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260326.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 Thursday, March 26, 2026, Vol. 29, No. 61 Headlines A U S T R A L I A CHARGE AUTO: First Creditors' Meeting Set for April 2 CLIENT CARE: First Creditors' Meeting Set for April 1 GKELD PTY: First Creditors' Meeting Set for April 1 HELLERS AUSTRALIA: Bain Capital Marks NZ$93,000 Loan at 44% Off HOTAIT CONSTRUCTION: First Creditors' Meeting Set for March 31 SHIRE OF COOLGARDIE: Agrees to Sell AUD22MM Workers' Camp TALIA FARMS: First Creditors' Meeting Set for April 1 TRUE EV: XPeng Distributor Placed in External Administration ULAN QUARRY: First Creditors' Meeting Set for April 1 [] Insolvencies Stabilising After Post-Pandemic Spike, RBA Says C H I N A FUTURE FINTECH: Narrows Net Loss to $2.75 Million in 2025 MGM CHINA: Fitch Affirms 'BB-' IDR, Outlook Stable I N D I A ANMOL INNOVATIVE: Insolvency Resolution Process Case Summary AYUTAM FINANCE: Voluntary Liquidation Process Case Summary CEAMSA HYDROCOLLOIDS: Voluntary Liquidation Process Case Summary EYEMYEYE PRIVATE: Insolvency Resolution Process Case Summary G KUMARAVEL: CRISIL Keeps B Debt Rating in Not Cooperating G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating GANGOL SAHKARI: CRISIL Keeps B Debt Rating in Not Cooperating GARGO MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating GOMTI HEALTHY: CRISIL Keeps B Debt Ratings in Not Cooperating GOUNIDHI DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating GREEN FIELD: CRISIL Keeps D Debt Ratings in Not Cooperating GREENCROP INT'L: CRISIL Keeps B- Debt Ratings in Not Cooperating GULBERG COLD: CRISIL Keeps D Debt Ratings in Not Cooperating HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category HK ENNTERPRISES-DELHI: CRISIL Keeps B Rating in Not Cooperating HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating IGENETIC DIAGNOSTICS: Voluntary Liquidation Process Case Summary IL&FS: NCLAT Exempts 50 Red & Amber Companies from CSR Obligations INDO LAMINATES: CRISIL Keeps D Debt Ratings in Not Cooperating IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating JADHAO COTTON: CRISIL Keeps B Debt Rating in Not Cooperating JAHANGIR BIRI: CRISIL Keeps D Debt Ratings in Not Cooperating JAI JALPESH: CRISIL Keeps D Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: Vedanta Challenges NCLT Nod to Adani's Bid JAMPANA PADMAVATHI: CRISIL Keeps D Ratings in Not Cooperating JAY PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating JENIOUS CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating L. R. D. FOODS: CRISIL Keeps B Debt Rating in Not Cooperating LIBRA FABRIC: Liquidation Process Case Summary MAHARA PUSHYA: Insolvency Resolution Process Case Summary NARMADA EXTRUSIONS: Insolvency Resolution Process Case Summary NICO ALLEN: Insolvency Resolution Process Case Summary NUTRIENT MARINE: CARE Keeps D Debt Ratings in Not Cooperating PATH2WAY HR: Liquidation Process Case Summary S GOKUL: CRISIL Keeps C Debt Ratings in Not Cooperating Category VIZTAR INTERNATIONAL: Liquidation Process Case Summary L A O S XAYABURI POWER: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable N E W Z E A L A N D C S M COURIERS: Court to Hear Wind-Up Petition on April 17 KINGSGROUND CONSTRUCTION: Court to Hear Wind-Up Bid on March 31 NZ INT'L COMMERCIAL PILOT: Council Approves Independent Review PAINTPLAS MAINTAINING: Creditors' Proofs of Debt Due on April 20 PROPER TECHNOLOGY: Creditors' Proofs of Debt Due on May 1 RAKETE ORCHARDS: MyFarm Rockit Partnership Placed Into Liquidation ST HELIERS: Creditors' Proofs of Debt Due on May 5 WHANAU ORA: Blacklock Rose Appointed as Receivers P H I L I P P I N E S STRONGHOLD INSURANCE: A.M. Best Gives B(Fair) Fin. Strength Rating X X X X X X X X VEON LTD: Reports $591M Profit in 2025; Lifts Going Concern Doubt - - - - - ================= A U S T R A L I A ================= CHARGE AUTO: First Creditors' Meeting Set for April 2 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Charge Auto Group Pty Ltd (trading as Charge Equipment) will be held on April 2, 2026, at 10:00 a.m. via virtual meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on March 23, 2026. CLIENT CARE: First Creditors' Meeting Set for April 1 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Client Care First Pty Ltd will be held on April 1, 2026, at 3:00 p.m. via virtual meeting. Antony Resnick and Henry Kwok of DVT Mcleods were appointed as administrators of the company on Feb. 25, 2026. GKELD PTY: First Creditors' Meeting Set for April 1 --------------------------------------------------- A first meeting of the creditors in the proceedings of Gkeld Pty Ltd will be held on April 1, 2026, at 11:00 a.m. via Microsoft Teams. James Taplin of BRI Ferrier was appointed as administrator of the company on March 23, 2026. HELLERS AUSTRALIA: Bain Capital Marks NZ$93,000 Loan at 44% Off --------------------------------------------------------------- Bain Capital Private Credit has marked its NZ$93,000 loan extended to Hellers Australia to market at NZ$52,000 or 56% of the outstanding amount, according to Bain Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Bain Capital Private Credit is a participant in a subordinated loan extended to Hellers. The Loan accrues interest at a rate of 15.00% PIK 15.00% per annum. The Loan matures on March 27, 2031. Bain Capital Private Credit is a business development company that provides flexible private credit and financing solutions to middle-market and other corporate borrowers. The Fund is led by Michael A. Ewald as Trustee & Chief Executive Officer (Principal Executive Officer) and Michael J. Boyle as Trustee & President. The Fund can be reached at: Michael A. Ewald Bain Capital Private Credit 200 Clarendon Street, 37th Floor Boston, MA 02116 Telephone: (617) 516-2000 About Hellers Hellers is one of Australasia's suppliers of value-added meat products. HOTAIT CONSTRUCTION: First Creditors' Meeting Set for March 31 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Hotait Construction Pty Ltd will be held on March 31, 2026, at 4:00 p.m. via telephone conference facilities. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on March 19, 2026. SHIRE OF COOLGARDIE: Agrees to Sell AUD22MM Workers' Camp --------------------------------------------------------- ABC News reports that a regional council in Western Australia's Goldfields has agreed to sell a controversial mining camp for AUD22.05 million. The ABC relates that the sale is part of the Shire of Coolgardie's plans to clear massive debts, which led to a show-cause notice from the local government minister last year. The shire has agreed to sell the 328-bed Bluebush Village at Kambalda, about 630 kilometres east of Perth, to ASX-listed gold miner Westgold Resources, according to the ABC. The sale by public tender includes AUD1.95 million for adjacent undeveloped land, covering 9,835 square metres, to accommodate future expansions. The ABC says councillors unanimously voted on March 24 to proceed with the sale, following the recommendation of acting CEO Sabine Taylor, who described the Westgold bid as "the greatest value for money". Westgold has already paid a AUD441,000 deposit, and the sale is expected to proceed to settlement in the coming weeks. After a lengthy public consultation process, including three community forums, the Shire received just three public submissions about the proposed sale, the ABC says. One public submission was against the transaction proceeding in any form. Two long-term residents, Marilyn Ward and Jan McLeod, supported the sale of the existing camp but not the sale of the neighbouring land. According to the ABC, Shire president Paul Wilcox said the proceeds from the sale would be used to pay down debts, which totalled AUD25.4 million at the end of January. "We have to go through the process of settlement and ensure contracts are in order, but essentially the current debt associated with the camp is about AUD16 million, and we also have several other debts which we can look at resolving," the ABC quotes Mr. Wilcox as saying. "As a result of this process, we will review our entire long-term financial plan to get a full picture of where we sit financially in terms of the future. "We don't expect any less scrutiny over time; we have a lot more work to do, but I believe this is a significant step in leading us towards the right direction and restoring some vital confidence in council from the community." In October last year, Local Government Minister Hannah Beazley gave the Shire 12 months to get its finances in order, or she would look at options, including a potential merger with the City of Kalgoorlie-Boulder, the ABC recalls. She has supported the Bluebush Village sale, and in her most recent interview with the ABC last month, she said the Shire's new leadership was making solid progress, which includes monthly financial updates. TALIA FARMS: First Creditors' Meeting Set for April 1 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Talia Farms Pty Ltd will be held on April 1, 2026, at 3:30 p.m. via online video conferencing. Matthew Caddy and Mark Knight of McGrathNicol were appointed as administrators of the company on March 23, 2026. TRUE EV: XPeng Distributor Placed in External Administration ------------------------------------------------------------ Tim Gibson at CarsGuide reports that the distribution arm of Australian XPeng seller True EV has gone into external administration, according to an Australian Securities and Investments Commission (ASIC) filing. Under external administration, the administrator takes over management powers of the business from the directors, while it continues to trade. The administrator in consultation with stakeholders will develop a plan to put the company on course for solvency or to be wound up. True EV brought the XPeng name to Australia in 2024, when it began importing and selling cars, CarsGuide notes. According to CarsGuide, the news comes as XPeng seeks to take over the sales arm of its products in Australia. It confirmed its official launch in New Zealand at the start of this year, stating "details for the Australian market will be announced in due course". This transition carries some complications because True EV has a long-term distribution deal for XPeng vehicles in Australia. At the same time, True EV and its retail arm have commenced legal proceedings in the