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260324.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 Tuesday, March 24, 2026, Vol. 29, No. 59 Headlines A U S T R A L I A EDWARD MANN: First Creditors' Meeting Set for March 26 GFG ALLIANCE: Liberty Bell Enters Voluntary Administration LIGHT TRUST 2024-1: S&P Affirms BB(sf) Rating on Class E Notes MYERS PLANNING: First Creditors' Meeting Set for March 30 OLYMPUS 2024-2 TRUST: S&P Raises Class F Notes Rating to BB-(sf) PERENTI LIMITED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable RUNNING SCIENCE: Closes Owing More Than AUD450,000 SALTY ROOSTER: First Creditors' Meeting Set for March 26 SUPERANNUATION AND INVESTMENTS: S&P Affirms 'BB-' LongTerm ICR THAI ON: First Creditors' Meeting Set for March 30 UNITED DOORS: First Creditors' Meeting Set for March 30 I N D I A ACE EMBEDDED: Insolvency Resolution Process Case Summary ALFO ELECTRONICS: Voluntary Liquidation Process Case Summary ANAND MOTOR: CRISIL Lowers Rating on INR15cr Cash Loan to B ANKUR TRADERS: CRISIL Reaffirms B Rating on INR7cr Term Loan ARM & HAMMER: Voluntary Liquidation Process Case Summary ATS GROUP: NCLT Allows Withdrawal of Insolvency Process vs. Project BRG WORKPLACE: Voluntary Liquidation Process Case Summary BUTTERFLY IMPEX: Voluntary Liquidation Process Case Summary BVL INFRASTRUCTURE: CRISIL Cuts Rating on INR10cr Cash Loan to D CAPRI GLOBAL: Fitch Assigns 'BB-/B' IDRs, Outlook Stable FIRDOOS COLD: CRISIL Lowers Rating on INR13cr Term Loan to B GAJRAJ AUTOMOBILES: CRISIL Lowers Rating on INR20cr Loan to B GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating HARIOM TRADING: CRISIL Withdraws B Rating on INR14.77cr Loan HELLA INFRA: Ind-Ra Assigns Neg. Outlook to BB+ Debentures Rating ITMC DEVELOPERS: Insolvency Resolution Process Case Summary JAIPRAKASH ASSOCIATES: NCLT Approves Adani's Acquisition Bid JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating KAVERI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating KIWI ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating KLAUS WAREN: CRISIL Keeps D Debt Ratings in Not Cooperating KRISFO INFOTECH: Insolvency Resolution Process Case Summary KUMAR JEWELLERS: CRISIL Lowers Rating on INR5cr LT Loan to B LAXMI FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category MACLEAN POWER: Voluntary Liquidation Process Case Summary MAHESTALA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating MAKRANIA OIL: CRISIL Keeps B- Debt Rating in Not Cooperating MANNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating MOUNT VELOUR: CRISIL Keeps D Debt Ratings in Not Cooperating NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating NAVSAN GLASS: Insolvency Resolution Process Case Summary NIHA INTERNATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating NITYASHRADDHA LIFECARE: CRISIL Keeps B Rating in Not Cooperating OMEGA PREMISES: Insolvency Resolution Process Case Summary PENGANGA SAKHAR: CRISIL Assigns B+ Rating to INR45cr Term Loan POSITIVE HOUSINGS: Insolvency Resolution Process Case Summary SHIVA DYESTUFF: Insolvency Resolution Process Case Summary TFL CONTINUOUS: Voluntary Liquidation Process Case Summary TRAFIKSOL ITS: CRISIL Lowers Rating on INR8.27cr LT Loan to D VINOD CONSTRUCTION: CRISIL Lowers Rating on INR7.5cr Loan to D YELLOWSTONE EV: Insolvency Resolution Process Case Summary M A L A Y S I A 1MDB: Standard Chartered, BSI Lose Bid to Join Singapore Cases N E W Z E A L A N D 188 HOBSON: Court to Hear Wind-Up Petition on April 24 ACCIDENTAL PUBLICANS: Commercial Hotel Owner Placed in Liquidation DU VAL: Build-to-Rent Investors Set for 41c in the Dollar Payout EX BLL: Creditors' Proofs of Debt Due on April 17 GEMMI AUCKLAND: Creditors' Proofs of Debt Due on April 16 REOCO LIMITED: Placed in Receivership SYNLAIT MILK: Posts NZD80.6 Million Half-Year Net Loss WELI LIMITED: Court to Hear Wind-Up Petition on April 24 S I N G A P O R E ATLAS AQUACULTURE: Commences Wind-Up Proceedings ENTERPRIZE ENERGY: Court Enters Wind-Up Order SNC LOGISTICS: Creditors' Meetings Set for April 8 VALLIANZ PRESTIGE: Court to Hear Wind-Up Petition on April 10 XCEIT GOURMET: Commences Wind-Up Proceedings S O U T H K O R E A KD CORP: Drops 19% as Trading Resumes After Rehabilitation Filing - - - - - ================= A U S T R A L I A ================= EDWARD MANN: First Creditors' Meeting Set for March 26 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Edward Mann Pty Ltd will be held on March 26, 2026, at 10:00 a.m. at the office of Insolvency Options Pty Ltd, at Suite 38, 3 Box Rd, in Caringbah, NSW and via Microsoft Teams facilities. Darren John Vardy of Insolvency Options was appointed as administrator of the company on March 16, 2026. GFG ALLIANCE: Liberty Bell Enters Voluntary Administration ---------------------------------------------------------- ABC News reports that the owner of the Bell Bay manganese smelter in northern Tasmania has entered voluntary administration. According to the ABC, Ernst and Young has been appointed as administrator of Liberty Bell Bay (LBB), and said it will work with governments and unions to ensure the smelter's ongoing operations. It will also meet with the company's estimated 216-strong workforce. The ABC says Ernst and Young will attempt to secure further funding for operational costs and for employee wages, with its primary role to restructure or sell the company. The existing management team remains in place. The ABC relates that Morgan Kelly, from Ernst and Young, said they will engage closely with state and federal governments. The Australian Securities and Investments Commission (ASIC) applied to wind up and liquidate LBB - a subsidiary of GFG Alliance, owned by Sanjeev Gupta - over its failure to lodge financial statements for five years. The case came before the New South Wales Supreme Court on March 16, and will continue separately from the administration process, the ABC notes. The ABC says major lender White Oak Commercial Finance – a secured creditor – made the decision to place LBB into administration. According to the report, Federal Industry Minister Tim Ayres said GFG had failed to provide "a clear future pathway for workers, the community and local businesses". "The government will work closely with the administrators and the Tasmanian Government to ensure workers and local suppliers are supported and receive appropriate assistance." The ABC relates that Tasmanian Industry Minister Felix Ellis said a meeting of the Bell Bay response team would be held "urgently", and acknowledged the news would be "difficult for workers, their families and the local community who have already endured prolonged uncertainty". A GFG Alliance spokesperson said the company would cooperate with administrators "to achieve the best possible outcome for all stakeholders," the ABC relays. "Liberty Bell Bay had faced a challenging 20 months due to the force majeure declared by its main ore supplier, a significant deterioration in market conditions worldwide, and rising costs," the statement reads. The ABC adds that Australian Workers Union assistant secretary Robert Flanagan said the administration process was a better option than the business going into liquidation. "The administration process offers potentially a future for the site," he said. He said the whole process has been a "roller coaster" for employees. "They've been very anxious about what their future looks like since May last year," Mr. Flanagan said. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrators of the company on Nov. 3, 2025. Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal on Feb. 9, 2026. GFG's Tahmoor Colliery in New South Wales also entered liquidation this month, resulting in 238 job losses. LIGHT TRUST 2024-1: S&P Affirms BB(sf) Rating on Class E Notes -------------------------------------------------------------- S&P Global Ratings raised its ratings on three classes of notes issued by Perpetual Corporate Trust Ltd. as trustee of Light Trust 2024-1. At the same time, S&P affirmed its ratings on three classes of notes. Light Trust 2024-1 is a securitization of prime residential mortgages originated by Heritage and People's Choice Ltd. The rating actions reflect S&P's view of the credit risk of the underlying collateral portfolio. Credit support provided in percentage terms has increased as the pool paid down. As of Feb. 28, 2026, the pool factor is 65.3%. The strength of the cash flows at each respective rating level is underpinned by the various structural mechanisms in the transactions. Cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. S&P has also factored into its analysis the arrears performance and its loss expectations for the portfolio. As of Feb. 28, 2026, loans more than 90 days in arrears represent 0.5% of the pool. Lenders' mortgage insurance on 26.2% of loans in the portfolio and subordination provided to rated notes are sufficient to cover the assumed losses at the applicable rating stresses. There have been no charge-offs to any of the notes. The transaction is currently paying on a sequential basis which benefits rated notes with further credit support build up until the transaction changes to pro-rata payment basis. Ratings Raised Light Trust 2024-1 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A (sf) Class D: to AA- (sf) from BBB (sf) Ratings Affirmed Light Trust 2024-1 Class A: AAA (sf) Class AB: AAA (sf) Class E: BB (sf) MYERS PLANNING: First Creditors' Meeting Set for March 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Myers Planning Group Pty Ltd will be held on March 30, 2026, at 3:00 p.m. via Zoom. Nathan Lee Deppeler and Scott Andersen of Worrells were appointed as administrators of the company on March 18, 2026. OLYMPUS 2024-2 TRUST: S&P Raises Class F Notes Rating to BB-(sf) ---------------------------------------------------------------- S&P Global Ratings raised its ratings on eight classes of Australian prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Olympus 2024-1 Trust and Olympus 2024-2 Trust. At the same time, S&P affirmed its ratings on six classes of notes. S&P said, "The raised ratings reflect an increase in the percentage of credit support, in the form of subordination, provided to each class of rated notes and which, coupled with the transactions 'cash flows', is sufficient to withstand the stresses we apply at each note's respective rating level. The affirmations reflect our view of the credit risk of the underlying collateral portfolios, which have been amortizing in line with our expectations." As of Jan. 31, 2026, total arrears for both pools are below the Standard & Poor's Performance Index (SPIN) for Australian nonconforming mortgages. As of Jan. 31, 2026, loans greater than 30 days in arrears is 0.13% for Olympus 2024-1 Trust and 0.10% for Olympus 2024-2 Trust. Neither pool has experienced any losses to date. Ratings Raised Olympus 2024-1 Trust Class C: to A+ (sf) from A (sf) Class D: to A- (sf) from BBB (sf) Class E: to BBB- (sf) from BB (sf) Class F: to BB (sf) from B+ (sf) Olympus 2024-2 Trust Class C: to A+ (sf) from A (sf) Class D: to