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       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

          Friday, March 27, 2026, Vol. 29, No. 62

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2025-1P: Fitch Affirms 'BB+sf' Rating on Cl. E Notes
BLUESFEST ENTERPRISES: Ticketholders Call For Class Action, Probe
CARBON REVOLUTION: Australian Operations Placed in Administration
CX LAVENDER: First Creditors' Meeting Set for April 2
INTERTRADE INSURANCE: First Creditors' Meeting Set for April 1

LEDA ALUMINIUM: Second Creditors' Meeting Set for April 1
LGE HOLDINGS: First Creditors' Meeting Set for April 2
SANDHU JAGIRDAR: First Creditors' Meeting Set for April 1
SCOTPAC GEARS 2024-1: Moody's Ups Rating on Class F Notes to Ba3


H O N G   K O N G

GRAND MING: Unit Faces Winding-Up Petition Over HKD14.7MM Debt
UNITED ENERGY: S&P Places 'B+' LongTerm ICR on Watch Negative
[] HONG KONG: 15 Schools Face Closure Due to Declining Enrollment


I N D I A

ARASU JEWELS: CARE Keeps B- Debt Rating in Not Cooperating
BANSAL SHIP BREAKERS: Ind-Ra Affirms BB+ Bank Loan Rating
BANSAL SHIP: Ind-Ra Affirms BB+ Bank Loan Rating
BNH INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
BNH INFRA: Insolvency Resolution Process Case Summary

CINCO REALTORS: Ind-Ra Assigns BB Loan Rating, Outlook Stable
DELHI INTERNATIONAL AIRPORT: S&P Affirms 'BB' LT ICR on War Impact
DEVI ENGINEERING: Ind-Ra Corrects October 8, 2025 Rating Release
EAKANSH MOTORS: CRISIL Withdraws B Rating on INR21.28cr Loan
EMCEE ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating

GRAND TIRUPATI: Ind-Ra Withdraws D Bank Loan Rating
GUPTA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL SHIVAAY: CRISIL Keeps B Debt Rating in Not Cooperating

J P RICE: CRISIL Keeps B Debt Ratings in Not Cooperating Category
JAI JAGDISH: Ind-Ra Affirms BB+ Bank Loan Rating
JAIPRAKASH ASSOCIATES: NCLAT Declines Interim Stay on Adanis Bid
JAIPRAKASH ASSOCIATES: UltraTech Cement Settles JAL Dispute
JEWEL ROCK: CARE Reaffirms Issuer Rating at B+

JOMSONS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
JRT INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
KAILASH DAIRY: CRISIL Lowers Rating on INR8cr Cash Loan to B
KAMAL AND COMPANY: CRISIL Keeps B Debt Rating in Not Cooperating
KANS WEDDING: CRISIL Keeps D Debt Ratings in Not Cooperating

KANWAL FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
KARMYOGI ANKUSHRAO: Ind-Ra Affirms BB+ Bank Loan Rating
KARPADHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
KARVY RENEWABLE: CRISIL Keeps C Debt Rating in Not Cooperating
KASTURCHAND FERTILISERS: CRISIL Keeps B Rating in Not Cooperating

KATARIA CONSTRUCTIONS: CRISIL Cuts Rating on INR5cr Loan to B
KAVERI JEWELLERS: Lowers Rating on INR4.458cr Cash Loan to B
KAY ENN: CRISIL Keeps B Debt Rating in Not Cooperating Category
KIJALK INFRASTRUCTURE: Lowers Rating on INR9cr Term Loan to B
KOMAL FIBRES: CRISIL Keeps B Debt Ratings in Not Cooperating

LOKNETE BABURAO: Ind-Ra Affirms BB+ Bank Loan Rating
M/S ANKIT: Ind-Ra Moves B+ Loan Rating to NonCooperating
MEGRAJ HOLDINGS: Ind-Ra Withdraws BB NonConvertible Rating
OMEGA PREMISES: CRISIL Downgrades Rating on INR12cr Loan to D
PIRAMAL FINANCE: Moody's Alters Outlook on 'Ba3' CFR to Positive

RDC CONCRETE: Ind-Ra Assigns Neg. Outlook on BB+ Loans Rating
S.A.AANANDAN MILL: Ind-Ra Affirms BB Bank Loan Rating
SACHDEVA STEEL: Ind-Ra Affirms BB+ Bank Loan Rating
SANT TUKARAM: Ind-Ra Corrects February 20, 2026 Rating Release
SCORE INFORMATION: Ind-Ra Moves BB- Loan Rating to NonCooperating

SHUBHEKSHA ADVISORS: Ind-Ra Withdraws BB+ Loan Rating
SOFTLABS INFOTECH: Ind-Ra Assigns BB+ Bank Loan Rating
VINCA REALTORS: Ind-Ra Moves BB- Loan Rating to NonCooperating


J A P A N

SHIRATORI SHOTEN: Begins Bankruptcy With JPY600 Miillion Debt


N E W   Z E A L A N D

BBC1 BIRKENHEAD: Court to Hear Wind-Up Petition on April 1
CONVERGE ENTERTAINMENT: Creditors' Proofs of Debt Due on April 22
GGET GOOD: Court to Hear Wind-Up Petition on April 1
TEAK CONSTRUCTION: Creditors' Proofs of Debt Due on May 4
TERRACE RISE: Creditors' Proofs of Debt Due on April 20



S I N G A P O R E

AI SOCIAL: Court to Hear Wind-Up Petition on April 10
COMMUNITY JUSTICE: Creditors' Proofs of Debt Due on April 27
REX INTERNATIONAL: Shares Fall on Auditor's Going Concern Doubts


S O U T H   K O R E A

HOMEPLUS CO: Delays March Pay as Liquidity Strain Persists

                           - - - - -


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A U S T R A L I A
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ALLIED CREDIT 2025-1P: Fitch Affirms 'BB+sf' Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has upgraded the class B, C and D notes from Allied
Credit ABS Trust 2025-1P - Series 1 to 'AAAsf', 'AA-sf' and
'BBB+sf' from 'AA+sf', 'Asf' and 'BBBsf', respectively. The Outlook
on the class C and D notes is Positive, while that on the remaining
notes has been maintained at Stable. The class A1 and E notes have
been affirmed at their existing ratings.