Federal Court of Australia against 'Guangzhou Xiaopeng Motors Trading' and XPeng Australia, CarsGuide says. It is not known at this stage what the case is in dispute of, but more details will be revealed in the coming days. True EV Chief Executive Officer Jason Clarke told CarsGuide last year he was expecting XPeng to make more direct control of the Australian operation. "The modus operandi of an OEM is give me more, give me more," CarsGuide quotes Mr. Clarke as saying. "Everything that you've seen from XPeng to date has been TrueEV. So we've got it to this point. "They’ve been involved closely [but] not from the product of the brand promotion. That’s been us. "I’d say, [by the] end of this year, next year, you’ll start to see them more and more, doing more and more." CarsGuide says the potential messy breakup between True EV and XPeng HQ, puts a cloud over the care of current customer vehicles for the near future and the pending delivery of vehicles. There are currently three models listed on its Australian website, which are G6 and G9 SUVs, along with the X9 people mover. Meanwhile, Drive reports that TrueEV, the Australian third-party distributor of XPeng electric vehicles (EVs), has entered receivership for old vehicle stock and taken the Chinese car maker to court amid rumours of a takeover. Documents filed with the Australian Securities and Investments Commission show TrueEV has appointed an external receiver to recover the value of 197 vehicles across Melbourne, Brisbane, Fremantle and Port Kembla, south of Sydney, Drive relates. It follows court action launched by TrueEV against XPeng head-office operations in Australia and China earlier this month, which is due to sit for its next hearing later this month. ULAN QUARRY: First Creditors' Meeting Set for April 1 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Ulan Quarry Products Pty Ltd will be held on April 1, 2026, at 11:00 a.m. at the offices of SV Partners, at Level 7, 151 Castlereagh Street, in Sydney, NSW, and via teleconference. Joshua Lee Robb and Jason Lloyd Porter of SV Partners were appointed as administrators of the company on March 23, 2026. [] Insolvencies Stabilising After Post-Pandemic Spike, RBA Says --------------------------------------------------------------- AccountingTimes.com.au reports that the Reserve Bank of Australia's latest Financial Stability Review indicates that total company insolvencies as a share of operating companies have stabilised over the past year, returning to their long-run averages. According to AccountingTimes.com.au, the RBA report said that easing cash flow pressures and recovering domestic demand have supported company viability. It noted that insolvencies saw a sharp increase in the years following the pandemic due to a catch-up effect from the exceptionally low number of insolvencies during the COVID-19 period, when temporary support measures were in place. The report noted that while the rate of non-performing business loans has increased over the past three years, it remains well below the highs seen during the global financial crisis and has shown signs of improvement more recently, AccountingTimes.com.au relays. The latest company insolvency statistics from ASIC indicate there were 9,618 insolvencies for the 2025–26 income year to March 8, AccountingTimes.com.au discloses. This was roughly in line with the same period for the 2024–25 year, when there were 9,432 insolvencies between July 1 and March 8, 2025. However, the report noted that company insolvency rates do remain elevated in some industries, including hospitality and construction, AccountingTimes.com.au relates. "This reflects ongoing wage and input cost pressures, as well as thin margins for some construction companies," the central bank said. "Consistent with this, information from the RBA’s liaison program suggests that the number of businesses seeking guidance from community organisations remains elevated in these industries." Businesses, it said, were commonly seeking support for managing unpaid tax debt following recent ATO steps to resume enforcement actions on unpaid taxes. "Consistent with this, the share of insolvent firms with large debts owing to the ATO has increased notably over the past three years," it said. "Insolvency rates are somewhat elevated among retail, manufacturing and transport companies, reflecting cash flow constraints, and labour shortages remain a constraint for some transport firms." AccountingTimes.com.au adds that the RBA report also warned that there was a risk that a sustained energy price shock could add to cost pressures, particularly in more energy-intensive industries such as transport. "Personal insolvencies of business owners – many of whom are in the construction and hospitality industries – have also increased over the past few years, although from very low levels," it said. This is also reflected in the ASIC insolvency statistics, which indicate that construction, accommodation, and goods and services were the industries with the highest number of insolvencies. There have been 2,324 company insolvencies in the construction industry this year so far, and 1,432 insolvencies in the hospitality industry, AccountingTimes.com.au relays. ========= C H I N A ========= FUTURE FINTECH: Narrows Net Loss to $2.75 Million in 2025 --------------------------------------------------------- Future FinTech Group Inc. filed a Form 10-K with the Securities and Exchange Commission, reporting a net loss of $2.75 million on $3.83 million in revenue for the year ended Dec. 31, 2025, compared with a net loss of $33.18 million on $2.11 million in revenue a year earlier. As of Dec. 31, 2025, the company had $53.29 million in total assets and $9.33 million in total liabilities, with stockholders' equity of $43.96 million. Auditor Fortune CPA, Inc., in a report dated March 18, 2026, issued a "going concern" qualification, stating that the company has suffered operating losses, which raises substantial doubt about its ability to continue as a going concern. The company said it has incurred operating losses and negative operating cash flows, and may continue to do so as it executes its business strategy. It added that its ability to continue as a going concern depends on its ability to implement its strategy and achieve profitable operations. Future FinTech disclosed it currently finances operations primarily through convertible notes and equity issuance. Cash and cash equivalents, including restricted cash, totaled $5.08 million as of Dec. 31, 2025, up from $4.77 million a year earlier. Working capital increased to $42.55 million as of Dec. 31, 2025, from $7.60 million as of Dec. 31, 2024, driven mainly by higher investment funds and lower accrued expenses and other payables. Net cash used in operating activities from continuing operations amounted to $31.77 million in 2025, compared with $20.43 million in 2024. The 2025 figure reflected a net loss from continuing operations of $30.95 million, adjusted for non-cash items including $28.14 million in credit loss allowances, a $2.98 million gain on debt restructuring and $1.09 million in share-based payments, along with changes in working capital. These included a $27.24 million increase in other receivables and a $2.35 million decrease in accrued expenses and payables, partially offset by increases in accounts payable and other liabilities and a decline in accounts receivable. In 2024, the company's operating cash use reflected a $33.74 million net loss from continuing operations adjusted for non-cash items, alongside working capital changes that included increases in receivables and advances to suppliers, partially offset by lower accounts receivable. Net cash used in investing activities totaled $28.96 million in 2025, compared with $1.72 million in 2024. The 2025 outflow was primarily driven by a $29.93 million prepayment for a business acquisition, partially offset by $0.84 million in repayments from a debt investment. Net cash provided by financing activities was $31.77 million in 2025, up from $2.48 million in 2024. The increase was mainly due to $30.00 million in net proceeds from common stock issuance and $1.80 million from convertible notes. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1066923/000121390026030833/ea0277943-10k_future.htm About Future FinTech Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong and incorporated in Florida, is a holding company that provides financial technology-related services, including supply-chain financing and trading in China. Originally engaged in fruit juice production and distribution in China, the company has shifted its business model toward fintech, while previously operating in asset management, cross-border payments, brokerage and cryptocurrency mining. It has divested several subsidiaries and discontinued certain operations in recent years as it refocused on its core supply-chain financing and trading activities. MGM CHINA: Fitch Affirms 'BB-' IDR, Outlook Stable -------------------------------------------------- Fitch Ratings has affirmed MGM Resorts International (MGM) and its subsidiaries' (collectively MGM) Issuer Default Ratings (IDRs) at 'BB-'. The subsidiary includes MGM China Holdings Limited. Fitch has also affirmed MGM's senior secured debt at 'BB+' with a Recovery Rating of 'RR1' and unsecured debt at 'BB-'/'RR4'. The rating reflects MGM's mid-5x EBITDAR leverage, conservative financial policy, and robust liquidity position. It also considers the company's scale, strong competitive position and diversification. These positive factors are offset by the company's active development plan, earnings volatility from high-end play in both Las Vegas and Macau, increasing cost pressure, and asset light strategy, which could affect financial flexibility. The Rating Outlook is Stable. Fitch's expects leverage will remain stable, and liquidity is sufficient to fund growth opportunities. Potential higher fuel prices could have a short-term impact on gaming markets and affect the Outlook if prices remain higher over an extended period. Key Rating Drivers Strong Scale and Diversification: MGM is one of the largest and most diversified gaming operators in the U.S. The company maintains a leading market position in most of the markets where it operates. The company is a dominant operator on the Las Vegas Strip and continues to increase its market share in Macau, two of the