BBB+ (sf) from BBB (sf) Class E: to BB+ (sf) from BB (sf) Class F: to BB- (sf) from B+ (sf) Ratings Affirmed Olympus 2024-1 Trust Class A1: AAA (sf) Class A2: AAA (sf) Class B: AA (sf) Olympus 2024-2 Trust Class A1L: AAA (sf) Class A2: AAA (sf) Class B: AA (sf) PERENTI LIMITED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Australia-based Perenti Limited's Long-Term Issuer Default Rating at 'BB+'. The Outlook is Stable. Fitch has also affirmed the 'BB+' rating on the USD350 million senior unsecured bond due April 2029 issued by Perenti Finance Pty Ltd. The bond is fully guaranteed by Perenti. Perenti's rating reflects its leading position in global underground mining and long-term customer relationships, which - alongside supportive market trends, its exposure to gold and strong work-in-hand - support consistent financial and operational performance. The company remains committed to maintaining a strong balance sheet, with EBITDA net leverage improving to 0.5x by the end of the financial year to June 2025 (FYE25) from 0.7x at FYE24, which provides material headroom to its negative sensitivities. The Stable Outlook reflects its expectations that leverage will remain well below the company's long-term target of 1.0x as it continues to prioritise disciplined capital allocation, while improving operational efficiency to achieve a 10% company-reported EBITA margin, which would align it more closely with investment-grade peers (FY25: 9.6%). Key Rating Drivers Stable Cash Flow from Contract Mining: Perenti's focus on underground contract mining supports its ability to generate stable cash flows throughout the cycle, buffering the company against cyclical commodity prices. This stability is underpinned by the low-cost position of the mines Perenti serves, a focus on production-related services, and higher barriers to entry and lower capital intensity compared with surface mining providers. Fitch does not view the rise in revenue contribution by the drilling business to around 20% following the integration of DDH1 as weakening Perenti's revenue and cash flow visibility, although it raises exposure to commodity cycles through exploration-related drilling. Contract mining still forms most revenue, at around 70%, and revenue visibility is supported by work-in-hand of AUD5.8 billion at 1HFY26 and strong contract renewals and wins. Production-related drilling revenue, which makes up the majority of drilling revenue, is driven by mine economics. Improving FCF Generation: Fitch expects Perenti to continue improving revenue visibility, maintain positive free cash flow (FCF) and increase its company-reported EBITA margin to its long-term target of 10%. This will support cash flow, even in weak commodity markets, and align cash flow visibility with that of investment-grade peers. The EBITA margin was relatively steady in FY25 and 1HFY26 at 9.6% and 9.3%, respectively (FY24: 9.4%), reflecting Perenti's focus on cost control. Fitch expects improvements to be driven by operational efficiency, including replacement of underperforming contracts, and continued ramp-up of the mining and technology services business. This will continue to support strong FCF generation, with Fitch-calculated FCF before dividends rising to AUD177 million in FY25 (FY24: AUD132 million). Demonstrated Financial Discipline: Fitch forecasts EBITDA net leverage to remain at or below 1.0x over the next few years as Perenti continues to prioritise a strong balance sheet. Fitch believes this provides resilience against commodity-price downturns, while giving flexibility to invest in new projects, pursue bolt-on acquisitions or return capital to investors while keeping leverage within its 0.5x-1.0x target. Perenti has shown commitment to its strong balance sheet, such as limiting capex, suspending dividends and divesting non-core assets to reduce leverage. Leading Market Position in Australia: Perenti, Australia's second-largest mining-services company, derives 50% of revenue domestically. Its Australian work-in-hand is AUD2.8 billion (FYE25: AUD2.6 billion), almost half its order book. Fitch expects domestic mining activity to continue expanding, yet cyclical, supporting steady demand and offsetting revenue declines from high-risk mining jurisdictions in Africa, where it ultimately plans to reduce operations. Impact of Global Volatility: Perenti's cash flow resilience should continue to be supported by its natural hedges across its operations and financing. The company has guided that its FY26 earnings will be lowered by the strengthening of the Australian dollar relative to the US dollar, reflecting the translation of its international earnings. Furthermore, the company does not operate in jurisdictions affected by the Middle East conflict, while the cost pass-through provisions in its contracts should help shield margins from rising energy and other input costs. Peer Analysis Perenti's business profile is supported by its leading position in underground mining services and diversified operations by service offerings, commodities and customers. Medium- to long-term contracts of three to five years account for the largest share of revenue, while short-term contracts - typically only in its mining technology and services and drilling segments - make up less than 24% of revenue. This compares favourably against its Australia-based peers Emeco Holdings Limited (BB-/Stable) and National Group Corporation Pty Ltd (NGC, B-(EXP)/Stable), whose business models are built on rental services. Both Emeco's and NGC's ability to manage through the cycle benefits from their integrated repair and maintenance functions, strong customer relationships and higher margins due to their focus on rentals. However, this focus on rentals leads to larger exposure to short-term contracts, which weakens their relative revenue visibility. Perenti's operational scale in terms of revenue increased to AUD3.5 billion in FY25, reflecting the first full year of consolidated results of DDH1. However, this is still significantly smaller than the operational scale of Australia-based diversified services provider, Downer EDI Limited (BBB/Stable), which generates around AUD10 billion in revenue and holds work-in-hand around 7x that of Perenti. However, Perenti has a stronger financial profile, with falling EBITDA net leverage Fitch expects leverage to further decline to 0.4x in FY26, which is somewhat stronger than the average profile of mining and diversified services issuers. Fitch’s Key Rating-Case Assumptions - Around a 1% decline in FY26 revenue due to FX impacts, then 1% to 2% growth from FY27 to FY29; - Fitch-adjusted group EBITDA margin of around 18% over the next four years (FY25: 17.4%); - Net capex of AUD325 million in FY26 and then 10% of revenue on average from FY27 to FY29 (FY25: 9%); - No new acquisitions or divestments; - Dividends of 40% of net profit after tax from FY25 as net leverage remains below 1x Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bb, higher), market and competitive positioning (bb+, moderate), diversification and asset quality (bbb-, moderate), company operational characteristics (bb, moderate), profitability (bb-, higher), financial structure (aa-, moderate), and financial flexibility (bbb+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb+' To derive the IDR: - Fitch made no adjustment to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage rising above 2.0x for a sustained period. - Weakening market position, including weak execution of its business strategy or inability to renew or replace expiring contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful completion of the integration of its new businesses and planned transition to low-risk mining jurisdictions, alongside delivering an improved Fitch-defined EBIT margin to above 8.5%, while keeping EBITDA net leverage below 1.5x, could lead to an upgrade. Liquidity and Debt Structure Perenti had cash and equivalents of AUD275 million and undrawn committed facilities of AUD543 million at 1HFYE26 following the repayment of the remaining USD103 million on its USD450 million bonds in July 2025. The company also successfully increased and extended the maturities of its syndicated facility in October 2025. Perenti's next material maturity is its USD350 million senior unsecured notes due April 2029. Issuer Profile Perenti is a leading global provider of contract mining, drilling and other mining services. It has become one of the largest mining services companies listed on the Australian Securities Exchange since operations started in 1987. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Perenti Limited. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Perenti Limited LT IDR BB+ Affirmed BB+ Perenti Finance Pty Ltd senior unsecured LT BB+ Affirmed BB+ RUNNING SCIENCE: Closes Owing More Than AUD450,000 -------------------------------------------------- Daily Telegraph reports that popular inner west running store Running Science has collapsed owing more than AUD430,000, with the owner blaming Victoria Road traffic problems for the 23-year business's demise. Running Science is a Sydney-based running specialty store and clinical service provider. SALTY ROOSTER: First Creditors' Meeting Set for March 26 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Salty Rooster Manly Pty Ltd, also known as: Kids Hotel Reviews, will be held on March 26, 2026, at 2:30 p.m. via virtual meeting. Bruce Gleeson of Jones Partners Insolvency & Restructuring was appointed as administrator of the company on March 16, 2026. SUPERANNUATION AND INVESTMENTS: S&P Affirms 'BB-' LongTerm ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Superannuation and Investments FinCo Pty Ltd. (SIF) to positive from stable and affirmed its 'BB-' long-term and 'B' short-term issuer credit ratings and 'BB-' issue rating on the company's senior secured debt. S&P said, "The positive outlook reflects our view that we could raise the ratings in the next year if we believe the risk of gross debt increasing is low, such as if we expect a sustained weighted average debt-to-adjusted-EBITDA ratio of 3.0x-4.0x or a commitment to maintaining lower leverage." SIF performed strongly in the first half of fiscal 2026 and continued to make voluntary debt repayments. S&P said, "We now expect SIF's leverage in terms of its ratio of debt to adjusted EBITDA to be about 4.0x over the next year, down from closer to 5.0x. "We expect strong operating performance to generate robust cash flow and lower SIF's ratio of debt to EBITDA in 2026." Wider net revenue margins and growth in funds under management, alongside falling transformational and interest expenses will help deliver stronger free funds from operations and cash available for debt repayment. Since June 2025, SIF has made A$354 million in voluntary repayments on its Australian dollar-denominated senior secured term loan B. This brought the amount outstanding on the loan to A$648 million as of Dec. 31, 2025, down from A$1,016 million in June 2024. SIF also repriced its U.S. dollar-denominated senior secured debt twice, lowering