The upgrades were driven by the build-up of credit enhancement (CE)
since closing, supported by the transaction's stable asset
performance. The Positive Outlooks reflect its expectation of a
continued increase in CE over the next 12 months, supported by
asset performance that remains within its base-case expectations.

The transaction is backed by a pool of first-ranking Australian
automotive loan receivables originated by entities related to
Allied Credit Pty Limited (Allied Credit). The notes were issued by
AMAL Trustees Pty Limited as trustees for Allied Credit ABS Trust
2025-1P - Series 1.

   Entity/Debt                 Rating             Prior
   -----------                 ------             -----
Allied Credit ABS Trust
2025-1P - Series 1

   A1 AU3FN0096269          LT AAAsf  Affirmed    AAAsf
   B AU3FN0096277           LT AAAsf  Upgrade     AA+sf
   C AU3FN0096285           LT AA-sf  Upgrade     Asf
   D AU3FN0096293           LT BBB+sf Upgrade     BBBsf
   E AU3FN0096301           LT BB+sf  Affirmed    BB+sf

KEY RATING DRIVERS

Stable Asset Performance: The performance of the underlying assets
has been stable. The 30+ and 60+ day arrears were 0.8% and 0.3%,
respectively, as of end-January 2026, both below Fitch's 4Q25 Auto
ABS Performance Monitor 30+ and 60+ day arrears of 1.5% and 0.7%,
respectively.

The underlying assets are performing in line with the base-case
expectations set at closing with a backloaded default distribution.
As of end-January 2026, cumulative defaults and losses were 0.34%
and 0.30%, respectively, and the portfolio had amortised to 75% of
its initial balance, supported by stable excess spread. This
compares with the lifetime base-case assumptions applied at closing
of 2.3% and 1.5%, respectively. The default and base-case recovery
assumptions remain unchanged from closing.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market. GDP growth was 2.6% in 2025 and unemployment was 4.3% in
February 2026. Fitch forecasts GDP growth of 2.4% in 2026 and 2.1%
in 2027, with unemployment at 4.5% in both years.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A-X note to fund the purchase-price component
related to the unamortised commission paid to introducers. The note
is not collateralised, but amortises in line with a schedule and
ranks senior in the interest waterfall, above the class B to E
notes. The scheduled repayment limits the availability of excess
spread to cover losses. The note receives additional turbo payments
below losses and note charge-off reimbursements. It has amortised
to 42% of its initial balance at the February 2026 payment date.

The transaction is currently paying principal in sequential order,
with payments made to the class A1 and A2 notes on a pro rata
basis. The transaction is expected to continue to pay sequentially
through 2026, after which time it may be eligible to convert to pro
rata payment to the class A1 to E notes. Fitch's cash flow analysis
incorporates the transaction's structural features and tests the
robustness of the rated notes by stressing default and recovery
rates, prepayments, interest-rate movements and default timing.

Low Operational and Servicing Risk: All receivables were originated
by related entities of Allied Credit - Allied Retail Finance Pty
Ltd, Dealer Motor Finance Australia Pty Limited, IFSA Pty Ltd,
Allcredit Automotive Finance Pty Ltd, AutoMe Finance Pty Ltd,
MotorCycle Finance Pty Ltd and Mercury Finance Pty Ltd - and
serviced by Allied Retail Finance Pty Ltd. Fitch undertook an
operational review and found that the operations of the originator
and servicer were consistent with market standards for auto
lenders. Allied Credit is not rated by Fitch.

Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated backup servicer is AMAL Asset
Management Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions. Fitch stresses the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

Notes: A1 / B / C / D / E

Ratings: AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf

10% increase in defaults: AAAsf / AAAsf / A+sf / BBBsf / BB-sf

25% increase in defaults: AAAsf / AA+sf / Asf / BBB-sf / B+sf

50% increase in defaults: AAAsf / AA-sf / A-sf / BB+sf / Bsf

10% decrease in recoveries: AAAsf / AAAsf / AA-sf / BBBsf / BBsf

25% decrease in recoveries: AAAsf / AAAsf / AA-sf / BBBsf / BB-sf

50% decrease in recoveries: AAAsf / AAAsf / A+sf / BBB-sf / B+sf

10% increase in defaults/10% decrease in recoveries: AAAsf / AAAsf
/ A+sf / BBBsf / BB-sf

25% increase in defaults/25% decrease in recoveries: AAAsf / AA+sf
/ Asf / BB+sf / Bsf

50% increase in defaults/50% decrease in recoveries: AAAsf / A+sf /
BBB+sf / BB-sf / CCCsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of CE that would compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

The class A1 and B notes are at 'AAAsf', the highest level on
Fitch's scale. The ratings cannot be upgraded and, therefore,
upgrade sensitivity stresses are not relevant.

Notes: C / D / E

Ratings: AA-sf / BBB+sf / BB+sf

10% decrease in defaults/10% increase in recoveries: AAsf / A-sf /
BB+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

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.


BLUESFEST ENTERPRISES: Ticketholders Call For Class Action, Probe
-----------------------------------------------------------------
News.com.au reports that Bluesfest ticket holders are calling for
an investigation into the organisation's collapse, along with a
class-action lawsuit, after the festival was cancelled just 20 days
before the event.

