolvency Process Against Firm GOEL CARGO: CARE Lowers Rating on INR16cr LT Loan to B- HOLO PACK: CARE Keeps C Debt Rating in Not Cooperating Category HUBLI ELECTRICITY: CRISIL Keeps B- Ratings in Not Cooperating INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating KUSHALBAGH MARBLES: CARE Keeps B- Debt Rating in Not Cooperating LAKSHMI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating LOKESH INFRAPROJECT: CRISIL Keeps B- Rating in Not Cooperating MIGHTY AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category NIRMAL LIFESTYLE: NCLT OKs Mantra Properties Buyout of Project PAWANSUT CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category RAOSAHEBDADA PAWAR: CRISIL Keeps D Ratings in Not Cooperating RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category SAFAL FLEXIBOND: CRISIL Keeps D Debt Ratings in Not Cooperating SAI SUDHA: CARE Keeps B- Debt Rating in Not Cooperating Category SANKLECHA CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating SASWAD MALI: CRISIL Keeps B- Debt Ratings in Not Cooperating SELVARANI DHALL: CRISIL Keeps D Debt Rating in Not Cooperating SHIVA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating SIVANA STEEL: CARE Lowers Rating on INR11.69cr LT Loan to B- SRIVAY INFRA: CARE Keeps D Debt Ratings in Not Cooperating SUNFUEL TECHNOLOGIES: CARE Keeps B- Debt Rating in Not Cooperating VAYAS MULTI-TRADING: CRISIL Keeps D Rating in Not Cooperating VISHNU BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating VISHWAKARMA AUTOMOTIVE: CARE Keeps B- Rating in Not Cooperating N E W Z E A L A N D A H BEARD: Creditors' Proofs of Debt Due on May 26 CACCIATORE LIMITED: Creditors' Proofs of Debt Due on June 28 CHASSEUR LIMITED: Creditors' Proofs of Debt Due on June 8 MAGNIFY RESULTS: Court to Hear Wind-Up Petition on May 29 SHUNDI CUSTOMS: Receivers Appoint Colliers to Sell St Johns' Site TOTAL TRADIES: Court to Hear Wind-Up Petition on May 8 P A K I S T A N PAKISTAN: Trade Deficit Widens in April as Imports Surge S I N G A P O R E ECOSUBSEA SINGAPORE: Commences Wind-Up Proceedings RJLF KAWAGOE: Creditors' Proofs of Debt Due on June 4 SNC LOGISTICS: Farooq Ahmad Mann Appointed as Liquidator SPHERE CECIL: Farooq Ahmad Mann Appointed as Liquidator VANILLA VENTURE: Commences Wind-Up Proceedings S O U T H K O R E A HANWHA SOLUTIONS: Ordered Again to Revise Share Sale Plan - - - - - ================= A U S T R A L I A ================= BELIEVE EARLY: Childcare Operator Enters Voluntary Administration ----------------------------------------------------------------- NT News reports that Believe Early Learning, a childcare operator with centres in Eaglehawk and Mooroopna, Victoria, has entered voluntary administration, revealing AUD12.5 million debt and raising suspicions of a "shadow" director manipulating operations. Administrator Andrew Blundell of Cathro and Partners has reported multiple potential breaches, including insolvent trading and failure to keep proper records, NT News relates. DANISH RED: First Creditors' Meeting Set for May 12 --------------------------------------------------- A first meeting of the creditors in the proceedings of Danish Red Furniture Pty Ltd will be held on May 12, 2026, at 11:00 a.m. via Microsoft Teams Videoconferencing Facility. Liam Bellamy and Andrew Quinn of Mackay Goodwin were appointed as administrators of the company on April 30, 2026. ECOMARINE GROW-OUT: First Creditors' Meeting Set for May 12 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Ecomarine Grow-Out No. 1 Pty Ltd will be held on May 12, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on May 1, 2026. HEALEY INFRASTRUCTURE: Second Creditors' Meeting Set for May 11 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Healey Infrastructure Pty Ltd has been set for May 11, 2026, at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 8, 2026 at 4:00 p.m. Stephen Dixon of HM Advisory was appointed as administrator of the company on March 12, 2026. JNC TECHNOLOGIES: First Creditors' Meeting Set for May 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of JNC Technologies Group Holdings Pty Limited will be held on May 12, 2026, at 10:30 a.m. via Microsoft Teams Videoconferencing Facility. Liam Bellamy and Andrew Quinn of Mackay Goodwin were appointed as administrators of the company on April 30, 2026. SHORELANDS PTY: First Creditors' Meeting Set for May 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Shorelands Pty. Ltd, Shoreacademy Pty Ltd and Shore Remote Employment Pty Ltd will be held on May 14, 2026, at 11:30 a.m. via virtual meeting only. Kelly Dale Meyn and Dermott Joseph McVeigh of Avior Consulting were appointed as administrators of the company on May 1, 2026. ========= C H I N A ========= CHINA METAL: Faces Going-Concern Disclaimer Amid Restructuring -------------------------------------------------------------- TipRanks reports that China Metal Resources Utilization Limited has disclosed that its auditors issued a disclaimer of opinion on its 2024 financial statements due to going concern uncertainties, and the company is working to address this by pursuing a comprehensive debt restructuring. According to TipRanks, the management said the key prerequisite is securing new investment of between RMB300 million and RMB500 million, and three potential Sichuan-based investors have completed due diligence and are conducting internal assessments, while a separate RMB400 million convertible bond from Kaiyue remains delayed by liquidity issues. TipRanks relates that the company continues negotiations