its interest margin by a total of 136 basis points (bps), as well as its Australian dollar-denominated senior secured debt, lowering it by 75 bps. SIF had strong operating results over the six months to Dec. 31, 2025. Higher revenue driven by wider net margins and continued growth in funds under management (FUMA), along with virtually flat operating expenses due to lower staff costs drove a 10% increase in operating income compared with the same period of the previous year. Spending on strategic projects declined more than 20% over the same period following the completion of transformation and separation initiatives. S&P said, "We include these costs in our calculation of S&P Global Ratings-adjusted EBITDA, which we expect will grow to about A$400 million in fiscal 2026, from A$350 million in fiscal 2025. The repricing will also decrease interest costs, all else being equal, leading to free funds from operations of A$200 million, from A$165 million." S&P said, "We see limited risk of SIF's debt increasing over the next year. However, the rating remains constrained by our assessment of SIF's financial policy, reflecting its sponsor ownership and recent history of high debt. We now project SIF will maintain a weighted average debt-to-adjusted-EBITDA ratio of about 4.0x, from our previous forecast of closer to 5.0x. "Nonetheless, we believe uncertainty remains around the trajectory of SIF's gross leverage." A change of ownership is likely in the next few years as secured debt approaches maturity in December 2028 and Kohlberg Kravis Roberts & Co. Inc. (KKR) and the Commonwealth Bank of Australia look to realize a return. S&P said, "However, the history of voluntary repayments of senior secured debt largely from internally generated funds underpins our view that the risk of incurring additional debt is more limited than we previously believed." SIF's liquidity remains strong despite a decrease in its revolving facility and a smaller cash balance. SIF reduced the size of its revolving credit facility to A$100 million from A$200 million as part of its recent repricing. Additionally, cash on its balance sheet has fallen to just over A$100 million. S&P said, "Nonetheless, we expect SIF's liquidity to remain strong over the next year owing to strong cash flow generation and minimal cash outlays. We do not expect dividend payments or shareholder distributions over the next year, further supporting SIF's liquidity position. "The positive outlook for the next 12 months reflects our expectation that SIF will operate with a weighted average debt-to-adjusted-EBITDA ratio of 4.0x over the same period with limited risk of gross debt increasing. In the next year, we expect KKR to remain SIF's financial sponsor. However, we will revise our assessment of its debt-to-adjusted-EBITDA ratio and the risk of gross debt increasing following any change in ownership or our perception of SIF's financial policy. "We could revise the outlook back to stable if we expect SIF's weighted average debt-to-adjusted-EBITDA ratio to remain above 4.0x on a sustained basis, for example due to a sustained deterioration in operating performance, a material increase in gross debt, or a negative change in our perception of SIF's financial policy. "We could raise the rating if we view the risk of gross debt increasing as low, for example if we believe the ratio of weighted average debt-to-adjusted-EBITDA ratio will improve to the 3.0x-4.0x range on a sustained basis or the company commits to financial policies to maintain lower leverage." THAI ON: First Creditors' Meeting Set for March 30 -------------------------------------------------- A first meeting of the creditors in the proceedings of Thai On Grove Pty Ltd will be held on March 30, 2026, at 2:00 p.m. via virtual meeting technology. Michael Caspaney of Menzies Advisory was appointed as administrator of the company on March 18, 2026. UNITED DOORS: First Creditors' Meeting Set for March 30 ------------------------------------------------------- A first meeting of the creditors in the proceedings of United Doors & Frames Pty Ltd (Formerly known as "M & J Doors & Frames") will be held on March 30, 2026, at 11:00 a.m. at the offices of SV Partners, at Level 17, 200 Queen Street, in Melbourne, Victoria, and by way of teleconference facilities (Microsoft Teams). Peter Gountzos and Timothy James Brace of SV Partners were appointed as administrators of the company on March 18, 2026. ========= I N D I A ========= ACE EMBEDDED: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: ACE Embedded Intensive Care Units Private Limited No. 9 TKN Tower, Bannerghatta Road, Bengaluru - 560076 Insolvency Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: September 6, 2026 Insolvency professional: Beleyur Resolutions Private Limited Interim Resolution Professional: Beleyur Resolutions Private Limited 'Shreevathsa' 428, 19th B Cross, 3rd Block, Jayanagar Tel: +91 8026 540193 Email: ip@beleyur.com cirp-aceembedded@beleyur.in Last date for submission of claims: March 29, 2026 ALFO ELECTRONICS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Alfo Electronics India Private Limited 684 Ares, Co-Work 17, Chennai Citi Centre, Level 6, 10/11, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600004 Liquidation Commencement Date: March 9, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Ananthachari Mahesh 5/5, Iswaryas Essodammai Apartments, 5, Madhava Mani Avenue, Velachery, Chennai, Tamil Nadu, 600042 Tel: 95661 24770 Email: alfoindiaclaims@gmail.com Last date for submission of claims: April 8, 2026 ANAND MOTOR: CRISIL Lowers Rating on INR15cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Anand Motor Agencies Limited (AMAL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Inventory Funding 10 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB/Stable') Inventory Funding 19.5 Crisil B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with AMAL for obtaining information through letter and email dated February 25, 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 AMAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMAL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of AMAL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable'. Incorporated as a private-limited company in 1969 by the Agarwalla family and reconstituted into a public-limited company in 1980, AMAL is the authorized dealer for passenger vehicles of MSIL. The company operates through five showrooms and service workshops, of which three are in Lucknow and one combined showroom and workshop each in Bahraich and Balarampur in Uttar Pradesh. AMAL is headed by Mr Jitendra Kumar Agarwalla (managing director) along with other directors. ANKUR TRADERS: CRISIL Reaffirms B Rating on INR7cr Term Loan ------------------------------------------------------------ CRISIL Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facilities of Ankur Traders and Manufacturers (ATM). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (Reaffirmed) Term Loan 7 Crisil B/Stable (Reaffirmed) The rating continues to reflect the firm's modest scale of operations and modest financial risk profile. These weaknesses are partially offset by the extensive experience of the proprietor in the industry. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of ATM. Key Rating Drivers - Weaknesses * Modest scale of operations: Though operating income has been improving, as reflected in CAGR of 37% in the three fiscals through 2025 at INR76.7 crores till fiscal 2025 however, it is expected to moderate at INR45-55 crores in fiscal 2026. This is due to slowdown from Jal Jeevan Mission wherein the overheads tank manufacturing is slowed down. However, the fabrication business is expected to support the market position and further ramp-up expected in tank segment, thereby leading to stabilized revenues above INR55 crores in medium term. Still, it continues to be modest, constrained by intense competition. The business risk profile will likely improve over the medium term. However, steady increase in revenue leading to improvement in the business risk profile will remain monitorable. * Modest Financial risk profile: The capital structure will remain constrained by continued dependence on external debt, with total outside liabilities to tangible networth ratio and gearing expected at 5-6 times and 1.6-2 times, respectively in medium term (6.83 times and 1.80 times, respectively, as on March 31, 2025), and networth expected at INR8-10 crore as on March 31, 2026 (INR7.93 crore as on March 31, 2024). Despite this, Debt protection metrics are expected as marked by Interest coverage to be comfortable at 4.5-6 times for Fiscal 2025 and NCAAD at 0.3-0.4 time (at 3.54 times and 0.18 time for fiscal 2024). Steady accretion to reserve, along with nominal capital withdrawal, and repayment of term loan will help improve the capital structure over the medium term and will remain monitorable. Key Rating Drivers - Strengths * Extensive experience of the proprietor: The proprietor has experience of 30 years in the iron and steel business, which has enabled him to establish and maintain relationships with customers and get repeat orders. Timely execution of overhead tanks supported by the order book size should aid revenue stabilized to an expected INR50-60 crores. Crisil Ratings believes that this experience will continue to support the business risk profile of the firm and help in scaling up operations Liquidity Poor Bank limit utilisation was high at 89.4% for the 12 months through January 2026. Cash accrual, expected at INR2-3 crore, will remain insufficient to cover yearly term debt obligation of INR4-6 crore over the medium term. However, this will be supported from working capital limits, extended support from creditors, realizations of security deposits and possible fund infusions as unsecured loans by the proprietor in case of exigencies. Current ratio was low at 0.88 times as on March 31, 2025. The unsecured loan from the proprietor will be used to cover working capital requirement and debt obligation. Outlook Stable Crisil Ratings believes ATM will continue to benefit from the extensive experience of the proprietor. Rating sensitivity factors Upward factors: * Steady increase in turnover and operating margin of 5.5-6.5% leading to net cash accruals of INR5-6 crores sufficient against annual debt obligation * Prudent working capital management leading to moderation in bank limit utilisation Downward factors: * Decline in turnover or fall in operating margin below 3% leading to lower cash accrual * Further weakening of the financial risk profile and liquidity on account of higher dependence on external debt ATM was set up in 1995 as a proprietorship by Mr Ankur Agarwal in Lucknow, Uttar Pradesh. The firm manufactures stainless steel (SS) railings and SS gates on jobwork basis and trades in SS pipes and sheets. It also sets up commercial kitchens, mainly for government departments. ARM & HAMMER: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Arm & Hammer Animal Nutrition Private Limited E-561-A, S/F, L/S, F Side, Sector 