Ticket holders have been left thousands of dollars out of pocket
after Bluesfest Enterprises Pty Ltd was put into liquidation on
March 20, owing AUD5.7 million to creditors, according to
news.com.au.

News.com.au relates that the collapse has been blamed on poor
ticket sales, leaving stallholders and musicians also scrambling.

However, with the four-day AUD686 tickets still being sold right up
until March 19, ticket holders have questioned the timing of the
festival's collapse.

Last week, liquidation company Worrells sent an email to ticket
holders informing them they would be "unlikely" to be refunded,
with ticket holders now considering their options, news.com.au
relays.

According to news.com.au, some Byron Bay locals have begun
encouraging others to lodge a class action with Maurice Blackburn,
as calls for an investigation into the collapse also grow.

NSW consumer law states that ticket holders are entitled to a
refund if an event is cancelled by organisers, news.com.au says.
However, the money paid by Bluesfest ticket holders has already
been spent elsewhere.

Despite both Bluesfest and Moshtix being signatories to Live
Performance Australia's code of practice – which states "ticket
proceeds must be held in trust for consumers until the event has
been held" - Moshtix had already released the money to Bluesfest,
which was used to pay for operational costs, news.com.au notes.


CARBON REVOLUTION: Australian Operations Placed in Administration
-----------------------------------------------------------------
Carbon Revolution plc, a Tier 1 OEM supplier and the leading global
manufacturer of lightweight advanced technology automotive carbon
fiber wheels, on March 25 issued the following statement.

The Company's wholly owned Australian subsidiaries have decided to
initiate a planned Voluntary Administration in Australia. Such
Australian subsidiaries include Carbon Revolution Pty. Ltd. and
Carbon Revolution Operations Pty Ltd.

The Company and its Australian Subsidiaries believe that today's
decision is the gateway to enabling the Australian Subsidiaries to
become a nimble and financially secure global leader in lightweight
wheel technology. This critical step is intended to set the stage
to drive a new era of growth, further technological innovation, and
enhance customer engagement as the Australian business seeks to
further strengthen relationships with its customers, suppliers, and
employees.

"Now is the right time for Carbon Revolution to engage in this
process, one that holds the opportunity of a de-leveraged balance
sheet and the ability to expand the depth of our relationships with
our current customers and add new ones," Eugene Davis, director of
the Australian Subsidiaries, said.

The Company and its Australian Subsidiaries have entered into a
Restructuring Support Agreement (RSA) with substantially all its
senior secured lenders, who have agreed to the financial
restructure of Carbon Revolution's business in Australia upon its
exit from Voluntary Administration. This organized restructuring is
designed to enable Carbon Revolution's Australian Subsidiaries to
unburden themselves of all senior secured debt and certain other
legacy obligations, so that they can emerge as a stronger,
privately-held business. The organized restructuring is subject to
the approval of the Administrators (who were appointed by the Board
of the Australian Subsidiaries) and the Australian subsidiaries'
creditors.

Coming out of Voluntary Administration, the restructured Carbon
Revolution business in Australia can look forward to unlocking the
growing global market for lightweight wheels through its strategic
Four Pillar Framework:

   * Right Technology: Continue to focus on lightweight engineering

     products and processes.

   * Right Products: Maintain its status globally as the leader in

     carbon fiber wheels.

   * Right Geography: Reduce cost and manufacture closer to its
     customers, significantly shortening its supply chain, and
     improving its speed of delivery.

   * Right Customers: Drive customer satisfaction, a foundational
     discipline that is the promise to every customer. Carbon
     Revolution's "win with winners" initiative.

"As the market's appreciation for the value that carbon fiber
wheels deliver continues to grow, the restructured business will be
well set up to be a prime beneficiary of this trend at just the
right time," Bob Lutz, Chairman of Carbon Revolution plc., said.
Carbon Revolution's operations in Australia will continue through
this period with production schedules met, deliveries made, and the
development of new products ongoing. It is anticipated that the
restructured Australian business can re-emerge in Q2 2026 with the
capital and market positioning necessary to execute on its
strategic plan.

It is expected that, upon the completion of the restructuring of
the Australian business through the Voluntary Administration,
Carbon Revolution plc will cease to have any continuing equity
interest in the Australian Subsidiaries or their businesses.
Accordingly, the RSA provides for the orderly wind down and
liquidation of Carbon Revolution plc., a publicly-traded company
whose ordinary shares are traded in the OTC Expert Market, in
accordance with Irish law, which it is anticipated will commence
shortly following the emergence of the Australian business from
Voluntary Administration.

Carbon Revolution plc is the parent of Carbon Revolution Pty Ltd,
an early-stage growth company which has successfully innovated,
commercialized and industrialized the advanced manufacture of
carbon fiber wheels for the global automotive industry. The Company
has progressed from single prototypes to designing and
manufacturing lightweight wheels for cars and SUVs in the high
performance, premium and luxury segments, for the world's most
prestigious automotive brands.

Keith Crawford and Robert Smith of McGrathNicol were appointed as
voluntary administrators of the company on March 26, 2026.


CX LAVENDER: First Creditors' Meeting Set for April 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CX Lavender
Pty Ltd, CX Lavender Group Pty Ltd and CXTX Pty Ltd will be held on
April 2, 2026, at 1:00 p.m. via Microsoft Teams.

Vaughan Strawbridge and Matthew O. Keefe of FTI Consulting were
appointed as administrators of the company on March 23, 2026.


INTERTRADE INSURANCE: First Creditors' Meeting Set for April 1
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Intertrade
Insurance Services Pty Ltd will be held on April 1, 2026, at 11:00
a.m. via Microsoft Teams.