largest gaming markets in the world. The company has a rapidly growing digital business and a strong presence in regional U.S. gaming markets. MGM's diversification is also driven by its strong non-gaming revenues in Las Vegas, ability to reach customer segments from the high-end to value-oriented customers, and its offering of digital gaming platforms. Conservative Financial Policy: MGM maintains a financial policy of net EBITDAR leverage below 4.5x. Gross EBITDAR leverage (adjusted leverage equals debt plus 8x lease expense) is high for a 'BB-' rating, but MGM's EBITDA rating (gross debt to EBITDAR minus lease expense) is in line with 'BBB' rating levels. MGM also has a policy of maintaining $3 billion of liquidity through a combination of availability under its revolver and cash (excluding $500 million of cage cash). The stated liquidity policy helps offset MGM's fixed charge coverage ratio of 1.7x as of 2025, which is at the low-'B' range for that sub-factor. Asset-Light Structure: MGM has monetized all its meaningful wholly owned assets. The move to asset-light allowed the company to materially reduce debt but reduces its flexibility to mortgage securities during distressed situations if funds are needed. MGM's run-rate triple-net leases (including non-cash lease expense) are expected to annualize to roughly $2.3 billion in 2026. MGM China Increases Share: MGM China has performed well in the Macau market despite uncertainty with the China economy and a more promotional environment. EBITDA increased 11% in 2025 and the company has strengthened its competitive position. Fitch anticipates future growth to be steadier but still provides steady cash flow to the parent in the form of branding fees and distributions. Headwinds in Las Vegas: Las Vegas visitation and room revenues declined in 2025, which appears to be initially carrying into 2026. Reduction in international travel, timing of major sporting events and convention exhibits, and perception of higher costs in the market has been attributable to the market softness. MGM's luxury-oriented properties have performed better than its value-oriented properties, as higher-end customers continue to spend on leisure consumer products and services. Fitch believes the Las Vegas market could be volatile given current economic conditions. Favorable Asset Mix: MGM has good geographic diversification, which includes its Las Vegas Strip properties, diverse regional gaming portfolio, and Macau assets. MGM's portfolio has many high-quality assets on the Strip, and its regional assets are typically market leaders. The regional portfolio's diversification partially offsets the more cyclical nature of Las Vegas Strip properties. MGM's two properties in Macau provide global diversification benefits and exposure to a market with favorable long-term growth trends. Strong PSL Linkage: Fitch views MGM on a consolidated basis and the IDRs are equalized because the linkage between the parent, MGM Resorts International, and subsidiaries is strong. MGM Resorts International is the primary debt-issuing entity in the U.S. and is considered a stronger parent relative to the Macau subsidiaries, given it benefits from ownership in the operations of all U.S. domestic casinos and its 56% equity interest in MGM China. Fitch applies the strong parent/weak subsidiary approach under its Parent and Subsidiary Linkage Rating Criteria. The linkage is strong because of perceived high strategic and operational incentives, as the subsidiaries share brands and customers across the system. Peer Analysis MGM is a large, diversified operator of casinos on the Las Vegas Strip, in regional U.S. gaming markets, and in Macau. The company has sold and leased-backed all of its U.S. casino operations and has primarily used the cash to repay debt and expand operations. The company operates high quality assets and is the largest operator of assets on the Las Vegas Strip. Regional gaming operations and Macau operations are somewhat protected from new competition due to limited licenses. MGM has a conservative financial policy and operates with relatively strong liquidity. Wynn Resorts, Limited (BB-/Stable) is smaller in scale but has strong relative market share in Las Vegas and Macau. Wynn also has high-quality assets and operates in attractive regulatory regimes. Wynn maintains strong liquidity, although its debt will temporarily increase during periods of large development projects. Las Vegas Sands Corp. (BBB/Stable) is the largest operator of casino resorts in Macau. The company also has a presence as being only one of the two operators of casino resorts in Singapore. Leverage is relatively low given the scale of the company's operations. The company has a strong commitment to a conservative financial policy and maintains very strong liquidity. Fitch's Key Rating-Case Assumptions - Total revenues are expected to be flat in 2026. Slight declines in Las Vegas and regional markets will be offset by growth in Macau and Digital gaming. Expect improvements in Las Vegas and regional markets to lead to low single digit growth over the forecast horizon. - EBITDAR margins are forecasted to range in the 25.5%-26.5% area. - Total rent of $2.3 billion in 2026 (including non-cash rent), which is straight-line across the forecast horizon. - Capex is $1.0 billion-$1.1 billion per year with no major growth capex assumed. Fitch incorporates $200 million of capex in Macau annually, in line with the required new concession. - Assume no dividend policy for the domestic entity. - Assume $750 million-$1 billion share repurchases over the forecast horizon, which is governed by the company's financial commitment to its liquidity coverage. Fitch's Key Assumptions - Stress Case - Total revenues are forecasted to decline by 6% in 2026 owing to continued weakness in Las Vegas and reduction in regional demand from economic uncertainty. MGM China is also expected to decline by mid-single digits due to economic uncertainty in China. Revenues return to flat to low-single digit growth over the forecast horizon. - EBITDAR margins are forecasted in the 24.5% area owing to the lower revenue projections. - Total rent of $2.3 billion in 2026 (including non-cash rent), which is straight-line across the forecast horizon. - Capex is $1.0 billion-$1.1 billion per year with no major growth capex assumed. Fitch incorporates $200 million of capex in Macau annually, in line with the required new concession. - Assume no dividend policy for the domestic entity. - Assume $750 million-$1 billion share repurchases over the forecast horizon, which is governed by the company's financial commitment to its liquidity coverage. 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+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Higher). - 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 'a+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No adjustments made to SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR Leverage sustaining above 6.0x, either through a more prolonged disruption to global gaming demand or adoption of a more aggressive financial policy. - A reduction in overall liquidity (low cash and revolver availability, heightened covenant risk or increased FCF burn) due to weaker economic conditions or a more aggressive financial policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased scale and diversification while meeting stated credit metric sensitivities. - EBITDAR Leverage sustaining below 5.0x. - EBITDAR Fixed Charge Coverage approaching 2.0x. Liquidity and Debt Structure As of Dec. 31, 2025, MGM had cash on hand of $2.06 billion, including $565 million of cash on hand at MGM China. The company has an additional $210 million investment in marketable debt securities. MGM has a stated financial policy of maintaining $3 billion of liquidity through a combination of availability under its revolver and cash (excluding $500 million of cage cash). The U.S. domestic revolver was undrawn with availability of $2.3 billion and there was $488 million outstanding on the MGM China revolving credit facility. The next domestic maturity consists of $400 million in senior unsecured notes due 2026 at the parent level and $750 million at MGM China. Fitch anticipates these notes and future bond maturities will be refinanced. The company repurchased approximately $1.2 billion in stock in 2025 and $1.4 billion in 2024. Fitch expects further share repurchases that will be opportunistic; however, this could be bound by the company's commitment to the Japan project and ability to be within its stated financial policy. Issuer Profile MGM operates nine Las Vegas casinos and seven in U.S. regional markets. MGM has a 56% stake in MGM China, which operates two casinos in Macau SAR. MGM has a 50% ownership in BetMGM, a large U.S. digital gaming operator. 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. 