7 Dwarka, Palam Extension, Sahid Rampal Chowk, New Delhi - 110045, India Liquidation Commencement Date: March 11, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Amit Jain D 32 East of Kailash New Delhi - 110065 Tel: 98185 82552 Email: amitjain32@gmail.com ahan.vl2026@gmail.com Last date for submission of claims: April 9, 2026 ATS GROUP: NCLT Allows Withdrawal of Insolvency Process vs. Project ------------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has allowed the withdrawal of ATS Group's premium Noida project ATS Knightsbridge from the corporate insolvency resolution process (CIRP), giving relief to homebuyers. ET says the withdrawal was allowed following a settlement with lenders under Section 12A of the Insolvency and Bankruptcy Code. ATS Knightsbridge was one of the first few luxury residential development in Noida but got stuck midway. According to ET, industry experts said while many recent launches in the ultra-luxury segment have leaned toward mixed-use formats or multiple residential configurations, ATS Knightsbridge is a pure residential development with a singular product profile. The project comprises residences of the same size, with one apartment per floor, creating a low-density format centred on privacy, exclusivity and premium living. The largest advantage, is the project is at an advance construction stage with structures of all 5 towers ready or close to completion. The group plans to handover the project in 18-24 months subject to conditions such as GRAP, the report relays. "Our focus will now be on restoring confidence, elevating the product experience, and positioning Knightsbridge as luxury residence in NCR," said Getamber Anand, Chairman, ATS Group. The development also comes at a time when the group has sought to highlight stronger execution and financial momentum across parts of its portfolio, adds ET. ATS Group is specialized in design, manufacturing and installation & commissioning of automated conveyor systems and light cranes. BRG WORKPLACE: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: BRG Workplace Management Solutions (India) Private Limited 83/1, Unit No. 2A-1, 9th Floor, Salarpuria Sattva Knowledge City, Octave, Phase-IV, Raidurg, Hyderabad - 500081, Telangana Liquidation Commencement Date: March 9, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Krit Narayan Mishra C-3, Ashoka Apartments, Plot No.8, Sector 12, Dwarka, New Delhi - 110078 Last date for submission of claims: April 7, 2026 BUTTERFLY IMPEX: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Butterfly Impex Private Limited Office No. 5, 3rd Floor, Amar Avinash Corporate City, 11 Bund Garden Road, Pune, Maharashtra, India, 411001 Liquidation Commencement Date: March 13, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Tel: +91 98204 69825 Email: pranav@winadvisors.co.in Last date for submission of claims: April 12, 2026 BVL INFRASTRUCTURE: CRISIL Cuts Rating on INR10cr Cash Loan to D ---------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of BVL Infrastructure Private Limited (BIPL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Foreign Currency 5.8 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Long Term Loan 4.7 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 16.5 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with BIPL for obtaining information through letter and email dated February 9, 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 BIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of BIPL to 'Crisil D Issuer not cooperating'. BIPL is incorporated in the year 2007. However, the operations of the company was started in the year 2017. It is based out in Tanguturu, Andhra Pradesh. CAPRI GLOBAL: Fitch Assigns 'BB-/B' IDRs, Outlook Stable -------------------------------------------------------- Fitch Ratings has published India-based Capri Global Capital Limited's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-' and Short-Term IDR of 'B'. The Outlooks on the Long-Term IDRs are Stable. Capri is a mid-sized non-bank finance company in India with a loan portfolio of primarily gold and housing loans, property-backed SME loans and construction finance. Key Rating Drivers Standalone Profile Drives Ratings: Capri's ratings reflect its moderate non-bank lending franchise, exposure to relatively riskier mass-market borrowers and construction finance, a narrower though expanding funding base, and exposure to key-person risk. This is balanced by a largely secured loan mix, data- and policy-driven risk management, resilient asset-quality and profitability record, and generally adequate capitalisation. Modest Franchise: Capri has one of the smaller franchises, as indicated by loan assets under management (AUM), among the Indian finance and leasing companies (FLCs) monitored by Fitch. Capri has sufficient scale to compete, as evident from its profitable operating record over the past 15 years. However, the smaller scale may limit brand reach and pricing power relative to more dominant competitors, and plans for significant branch network and loan growth may raise execution risks. Secured Lending Mitigates Borrower Risk: Capri, like many Indian FLCs, caters to underbanked customers that are more susceptible to economic and interest-rate cycles. It mitigates this risk by focusing on secured products such as housing finance, including home mortgages and other property-backed loans (about 21% of AUM at end-2025), property-backed SME lending (19%) and gold loans (42%), although its construction finance portfolio (17%) would also be economically sensitive. Growth Raises Asset-Quality Risk: Asset-quality fluctuations have generally been manageable through recent cycles, owing to the secured loan mix, adequate risk management and management execution. However, high double-digit credit growth can stretch risk resources and compound portfolio risks quickly, particularly if the economy softens. Fitch perceives some riskier exposure within construction finance, although asset performance is still healthy. Asset-quality metrics have been moderate apart from a concentrated construction finance delinquency about a decade ago. The company remained profitable at the time and the impairment was largely recovered. Supportive Operating Backdrop: India's large, diversified economy and sustained robust GDP growth should continue to underpin non-bank FLCs' credit growth and profitability. This should support generally steady asset quality and funding costs, provided inflation remains well-contained, although pockets of credit weakness may still arise due to aggressive risk-taking. Key Person Risk: Capri is majority-owned by its founder, who is the managing director and sets the strategy. He is supported by an experienced management team that has shown credible execution thus far. Even so, Fitch believes key person risk remains relevant due to the founder's significant shareholding and influence. Equity Issuance Strengthens Capitalisation: Fitch expects Capri to rely on periodic equity raising to support capital adequacy, as its high growth targets are likely to outpace internal capital generation over the medium term. Capitalisation and leverage improved during the financial year ending March 2026 (FY26) following an INR20 billion qualified institutional placement in June 2025, such that capital buffers should provide an adequate cushion against moderate credit downturns and to support growth. Bank-Reliant Funding, Gradual Diversification: Funding access is gradually improving from the current reliance on bank channels through an increasing number of lender relationships, declining borrowing spreads and growing capital-market debt issuance off a small base. Capri's longer-tenor housing and property-backed loans lengthen its asset receivable tenor relative to liability repayments. However, this is balanced by a growing shorter-tenor gold loan book, and asset-liability maturities are adequately matched in all major buckets. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating may be downgraded in the event of sustained above-industry growth along with weakening underwriting parameters, reduced capital adequacy buffers relative to internal targets, debt/tangible equity sustained beyond 4.5x, or a weakened liquidity profile such that short-term asset receivables no longer adequately cover short-term debt repayments. Increased construction finance exceeding 20% of AUM, significantly higher problem assets including non-loan exposures exceeding 5%, weakening funding access, or significant operational, compliance, legal or reputational events could also be negative for the ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A broader and more mature branch network and loan portfolio, a longer record of generally sound asset quality management, more moderate credit growth closer to internal capital generation, and stronger asset-liability maturity buffers could be positive for the ratings, together with reduced key person risk from a more diversified shareholder base and established professional senior leadership. ADJUSTMENTS The sector risk operating environment score has been assigned above the implied score due to the following adjustment reasons: size and structure of economy (positive), economic performance (positive). The funding, liquidity and coverage score has been assigned above the implied score due to the following adjustment reason: cash flow-generative business model (positive). Summary of Financial Adjustments Fitch has classified impairment on investment of INR332.07 million and loss on sale of assets of INR70.89 million, both in FY25, as impairment charges on loans, because Fitch views the underlying credit exposures as originating from the loan portfolio. Date of Relevant Committee 06-Mar-2026 ESG Considerations Capri has an ESG Relevance Score of '4' for Governance Structure as its founder-led shareholding and management structure raises its exposure to key person risk. The founder retains majority control of Capri and has significant influence on its strategy and operations as managing director, although an expanded institutional shareholder base and experienced professional management team partly offset the key person risk. This factor has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Capri Global Capital Limited LT IDR BB- Publish ST IDR B Publish LC LT IDR BB- Publish FIRDOOS COLD: CRISIL Lowers Rating on INR13cr Term Loan to B ------------------------------------------------------------ CRISIL Ratings has migrated the rating on bank facilities of Firdoos Cold Storage Private Limited (FCSPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 13 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with FCSPL for obtaining information through letter and email dated March 4, 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 FCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FCSPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of FCSPL to 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2018, FCSPL owns and operates a post controlled-atmosphere facility for storage