Ameer Jaggessar and Anthony Phillip Wright of Olvera Advisors  were
appointed as administrators of the company on March 20, 2026.


LEDA ALUMINIUM: Second Creditors' Meeting Set for April 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Leda Aluminium
Pty. Limited has been set for April 1, 2026, at 11:00 a.m. via
virtual meeting only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 31, 2026 at 12:00 p.m.

Ernie Chou of EKC Advisory was appointed as administrator of the
company on Feb. 25, 2026.


LGE HOLDINGS: First Creditors' Meeting Set for April 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of LGE Holdings
Pty Ltd, formerly trading as 'La Gemme Estate', will be held on
April 2, 2026, at 3:00 p.m. via virtual meeting technology.

Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as
administrators of the company on March 24, 2026.


SANDHU JAGIRDAR: First Creditors' Meeting Set for April 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sandhu
Jagirdar Pty Ltd will be held on April 1, 2026, at 11:00 a.m. via
Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Feb. 25, 2026.


SCOTPAC GEARS 2024-1: Moody's Ups Rating on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on seven classes of notes
from two ScotPac Gears ABS Trust transactions.

The affected ratings are as follows:

Issuer: ScotPac Gears ABS Trust 2024-1

Class D Notes, Upgraded to A3 (sf); previously on Dec 5, 2024
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Dec 5, 2024
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Jul 15, 2025
Upgraded to B1 (sf)

Issuer: ScotPac Gears ABS Trust 2025-1

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 5, 2025
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Jun 5, 2025
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Jun 5, 2025
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jun 5, 2025
Definitive Rating Assigned Ba2 (sf)

A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the collateral performance to
date.

No action was taken on the remaining rated classes in the deals as
credit enhancement for these classes remains commensurate with the
current rating for the respective notes.

ScotPac Gears ABS Trust 2024-1

Following the February 2026 payment date, the notes subordination
available to the Class D and E Notes has increased to 13.8% and
7.3% from 10.4% and 4.5% at the time of the last rating action for
these notes in December 2024. The notes subordination available to
the Class F Notes has increased to 5.2% from 3.5% at the time of
the last rating action for this class of notes in July 2025.

Principal collections have been distributed on a pro-rata basis
across all rated notes since the March 2025 payment date. Current
outstanding notes as a percentage of the closing notes balance is
36.4%.

As of end-January 2026, 5.8% of the outstanding pool was 30-plus
days delinquent, and 2.8% was 90-plus days delinquent. The deal has
incurred 3.2% of gross losses to date, all of which have been
covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained the expected default assumption of 5.3% of
the outstanding pool balance (equivalent to 5.1% of the original
pool balance) from the last rating action in July 2025. Moody's
have also maintained the Aaa portfolio credit enhancement
assumption at 27%.

ScotPac Gears ABS Trust 2025-1

Following the February 2026 payment date, the notes subordination
available to the Class B, Class C, Class D and Class E Notes has
increased to 24.4%, 16.9%, 12.8%, and 6.2% respectively, from
17.7%, 12.3%, 9.3%, and 4.5% at closing.

Principal collections have been distributed on a sequential basis
starting from the Class A Notes since closing. Current outstanding
notes as a percentage of the closing notes balance is 72.7%.

As of end-January 2026, 4.3% of the outstanding pool was 30-plus
days delinquent, and 1% was 90-plus days delinquent. The deal has
incurred 1% of gross losses to date, all of which have been covered
by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained the expected default assumption at 6.4% of
the original pool balance (equivalent to 7.5% of the current pool
balance) at closing. Moody's have also maintained the Aaa portfolio
credit enhancement assumption at 30%.

Moody's have considered sensitivity scenarios with various default
assumptions to evaluate the resiliency of the note ratings.

The transactions are securitisations of portfolios of commercial
auto and equipment loans originated by Scottish Pacific Business
Finance Pty. Limited.

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in June 2025.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.




=================
H O N G   K O N G
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GRAND MING: Unit Faces Winding-Up Petition Over HKD14.7MM Debt
--------------------------------------------------------------
Minichart reports that Grand Ming Group Holdings Limited has
disclosed that a winding-up petition has been filed against its
wholly-owned subsidiary, Grand Tech Construction Company Limited
(GTC), by The Jardine Engineering Corporation Limited.

According to Minichart, the petition was lodged in the High Court
of Hong Kong on March 10, 2026 and came to the attention of the
Company on March 12, 2026. The petition seeks a court order to wind
up GTC under the Companies (Winding Up and Miscellaneous
Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong).

A court hearing for the petition is scheduled for May 27, 2026.

Minichart says the petition relates to outstanding payments under
three invoices, totaling HK$14,740,421.06. These invoices are
connected to two sub-contracts for the design, supply, and
installation of generator and fuel systems.

The payment due dates for these invoices were Dec. 18, 2025, Jan.
16, 2026, and Jan. 18, 2026, respectively.

As of the announcement date [March 13], no winding-up order has
been granted by the court.

Grand Ming Group Holdings Limited, together with its subsidiaries,
operates as a building construction company in Hong Kong. It
operates through Construction, Property Leasing, and Property
Development segments. The company offers construction, existing
building alteration, renovation and fitting out, and additions work
for residential and commercial buildings; and data centre services,
including maintenance of electricity facilities and security work.
It also leases data centres and commercial shops; develops and
sells properties; and engages in property investment activities.


UNITED ENERGY: S&P Places 'B+' LongTerm ICR on Watch Negative
-------------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term issuer credit rating
on United Energy Group Ltd. (UEG) on CreditWatch with negative
implications.

The CreditWatch placement reflects the possibility that we could
downgrade UEG by one or multiple notches over the next 90 days if
we downgrade Iraq or an escalation of the conflict further disrupts
the company's operations or liquidity for an extended period.