with banks and tax authorities on restructuring existing debts but expects no definitive arrangements until fresh capital is raised, business operations normalize and major state-owned creditors agree to convert debt into equity. It has tightened cost control and working capital management and notes that the main operating subsidiaries' bank accounts and assets have been unfrozen, meaning operations can return to normal once funding is in place, though further progress is not expected until the debt restructuring formally moves ahead. About China Metal China Metal Resources Utilization Limited is a Hong Kong-listed company incorporated in the Cayman Islands that operates in the metal resources sector. The group focuses on metal-related businesses in mainland China. SUNAC CHINA: Sets 2026 AGM to Approve Accounts, Board Mandates -------------------------------------------------------------- TipRanks reports that Sunac China Holdings has called its annual general meeting for May 26 in Beijing, where shareholders will vote on the adoption of the audited consolidated financial statements and directors' and auditors' reports for the year ended Dec. 31, 2025. TipRanks says the meeting will also consider the re-election of key executive and independent non-executive directors, the authorization of directors' remuneration, and the re-appointment of BDO Limited as auditor for the 2026 financial year. In addition, shareholders will be asked to approve a general mandate allowing the board to issue, allot, or otherwise deal with additional shares and related convertible securities up to 20% of the company's issued share capital, excluding treasury shares, according to TipRanks. This mandate, if passed, would give Sunac's board enhanced flexibility to raise capital or execute corporate actions, potentially supporting future financing needs and strategic initiatives while diluting existing shareholders only within a defined limit. 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 ========= BHATI ASSOCIATES: CARE Keeps C Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhati Associates Private Limited (BAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 20, 2025, placed the rating(s) of BAPL under the 'issuer non-cooperating' category as BAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Bhati Associates Private Limited (BAPL) was established in year 1996 as a proprietorship firm by Mr Harish Bhati, which was later converted to a private limited company in January, 2004. The company is managed by Mr Harish Chaudhary and Mr. Satish Chaudhary. The company is engaged in civil construction works such as construction of roads, buildings, flyovers and others for government entities like Public Works Department, Uttar Pradesh Avas Vikas Parishad and others. In order to get the business, company has to participate in tenders and bids floated by government entities. ECO POLYFIBRES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Eco Polyfibres Private Limited (EPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 4, 2025, placed the rating(s) of EPPL under the 'issuer non-cooperating' category as EPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 18, 2026, January 28, 2026, February 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Eco Polyfibres Private Limited (EPPL) was incorporated in 2011 by Mr. Sanjay Kumar Aggarwal and Mr. Vinod Kumar. The company is engaged in trading of plastic products such as Low-Density Poly Ethylene (LDPE), High Density Poly Ethylene (HDPE) etc. Further, the company has one associate concern namely Swastik Lifescience Pvt. Ltd. which is engaged in trading of plants since 2007. EMBASSY DEVELOPMENT: NCLAT Ends Insolvency Process Against Firm --------------------------------------------------------------- The Economic Times reports that appellate tribunal NCLAT has set aside an NCLT order that allowed insolvency proceedings against realty firm Embassy Development. The Delhi bench of the National Company Law Tribunal (NCLT), in December 2025, directed the initiation of insolvency proceedings against the realty firm over a plea filed by Canara Bank, ET recalls. The bank had alleged that Embassy Development owed INR200 crore as a corporate guarantor to a loan given to Indiabulls Realtech (now Simar Thermal Power). This NCLT order was challenged in the appellate tribunal by Rajesh Kaimal, who was part of the suspended board of Embassy Development. According to ET, the National Company Law Appellate Tribunal (NCLAT), while setting aside the order, said that the default alleged by Canara Bank was "within 10A period" of the Insolvency & Bankruptcy Code (IBC). Section 10A bars a corporate insolvency resolution process for any default arising on or after March 25, 2020, for a period of one year. This provision was inserted in the IBC by the government to help companies following the resumption of economic activities after the COVID-19 lockdowns. "Adjudicating Authority (NCLT) committed error in not accepting the plea of the Corporate Debtor (Embassy) that application was barred by Section 7," the appellate tribunal said in its 43-page order. In February 2010, a term loan of INR100 crore was sanctioned by the Canara Bank to the principal borrower, Indiabulls Realtech (now Simar Thermal Power). For this, a corporate guarantee was extended by India Bulls Real Estate (Equinox Development, now known as Embassy Development). The loan account of the principal borrower was classified as a non-performing asset (NPA) on September 28, 2017, ET