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 Recovery Prior ----------- ------ -------- ----- MGM China Holdings Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- MGM Resorts International LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ ========= I N D I A ========= ANMOL INNOVATIVE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Anmol Innovative Electrical Private Limited Building No. 3, Topaz Industrial Estate, Unit No. 103, 104, 114, 115, Sativali Road, Village Waliv, Vasai East Thane, Maharashtra, India, 401208 Insolvency Commencement Date: March 9, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 5, 2026 Insolvency professional: Satyendra K. Sinha Interim Resolution Professional: Satyendra K. Sinha D-2001, Panchshil Towers, Haveli-Wagholi, Kharadi, Near EON IT Park, Pune Maharashtra - 412207 Email: irp.anmoliepl@gmail.com Last date for submission of claims: March 23, 2026 AYUTAM FINANCE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Ayutam Finance and Investment Private Limited B-201 Avirahi Building, Near Shimpoli Signal, S. V. Road, Borivali (West) - 400092, Maharashtra, India Liquidation Commencement Date: March 13, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Manish Kumar Baldeva Office No. G-2, Salasar Jyot CHS Ltd. Bageshri Park, Shivsena Gali, Station Road, Bhayander (West), District Thane - 401101 Tel: 93228 89341 Email: manish@csmanishb.in Last date for submission of claims: April 11, 2026 CEAMSA HYDROCOLLOIDS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Ceamsa Hydrocolloids India Private Limited 314, Bhaveshwar Arcade Annexe, LBS Marg, Ghatkopar (West), Mumbai - 400084 Liquidation Commencement Date: March 6, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Jayanti Lal Jain 708, Raheja Centre, 7th Floor, Nariman Point, Mumbai - 400021 Tel: 022-66107430 Email: jljain.ip@gmail.com liq.ceamsa@gmail.com Last date for submission of claims: April 5, 2026 EYEMYEYE PRIVATE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Eyemyeye Private Limited A-8, Infocity 1, Sector 34, Gurugram, Haryana, India - 122001 Email: ganesh.i@eyemyeye.com Insolvency Commencement Date: March 13, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: September 9, 2026 Insolvency professional: Sanjay Kumar Aggarwal Interim Resolution Professional: Sanjay Kumar Aggarwal #C-20, Block-C, Wave Estate, Sector 85 SAS Nagar, Mohali - 160055 (Punjab) Email: sanjayaggarwal.fcs@gmail.com cirp.eyemyeye@rediffmail.com Last date for submission of claims: March 27, 2026 G KUMARAVEL: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of G Kumaravel Textiles (GKT) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GKT 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 GKT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GKT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GKT continues to be 'Crisil B/Stable Issuer not cooperating'. GKT, a proprietorship firm established on 2005, manufactures and retails lungis in Tamilnadu and Andhra. GKT has integrated facilities for all processes, such as dyeing, warping, sizing, tending, weaving, packing, and distributing. The firm is managed by Mr. G Kumaravel. G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of G. Nageswaran (GN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Secured Overdraft 9.4 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with GN 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 GN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GN continues to be 'Crisil D/Crisil D Issuer not cooperating'. GN was set up as a proprietorship firm in 1985, by Mr G Nageswaran. The firm undertakes civil construction works, mainly for the Government of Tamil Nadu and the National Highways Authority of India. GANGOL SAHKARI: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Gangol Sahkari Dugdh Utpadak Sangh Limited (Gangol) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Gangol 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 Gangol, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Gangol is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Gangol continues to be 'Crisil B/Stable Issuer not cooperating'. Gangol, registered under the Cooperative Act in 1991, is a milk cooperative that works under PCDF. It procures milk from around 850 primary cooperative societies for processing into milk products, which it sells under the PCDF's Parag brand. It also undertakes job work for Mother Dairy. GARGO MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Gargo Motors (Gargo) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (Issuer Not Cooperating) Electronic Dealer 6 CRISIL B/Stable (Issuer Not Financing Scheme Cooperating) (e-DFS) Term Loan 2 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Gargo 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 Gargo, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Gargo is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Gargo continues to be 'Crisil B/Stable Issuer not cooperating'. Gargo, established as a proprietorship firm in 1996 by Mr Kamakhya Borthakur, is an authorised dealer of TML's commercial vehicles in Assam. The firm has six showrooms and two stockyards, along with three workshops in Assam. Mr Borthakur has also promoted Gargo Motors Ltd (rated 'Crisil B+/Stable Issuer not cooperating'), which, too, is an authorised dealer of TML's passenger vehicles. GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Gokul Steels Private Limited (GSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.26 CRISIL D (Issuer Not Cooperating) Cash Credit 4.24 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.45 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GSPL 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 GSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GSPL continues to be 'Crisil D Issuer not cooperating'. GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set up a steel structural rolling mill in Fatwa, Patna District. The mill commenced operations in May 2014. The Kasera family does not have any prior experience of operating a rolling mill. However, the family has extensive experience of over two decades in trading in iron and steel product. GOMTI HEALTHY: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gomti Healthy Nutrients Private Limited (GHNPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.1 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GHNPL 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 GHNPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHNPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHNPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in August 2018, GHNPL has a plant in Lucknow for manufacturing breads, buns, and rusk. The company is promoted by Mr Kunal Batra, Ms Pooja Trehan, and Mr Kartik Batra. The operations commenced in January 2020. GOUNIDHI DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gounidhi Dairy (GND) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.50 CRISIL D (Issuer Not Cooperating) Proposed Fund- 0.25 CRISIL D (Issuer Not Based Bank Limits Cooperating) Proposed Term Loan 2.00 CRISIL D (Issuer Not Cooperating) Term Loan 5.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GND 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 GND, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GND is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GND continues to be 'Crisil D Issuer not cooperating'. GND was established as a partnership firm in December 2016 and started its operations in May 2019. The firm is promoted by Mr Munnalal Soni, Ms Rachna Soni, Ms Rajni Soni, Ms Shobha Soni, Mr Vinay Kumar Soni, and Mr Virendra Soni. The firm is setting up a mechanised modern dairy farm in Shahdol, Madhya Pradesh. GREEN FIELD: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Green Field Hi-Tech Rice Mill (GFL; part of the Senthiyappa group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 3.0 CRISIL D (Issuer Not Cooperating) Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GFL 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 GFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GFL continues to be 'Crisil D Issuer not cooperating'. Established in 1987 by Mr V S Madasamy as a partnership concern, SMRM processes rice at its manufacturing facilities in Tamil Nadu. The day to day operations are managed by Mr.Kannan. Established in 2010 by Mr Kannan as a proprietary concern, GFL processes rice at its facilities in Tamil Nadu. GREENCROP INT'L: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Greencrop International Private Limited continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.25 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 3.67 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 1.08 CRISIL B-/Stable (Issuer Bank Loan Facility Not Cooperating) Crisil Ratings has been consistently following up with Greencrop 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 Greencrop, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Greencrop is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Greencrop continues to be 'Crisil B-/Stable Issuer not cooperating'. Greencrop, set up in 2001, manufactures pesticides and micro-nutrient fertilisers. It is based in Pune ( Maharashtra), with distribution offices in Hyderabad, Bengaluru, Coimbatore (Tamil Nadu), Raipur, Indore (Madhya Pradesh), Akola (Maharashtra), and Ahmedabad (Gujarat). It is promoted by Mr Sharad Sawant and Mr Popatrao Deshmukh, who have been in the agricultural chemicals industry for around four decades. GULBERG COLD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Gulberg Cold Chain (GCC) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Term Loan 18.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GCC 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 GCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GCC continues to be 'Crisil D Issuer not cooperating'. GCC was established as a proprietorship firm in 2021 by Mr Nazir Ahmad Khan. GCC operates an integrated cold storage unit at IGC, Lassipora, Pulwama, Kashmir for preservation and ripening of apples and other horticulture produce with installed capacity of 5000 MT. HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hari Om Rice Mill Private Limited (HRMPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HRMPL 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 HRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HRMPL continues to be 'Crisil D Issuer not cooperating'. Chhattisgarh-based HRMPL, incorporated in 2006, mills and manufactures non-basmati rice. Mr Subhash Aggarwal is the promoter. HK ENNTERPRISES-DELHI: CRISIL Keeps B Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of HK Ennterprises-Delhi (HK) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with HK 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 HK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HK continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a partnership firm in 2017 by Mr.Ramesh Kumar and Mr. Ravindra Alhawat, HK is engaged into supply of construction and building materials primarily in and around Delhi. HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hotel Dee Emm Residency (HDER) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 9.