UEG faces increasing downside risk to its oil and gas production in
Iraq if the Middle East conflict prolongs.

The sovereign rating on Iraq constrains S&P's rating on UEG due to
the company's significant production exposure to the country. S&P
Global Ratings recently placed its 'B-' long-term sovereign credit
rating on Iraq on CreditWatch with negative implications due to
conflict-related cuts in oil production.

UEG faces increasing risk to its operations in Iraq if the conflict
in the Middle East escalates. The company's oilfields in the
country could see a prolonged period of volatility and production
disruptions.

Due to constraints in oil storage capacity, the Iraqi government
may order further reductions or even a complete suspension of
production to UEG's oilfields located in southern Iraq if the
conflict prolongs. Iraq's overall oil production has plunged by
more than 70% since the regional conflict started on Feb. 28,
2026.

Restarting oil production at the suspended facilities could take
weeks or months due to engineering complexities tied to shutting
down and restarting large oil fields. As a result, Iraq's oil
production could take time to recover, even after the Strait of
Hormuz reopens.

Any attack on UEG's oil facilities could cause a permeant loss to
oil production. Iran has threatened to attack oil and gas
facilities in the Gulf region in retaliation for a recent Israeli
strike on its gas field.

The effective closure of the Strait of Hormuz has significantly
disrupted UEG's oil exports and cash collection in Iraq. The
company's upstream contract with the country's national oil company
is settled via pay-in-kind arrangements. The national oil company
pays UEG with an equivalent amount in barrels of oil.

UEG then sells all its barrels to trading partners for export. This
trade entirely relies on transport through the Strait of Hormuz.
The trading partners settle the transactions in the U.S. dollar via
offshore accounts. Cash collection in Iraq has been suspended along
with the export halt.

The sovereign rating on Iraq constrains our rating on UEG. This is
due to the company's significant exposure to the country. Iraq is a
key oil and gas asset for UEG. The rating on the company is
currently subject to a two-notch cap above the rating on Iraq.

S&P said, "Our base case for the Middle East war assumes elevated
hostilities will persist into early April, with the Strait of
Hormuz facing material disruptions. We recognize the risk of
spillovers and security incidents continuing beyond this period.

"We therefore assume the production cut in Iraq will be significant
for two months starting March, before a gradual ramp-up over the
rest of the year. Iraq's contributions to UEG should therefore
remain significant in 2026. We estimated Iraq contributed to around
half of the company's total production (on net entitlement basis)
in 2025.

"S&P Global Ratings recently placed its 'B-' long-term sovereign
credit rating on Iraq on CreditWatch with negative implications.
This reflects the risk of a downgrade of the
high-oil-export-reliant country following a sharp fall in its oil
production due to the Middle East conflict."

Ample cash reserves will cushion UEG during this volatile period.
S&P estimates the company has about US$400 million cash on hand,
mostly in their offshore accounts. This may be sufficient to cover
its bank loan of around US$160-170 million due in 2026. UEG will
likely have room to reduce capital expenditure and dividends in a
stress scenario, in our estimation.

UEG's Pakistan and Egypt operations will continue to generate
operating cash flow, given the war has had limited impact on UEG's
oil and gas production in these two countries. Both countries do
not rely on the Strait of Hormuz for transporting their oil and
gas. Instead, they could benefit from higher oil prices.

That said, the Pakistani government now requires UEG to sell all
its production domestically to secure domestic supply. In the past,
close to half its revenue from Pakistan was from export. So far,
S&P is not aware of foreign exchange controls restraining the
Pakistan customers paying to UEG's offshore accounts.

The CreditWatch with negative implications reflects the sovereign
ratings of Iraq, given UEG's material operational exposure to the
country. It also reflects the possibility that we could downgrade
UEG by one or multiple notches over the next 90 days if:

-- S&P downgrades Iraq;

-- An escalation of the conflict further disrupts the company's
business operations, resulting in a significant and prolonged
shrink in oil and gas production. This could cause S&P to reassess
the company's credit profile, including its business scale,
geographic exposure, and financial position; or

-- S&P sees increasing liquidity constraints for UEG or the
company's reduced ability to service its foreign
currency-denominated financial obligations if the sovereigns were
to restrict the remittance of oil and gas sales proceeds offshore.

S&P could affirm its rating on UEG if the Iraq sovereign rating is
affirmed and it sees the company's Iraq business normalizing as the
Middle East conflict eases.


[] HONG KONG: 15 Schools Face Closure Due to Declining Enrollment
-----------------------------------------------------------------
South China Morning Post reports that fifteen Hong Kong public
primary schools are at risk of closing after being banned from
operating subsidised Primary One classes in the coming academic
year due to insufficient enrolment, with authorities saying the
figure is the highest in recent years.

But Secretary for Education Christine Choi Yuk-lin also warned on
March 24 that more closures were expected if school operators
refused to plan for mergers, the Post relates.

According to the Post, the institutions at risk comprise one
government and 14 subsidised schools, with Deputy Secretary for
Education Ida Lee Bik-sai describing the number as "a record high
in recent years".

Among the tally is city leader John Lee Ka-chiu's alma mater, the
Five Districts Business Welfare Association School in Sham Shui
Po.

Others include Shau Kei Wan Government Primary School in Eastern
district and the Fresh Fish Traders' School in Tai Kok Tsui, the
Post discloses.

The Post relates that Choi noted that the number of students
joining the Primary One allocation system for the 2026-27 school
year had dropped by 4,000 compared with 2025-26, resulting in 15
public primary schools being unable to secure the required 16
students each to operate a Primary One class.

In comparison, two schools had insufficient enrolment in 2025-26.

Choi said the worst was yet to come due to the structural decline
in the student population.