notes. In September 2020, Canara Bank issued a recall notice to the principal borrower and invoked the corporate guarantee on June 30, 2010. In 2025, an application under Section 7 of the IBC was filed by Canara Bank against the corporate debtor, claiming INR202.03 crore. "The date September 28, 2017, taken by the Adjudicating Authority for purposes of Section 10A is wholly erroneous," the NCLAT said. The said date is the date for declaring the NPA account of the principal borrower, which has nothing to do with the default on the part of the corporate debtor. "We, thus, hold that application was clearly barred by Section 10A," it said. ET adds that the NCLAT also slammed the public sector lender for rushing to file a petition even without looking at the Deed of Guarantee and other relevant documents. GOEL CARGO: CARE Lowers Rating on INR16cr LT Loan to B- ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Goel Cargo Private Limited (GCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of GCPL under the 'issuer non-cooperating' category as GCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GCPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Satna-based (Madhya Pradesh) GCPL (CIN: U06301MP2006PTC018512) was incorporated in March 2006, by Mr. Motilal Goel. GCPL is logistics service services provider wherein it majorly caters to the requirements of cement players. It has a fleet size of 385 vehicles as on September 30, 2021 and also hire fleet as per the requirement. GCPL is also an authorised dealer of ALL for Light commercial vehicles (LCV) since 2013 and having three showrooms in the state of Madhya Pradesh located at Satna, Rewa and Shahdol. GCPL was also an authorized dealer of Ashok Leyland for Heavy commercial vehicle (HCV) which it surrendered with effect from April 1, 2020. Mr. Motilal Goel, had also promoted M/s Goel Roadways which is also a logistic service provider for cement players and Goel Filling Station (petrol pump). Both are proprietorship concerns of Mr. Motilal Goel. HOLO PACK: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Holo Pack Securities (HPS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 5, 2025, placed the rating(s) of HPS under the 'issuer non-cooperating' category as HPS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 19, 2026, January 29, 2026, February 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Holo Pack Securities was established in the year 2015 and operations were commenced from January 2017. HPS is promoted by Mrs. M.Goda Devi along with her daughter Ms. M.Ramya Lakshmi at G Kondur Mandal, Krishna District (Andhra Pradesh). The firm is engaged in manufacturing of flexible packaging materials along with secured printing. The firm purchases raw materials like polyester, LDPE (Low-density polyethylene), aluminium foils, adhesives and solvents among others from local suppliers. The clientele of the firm covers Andhra Pradesh and Telangana like Virat Crane Industries Limited, PVS Laboratories Limited and KCP Sugar Industries among others. The firm has installed capacity of 2400 tons per annum. HUBLI ELECTRICITY: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hubli Electricity Supply Company Limited (HESCOM) continue to be 'Crisil B-/Stable/Crisil D/Crisil A4/Crisil D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 125 Crisil B-/Stable (Issuer Not Cooperating) Cash Credit 50 Crisil B-/Stable (Issuer Not Cooperating) Letter of Credit 50 Crisil A4 (Issuer Not Cooperating) Letter of Credit 50 Crisil A4 (Issuer Not Cooperating) Long Term Loan 568.49 Crisil D (Issuer Not Cooperating) Long Term Loan 63.49 Crisil D (Issuer Not Cooperating) Long Term Loan 16.6 Crisil D (Issuer Not Cooperating) Long Term Loan 253.95 Crisil D (Issuer Not Cooperating) Short Term Loan 106.25 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HESCOM for obtaining information through letter and email dated March 27, 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 HESCOM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HESCOM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HESCOM continues to be 'Crisil B-/Stable/Crisil D/Crisil A4/Crisil D Issuer Not Cooperating'. Incorporated in 2002, HESCOM is an electricity distribution company, wholly owned by GoK. It is responsible for supplying power to consumers in the seven districts of Dharwad, Gadag, Haveri, Uttar Kannada, Belgaum, Bijapur, and Bagalkot in Karnataka. The company's service area covers 54,513 square kilometres, with a population of over 1.4 crore and a customer base of around 0.36 crore. INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Incredible Realcon Private Limited (IRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 600.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 15, 2019, placed the rating of IRPL under the 'issuer non-cooperating' category as IRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated March 18, 2026, March 28, 2026, April 7, 2026, and April 20, 2026. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating takes into account the constraints relating to delays in the servicing of the debt obligations by IRPL. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on May 2, 2025, the following were the rating weaknesses: Key weaknesses * Delays in debt servicing: The company had not made the payment of interest/redemption due on NCDs on account of insufficient cash flow as per publicly available information. Liquidity: Poor IRPL has poor liquidity position since the company had not made the payment of interest/redemption due on NCDs on account of insufficient cash flow. Incredible Realcon Private Limited (IRPL) incorporated in 2013 is part of Ireo Group (IREO) and is a SPV being promoted for business of promotion, development and construction of real estate. However, presently there is no ongoing project in IRPL. Further, as per the publicly available information and The National Company Law Tribunal (NCLT) order dated August 7, 2019, the company had been amalgamated with IREO Private Limited. However, as per depository services, the NCDs still remain outstanding under the name of IRPL. KUSHALBAGH MARBLES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kushalbagh Marbles Private Limited (KMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.81 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 11, 2025, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 25, 2026, February 04, 2026, February 14, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Banswara (Rajasthan) based Kushalbagh Marbles Private Limited (KMPL) was incorporated in 1985 by Mr. Vinod Kumar Agrawal along with his family members. KMPL is engaged in the business of processing of marble blocks as well as sale of finished marble slabs and tiles. The processing plant of the company is located at Banswara, Rajasthan. LAKSHMI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sree Lakshmi Engineering Works (SLEW) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 4, 2025, placed the rating(s) of SLEW under the 'issuer non-cooperating' category as SLEW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLEW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 18, 2026, January 28, 2026, February 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tirupati-based SLEW was established by Mr. K. Amarnath Reddy and his family members in the year 2001 as a partnership concern. The firm is engaged in civil works such as water supply works, laying roads and construction of buildings for government bodies such as Panchayat Raj and Municipal Corporations which are procured through tenders. The firm has executed several contracts since its inception and currently has an order book worth around Rs. 50.36 crore as on December 15, 2017 to be executed by September 2018. LOKESH INFRAPROJECT: CRISIL Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Lokesh Infraproject Private Limited (LIPL; a part of Lokesh Group) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LIPL 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 LIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. LISPL was set up in 2007, by Mr Lokesh Jain and his family members. The Nagpur (Maharashtra)-based company undertakes execution of material handling, civil construction (only earthwork), and logistics-related projects. LIPL, set up in 2011, carries out mining and excavation activities. MIGHTY AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mighty Auto Wheels Private Limited (MAWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 7, 2025, placed the rating(s) of MAWPL under the 'issuer non-cooperating' category as MAWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2016, Mighty Auto Wheels Private Limited (MAWPL) is promoted by Mr. Parminder Tewatia and Mr. Samresh Singh. MAWPL is engaged in the dealership of passenger and commercial vehicle of Mahindra and Mahindra Limited (M&ML) on Haridwar and provide provides 3S services (Sales, Spares and Services). The operations of the company commenced from April 2017. Company also undertakes servicing of passenger vehicle work. MAWPL is another group of A to Z Developers Limited and A to Z Auto Wheels Private Limited, managed by Mr. Parminder Tewatia. NIRMAL LIFESTYLE: NCLT OKs Mantra Properties Buyout of Project -------------------------------------------------------------- The Economic Times reports that the bankruptcy court in Mumbai has approved Pune-based Mantra Properties' acquisition of one of the projects of Nirmal Lifestyle (Mulund) spanning about four acres in Mumbai's eastern suburb of Mulund. Nirmal Lifestyle (Mulund) entered corporate insolvency resolution process (CIRP) in July 2023 on a plea by Beacon Trusteeship Ltd. It has two secured creditors-Beacon Trusteeship with INR902 crore and 60.54% committee of creditors share, and Assets Care and Reconstruction Enterprise Ltd with INR589 crore and a 39.46% share. Nirmal Lifestyle Limited is the flagship company of the Nirmal group, which was founded by the late Mr. S P Jain in the late 1980s and is one of the established developers in eastern Mumbai. It a closely held company incorporated in 1999 to undertake residential, commercial, and retail construction. PAWANSUT CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pawansut Construction (PSC) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 Crisil D (Issuer Not Cooperating) Cash Credit 3 Crisil D (Issuer Not Cooperating) Term Loan 0.