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HDER 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 HDER, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HDER is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HDER continues to be 'Crisil D Issuer not cooperating'. Set up as a partnership firm in 2014 by Mr Tek Chand Sood, Ms Madhu Sood, and Mr Sumit Sood, HDER operates HDER in Shimla. The hotel, which had 5 rooms, is being expanded to 47 rooms, and will also have a restaurant, coffee shop, lounges, and a conference hall. Post-renovation and expansion, the hotel is expected to commence operations in the fourth quarter of fiscal 2018. IGENETIC DIAGNOSTICS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: IGenetic Diagnostics Private Limited DSM 236-237, 2nd Floor, DLF Tower, Shivaji Marg, Karam Pura, West Delhi, New Delhi, Delhi, India - 110015 Liquidation Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments, Shivanahalli, Jakkur Main Road, Yelahanka, Bengaluru, 560064 Tel: +91 9845884410 Email: vinod@vrconsulting.biz Last date for submission of claims: April 9, 2026 IL&FS: NCLAT Exempts 50 Red & Amber Companies from CSR Obligations ------------------------------------------------------------------ The Economic Times reports that insolvency appellate tribunal NCLAT has exempted IL&FS Group companies -- categorised as 'red' and 'amber' -- from corporate social responsibility (CSR) on account of interest expenses accrued on their loan amount. ET relates that the order will benefit around 50 'amber' and 'red' companies of the debt-ridden IL&FS Group, which are protected under the moratorium granted by the NCLAT from its order dated October 15, 2018. These 'red' and 'amber' entities have not been accruing interest on their outstanding debts, resulting in such companies showing notional profits in their books of accounts under Section 198 of the Companies Act, ET notes. Such notional profits have led to such companies liable to comply with CSR obligations under Section 135 of the Act. IL&FS Group moved an application last year before NCLAT to correct this, seeking exemption for entities from compliance with CSR obligations. A notice was issued to the government on the application by IL&FS. According to ET, a two-member bench, which also comprised Chairperson Justice Ashok Bhushan, granted the waiver using its discretionary power under Sections 241(2) and 242(2) (m) of the Companies Act in its order passed earlier this month. "We find that sufficient cause has been shown in the application for allowing the prayer made by the Applicant to dispense with the requirement to undertake spending the necessary amount on CSR activities under Section 135(5) of the Companies Act, 2013 from Red/Amber Companies," said NCLAT. Section 135(5) of the Companies Act mandates that the board of every company shall ensure that the company spends, in every financial year, at least 2 per cent of the average net profits of the company made during the three immediately preceding financial years. The section applies to every company having a net worth of INR500 crore or more, or turnover of INR1,000 crore or more, or a net profit of INR5 crore. As per the roadmap, IL&FS Group companies have been divided into three categories -- green, amber and red -- based on their respective financial positions, ET says. Companies under the green category are those that continue to meet their payment obligations. Red entities are those failing to meet debt obligations even to senior secured creditors, while amber entities can only meet operational expenses and senior secured debt payments, lacking capacity for others. At the time of the crisis, IL&FS Group comprised 302 entities as of October 15, 2018, in which 169 entities are/were domestic group entities, and the remaining 133 are/were offshore group entities, ET discloses. According to the latest status report affidavit filed before NCLAT, IL&FS Group has discharged INR48,463 crore to its creditors as of September 2025, ET discloses. At the time of the crisis, IL&FS Group's total external debt outstanding was INR99,355 crore. It is paring debts through asset resolution, interim distribution, which includes cash & InviT units among others. In this, IL&FS has fully resolved 202 companies in which 76 are domestic firms and 126 are offshore firms, the affidavit had said. About IL&FS Infrastructure Leasing & Financial Services Limited (IL&FS) -- https://www.ilfsindia.com/ -- was a non-banking finance company that provided credit and other services such as debt syndication and corporate advisory. The Indian government, in October 2018, stepped in to take control of crisis-ridden IL&FS by moving the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments, according to Indian Express. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group. INDO LAMINATES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indo Laminates Private Limited (ILPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ILPL 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 ILPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ILPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ILPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1985, ILPL manufactures laminates. It is based in Delhi and its plant is in Bahadurgarh, Haryana. Its daily operations are managed by Mr Rahul Goyal and Mr Subhash Goyal. IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of IUA Trust (IUA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 0.5 CRISIL D (Issuer Not Facility Cooperating) Term Loan 22.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IUA 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 IUA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IUA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IUA continues to be 'Crisil D Issuer not cooperating'. IUA was set up in 2009 by members of the Dhingra family and Maheshwari family to set up a recreational club cum sports centre by the name of 'DD Club' at Delhi. JADHAO COTTON: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Jadhao Cotton Industries (JCI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JCI 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 JCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JCI continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2007 by Mr Bhaurao Jadhav and Ms Kavita Jadhav, JCI is engaged in ginning and pressing of cotton and manufacturing cotton bales and cotton seeds in Darwha, Maharashtra. JAHANGIR BIRI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jahangir Biri Factory Private Limited (JBFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JBFPL 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 JBFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JBFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JBFPL continues to be 'Crisil D Issuer not cooperating'. JBFPL was set up as a proprietorship firm in 1995, by Mr Altab Hossain. In 1997, Mr Hossain's sons joined the business and the proprietorship concern was reconstituted as a partnership firm. In 1999, the firm was reconstituted as a private limited company to facilitate smooth execution of operations. The company manufactures beedis at its unit in West Bengal. Products are sold under brands such as Sunday, Deluxe, Ruby, and Howrah Biri, primarily in New Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, and Odisha. JAI JALPESH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jai Jalpesh Flour Mills Private Limited (JJFPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (Issuer Not Cooperating) Cash Credit 3.4 Crisil D (Issuer Not Cooperating) Long Term Loan 5.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JJFPL 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 JJFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JJFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JJFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in the year 2012, JJFPL is engaged in manufacturing of flour milling products - maida (refined all-purpose flour), atta (whole wheat flour), suji (semolina), and bran from wheat. JAIPRAKASH ASSOCIATES: Vedanta Challenges NCLT Nod to Adani's Bid ----------------------------------------------------------------- Indian Express reports that Anil Agarwal-led Vedanta Group Ltd has approached the National Company Law Appellate Tribunal (NCLAT), challenging the National Company Law Tribunal's (NCLT) approval to Adani Enterprises Ltd’s (AEL) resolution plan for acquiring debt-laden Jaiprakash Associates Ltd under the Insolvency and Bankruptcy Code. Indian Express relates that the Allahabad branch of NCLT orally pronounced an order on March 17, approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises, the successful resolution applicant, AEL said in an exchange filing last week. AEL outbid Vedanta for Jaiprakash Associates. According to Indian Express, Adani Enterprises, the flagship firm of Adani Group, had earlier secured the committee of creditors (CoC) approval - dominated by National Asset Reconstruction Company Ltd (NARCL) - for its INR14,535 crore bid to acquire Jaiprakash Associates in November 2025. Indian Express relates that the group emerged as the winning bidder for Jaiprakash Associates despite being outbid by Vedanta by nearly INR2,000 crore. The auction gained interest from five major players - Adani, Vedanta, Dalmia Cement, Jindal Power and PNC Infratech. While the floor price was INR12,000 crore, only Adani and Vedanta remained in the final round, Indian Express notes. Vedanta submitted the higher overall bid of around INR16,000 crore, which included INR3,800 crore as an upfront payment and the balance to be paid over five years. In contrast, Adani's bid totalled INR14,535 crore, featuring a higher upfront component of over INR6,000 crore, with the rest scheduled for payment within two years. Vedanta’s bid was estimated at around INR12,500 crore, slightly higher than Adani’s INR12,000 crore when adjusted for net present value, Indian Express says. Bankers said Adani’s bid was likely preferred as it offered a higher upfront payment and a shorter payout timeline, lowering risk while enabling faster cash recovery. Vedanta challenged the decision before the NCLT, but the tribunal dismissed the plea last week. The outcome was also influenced by the composition of CoC, which was dominated by NARCL. Leading banks had transferred Jaiprakash’s defaulted loans - exceeding INR57,000 crore - to NARCL. Thus, NARCL controlled roughly 86% of the voting rights, while original lenders such as SBI and ICICI Bank held less than 3% collectively. Consequently, the decision fell in the hands of a single dominant entity, Indian Express states. Total admitted claims against Jaiprakash Associates stood at INR5.44 lakh crore, indicating a recovery of under 3%, Indian Express discloses. Even when considering only bank loans of INR57,185 crore, recovery works out to about 25.4%. As is typical under the IBC framework, equity shareholders are left with nothing. Jaiprakash’s stock remains suspended due to procedural issues, and the company reported a loss of INR4,933 crore in FY25, adds Indian Express. 