"The number may fall further next year if you notice the declining
birth rate. We have to turn a new page today and use new thinking
to tackle the problem," she said. "Only planning one step ahead
cannot offer us a stable environment."

The Post, citing the Education Bureau, discloses that the number of
six-year-olds is forecast to drop from this year's figure of 47,000
to 38,300 in 2035.

Under the current policy, a local school must secure at least 16
students to run one subsidised Primary One class.

Schools that fail to secure one class have to submit survival plans
to the government and face closure after three years if the plans
are not approved.




=========
I N D I A
=========

ARASU JEWELS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arasu
Jewels (AJ) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 30, 2025, placed the rating(s) of AJ under the
'issuer non-cooperating' category as AJ had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AJ continues to be non-cooperative despite repeated
requests for submission of information through emails dated
December 16, 2025, December 26, 2025, January 5, 2026 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Arasu Jewels is a partnership firm established on 20 August, 1999
and it was reconstituted on April 1, 2006. The firm is engaged in
retailing of gold, silver and jewellery and managed by Mr. T.
Senthilkumar, Mr. R. Thirunavukkarasu and Mrs. S. Swarnalatha. The
firm is running the business from a showroom located at Sargapani
East Street, Kumbakonam, Tanjavuru District, Tamil Nadu.


BANSAL SHIP BREAKERS: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Bansal Ship Breakers Private Limited's (BSBPL) bank loan
facilities:

-- INR700 mil. Bank loan facilities assigned with IND BB+/
     Stable/IND A4+ rating; and

-- INR2,274.60 bil.  Bank loan facilities affirmed with IND
     BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra continues to fully consolidate BSBPL and its group company,
Bansal Ship Recyclers LLP (BSRLLLP; debt rated at 'IND BB+'/
Stable), collectively referred to as the Bansal group, for the
ratings, owing to the strong operational and legal linkages between
them, similar business profile and a common management.
Furthermore, the entities have extended corporate guarantee for
each other's entire debt.

Detailed Rationale of the Rating Action

The ratings reflect a continued decline in the group's revenue and
EBITDA margins, as well as its persistently weak credit metrics in
year-to-date 9MFY26. The ratings continue to factor in the various
risks inherent to the business since the procurement of ships
depends on the global market rates and availability. However, the
ratings remain supported by adequate liquidity and the experience
of the promoters.

Detailed Description of Key Rating Drivers

Decline in Revenue in FY25, likely to Improve in the Medium Term:
On a consolidated basis, the revenue declined to INR1,440.73
million in FY25 (FY24: INR2,258.89 million). This decline was
primarily driven by a significant drop in BSRLLP's revenue to
INR18.78 million (FY24: INR1,029.63 million), due to a decrease in
the value of the ships purchased. In FY25, ships were purchased for
INR691.85 million (FY24: INR1,819.52 million). In 9MFY26, the group
purchased ships worth INR861.47 million and generated a revenue of
INR705.82 million. The management expects the group  to recover its
revenue to FY24 levels, contingent on the availability of ships for
purchase by FY27.

Declining EBITDA margins, likely to Improve in Medium Term: In
FY25, the group's EBITDA margin turned negative at 0.37% (FY24:
0.43%). The EBITDA margin is inherently volatile, as it depends on
the type of ships procured for dismantling and the quality and
quantity of steel, iron, and other ferrous and non-ferrous
materials recovered from them. Additionally, fluctuations in global
steel and iron prices significantly impact margins, as the sale
value of scrap steel and iron is a key revenue driver. Due to lack
of ships available for ship breaking, the company has been
advancing loans to third parties to earn interest rates between 10%
and 12%. Once more ships become available for breaking, these
advances will be collected to fund the fixed deposit margin to open
letters of credit (LC). Including the interest income of INR94.08
million (FY24: INR61.06 million) earned from the loans advanced,
the EBITDA margins stood at 6.16% in FY25 (FY24: 3.14%). The
group's return on capital employed remained negative at 1.6% in
FY25 (FY24: negative 0.3%). According to the management a higher
tonnage ship was purchased available at a lower cost in the
February 2026, and if this trend continues, the groups expects to
achieve a positive EBITDA in FY27.

Continued weak Credit Metrics in FY25: On a consolidated basis, the
Bansal group was net cash positive at INR62.21 million in FY25 in
the absence of LC outstanding and any long-term borrowings, except
for a few vehicle loans as of March 2025. However, in FY24, the
group had a net debt position of INR298.28 million on account of
higher LC outstanding as of March 2024. The gross interest coverage
(EBITDA/gross interest expense) improved to 2.96x in FY25 (FY24:
2.07x), driven by an increase in the EBITDA, including interest
income. However, Ind-Ra expects the credit metrics to improve but
remain weak in the near term on account of the positive EBITDA
margins.

Exposure to Market and Scrap Prices Risk: The group's operations
and profitability are highly exposed to fluctuations in commodity
and forex prices, and are dependent on prevailing scrap prices,
which could result in poor realizations, irrespective of the
availability of improved quality of vessels in the market.

Adequate Liquidity: Please refer to the liquidity section below.

Experienced Promoters: The promoters of the Bansal Group have over
four decades of experience in the shipbreaking business, leading to
established relationships with its customers and suppliers.