of fruits and vegetables, mainly apples, with capacity of 5,000 MTPA in Aglar Shopian, Jammu and Kashmir. The company is owned and managed by Mr Ashaq Hussain Shangloo, Mr Khan Shabir Ahmad and Mr Farooq Ahmed Khan. GAJRAJ AUTOMOBILES: CRISIL Lowers Rating on INR20cr Loan to B ------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Gajraj Automobiles Private Limited (GAPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 12 CRISIL B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 8 CRISIL B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 3 CRISIL B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 20 CRISIL B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Inventory Funding 10 CRISIL B/Stable (ISSUER NOT Facility COOPERATING; Migrated from 'Crisil BB+/Stable') Crisil Ratings has been consistently following up with GAPL for obtaining information through letter and email dated March 5, 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 GAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of GAPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'. GAPL incorporated in February 2010, is an authorized dealer of medium and heavy commercial vehicles of TML in seven districts of Odisha. The company is promoted and managed by Odisha-based Mr. Bhanu Prakash Jalan. GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Greatweld Engineering Private Limited (GEPL) 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 16 CRISIL D (Issuer Not Cooperating) Foreign Letter 13 CRISIL D (Issuer Not of Credit Cooperating) Rupee Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GEPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GEPL, incorporated in 2005, manufactures electro-forged mild steel gratings and hand rails. It has two plants, at Indapur and Markal, near Pune. Mr Rakesh Ranjan, Mr Suhas Baddi, Mr Ravindra Mule, and Mr Sateesh Rane are the promoters. Mr Rakesh Ranjan and a manage the business. HARIOM TRADING: CRISIL Withdraws B Rating on INR14.77cr Loan ------------------------------------------------------------ Crisil Ratings has withdrawn its rating on the bank facilities of HariOm Trading Company - Ambikapur (HTCA) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.30 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Working 14.77 Crisil B/Stable/Issuer Not Capital Facility Cooperating (Withdrawn) Term Loan 0.93 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with HTCA for obtaining information through letter and email dated February 9, 2026, 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 HTCA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HTCA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has migrated the rating on bank facilities of HTCA to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB+/Stable' About the Group The Hariom group is based in Chhattisgarh and is promoted by Mr Amit Agrawal and Mr Jitendra Agrawal. It comprises HTAC and HTC. The Chhattisgarh- based entity is promoted by Mr. Amit Agrawal and Mr. Jitendra Agrawal. Established in 2010 as a partnership firm, HTAC trades in coal procured from Coal India Ltd and its subsidiaries. It sells coal in central and eastern India to players from the power plants, running mills, ferro plants, sponge mills, alloys industries. HTC is a partnership firm, transports coal from the supplier to the end customers. HELLA INFRA: Ind-Ra Assigns Neg. Outlook to BB+ Debentures Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has resolved the Rating Watch with Negative Implications on Hella Infra Market Limited’s (Hella) non-convertible debentures (NCDs) and assigned a Negative Outlook, while maintaining the rating in the non-cooperating category. The issuer had not made available critical information for the rating exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. The rating will now appear as ‘IND BB+/Negative(ISSUER NOT COOPERATING)’ on the agency’s website. The detailed rating actions are given below: - INR10,915 million Non-convertible debentures assigned IND BB+/Negative(ISSUER NOT COOPERATING) Rating Action: Rating Watch off; Negative Outlook assigned; maintained in non-cooperating category Detailed Rationale of the Rating Action Ind-Ra has maintained the rating within the non-cooperating category is in accordance with Ind-Ra’s policy, Guidelines on What Constitutes Non-Cooperation. Ind-Ra had earlier placed the ratings on Rating Watch with Negative Implications on September 22, 2025 to reflect the risks to Hella’s credit profile if its liquidity position remains stretched. The agency has resolved the Rating Watch in the absence of adequate clarity and information (including operational and financial performance, liquidity position, debt servicing obligations, future plans, etc.) to monitor the ratings and insufficient visibility to provide a forward-looking credit view. The Negative Outlook reflects the likelihood of a downgrade of the entity’s ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has been following up with Hella over emails for the required information to monitor the ratings, but has not received critical details including: - Operational and financial performance since 1QFY26 - Current liquidity position including working capital position, cash flow generation since 1QFY26 - Updates on capex spends/plans and its funding - Consolidated net debt status and updated repayment schedule FY27 onwards Updates on its Singapore subsidiary Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of Hella, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in ‘Transparency of Financial Information’. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer’s credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Hella has been non-cooperative with the agency since September 22, 2025. About the Company Incorporated in 2016, Hella supplies construction materials including ready-mix concrete, aggregate, fly-ash, paints, construction chemicals, steel and cement. The company’s business model includes cloud manufacturing, catering to business-to-business clients, and direct retailing of its own contract manufactured products and other branded products. It also has distributors for various branded manufacturers and manages the supply chain. ITMC DEVELOPERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: ITMC Developers Private Limited 1, Ramkrupa Building, Devji Bhimji Lane, Mathuradas Road, Kandiwali (w), Mumbai - 400067 Insolvency Commencement Date: March 11, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 7, 2026 Insolvency professional: Stress Credit Resolution Private Limited Interim Resolution Professional: Stress Credit Resolution Private Limited B 1305/6, Dosti Elite, Road No. 29, Sion, Mumbai, Maharashtra, 400022 Email: admin@stresscredit.com B-807, East Point, Pant Nagar, 90 feet Road, Ghatkopar (East), Mumbai - 75 Email: itmc.cirp@gmail.com Last date for submission of claims: March 25, 2026 JAIPRAKASH ASSOCIATES: NCLT Approves Adani's Acquisition Bid ------------------------------------------------------------ The Indian Express reports that the National Company Law Tribunal (NCLT) has approved the resolution plan of Adani Enterprises Ltd (AEL) for the bankrupt Jaiprakash Associates Ltd (JAL) under the Insolvency and Bankruptcy Code, 2016. "We hereby inform you that the NCLT has orally pronounced an order on March 17, 2026 approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises, the successful resolution applicant," AEL said in an exchange filing. Adani Enterprises, the flagship firm of the Adani Group, had secured creditor approval for its INR14,535 crore bid to acquire the Jaiprakash Associates in November 2025, The Indian Express notes. AEL outbid Vedanta and Dalmia Bharat for Jaiprakash Associates. The Committee of Creditors (CoC) of JAL, a company undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, approved the Resolution Plan submitted by Adani Enterprises. AEL received a Letter of Intent (LoI) from the Resolution Professional (RP) on Nov. 19, 2025. "The implementation of the resolution plan is subject to the terms of the LoI and requisite approvals from the NCLT, Allahabad Bench, Prayagraj and/or any other regulatory authority/courts/tribunal under applicable laws," AEL said. According to The Indian Express, Adani secured the highest support, receiving 89% of creditors' votes, ahead of Dalmia Cement (Bharat) and the Vedanta Group. The National Asset Reconstruction Company Ltd, with around 86% of the CoC's voting share, played a decisive role. Meanwhile, a small group of lenders - including State Bank of India and ICICI Bank - representing less than 3% of the CoC's voting share, chose to abstain. The resolution plan, or any part thereof, may be implemented by AEL, its promoters, promoter group and such other persons who are generally identified as being part of the Adani Group (including Adani Power, Adani Infra (India), Adani Ports and Special Economic Zone, Karnavati Aviation and/or Mandhata Build Estate Pvt. Ltd) or through any special purpose vehicle or any entity identified by AEL, in accordance with the terms of the resolution plan, the company, as cited by The Indian Express, said. "A detailed disclosure shall be made upon the written order being made available as required under the Listing Regulations and other applicable laws," AEL said. About JAL 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. JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jindal Agro Mills Private Limited (JAMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 37 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JAMPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JAMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JAMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JAMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1992 and promoted by Mr. R K Jindal, JAMPL trades in metals such as copper, zinc and nickel. It also manufactures copper alloys, wire, strips and rods, and processes wheat flour and bran. JAMPL also works as consignee agent for Binani Zinc Ltd. KAVERI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kaveri Cotton Industries (KCI) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 1.54 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.46 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with KCI for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2011 as a partnership firm, KCI gins and presses raw cotton and sells cotton lint and cotton seeds. It is promoted by Dr V Satish, Mr K Ramakrishna Rao, Mr V Anjaneyulu, and Mr S Srinivas Rao along with their family members. KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Khyati Foods Private Limited (KFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.85 CRISIL D (Issuer Not Cooperating) Cash Credit 16.