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. JAMPANA PADMAVATHI: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jampana Padmavathi (JP) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8.8 CRISIL D (ISSUER NOT COOPERATING) Proposed Working 1.2 CRISIL D (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with JP 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 JP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JP continues to be 'Crisil D Issuer not cooperating'. JP was set up in 2015 is proprietorship firm of Mrs. Jampana Padmavathi. The operations are managed by Ms. Usha Gandhi Jampana, It has setup and leased warehouse, located at Andhra Pradesh Kakinada to APSCSCL. JAY PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jay Plast International (JPI) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING) Term Loan 3 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JPI 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 JPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JPI continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2017, JPI is setting up manufacturing unit for HDPE, LDPE and PP woven bags. JENIOUS CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jenious Clothing Private Limited (JCPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 3 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 20 CRISIL D (ISSUER NOT COOPERATING) Overdraft Facility 36 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 21.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 12.5 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with JCPL 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 JCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1995, Bangalore based JCPL is in the textile industry. The company is involved in manufacture and export of readymade garment and is promoted by Mr. Sunil Raheja. KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kama Metal and Alloys Private Limited (KMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.92 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 2.33 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KMPL 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 KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2008, KMPL operates an ingot manufacturing unit as well as rolling division (Key products include MS pipes and flats). KMPL has ingots manufacturing capacity of 35000 MTPA and rolling capacity of 30000 MTPA. L. R. D. FOODS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of L. R. D. Foods Private Limited (LRDFPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LRDFPL 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 LRDFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LRDFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LRDFPL continues to be 'Crisil B/Stable Issuer not cooperating'. L. R. D. Foods was incorporated in 1986 by Mr. Mangal Dass and family. Later on in fiscal 2010 the firm is converted into LRDFPL in 2018. The company is engaged in Rice processing and marketing of more than 50 varieties of rice, and major varieties of rice sold by the company are Sharbati, DP and broken rice of these varieties. LRD takes the raw rice from the rice miller and after the process it will sell to retailer. LIBRA FABRIC: Liquidation Process Case Summary ---------------------------------------------- Debtor: Libra Fabric Designs Private Limited A/2, 309/349, Shah & Nahar Industrial Estate Dhanraj Mill Compound, Sitaram Jadhav Marg, Lower Parel, Mumbai - 400013, Maharashtra Liquidation Commencement Date: March 11, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Nilesh Rajendra Kothari A-703, Iskon Riverside, Near Shelaleikh Society, Shahibaug, Ahmadabad, Gujarat, 380004 Email: ca.nkotharia@gmail.com 410, 4th Floor, Blue Rose Industrial Estate, Near Metro Mall, Borivali East, Mumbai, Maharashtra - 400066 Email: ibc.librafabric@gmail.com Last date for submission of claims: April 10, 2026 MAHARA PUSHYA: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Mahara Pushya Agri Products Private Limited Koshal Niwas No. 55/E, 15th Main Road, Vijaynagar, Bangalore, Karnataka, 560040 Insolvency Commencement Date: March 11, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: September 7, 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: culamuz@yahoo.co.in mahara.cirp@gmail.com Last date for submission of claims: March 27, 2026 NARMADA EXTRUSIONS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Narmada Extrusions Limited Registered Address: Plot No. 71 Industrial Area, No. 1 Pithampur, Dhar, Madhya Pradesh, India - 452001 (M.P) Branch Address: 403, Rajani Bhavan Indore - 452001 (M.P) Insolvency Commencement Date: March 13, 2026 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: September 9, 2026 Insolvency professional: Kuldeep Tank Interim Resolution Professional: Kuldeep Tank 206, Modi Tower, Opposite Palika Plaza, MTH Compound, Indore, Madhya Pradesh, 452007 Email: cakuldeeptank@gmail.com 202, Block-A, The One, RNT Marg, Indore, 452001 Email: cirp.nel@gmail.com Last date for submission of claims: March 27, 2026 NICO ALLEN: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Nico Allen Infrastructure Private Limited 1/44, S2 Parvathy Appartment, Bazzar Road, Mogappair East, Chennai, Tamil Nadu, India, 600037 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: Ayyampalayam Venkatesan Arun Interim Resolution Professional: Ayyampalayam Venkatesan Arun Ram's Court, 10/2, Balaji Nagar 1st Cross, Advaitha Ashram Road, Salem 636004, Tamil Nadu Email: avarun77@gmail.com "Akshayam" 4th Floor, Old No. 4/1, New No. 153-B, Sugavaneswara Street, Salem 636004, Tamil Nadu Email: nicoallencirpservices@gmail.com Last date for submission of claims: March 24, 2026 NUTRIENT MARINE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nutrient Marine Foods Limited (NMFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 40.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of NMFL under the 'issuer non-cooperating' category as NMFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NMFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nutrient Marine Foods Limited (NMFL) was incorporated in the year 2011, promoted by Shri G Rama Reddy, Shri G Rama Krishan Reddy and Shri G Venkat Reddy. NMFL is a part of Reddy & Reddy group and also has five other associate companies. NMFL started its business operations from April, 2012 with FY13 being first full year of operations. NMFL is engaged in the processing and exporting of shrimps (Black Tiger and Vannamei) of different varieties like Head-On, Head-less, Tail-on, Tail-off, De-veined etc. mainly to China, Vietnam, Malaysia, Germany and UK. It has a processing-cum-storage facility with a processing capacity of 30MTPD (metric tonnes per day) of shrimp, four plate freezers with a freezing capacity of 15 MTPD and Individual Quick Freezer with a freezing capacity of 10 MTPD and two flake ice machines with a capacity of 30 tonnes per day and cold storage facilities with a capacity of 600 MT for preserving processed sea food. The processing facility has been taken on lease, close to aquaculture zone in Bhimavaram. PATH2WAY HR: Liquidation Process Case Summary --------------------------------------------- Debtor: Path2way HR Solutions Private Limited 701-702, R.G. Trade Tower, Netaji Subhash Place, Pitampura, New Delhi, Delhi, India - 110034 Liquidation Commencement Date: March 2, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Rabindra Kumar Mintri JD-18-B, Near Ashiana Chowk, Pitampura, New Delhi - 110034 Email: mintri@rediffmail.com cirp.path2wayhrsolutions@gmail.com Last date for submission of claims: April 13, 2026 S GOKUL: CRISIL Keeps C Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S Gokul Das (SGD) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.50 CRISIL C (Issuer Not Cooperating) Proposed Working 4.25 CRISIL C (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SGD 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 SGD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGD continues to be 'Crisil C Issuer not cooperating'. SGD, established in 2014 and based in Thiruvananthapuram, is a proprietorship firm of Mr S Gokul Das. It is a contractor for the Kerala state Public Works Department. VIZTAR INTERNATIONAL: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Viztar International Private Limited (VIPL) No. 502, Fairmount, Plot No. 4 to 6, Sector 17, Sanpada, Navi, Mumbai, Thane - 400705, Maharashtra Liquidation Commencement Date: March 5, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sanjay Vijay Jeswani A-403, Atlantis Building, Hirandani Gardens, Powai, Mumbai - 400076, Mumbai City, Maharashtra Email: jeswanisanjay007@gmail.com cirp.vizinternational@gmail.com Last date for submission of claims: April 11, 2026 ======= L A O S ======= XAYABURI POWER: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Laos-based Xayaburi Power Company Limited's (XPCL) Long-Term Issuer Default Rating and the rating on its Thai baht senior unsecured non-guaranteed debentures due 2028-2030 at 'B+' with a Stable Outlook. At the same time, Fitch has affirmed XPCL's Thai baht senior unsecured guaranteed debentures due 2030 at 'BBB+' with a Negative Outlook. RATING RATIONALE The Thai baht unsecured, fixed-rate, bullet debentures rank as senior debt, alongside XPCL's fully amortising floating-rate secured bank facilities, which are denominated in US dollars and baht. Refinancing risk is mitigated by robust project cash flow, the concession's long remaining tenor and XPCL's proven access to bank funding. The bank loans are fully amortising through December 2035. XPCL's guaranteed debentures are guaranteed by Export-Import Bank of Thailand (EXIM, BBB+/Negative). XPCL's ratings reflect its credit quality assessment of the company's 1,285 megawatt (MW) run-of-the-river hydropower project, which benefits from long-term fixed-price offtake agreements with Electricity Generating Authority of Thailand (EGAT, BBB+/Negative) and Electricite du Laos (EDL). The plant uses proven, low-complexity technology and has minimal labour intensity. However, project cash flow is exposed to hydrology risk due to the absence of availability-based payments. The ratings are constrained by the project's limited hydrological