Liquidity

Adequate:  The group's average maximum utilization of the
non-fund-based and fund-based working capital limits was low at
6.20% and 5.95%, respectively, for the 12 months ended January
2025. The group's cash flow from operations remained volatile due
to fluctuations in working capital requirements, inherent to the
nature of the business. The cash flow from operations turned
positive at INR91.62 million in FY25 (FY24: INR47.27 million) due
to favorable changes in the working capital. Consequently, the free
cash flow turned positive to INR46.96 million in FY25 (FY24:
negative INR55.79 million). The group maintains 15% of the purchase
value of ship as LC margin deposit and subsequently holds fixed
deposits, the amount of which depends on the sale proceeds, in line
with its repayment schedule. The group's working capital cycle
improved to 15 days in FY25 (FY24: 25 days) due to a decrease in
the inventory and creditor days to 11 (120) and nil (98),
respectively. The group had free cash and cash equivalents of
INR93.88 million in FYE25 (FYE24: INR283.16 million). Vehicle term
loans repayments are scheduled at INR3.7 million each for FY26 and
FY27.

Rating Sensitivities

Negative: Any further decline in the operating profitability or any
deterioration in the liquidity or an inability to secure new
orders, all on a consolidated basis, shall be negative for the
ratings.

Positive: Any significant improvement in the scale of operations,
and an improvement in the operating profitability while maintaining
the liquidity, along with the group securing new orders for
dismantling of ships, all on a consolidated basis, will be positive
for the ratings.

About the Company

Established in 1991, Bhavnagar, Gujarat-based BSPL has been
recycling and breaking ships since 1996. Kapoor Bansal, Rubal
Bansal and Bharat Bansal are the promoters.

BANSAL SHIP: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Bansal Ship Recyclers LLP's (BSRLLP) bank loan
facilities:

-- INR600 mil. Bank loan facilities assigned with IND BB+/
     Stable/IND A4+ rating; and

-- INR1,509.60 bil. Bank loan facilities affirmed with IND BB+/
     Stable/IND A4+ rating.

Analytical Approach

Ind-Ra continues to fully consolidate BSRLLP and its group company,
Bansal Ship Breakers Private Limited (BSBPL; debt rated at 'IND
BB+'/Stable), collectively referred to as the Bansal group, while
arriving at the rating owing to the strong operational and legal
linkages between them, similar business profile and a common
management. Furthermore, the entities have extended corporate
guarantee for each other's entire debt.

Detailed Rationale of the Rating Action

The ratings reflect a continued decline in the group's revenue and
EBITDA margins, as well as its persistently weak credit metrics in
year-to-date 9MFY26. The ratings continue to factor in the various
risks inherent to the business since the procurement of ships
depends on the global market rates and availability. However, the
ratings remain supported by adequate liquidity and the experience
of the promoters.

Detailed Description of Key Rating Drivers

Decline in Revenue in FY25, likely to Improve in the Medium Term:
On a consolidated basis, the revenue declined to INR1,440.73
million in FY25 (FY24: INR2,258.89 million). This decline was
primarily driven by a significant drop in BSRLLP's revenue to
INR18.78 million (FY24: INR1,029.63 million), due to a decrease in
the value of the ships purchased. In FY25, ships were purchased for
INR691.85 million (FY24: INR1,819.52 million). In 9MFY26, the group
purchased ships worth INR861.47 million and generated a revenue of
INR705.82 million. The management expects the group  to recover its
revenue to FY24 levels, contingent on the availability of ships for
purchase by FY27.

Declining EBITDA margins, likely to Improve in Medium Term: In
FY25, the group's EBITDA margin turned negative at 0.37% (FY24:
0.43%). The EBITDA margin is inherently volatile, as it depends on
the type of ships procured for dismantling and the quality and
quantity of steel, iron, and other ferrous and non-ferrous
materials recovered from them. Additionally, fluctuations in global
steel and iron prices significantly impact margins, as the sale
value of scrap steel and iron is a key revenue driver. Due to lack
of ships available for ship breaking, the company has been
advancing loans to third parties to earn interest rates between 10%
and 12%. Once more ships become available for breaking, these
advances will be collected to fund the fixed deposit margin to open
letters of credit (LC). Including the interest income of INR94.08
million (FY24: INR61.06 million) earned from the loans advanced,
the EBITDA margins stood at 6.16% in FY25 (FY24: 3.14%). The
group's return on capital employed remained negative at 1.6% in
FY25 (FY24: negative 0.3%). According to the management a higher
tonnage ship was purchased available at a lower cost in the
February 2026, and if this trend continues, the groups expects to
achieve a positive EBITDA in FY27.

Continued weak Credit Metrics in FY25: On a consolidated basis, the
Bansal group was net cash positive at INR62.21 million in FY25 in
the absence of LC outstanding and any long-term borrowings, except
for a few vehicle loans as of March 2025. However, in FY24, the
group had a net debt position of INR298.28 million on account of
higher LC outstanding as of March 2024. The gross interest coverage
(EBITDA/gross interest expense) improved to 2.96x in FY25 (FY24:
2.07x), driven by an increase in the EBITDA, including interest
income. However, Ind-Ra expects the credit metrics to improve but
remain weak in the near term on account of the positive EBITDA
margins.

Exposure to Market and Scrap Prices Risk: The group's operations
and profitability are highly exposed to fluctuations in commodity
and forex prices, and are dependent on prevailing scrap prices,
which could result in poor realizations, irrespective of the
availability of improved quality of vessels in the market.

Experienced Promoters: The promoters of the Bansal Group have over
four decades of experience in the shipbreaking business, leading to
established relationships with its customers and suppliers.

Liquidity

Adequate:  The group's average maximum utilization of the
non-fund-based and fund-based working capital limits was low at
6.20% and 5.95%, respectively, for the 12 months ended January
2025. The group's cash flow from operations remained volatile due
to fluctuations in working capital requirements, inherent to the
nature of the business. The cash flow from operations turned
positive at INR91.62 million in FY25 (FY24: INR47.27 million) due
to favorable changes in the working capital. Consequently, the free
cash flow turned positive to INR46.96 million in FY25 (FY24:
negative INR55.79 million). The group maintains 15% of the purchase
value of ship as LC margin deposit and subsequently holds fixed
deposits, the amount of which depends on the sale proceeds, in line
with its repayment schedule. The group's working capital cycle
improved to 15 days in FY25 (FY24: 25 days) due to a decrease in
the inventory and creditor days to 11 (120) and nil (98),
respectively. The group had free cash and cash equivalents of
INR93.88 million in FYE25 (FYE24: INR283.16 million). Vehicle term
loans repayments are scheduled at INR3.7 million each for FY26 and
FY27.