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KFPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KFPL continues to be 'Crisil D Issuer not cooperating'. Set up in 1997, KFPL is a Bhopal-based manufactures and processes organic agricultural products such as soya oil and seeds, soya bean flour, organic soy lecithin liquid, and organic spices and juices. All the operations are managed by Mr. Pawan Agarwal and Mrs. Gunjan Agarwal. KIWI ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kiwi Alloys Limited (KAL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.75 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.00 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KAL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAL continues to be 'Crisil B/Stable Issuer not cooperating'. KAL, incorporated in 2010, was promoted by Mr. Nitin Gupta and his family members. It manufactures mild steel ingots. Its manufacturing plant, located in Bhiwadi, Rajasthan, has an ingot manufacturing capacity of 21,000 tonne per annum. KAL also trades in rice. KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kizhakkebhagathu Rice Mills (KRM) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 6 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KRM for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KRM continues to be 'Crisil C Issuer not cooperating'. Set up in 1997, KRM mills and processes paddy into rice, rice bran, broken rice and husk. It has an installed paddy milling capacity of 5 tonnes per hour (tph). Its rice mill is located at Muvattupuzha, Kerala. Its operations are managed by Mr. Dinu Kurien. KLAUS WAREN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Klaus Waren Fixtures Private Limited (KWFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 9.02 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KWFPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KWFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KWFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KWFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2004, Mumbai-based KWFPL manufactures brass bathroom fitting, which are marketed under the brand, 'Aquel'. Dr N M Shah and family are the promoters. KRISFO INFOTECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Krisfo Infotech Solutions Private Limited 1232/35-3, 2nd Floor, 24th Main, JP Nagar, 7th Phase, Puttenahalli, Near Brigade Palm Springs, Bengaluru, Karnataka - 560078 Insolvency Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: September 6, 2026 Insolvency professional: Anuja Sudhir Bhate Interim Resolution Professional: Anuja Sudhir Bhate Flat No. 8241, Prestige Lakeside Habitat, SH 35 Opposite HP Petrol Pump, Gunjur, Bengaluru Karnataka - 560087 Email: culanu@yahoo.co.in krisfo.cirp@gmail.com Last date for submission of claims: March 25, 2026 KUMAR JEWELLERS: CRISIL Lowers Rating on INR5cr LT Loan to B ------------------------------------------------------------ Crisil Ratings has revised the ratings on Kumar Jewellers (KJ) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 5 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with KJ for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KJ revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Based in Nellore, Tamil Nadu, KJ retails gold jewellery. The firm was established by Mr Sukumar D Vas a proprietary concern in 1992 and reconstituted as a partnership firm in February 2016 when his brothers also joined the business. LAXMI FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Laxmi Feeds and Farms (LFF) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 2 CRISIL B/Stable (Issuer Not Cooperating) Secured Overdraft 5 CRISIL B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with LFF for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LFF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LFF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LFF continues to be 'Crisil B/Stable Issuer not cooperating'. LFF, set up in 2017, manufactures poultry feed in Udupi district, Karnataka. Mr. Mahesh Udupa and his family members manage the operations. LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lekh Raj and Sons (LRS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) Cash Credit 22 CRISIL D (Issuer Not Cooperating) Proposed Cash Credit Limit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LRS for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LRS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LRS continues to be 'Crisil D Issuer not cooperating'. LRS was set up in 1984 as a partnership firm by members of Miglani family of Kaithal, Haryana. The firm mills, sorts, grades, and exports basmati and non-basmati rice. It also sells in the domestic market. MACLEAN POWER: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: MacLean Power (India) Private Limited Office No.T 202, Technopolis, 1-10-74/B, Above Ratnadeep Supermarket, Chikoti Gardens, Begumpet, Hyderabad, Secunerabad, Telangana, India, 500016 Liquidation Commencement Date: March 9, 2026 Court: National Company Law Tribunal, Amaravati Bench Liquidator: Racharla Ramakrishna Gupta Flat No. T202, Technopolis, 1-10-74/B, Above Ratnadeep Supermarket, Chikoti Gardens, Begumpet, Hyderabad - 500016 Tel: +91 98480 19915 Email: rp.ramakrishnagupta@gmail.com Last date for submission of claims: April 7, 2026 MAHESTALA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahestala Agro Foods Private Limited (MAFPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.3 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 27.7 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MAFPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MAFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAFPL continues to be 'Crisil B/Stable Issuer not cooperating'. MAFPL was incorporated in 2009, promoted by members of the Kolkata-based Kundu family. The company retails gold and diamond-studded jewellery under a franchise agreement with Tanishq (jewellery brand of TCL), for which it currently has two showrooms. It also has a food distributorship arrangement under the PDS MAKRANIA OIL: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Makrania Oil Mill (MOM) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MOM for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MOM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MOM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MOM continues to be 'Crisil B-/Stable Issuer not cooperating'. MOM was set up in 2003 as a proprietorship firm by Mr Kishan Kumar. It manufactures and sells mustard oil. The processing facility at Charkhi Dadri, Haryana, has installed capacity of around 300 tonne per day. MANNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manna Industries Limited (MIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 22 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with MIL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011 and based in Hyderabad (Telangana), MIL is engaged in granite and laterite mining. The Company is promoted and managed by Mr. U Kondal Rao. MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Maxout Infrastructures Private Limited (MIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 7 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MIPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MIPL, incorporated in 2007, undertakes railway projects, and develops roads, bridges, sewage water treatment plants, waste and waste water treatment plants and works, mainly in North India. The company is promoted and managed by Mr. Pramod Kumar Singh and his brother Mr. Praveen Kumar Singh. MOUNT VELOUR: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Mount Velour Rubber Works Private Limited (MVRWL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MVRWL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MVRWL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MVRWL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MVRWL continues to be 'Crisil D Issuer not cooperating'. Set up in 1977 as a partnership firm by Mr M Usman and his associates and reconstituted as a private limited company in 2005, MVRWL manufactures block rubber. The company is based in Nilambur, Kerala. NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nalanda Builders and Developers India Limited (NBDIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 23 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NBDIL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NBDIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NBDIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NBDIL continues to be 'Crisil D Issuer not cooperating'. Incorporated in September 2005, NBDIL undertakes residential real estate development in Agra, Jhansi, and Vrindavan (all in Uttar Pradesh). The company is promoted by Mr Santosh Katara, Dr Sharad Bhaduria, and Mr Radhey Shyam Sharma, and their families. The promoters are first-generation entrepreneurs, who set up the business in 2003 as a partnership firm, which was reconstituted as a private limited company in 2005. NAVSAN GLASS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Navsan Glass Industries Limited 8-A, 3rd Floor, Metro Plaza, E-5, Arera Colony, Bhopal, Madhya Pradesh, India, 462011 Insolvency Commencement Date: March 5, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: May 3, 2026 Insolvency professional: Dhaval Jitendrakumar Mistry Interim Resolution Professional: Dhaval Jitendrakumar Mistry 9-B, Vardan Complex, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380009 Email: cadhavalmistry@yahoo.com cirp.ngil@gmail.com Last date for submission of claims: March 26, 2026 NIHA INTERNATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Niha International Private Limited (NIPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with NIPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1998, NIPL is engaged in washing and cleaning of glass bottles. The company is promoted by Mr Rajesh Rajendran and is based in Tamil Nadu. NITYASHRADDHA LIFECARE: CRISIL Keeps B Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nityashraddha Lifecare Private Limited (NLPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 8 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with NLPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NLPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2013 and promoted by Dr. Thakur and Mr. Deshpande and their families, the NL group is setting up a 100-bed multi-speciality hospital in Pune. OMEGA PREMISES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Omega Premises Private Limited 929, F.C. Road, Mantri House, 2nd Floor, Pune, Maharashtra, India, 411004 Insolvency Commencement Date: March 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 8, 2026 Insolvency professional: Prashant Jain Interim Resolution Professional: Prashant Jain A501, Shanti Heights, Plot No. 2,3, 9B/10, Sector 11, Koparkharine, Thane Navi, Mumbai - 400709 Last date for submission of claims: March 26, 2026 PENGANGA SAKHAR: CRISIL Assigns B+ Rating to INR45cr Term Loan -------------------------------------------------------------- CRISIL Ratings has assigned its 'Crisil B+/Stable' rating to the long-term bank facilities of Penganga Sakhar Karkhana Private Limited (PSKPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 30 Crisil B+/Stable (Assigned) Term Loan 45 Crisil B+/Stable (Assigned) The rating reflects the susceptibility to cyclicality in the sugar industry and exposure to regulatory changes, working capital-intensive operations and modest financial risk profile. These weaknesses are partially offset by extensive experience of the promoters of Penganga in the sugar industry and their established relationships with customers, along with the strategic location of the plant with integrated operations. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PSKPL. Unsecured loan of INR14 crore as on March 31, 2025, has been treated as neither debt nor equity, basis the undertaking received and is expected to be retained in the company. Key Rating Drivers - Weaknesses * Exposure to regulatory changes and susceptibility to cyclicality in the sugar industry: Cane production is highly dependent on the monsoon and realisations for alternative crops such as rice and wheat, which may prompt farmers to switch to other crops. The sugar industry in India is regulated by several government policies, including sugarcane prices, export and import of sugar and the sugar release mechanism. These regulations constrain the credit quality of players in the industry. In India, alternative sweeteners to sugar are gur and khandsari. Lower sugarcane yields and an increase in the sale of sugarcane to gur and khandsari manufacturers may lead to decrease in sugar production. * Working capital-intensive operations: The operations of Penganga are working capital intensive in nature, as highlighted by gross current assets of 599 days as on March 31, 2025, led by nil receivable and substantial inventory days. The company does not extend any credit period to its customer and. Inventory is sizeable as the company needs to store sugar and byproducts produced during the sugar producing season to sell for the rest of year. The operations are expected to remain working capital intensive over the medium term and the management of the working capital cycle with the expected increase in scale of operations will be monitorable. * Modest financial risk profile: The capital structure is leveraged with gearing and total outside liabilities to adjusted networth ratio of 103.63 times and 159.39 times, respectively, as on March 31, 2025. This is primarily due to low networth of INR0.84 crores as on March 31, 2025, and high dependence on external borrowings to meet working capital and capital expenditure (capex) requirements. While the capital structure should improve with steady accretion to reserves Debt repayment obligation is expected to be fulfilled through the infusion of unsecured loan. Furthermore, due to high interest costs, the debt protection measures are subdued as reflected in interest coverage and net cash accruals to adjusted debt ratio of around 3.73 times and 0.05 time, respectively, for fiscal 2025. Steady improvement in the financial risk profile remains monitorable for the medium term Key Rating Drivers - Strengths * Extensive experience of the promoters and established customer relationships: Experience of more than 5 years in the sugar industry has given the promoters an understanding of the market dynamics and enabled them to establish relationships with key customers. Though revenues moderated to INR33.2 crore in fiscal 2025 from INR13.89 crores in the previous fiscal as weaker cane availability resulted in lower availability of stock for fiscal 2024. Revenue is expected to double in fiscal 2026 and high growth in fiscal 2027 due to better availability of crop and healthy capacity utilisation. Extensive experience of the promoters and established customer relationships should continue to support the business. * Strategic location of the plant and integrated operations: The plant is in the sugarcane belt of Aurangabad, Maharashtra, which ensures easy access to raw material during the crushing season. Furthermore, the plant has crushing capacity of 2,500 ton of cane per day, and a 5 MW wind turbine facility used for captive consumption. Leading to improved operating efficiencies. Operating margins remained volatile at 18.43% in fiscal 2025 and 54.36% in fiscal 2024 and should continue to remain above 18% over the medium term. Liquidity Poor Bank limit utilisation averaged 50% for the past 12 months ended February 2026. Expected cash accruals of INR6 to 10 crore in fiscals 2026 and 2027 respectively will be insufficient against the repayment obligation of INR12 to INR13 crores which is to be met through additional unsecured loan INR6 crores each in fiscal 2026 and fiscal 2027. The current ratio was low at 0.77 times as on March 31, 2025, due to nil debtors. The promoters will have to extend need-based funding support to cover the working capital requirement and debt obligations and same will remain key monitorable. Outlook Stable Crisil Ratings believes PSKPL will continue to benefit from the extensive experience of its promoters in the sugar manufacturing business and their established relationships with clients. Rating sensitivity factors Upward factors: * Growth in revenues and stable operating margins, leading to higher net cash accruals and improving the cushion between net cash and debt obligation to above 1.2 times on a sustained basis * Improvement in the financial risk profile and working capital cycle Downward factors: * Decline in profitability and cash accrual, leading to net cash accrual below INR5 crores * Substantial increase in the working capital requirement or larger-than-expected debt-funded capex, further weakening the financial risk profile and liquidity PSKPL was incorporated in 2021. PSKPL manufactures sugar and its byproducts such as molasses, pressmud and bagasse. Its plant is located at Chhatrapati Sambhajinagar district of Maharashtra with installed capacity of 2500 tonnes crushing per day (TCD). PSKPL is promoted & managed by Mr. Balasaheb Eknath Gunjal, Mr. Krishna Prabhakar Masure and Mr. Samadhan Shivnath Doifode. POSITIVE HOUSINGS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Positive Housings Private Limited New No.63, GN Chetty Road, Chennai, T Nagar, Tamil Nadu - 600017 Insolvency Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 6, 2026 Insolvency professional: Amit Agrawal Interim Resolution Professional: Amit Agrawal H-63, Vijay Chowk, Laxmi Nagar, Delhi - 110092 Email: amitagcs@gmail.com cirp.positivehousings@gmail.com Last date for submission of claims: March 27, 2026 SHIVA DYESTUFF: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Shiva Dyestuff Private Limited Plot No. 6104/A2-11, GIDC, Bharuch, Ankleshwar, Gujarat, India - 393002 Insolvency Commencement Date: March 13, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: September 9, 2026 Insolvency professional: Pankaj Khetan Interim Resolution Professional: Pankaj Khetan K-37/A, Kailash Colony, Basement, New Delhi, 110048 Email: cirp.shivadyestuff@gmail.com ippankajkhaitan@gmail.com Correspondence Address: 824, Sector-14, Gurugram, 122001 Last date for submission of claims: March 27, 2026 TFL CONTINUOUS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: TFL Continuous Learning Private Limited #6 & 13, K R Colony, Domlur Layout, Bangalore, Karnataka - 560071, India Liquidation Commencement Date: March 7, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Medha Kulkarni D-301, Admiralty Square, 13 Cross, 6th Main, Indiranagar, Bangalore - 560038, Karnataka Tel: +91 99451 80862 Email: medha1273@gmail.com Last date for submission of claims: April 6, 2026 TRAFIKSOL ITS: CRISIL Lowers Rating on INR8.27cr LT Loan to D ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Trafiksol ITS Technologies Limited (TITL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.73 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 8.27 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) In accordance with the terms of the rating agreement with TITL, Crisil Ratings has sent repeated reminders for payment of fees towards the surveillance exercise through letters and emails dated February 6, 2026 and March 6, 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 while using the rating assigned/ reviewed with the suffix 'ISSUER NOT COOPERATING'. On account of lack of management cooperation towards non-payment of fees, Crisil Ratings has migrated the ratings on bank facilities of TITL to 'Crisil D/Crisil D Issuer not cooperating'. TITL (previously known as Trafiksol ITS Technologies Pvt Ltd) was incorporated in March 2018. TITL is a specialised EPC (engineering, procurement and construction) contractor and undertakes projects in the fields of Advanced Traffic Management Systems (ATMS), Toll Management Systems (TMS) and Tunnel Management Systems. It develops, designs and installs testing and commissioning of electrical, electronic fee collection, tunnel management systems and highway traffic management systems. It also provides maintenance for these systems. TITL is promoted and managed by Mr Jitendra Narayan Das (chairman and managing director) and Ms Poonam Das (whole-time director). VINOD CONSTRUCTION: CRISIL Lowers Rating on INR7.5cr Loan to D -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Vinod Construction (VC) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 7.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with VC for obtaining information through letter and email dated January 30, 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 VC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VC is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of VC to 'Crisil D/Crisil D Issuer not cooperating'. Set-up in 1998 as a partnership firm by Mr Vinod Rank and his family members, VC constructs buildings for government departments in Gujarat. YELLOWSTONE EV: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Yellowstone EV Power Private Limited S-1, 2nd Main Road, Maruthi Nagar, Seevaram, Chennai - 600097, Tamil Nadu Insolvency Commencement Date: February 20, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: August 19, 2026 Insolvency professional: Efficax Resolution Professionals Private Limited Interim Resolution Professional: Efficax Resolution Professionals Private Limited 3656/6, Gali No.6, Narang Colony, Tri Nagar, Near Rose Garden North West, New Delhi 110035 Email: rakesh@efficaxindia.com 70D, 3rd Floor, Pocket-A, Vikaspuri Extension, New Delhi, West Delhi - 110018 Email: cirp_yellowstone@efficaxindia.com Last date for submission of claims: March 6, 2026 =============== M A L A Y S I A =============== 1MDB: Standard Chartered, BSI Lose Bid to Join Singapore Cases -------------------------------------------------------------- Reuters reports that Singapore's High Court ruled against a bid by Standard Chartered and BSI Bank to be heard in applications seeking to wind up some foreign entities as part of efforts to recover assets linked to Malaysia's scandal-hit sovereign wealth fund 1MDB, according to a judgment issued on March 19. According to Reuters, Judge Aidan Xu held that Standard Chartered Bank (Singapore), BSI Bank and former BSI banker Hans Peter Brunner ⁠did not have standing to take part in four applications brought by British Virgin Islands companies in liquidation, including Brazen Sky and Blackstone Asia Real Estate Partners. Reuters relates that the companies are seeking winding-up orders in Singapore so their liquidators can pursue claims to unwind transactions that took place before Singapore adopted its current cross-border insolvency rules. Xu said the banks were not contingent creditors merely because they might later obtain costs orders, and a ⁠narrow exception for non-creditor participation did not apply. Last October, Xu dismissed a bid by foreign liquidators to sue Standard Chartered Bank and BSI Bank in Singapore over transactions allegedly linked to 1MDB, recalls Reuters. "We ⁠note the decision of the Court. The bank will continue to defend vigorously against the meritless claims related to these fraudulent companies," a ⁠Standard Chartered spokesperson said, in response to a Reuters query on March 20. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. ===================== N E W Z E A L A N D ===================== 188 HOBSON: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------ A petition to wind up the operations of 188 Hobson Apartments Limited will be heard before the High Court at Auckland on April 24, 2026, at 10:45 a.m. Fntacy Trustee Limited filed the petition against the company on Feb. 16, 2026. The Petitioner's solicitor is: Matthew Winter Level 9, Anthony Harper Tower 62 Worcester Boulevard PO Box 2646 Christchurch 8140 ACCIDENTAL PUBLICANS: Commercial Hotel Owner Placed in Liquidation ------------------------------------------------------------------ Otago Daily Times reports that the company which was operating the Commercial Hotel in Omakau when it closed its doors in late 2023 has been placed in liquidation. According to ODT, sole shareholder and director Jared Miller had taken over the lease of the complex - once voted best country hotel in New Zealand - just over a year prior to its closure. In his initial report, liquidator Brenton Hunt, of Insolvency Matters, said the company Accidental Publicans Ltd had been placed in liquidation by special resolution of the shareholder, ODT relates. Soon after buying the business, the director discovered the business was not sustainable and a surrender of the lease was organised with the landlord, the report said. ODT says staff were paid wages and holiday pay was paid along with as many creditors that could be paid. Plant and equipment were surrendered to the landlord and initial investigations did not indicate an overdrawn shareholder current account. GST and PAYE was estimated at NZD38,500 and unsecured creditors were estimated at NZD55,000, ODT discloses. DU VAL: Build-to-Rent Investors Set for 41c in the Dollar Payout ---------------------------------------------------------------- BusinessDesk reports that investors in Du Val's Build to Rent venture can expect 41 cents in the dollar after statutory managers sold two Auckland properties and terminated a lease with a tenant who refused to honour their agreement. The collapsed property group now owes an estimated NZD225.8 million, down NZD42 million in six months following multiple property sales, the latest statutory managers' report shows. The company was placed in statutory management in August 2024 with debts of about NZD268 million. Du Val Group developed large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024, effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. EX BLL: Creditors' Proofs of Debt Due on April 17 ------------------------------------------------- Creditors of Ex BLL Limited (formerly Boxman Lease Limited) are required to file their proofs of debt by April 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 17, 2026. The company's liquidators are: David Ian Ruscoe Malcolm Russell Moore Grant Thornton New Zealand PO Box 10712 Wellington GEMMI AUCKLAND: Creditors' Proofs of Debt Due on April 16 --------------------------------------------------------- Creditors of Gemmi Auckland Limited and Ollie and David (Commercial Bay) Limited are required to file their proofs of debt by April 16, 2026, to be included in the company's dividend distribution. Gemmi Auckland commenced wind-up proceedings on March 15, 2026. Ollie and David commenced wind-up proceedings on March 16, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 REOCO LIMITED: Placed in Receivership ------------------------------------- Jared Waiata Booth and Tony Leonard Maginness of Baker Tilly Staples Rodway Auckland Limited on March 18, 2026, were appointed as receivers and managers of Reoco Limited. The receivers and managers can be reached at: Jared Waiata Booth Tony Leonard Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 SYNLAIT MILK: Posts NZD80.6 Million Half-Year Net Loss ------------------------------------------------------ Radio New Zealand reports that Synlait Milk has described its half-year net loss of NZD80.6 million as disappointing as it pledges to deliver a pathway to recovery. The dairy company, majority-owned by China's Bright Dairy, reported after tax result was NZD85.4 million lower than the same period last year. Revenue rose just over NZD32 million to NZD949 million but debt soared by 88 percent to just over NZD472 million, RNZ discloses. Synlait's forecast base milk price rose from NZD9.50 to NZD9.70 taking forecast total milk price to NZD10.10 per kg/ms. According to RNZ, chief executive Richard Wyeth said the company faced multiple headwinds - a major one being manufacturing problems as it tried to catch up on its supply of inventory to customers. "The revised plan meant that we had surplus raw milk, particularly over the peak season," he told an investor call. "When we looked through the numbers, it became clear that the only option was to sell that milk through the peak." RNZ relates that Mr. Wyeth said some of the milk sales didn't go to plan and milk was sent back to its Dunsandel plant, which meant workers had to stop their inventory catch-up and process the extra milk into whole milk powder. "Whole powder is the only ingredient that could be made at short notice without creating significant down time on the dryers, up to 48 hours to change." "To create the perfect storm, whole milk powder prices decreased sharply at the end of 2025 which impacted the returns on that ingredient portfolio." He described the season as one of the most frustrating seasons in his 18 years in the industry, RNZ relays. "We faced multiple headwinds, and had very little choice as to how we could deal with them. At each juncture, we carefully costed and analysed the options and even with the benefit of hindsight, there's very little we would have done differently that would have improved this result," he said. About Synlait Milk Headquartered in Rakaia, New Zealand, Synlait Milk Limited (NZX:SML) -- https://www.synlait.com/ -- together with its subsidiaries, manufactures and sells dairy products in China, rest of Asia, the Middle East, Africa, New Zealand, Australia, and internationally. It operates through Synlait and Dairyworks segments. The company is also involved in the processing, packaging, and marketing of dairy products, including cheese, butter, and milk powder. It offers liquid milk; milk powder related products; nutritional products, such as infant and adult nutritional powders; ingredients comprising whole milk powders, skim milk powders, butter milk powders, and anhydrous milk fat; and specialized nutritional ingredients, such as lactoferrin. Synlait Milk Limited posted net losses of NZD182.11 million and NZD4.29 million for the years ended July 31, 2024 and July 31, 2023, respectively. WELI LIMITED: Court to Hear Wind-Up Petition on April 24 -------------------------------------------------------- A petition to wind up the operations of Weli Limited will be heard before the High Court at Auckland on April 24, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 19, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= ATLAS AQUACULTURE: Commences Wind-Up Proceedings ------------------------------------------------ Members of Atlas Aquaculture Pte. Ltd. on March 17, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Oon Su Sun 182 Cecil Street #30-01 Frasers Tower Singapore 069547 ENTERPRIZE ENERGY: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on March 13, 2026, to wind up the operations of Enterprize Energy Formosa Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Wong Pheng Cheong Martin Ms. Koay May Yee c/o FTI Consulting (Singapore) 1 Raffles Quay, #27-10 Singapore 048583 SNC LOGISTICS: Creditors' Meetings Set for April 8 -------------------------------------------------- SNC Logistics Solutions Pte. Ltd. will hold a meeting for its creditors on April 8, 2026, at 11:00 a.m., via 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 nominate liquidator(s) or to confirm members' nomination of liquidator(s); c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Farooq Ahmad Mann of Mann & Associates PAC was appointed as provisional liquidator of the Company on March 17, 2026. VALLIANZ PRESTIGE: Court to Hear Wind-Up Petition on April 10 ------------------------------------------------------------- A petition to wind up the operations of Vallianz Prestige Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. Vallianz Prestige Pte. Ltd. filed the petition against the company on March 12, 2026. The Petitioner's solicitors are: M/S Asialegal LLC 1 Coleman Street #07-02A, The Adelphi Singapore 179803 XCEIT GOURMET: Commences Wind-Up Proceedings -------------------------------------------- Members of Xceit Gourmet Delights Pte. Ltd. on March 17, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Don M Ho David Ho Chjuen Meng c/o Avery Corporate Advisory 9 Raffles Place #08-04 Republic Plaza Singapore 048619 ===================== S O U T H K O R E A ===================== KD CORP: Drops 19% as Trading Resumes After Rehabilitation Filing ----------------------------------------------------------------- Chosun.biz reports that KD Corporation, which has entered corporate rehabilitation proceedings, plunged on March 19, the first day of transaction resumption. KD was trading at 251 won on the KOSDAQ market, down 57 won (18.77%) from the previous trading day. According to Chosun.biz, KD earlier filed for commencement of rehabilitation proceedings with the Suwon Bankruptcy Court on March 5, and the court accepted it on March 18. Under the decision to commence rehabilitation proceedings, filings for rehabilitation claims and collateral rights, as well as equity such as shares, will begin on April 16, followed by an examination period from May 14 to June 10, Chosun.biz says. KD Corporation operates as a real estate development company. The Company develops and markets high-rise residential buildings, low-rise apartments, villas, commercial facilities, office buildings, and other related areas. China SCE Group Holdings also provides property management services. KD markets its products throughout Korea. ********* 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 ***