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PSC 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 PSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PSC continues to be 'Crisil D/Crisil D Issuer not cooperating'. PSC is a proprietorship firm engaged in civil construction. It was established in 2008 and is based in Ghazipur (Uttar Pradesh). The firm undertakes construction of roads and bridges for government departments in Bihar and Uttar Pradesh, and is owned and managed by Mr. Abhishek Kumar Singh. RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Rajat Infra Developers Private Limited (RIDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 13, 2025, placed the rating(s) of RIDPL under the 'issuer non-cooperating' category as RIDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 16, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vadodara-based (Gujarat) RIDPL was incorporated in March, 2012 by Mr. Prabhakant Jadav and Chandrashekhar Yadav. The company is engaged into the Civil Construction of road, civil and other irrigation canal project. RAOSAHEBDADA PAWAR: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raosahebdada Pawar Ghodganga Sahakari Sakhar Karkhana Ltd (RPGSSK) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 16.44 Crisil D (Issuer Not Cooperating) Rupee Term Loan 3.70 Crisil D (Issuer Not Cooperating) Rupee Term Loan 40.70 Crisil D (Issuer Not Cooperating) Rupee Term Loan 15.23 Crisil D (Issuer Not Cooperating) Short Term Loan 9.20 Crisil D (Issuer Not Cooperating) Sugar Pledge 25 Crisil D (Issuer Not Cash Credit Cooperating) Sugar Pledge 52.26 Crisil D (Issuer Not Cash Credit Cooperating) Crisil Ratings has been consistently following up with RPGSSK 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 RPGSSK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPGSSK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPGSSK continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPGSSK was incorporated in 1990 as a co-operative society by the late Mr Raosahebdada Pawar. Its plant is in Shirur (Maharashtra) and has installed sugar cane crushing capacity of 2500 tcd and a distillery with installed capacity of 30 klpd. The society recently set up a co-generation plant, with capacity of 20.5 MW. RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RGS Poultry Farm (RPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 04, 2025, placed the rating(s) of RPF under the 'issuer non-cooperating' category as RPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 18, 2026, January 28, 2026, February 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RGS Poultry Farm (RPF) was established as a proprietorship concern in 2004 by Mr. R. Ganesan in Namakkal, Tamil Nadu. RPF was re-established as a partnership firm with equal profit-sharing ratio between Mr. R. Ganesan and Mr. V.G. Sakthivel in the year 2017. The firm is engaged in rearing of chicks for production of eggs and culling. The chicks are purchased from the local suppliers in Namakkal and the firm procures chick feeds from Sri Venkateswara Poultry feeds (associate concern) and SKM Feeds. There are four stages in poultry farming, namely the brooder stage, grower stage, layer stage and culling stage. The chicks are reared for about 16 weeks until it starts to lay eggs. Once the chick reaches 90-100 weeks of age, it is sold for culling. The firm supplies 75% of eggs to their associate concern (SVPF) and remaining 25% of eggs are supplied to local customers and RPF supplies the chicken for culling to different customers located in Tamil Nadu, Kerala and Karnataka. RPF rears chicks of different varieties like BV-300, Bovans and Babcock. RPF has its farm located in Vazhavanthi, Namakkal, Tamil Nadu. The firm has availed moratorium from March 2020 to August 2020. SAFAL FLEXIBOND: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Safal Flexibond Private Limited (Safal) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Safal 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 Safal, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Safal is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Safal continues to be 'Crisil D Issuer not cooperating'. Safal was established in 2009, by the promoters, Mr Prashant Thakkar, his brother Mr Hemal Thakkar, and their mother, Mrs Niru Thakkar. The company manufactures self-adhesive/BOPP tapes. Its manufacturing unit at Kubadthal in Ahmedabad, has an installed capacity of 25 crore square metre per annum, of which around 60% capacity is being utilised currently. SAI SUDHA: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Sudha Motors Private Limited (SSMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 27, 2025, placed the rating(s) of SSMPL under the 'issuer non-cooperating' category as SSMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2026, January 23, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SSMPL, incorporated in 2012, is promoted by Odisha-based Mr. Suvendu Mohanty. The company is an authorized dealer for sale of Medium and Heavy commercial vehicles (M&HCV) as well as services and sale of spares of Tata Motors Limited (TML) in four districts of Odisha namely Cuttack, Jajpur, Kendrapara and Jagatsinghpur. SSMPL is a closely-held company with the directors representing the promoter's family. The day-to-day affairs of the company are looked after by Mr Suvendu Mohanty, duly supported by his brother Mr. Bimalendu Mohanty. SANKLECHA CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sanklecha Constructions Private Limited (SCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 20 CRISIL D (Issuer Not Overdraft Facility Cooperating) Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil D Issuer not cooperating'. SCPL was incorporated in 1991 as Sanklecha Investment & Finance Pvt Ltd and got its present name in 2000. It is a part of the Sanklecha group, which develops residential real estate through group entities. SCPL is executing two projects, The Metrozone and Waterways, in Nashik. SASWAD MALI: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of The Saswad Mali Sugar Factory Limited (TSMSFL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.73 Crisil B-/Stable (Issuer Not Cooperating) Cash Credit 2.74 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 37.67 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 50.86 Crisil B-/Stable (Issuer Not Cooperating) Proposed Cash 22 Crisil B-/Stable (Issuer Not Credit Limit Cooperating) Sugar Pledge 44 Crisil B-/Stable (Issuer Not Cash Credit Cooperating) Sugar Pledge 27 Crisil B-/Stable (Issuer Not Cash Credit Cooperating) Crisil Ratings has been consistently following up with TSMSFL 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 TSMSFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TSMSFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TSMSFL continues to be 'Crisil B-/Stable Issuer not cooperating'. TSMSFL was set up in 1931 by Mr Rajendra Girme, Mr Inamke, Mr Pandhare, Mr Kudale, Mr Borawake, Mr Raskar and Mr Raut. The company operates a 3,500 TCD sugar plant with a co-gen power capacity of 14.8 MW and grain and molasses-based distillery unit, each of 30 KLPD capacity, at Malinagar, Solapur (Maharashtra). Mr Girme currently manages the business. SELVARANI DHALL: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Selvarani Dhall Industries (SDI) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDI 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 SDI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDI continues to be 'Crisil D Issuer not cooperating'. Set up in June 2015, SDI is engaged in trading and processing of pulses. The company is promoted by Mr Surulivel and has started operations from Oct 2015. SHIVA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shiva Industrial Security Agency (Gujarat) Limited (SISAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 14.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; continues to Bank Facilities remain under ISSUER NOT COOPERATING category Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 13, 2025, placed the rating(s) of SISAL under the 'issuer non-cooperating' category as SISAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SISAL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SISA was incorporated as a private limited company in July 1997 by Mr. Major S Sharma and is now converted into a closely held public limited company. The company is primarily engaged in providing security services like manned guarding, cash handling, emergency response services and electronic security. Currently, the company is being managed by Mr. Major S Sharma's sons - Mr. Sushil Sharma and Mr. Sameer Sharma. SISA is an ISO 9001:2008 certified company. SIVANA STEEL: CARE Lowers Rating on INR11.69cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Steel And Power Private Limited (SSPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.69 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 6, 2025, placed the rating(s) of SSPPL under the 'issuer non-cooperating' category as SSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2026, January 30, 2026, February 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of SSPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable SSPPL was incorporated on January 11, 2017, and is promoted by Mr. Neeraj Aggarwal. The company started its commercial operation in July 2017. The manufacturing unit of the company is in Raigarh, Chhattisgarh. The company had been engaged in manufacturing of mild steel ingots with an installed capacity of 60,000 metric tons per annum. September 2022 onwards, the company has changed its production line to mild steel billets from existing mild steel ingots by installing concast machine to its existing induction furnace. SRIVAY INFRA: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Srivay Infra Projects Private Limited (SIPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 11, 2025, placed the rating(s) of SIPPL under the 'issuer non-cooperating' category as SIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 25, 2026, February 4, 2026, February 14, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Telangana based Srivay Infra Projects Private Limited (SIPPL) was incorporated in the year 2018 and promoted by Mandava Venkata Raghunath along with V. Lohitha. The company undertakes the contract works for Infrastructure, Irrigation, Electrical and Mining works. Mr. Venkata Raghunath, Managing Director has more than two decades of experience in the construction business. SUNFUEL TECHNOLOGIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sunfuel Technologies LLP (STL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.78 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 18, 2025, placed the rating(s) of STL under the 'issuer non-cooperating' category as STL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sunfuel Technologies LLP (STL) was established in July, 2015 as a limited liability partnership firm and is currently being managed by Mr. Sushil Kumar Singhal, Mr. Kamal Solanki, Mr. Sumit Solanki and Mr. Ashish Singhal sharing profit and losses equally. The firm is engaged in manufacturing of solar panels at its manufacturing facility in Sonipat, Haryana. The firm is also engaged in providing EPC services such as designing, erection, installation and commissioning in solar energy integrated projects such as on grid and off grid roof top and ground mounted solar power plants for government and private authorities. VAYAS MULTI-TRADING: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vayas Multi-trading Private Limited (VMTPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.22 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VMTPL 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 VMTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VMTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VMTPL continues to be 'Crisil D Issuer not cooperating'. VMTPL was incorporated as Kanhai Diamond Manufacturing Pvt Ltd in January 2003, by the promoter, Mr Umesh Garg. The Delhi-based company was renamed as Lotus Bullions Pvt Ltd in March 2005. The company got its present name in 2017. The promoter family has been trading in gold jewellery since the past 50 years. VMTPL is mainly a wholesale trader of gold and diamond jewellery and cut and polished diamonds. VISHNU BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Vishnu Buildcon Private Limited (SVBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.41 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated February 27, 2025, placed the rating(s) of SVBPL under the 'issuer non-cooperating' category as SVBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 13, 2026, January 23, 2026, February 2, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bihar based Sri Vishnu Buildcon Private Limited (SVBPL) was incorporated on October 17, 2017 and it is currently managed by Mr.Ravi Kumar Chaurasia and Mrs.Sangita Prasad. Since its inception, the company has been engaged in development of commercial and residential projects in the state of Bihar. In past, the company has developed various real estate projects in the state of Bihar like Vishnu Pad Apartment, Aziza Plaza Apartment, Ram Rattan Apartment, Manorama Apartment, Kanti Complex, etc. The promoters have satisfactory business experience of over a decade in real estate industry. VISHWAKARMA AUTOMOTIVE: CARE Keeps B- Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vishwakarma Automotive Private Limited (VAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.03 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 18, 2025, placed the rating(s) of VAPL under the 'issuer non-cooperating' category as VAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 2, 2026, February 11, 2026, February 21, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Faridabad-Haryana based, Vishwakarma Automotive Private Limited (VAPL) was incorporated in 1999 by Mr. Ashwani Kumar, Mr. Parveen Kumar and Mr. Rajinder Kumar. The company has succeeded an erstwhile proprietorship firm, Vishwakarma Automotive (VA) (casting division) established in 1985 by Mr. Ashwani Kumar. It is currently being managed by Mr. Parveen Kumar and Mr. Keshav Dhamija as its directors. The company is engaged in manufacturing of casting like Grey Cast Iron and Ductile Iron Machined Casting. The manufacturing facility of the company is located at Ballabhgarh, Faridabad in Haryana. ===================== N E W Z E A L A N D ===================== A H BEARD: Creditors' Proofs of Debt Due on May 26 -------------------------------------------------- Creditors of A H Beard Limited are required to file their proofs of debt by May 26, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 CACCIATORE LIMITED: Creditors' Proofs of Debt Due on June 28 ------------------------------------------------------------ Creditors of Cacciatore Limited (trading as D'n'A Foods) are required to file their proofs of debt by June 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre CHASSEUR LIMITED: Creditors' Proofs of Debt Due on June 8 --------------------------------------------------------- Creditors of Chasseur Limited (trading as Vultures Lane) are required to file their proofs of debt by June 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre MAGNIFY RESULTS: Court to Hear Wind-Up Petition on May 29 --------------------------------------------------------- A petition to wind up the operations of Magnify Results Limited will be heard before the High Court at Auckland on May 29, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 8, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SHUNDI CUSTOMS: Receivers Appoint Colliers to Sell St Johns' Site ----------------------------------------------------------------- NZ Herald reports that receivers of the developers of downtown Auckland ghost tower Seascape have appointed an agency to sell another property which the failed Chinese developer Shundi owns. According to NZ Herald, Colliers' Josh Coburn and Blair Peterken said on May 4 they are marketing 261, 263 and 265 Morrin Rd, in St Johns. That is a 9.6ha site where Shundi once planned a NZD1 billion-plus scheme. Shundi bought it from the University of Auckland, NZ Herald notes. Shundi Customs Limited owns and develops Seascape in the Auckland CBD, a 187 metre 52-storey development. Brendon Gibson and Neale Jackson of Calibre Partners were appointed as receivers to Shundi Customs Limited on March 2, 2026. The receivers' immediate priority is ensuring the development continues to remain safe and secure. The receivers have also been appointed to a related company, Shundi Tamaki Village Limited. Shundi Tamaki Village is the owner and developer of the former Auckland University campus in Glen Innes, Auckland. TOTAL TRADIES: Court to Hear Wind-Up Petition on May 8 ------------------------------------------------------ A petition to wind up the operations of Total Tradies Limited will be heard before the High Court at Auckland on May 8, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 1, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 =============== P A K I S T A N =============== PAKISTAN: Trade Deficit Widens in April as Imports Surge -------------------------------------------------------- Bloomberg News reports that Pakistan's trade deficit widened more than expected last month as imports surged, adding strain to the fragile economy and thin foreign exchange reserves. Trade deficit rose to $4.07 billion in April, according to the Pakistan Bureau of Statistics data released May 5. That compares with a $2.99 billion deficit forecast by economists in a Bloomberg survey and a revised reading of $2.84 billion in March. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific in mid-February 2026, Fitch Ratings has affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. Pakistan's rating affirmation reflects progress on fiscal consolidation and macro stability measures, broadly in line with its IMF programme and supporting its funding capacity. Foreign exchange (FX) buffers rebuilt over the past year provide a cushion against the economic impact of the war in the Middle East, while Pakistan's role as ceasefire broker may provide tangible benefits and partly offset external pressures. The country's high exposure to the global energy price shock nonetheless remains a key risk, particularly if it leads to a sharp drop in FX reserves. The TCR-AP reported in late August 2025 that Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. ================= S I N G A P O R E ================= ECOSUBSEA SINGAPORE: Commences Wind-Up Proceedings -------------------------------------------------- Members of Ecosubsea Singapore Pte. Ltd. on April 28, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ellyn Tan Huixian Forvis Mazars Consulting 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 RJLF KAWAGOE: Creditors' Proofs of Debt Due on June 4 ----------------------------------------------------- Creditors of RJLF Kawagoe SPE 1 Pte. Ltd., RJLF Kawagoe SPE 2 Pte. Ltd., RJLF Chibakita SPE 1 Pte. Ltd., CK Japan Investment Pte. Ltd., Redwood Kazo SPE 1 Pte. Ltd. and Kazo Saitama Investment pte. Ltd. are required to file their proofs of debt by June 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2026. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way, OUE Downtown 2, #33-00 Singapore 068809 SNC LOGISTICS: Farooq Ahmad Mann Appointed as Liquidator -------------------------------------------------------- Farooq Ahmad Mann of Mann & Associates PAC on April 8, 2026, was appointed as the liquidator of SNC Logistics Solutions Pte Ltd. The liquidator may be reached at: Mr. Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 SPHERE CECIL: Farooq Ahmad Mann Appointed as Liquidator ------------------------------------------------------- Farooq Ahmad Mann of Mann & Associates PAC on April 8, 2026, was appointed as the liquidator of SPHERE CECIL Pte Ltd. The liquidator may be reached at: Mr. Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 VANILLA VENTURE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Vanilla Venture Holdings Private Limited on April 24, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Steve Tan Wei Chiang. ===================== S O U T H K O R E A ===================== HANWHA SOLUTIONS: Ordered Again to Revise Share Sale Plan --------------------------------------------------------- Yonhap News Agency reports that South Korea's financial regulator has again ordered Hanwha Solutions to revise its share sale plan, citing insufficient disclosures, the company said May 1. According to Yonhap, the Financial Supervisory Service (FSS) previously made a similar request on April 9 over the company's plan to raise KRW2.4 trillion (US$1.6 billion) through share issuance. The company reduced its share offering size to KRW1.8 trillion in its revised plan. Yonhap relates that the FSS said the company's securities registration statement under its revised plan failed to meet formal requirements and contained unclear or missing information on key issues, potentially affecting investors' ability to make informed decisions. As a result, the filing has not been accepted, and its effectiveness has been suspended, it added. Hanwha Solutions, the energy solutions arm of chemicals-to-shipbuilding conglomerate Hanwha Group, said it takes the regulator's request seriously and that it will submit a revised filing reflecting feedback from shareholders and the media, Yonhap relays. Yonhap says the company announced the large-scale rights offering on March 26 to repay debt, drawing criticism over its decision-making process and the purpose of the capital increase. Hanwha Solutions said the move is necessary to improve its financial structure amid a slowdown in the global solar and petrochemical markets, and to prevent a potential credit rating downgrade, Yonhap adds. About Hanwha Solutions Hanwha Solutions Corp. engages in the manufacture and sale of synthetic resins in South Korea, China, Germany, the United States, and internationally. The company operates through Basic Materials, Renewable Energy, Processed Materials, and Other segments. It produces and sells PE, PVC, CA, TDI products, etc.; hydrogenated petroleum resin; specialized products, such as insulator XLPE, high-purity XDI for use in high-refractive lenses and plasticizers; and solar ingots and wafers, as well as cells and modules. Hanwha Solutions reported three consecutive net losses of KRW650.44 billion, KRW1,404.4 billion and KRW141.04 billion for the years ended Dec. 31, 2025, 2024 and 2023. ********* 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***