data. Fitch assesses the ratings above Laos's 'B-' Country Ceiling, as the project's structural features mitigate risks related to operating in Laos. The direct transmission line to Thailand evacuates most power output, while the concession agreement shields XPCL from regulatory risk through compensation for the adverse impact of changes in law. The agreement also mitigates transfer and convertibility risk by allowing XPCL to hold offshore bank accounts in Thailand for revenue and debt repayments in US dollars and baht. However, any change in Laos's Country Ceiling could still affect the debenture ratings. Fitch believes EDL's interest in the hydropower project through its indirect 20% shareholding in XPCL aligns with the strategic importance of the power sector to Laos. Power exports to Thailand are the country's largest source of export revenue and Laos has a memorandum of understanding with Thailand to supply 10,500MW of power, including output from XPCL's project. KEY RATING DRIVERS Established In-House O&M Team - Operation Risk: Midrange XPCL utilises conventional, commercially proven technology and has been operational for nearly seven years. A dedicated in-house team handles routine operations and maintenance (O&M), with support from technical advisors and the engineering team at CK Power Public Company, XPCL's parent. The plant is well-maintained and consistently delivers reliable performance. Fitch believes the availability of replacement contractors is facilitated by the presence of multiple plants along the Mekong River. XPCL manages and reviews its spare parts inventory annually. It also has a major maintenance reserve account for major overhauls, which are scheduled for every 12 years. However, its factor assessment is limited to 'Midrange', because operating cost forecasts have not been validated by an independent technical advisor. XPCL holds comprehensive insurance that covers losses from property damage and business interruption. Limited Operating History, Hydrology Risk - Revenue Risk, Volume: Midrange XPCL's energy generation and revenue rely on the Mekong River's water flow, with no payments from offtakers for plant availability during periods of low flow. XPCL has projected hydrology internally since it commenced operation in 2019, using actual data from 2009 that reflects the stabilising effect of upstream Chinese dams on water flow during the dry season. The original hydrology study benefited from extensive historical data, but did not account for the effects of the upstream Chinese dams. Hydrology risk is alleviated by power purchase agreement (PPA) provisions that allow XPCL to designate a low hydrology year as a "drought year" twice - once before end-2031 and once more thereafter - as well as a provision to carry forward surplus energy generated beyond committed levels for up to 10 years. Fixed Tariff, Long-Term PPAs - Revenue Risk, Price: Stronger XPCL contracts its entire capacity through long-term PPAs with EGAT and EDL, shielding the project from merchant price volatility. The tariff structure lacks inflation protection, but the EGAT PPA tariffs are denominated in US dollars and baht for the primary energy component, offering a natural currency hedge against XPCL's US dollar bank loans. Energy payments under the EDL PPA use a fixed baht tariff. Fixed-rate Debentures, Floating-rate Bank Loans - Debt Structure: Midrange XPCL has issued fixed-rate, non-guaranteed debentures in multiple tranches with maturities staggered across 2026-2030. In 2025, it also issued a single tranche of fixed-rate guaranteed debentures, maturing in 2030. All debentures are unsecured and denominated in Thai baht. They are also subject to restrictive financial covenants tied to the debt-to-equity ratio. Refinancing risk is mitigated by robust cash flow, XPCL's access to bank funding and the long remaining tenor of around 18 years until PPA expiry. XPCL's debt structure also includes fully amortising, floating-rate secured bank loans in both US dollars and Thai baht, scheduled to be repaid through 2035; these loans comprise the majority of XPCL's debt. The debentures and bank loans benefit from debt service and major maintenance reserves and are subject to a shared joint cash waterfall mechanism. Peer Analysis XPCL can be compared with JSW Hydro Energy Limited (senior secured rating: BB+/Stable). JSW Hydro operates two run-of-the-river hydropower projects: its 1,091MW Karcham Wangtoo plant on the Satluj River and 300MW Baspa II plant on the Baspa River, both located in the state of Himachal Pradesh, India. Fitch assesses volume risk at JSW Hydro as 'Stronger', owing to its regulated business model that ensures medium-term profitability if its projects remain available, regardless of actual offtake. In contrast, XPCL faces hydrology risk, restricting its volume risk assessment to 'Midrange'. JSW Hydro's rating case debt-service coverage ratio (DSCR) is 1.77x, against 1.17x for XPCL. Despite JSW Hydro's robust financial profile, its rating is constrained by uncertainty around the terms of future debt refinancing and systemic risk from its exposure to state-owned power-distribution companies, justifying a three-notch rating difference with XPCL. XPCL can also be compared with the financing vehicle, Clean Renewable Power (Mauritius) Pte. Ltd (CRP, senior secured rating: BB-/Stable), wholly owned by Hero Future Energies Asia Pte. Ltd. CRP's renewable energy portfolio includes wind (46%) and solar (54%) projects. Its rating case DSCR stands at 1.27x. A portion of CRP's revenue is derived from Indian state-owned distribution companies. This could pressure liquidity and justifies the one-notch rating difference with XPCL. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Non-Guaranteed Debentures - Annual average DSCR persistently falling below 1.10x - A large downward revision to Laos's Country Ceiling Guaranteed Debentures - Downgrade of the guarantor, EXIM Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Non-Guaranteed Debentures - A longer operating record that provides greater assurance on the project's hydrology, combined with annual average DSCR exceeding 1.15x on a sustained basis and no increased exposure to Laos's local conditions or transfer and convertibility risk Guaranteed Debentures - Revision of the Outlook on the guarantor, EXIM, to Stable Financial Profile XPCL's debentures amortise through 2026-2030 in bullet payments, while the outstanding bank loans are scheduled to fully amortise through 2035. Its base case assumes annual maximum gross generation in line with management estimates, with a 2.5% stress applied to the EGAT contracted portion. Fitch also assumes higher insurance premiums and interest rates consistent with XPCL's projections. Under this base case the DSCR averages 1.24x over the debenture repayment period (2026-2030) and 1.25x over the full debt repayment period (2026-2035). Its rating case applies more severe stresses, including a 5.0% reduction to annual maximum gross generation for the EGAT portion and a 50% stress for the energy-related EDL portion, alongside a 5% increase in O&M and major maintenance costs and a seasonal production stress. DSCR averages 1.17x over 2026-2030 and 1.15x over 2026-2035, with minimum DSCR of 1.09x and 1.08x over these periods, respectively. Credit metrics remain commensurate with current ratings even under stress, assuming no revenue contribution from EDL. TRANSACTION SUMMARY XPCL's debt structure comprises secured, floating-rate bank loans in both US dollars and Thai baht that amortise fully and mature through 2035. It also includes unsecured fixed-rate guaranteed and non-guaranteed debentures. These are bullet-style, issued in 2022-2025 and falling due between 2026 and 2030. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The rating on XPCL's senior unsecured guaranteed debentures are directly linked to the rating of EXIM, the guarantee provider. A change in its assessment of EXIM's rating would automatically result in a change in the rating on the guaranteed debentures. In addition, any change in its view on the contract of guarantee may result in a downgrade to the guaranteed securities. 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 ----------- ------ ----- Xayaburi Power Company Limited LT IDR B+ Affirmed B+ Xayaburi Power Company Limited/ Debentures/1 LT LT B+ Affirmed B+ Xayaburi Power Company Limited/ Debenture/2 LT LT BBB+ Affirmed BBB+ ===================== N E W Z E A L A N D ===================== C S M COURIERS: Court to Hear Wind-Up Petition on April 17 ---------------------------------------------------------- A petition to wind up the operations of C S M Couriers Limited will be heard before the High Court at Auckland on April 17, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 13, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KINGSGROUND CONSTRUCTION: Court to Hear Wind-Up Bid on March 31 --------------------------------------------------------------- A petition to wind up the operations of Kingsground Construction Limited will be heard before the High Court at Auckland on March 31, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Feb. 3, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 NZ INT'L COMMERCIAL PILOT: Council Approves Independent Review -------------------------------------------------------------- Radio New Zealand reports that an independent review is to take a warts-and-all look at Whanganui District Council's commercial pilot school, which is closing facing an NZD11 million loss. Councillors approved the review of the New Zealand International Commercial Pilot Academy (NZICPA) 9-2 at a full council meeting on March 24, according to RNZ. Ahead of the vote, Mayor Andrew Tripe told councillors it was important the organisation learned from its mistakes and not "waste a crisis" and find out exactly what happened, so it could be more disciplined with future investments, RNZ relates. "Today we receive a very honest report about the NZICPA," he said. "We are looking at a total loss of NZD11 million over the 11-year life of the investment and the effect on rates this coming year is 0.8 percent. "This is a difficult number to digest, but we will not hide from it and we are choosing a controlled responsible divestment to ensure aviation training here continues without the financial risk to this council." Mr. Tripe said the academy was born from a desire to see Whanganui Airport thrive and to bring a new industry to the city, RNZ relays. "At it's peak it was a success contributing NZD9.8 million to our annual GDP and supporting about 100 jobs." But the world changed after Covid-19 lockdowns, the withdrawal of Provincial Growth Fund support for an Advanced Aviation Hub and other factors meant the operation was no longer sustainable for ratepayers, Mr. Tripe said. RNZ says council bought the academy - then called Flight Training Manawatū - in 2015 for NZD800,000 via its commercial arm Whanganui Holdings. Later rebranded as the NZICPA it would close in June, RNZ states. The NZD11 million loss was based on an estimated loss on assets sales - including aircraft - and other costs of NZD2.5 million, and operating losses of NZD8.5 million. An independent review was estimated to cost between NZD50,000 to NZD150,000, RNZ discloses. PAINTPLAS MAINTAINING: Creditors' Proofs of Debt Due on April 20 ---------------------------------------------------------------- Creditors of Paintplas Maintaining Limited are required to file their proofs of debt by April 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2026. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 PROPER TECHNOLOGY: Creditors' Proofs of Debt Due on May 1 --------------------------------------------------------- Creditors of Proper Technology Limited, Wellington Joinery and Kitchens Limited, Database Group Limited and Levin Mall Lotto (2007) LIMITED are required to file their proofs of debt by May 1, 2026, to be included in the company's dividend distribution. Proper Technology commenced wind-up proceedings on March 13, 2026. Wellington Joinery commenced wind-up proceedings on March 16, 2026. Database Group commenced wind-up proceedings on March 17, 2026. Levin Mall Lotto commenced wind-up proceedings on March 19, 2026. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 RAKETE ORCHARDS: MyFarm Rockit Partnership Placed Into Liquidation ------------------------------------------------------------------ NBR reports that creditors owed NZD12 million by MyFarm Rockit-growing entities Rakete Orchards GP and Rakete Orchards LP have voted to put the firms into liquidation. Last October, NBR revealed the entities - backed by rural syndication firm MyFarm - had been tipped into administration with BDO appointed as administrators. George Bannerman and Rees Logan of BDO were also appointed as administrators of the company on Oct. 10, 2025. ST HELIERS: Creditors' Proofs of Debt Due on May 5 -------------------------------------------------- Creditors of St Heliers 88 Limited and Horizon Plus Limited are required to file their proofs of debt by May 5, 2026, to be included in the company's dividend distribution. St Heliers 88 commenced wind-up proceedings on March 13, 2026. Horizon Plus commenced wind-up proceedings on March 19, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 WHANAU ORA: Blacklock Rose Appointed as Receivers ------------------------------------------------- Benjamin Francis and Garry Whimp of Blacklock Rose Limited on March 23, 2026, were appointed as receivers and managers of The Whanau Ora Community Clinic Limited. The receivers and managers may be reached at: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 ===================== P H I L I P P I N E S ===================== STRONGHOLD INSURANCE: A.M. Best Gives B(Fair) Fin. Strength Rating ------------------------------------------------------------------ AM Best has assigned a Financial Strength Rating of B (Fair), a Long-Term Issuer Credit Rating of "bb" (Fair) and a Philippines National Scale Rating of a.PH (Excellent) to Stronghold Insurance Company, Inc. (Stronghold) (Philippines). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Stronghold's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). Stronghold's balance sheet strength assessment is underpinned by its risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), which is expected to be at least at the strong level over the medium term. The company benefits from good financial flexibility, whereby shareholders' equity growth has been bolstered by full earnings retention and historical capital injections. In addition, the company has a low-to-moderate risk investment portfolio with the majority of assets allocated to cash, deposits and Philippines government bonds. However, the company's capital adequacy is sensitive to potential losses arising from severe natural catastrophes, although the risk is mitigated partially by its reinsurance programme. The reinsurance panel is generally of good credit quality although some exposure to counterparties that are non-rated or of weaker credit quality remains. AM Best assesses Stronghold's operating performance as adequate, with a five-year average return on equity of 5.7% (fiscal years 2020-2024). The company demonstrated a steady but marginal improvement in combined ratios over recent periods, in part supported by strong business growth and generally benign loss experience. In addition, the company's investment income, mainly from interest and rental income, is viewed to be stable and supportive of operating earnings. Operating earnings in 2025 remained positive, supported by consistent underwriting and investment results. AM Best assesses Stronghold's business profile as limited. The company is ranked amongst the top 10 largest non-life insurance companies in the Philippines, with a market share of approximately 4%, based on 2024 gross premium written. The company's underwriting portfolio is viewed to be moderately diversified by line of business with key lines including fire, surety and motor. In recent years, premium growth has benefited significantly from the underwriting of large fire insurance policies. AM Best assesses Stronghold's ERM as marginal. The profile of some key risks is viewed to exceed its risk management capabilities. A key offsetting factor includes the company's moderate to high exposure to catastrophe risk, in particular for losses arising from severe typhoons and floods. Notwithstanding, AM Best expects Stronghold's risk management capabilities to continue to evolve and be aligned with its risk profile over time. =============== X X X X X X X X =============== VEON LTD: Reports $591M Profit in 2025; Lifts Going Concern Doubt ----------------------------------------------------------------- VEON Ltd. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F reporting a profit of $591 million for the fiscal year ended December 31, 2025, compared to a profit of $487 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025 and 2024, the Company recorded a revenue of $4.4 billion and $4 billion, respectively. GOING CONCERN Due to the adverse effects of the ongoing war in Ukraine, including the potential nationalization of the Group's subsidiary in Ukraine, heightened geopolitical and sanction risks, potential breaches of loan covenants, and constrained liquidity resulting from limited access to capital markets, the Company previously concluded that substantial doubt existed as to its ability to continue as a going concern and the Company may be unable to realize its assets and discharge its liabilities in the normal course of business due to such material uncertainties. Management has taken actions to address the events and conditions that may cast substantial doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern * The Group has regained normal access to capital markets and successfully raised new financing during 2025 (US$210 million in the form of a syndicated loan and US$200 million in private bond placements), to support operations and financial needs. Further, after successful listing of Kyivstar Group, the Group received proceeds of US$132 million from the initial listing and a further US$140 million from a secondary offering completed in February 2026. These transactions have collectively strengthened the Company's cash position. * The Company has successfully maintained compliance with loan covenants as of December 31, 2025 and assessed that there is no risk of default based on current internal forecasts and analysis (which considers both including and excluding its Ukraine subsidiaries given the aforementioned risks related to the ongoing war) for the period of 12 months from March 16, 2026, the date of filing of these consolidated financial statements. Additionally, as a result of operating results, recent successful capital markets and debt financings, the Company believes it has sufficient cash on hand to meet its current obligations due for the next 12 months. The Company's assessment included consideration of forecasted performance, liquidity and covenant compliance under scenarios excluding any potential benefits or dividends from its Ukrainian operations. Cash on hand as of December 31, 2025 is US$1,732 million (of which US$458 million is in Ukraine). * While the war continues in Ukraine, during 2025 considerable developments were made to mitigate the country specific risks that impact the Company's operating entities in Ukraine, including, Kyivstar Group's listing on Nasdaq in August 2025, the Cooperation Memorandum with the Ukrainian Government, unfreezing of Kyivstar's corporate rights in November 2024, and high-level public and private engagements between VEON, Kyivstar and the most senior members of the Ukrainian Government. Based on these developments and management's assessment of cash flow projections, available financing facilities, and forecasted compliance with covenants for at least the next 12 months, management has concluded that the conditions that previously gave rise to material uncertainty no longer exist. Accordingly, significant doubt about the Company's ability to continue as a going concern no longer exists. A full text copy of the Company's Annual Report is available at https://tinyurl.com/59dzvv9m About Veon Ltd. Headquartered in Dubai, VEON -- https://www.veon.com -- is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity and 120 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. As of December 31, 2025, the Company had $9.2 billion in total assets and $7.6 billion in total liabilities, and total stockholders' equity of $1.6 billion. * * * This concludes the Troubled Company Reporter's coverage of VEON Ltd. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. ********* 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 ***