Rating Sensitivities

Negative: Any further decline in the operating profitability or any
deterioration in the liquidity or an inability to secure new
orders, all on a consolidated basis, shall be negative for the
ratings.

Positive: Any significant improvement in the scale of operations,
and an improvement in the operating profitability while maintaining
the liquidity, along with the group securing new orders for
dismantling of ships, all on a consolidated basis, will be positive
for the ratings.

About the Company

Established in 1983, BSRLLP (formerly Gupta Steel (Ship Breakers))
recycles and breaks ships. Kapoor Bansal, Rubal Bansal and Bharat
Bansal are the promoters.

BNH INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BNH Infra
Projects (India) Private Limited (BIPPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       36.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 13, 2025, placed the rating(s) of BIPPL under the
'issuer non-cooperating' category as BIPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 29, 2025, December 9, 2025, December 19, 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

Bangalore, Karnataka, based BNH Infra Projects (India) Private
Limited, was incorporated in 2007 as 'NBH Properties (India)
Private Limited', later the name was changed to BNH Infra
Properties (India) Private Limited in October 2017. The company is
engaged in construction of bridges, roads and highways.


BNH INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: BNH Infra Projects (India) Private Limited
        No. 29, 4th Floor, Nanjappa Mansion,
        Shanti Nagar, K.H. Road,
        Bangalore, Karnataka - 560027        

Insolvency Commencement Date: March 16, 2026

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: September 12, 2026

Insolvency professional: Shirley Mathew

Interim Resolution
Professional: Shirley Mathew
              23, 5th Cross Hutchins Road,
              St. Thomas Town, Bangalore,
              Karnataka - 560084
              Email: shirley@smathew.in
                     bnh.cirp@gmail.com

Last date for
submission of claims: March 31, 2026


CINCO REALTORS: Ind-Ra Assigns BB Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Cinco Realtors' (CR)
bank facilities as follows:

-- INR750 mil. Bank loan facilities assigned with IND BB/Stable
     rating.

Analytical Approach

Ind-Ra has taken a standalone view of CR to assign the rating.

Detailed Rationale of the Rating Action

The rating reflects the time and cost overrun risks related to CR's
three ongoing residential projects - Cresendo, Aaranya and The
Gardenia.  The company is yet to achieve financial closure in its
project Aaranya, which was only 56% complete at end-January 2026.
However, the rating is supported by the firm's successful
completion and sale of over 0.64 million square feet (msf).
Additionally, the ratings factor in CR's stretched liquidity with
the medium offtake risk, as around 4.59% of the total saleable area
of project Aaranya still needs to be sold additionally to achieve
financial closure.

Detailed Description of Key Rating Drivers

Medium Offtake Risk, Financial Closure Yet to be Achieved: The
rating factors in the medium offtake risk for CR's three ongoing
projects - Cresendo, Aaranya and The Gardenia - as 113 units out of
the total 234 units were booked at end-January 2026. Based on the
receivables from the already-sold units, the pending disbursement
under the term loan, and the requirement to achieve additional
sales of about 4.59% in project Aaranya to attain financial
closure, CR is likely to complete the construction as planned.

At end-January 2026, the firm had pending receivables of around
INR770.40 million, against the pending construction cost of INR613
million. After considering the undisbursed debt and the committed
receivables, CR needs to make additional sales of around 4.59% of
the total remaining cost to achieve a financial closure for
completing the project Aaranya. The financial closure on other two
projects has been achieved. Additionally, the promoters are
required to contribute an additional INR211 million for project
funding. Ind-Ra expects the collection of receivables to increase
in the medium term as the project approaches completion.

Time and Cost Overrun Risk:  Although the project construction is
progressing according to the execution schedule, there are still
risks of time and cost overruns. The total cost of the ongoing
projects is estimated to be INR1,244 million, which is to be funded
by the promoter's contribution, along with unsecured loan from
promoters of INR504 million (41%) and a term loan of INR740 million
(59%). At end-January 2026, CR had incurred a total cost of INR631
million (promoter's contribution along with unsecured loan: INR293
million and term loan: INR535 million).

Industry Risks: The Indian real estate industry is highly cyclical
with volatile cash flows. It is exposed to various regulatory
requirements that are subject to frequent and unpredictable
changes, leading to confusion, non-compliance, and delays in
project execution. Additionally, CR is facing significant
competition due to the aggressively improving demand scenario.

Well-connected Locality: The ongoing projects are located in
Coimbatore, which are nearly 1.2km from a medical institute, around
12.4km from the Coimbatore International airport, 2.6km from bus
stand and are in proximity to shopping complexes, educational hubs
and hospitals.

Established Track Record and Promoter's Experience: Ind-Ra draws
comfort from the promoters' experience of more than three decades
in the construction industry. The group has, so far, successfully
completed and sold five projects measuring around 0.64 million
square feet.

Liquidity

Stretched: The rating is constrained by a likely cash flow-mismatch
risk if the advances from customers are lower than Ind-Ra's
expectations. The firm does not have any exposure to the capital
market and relies on bank loan and promoter funds to meet is
funding requirements. Additionally, the promoters are required to
contribute an additional INR211 million for project funding. CR's
cash balance stood at INR1.46 million at FYE25 (FYE24: INR0.18
million). The firm has scheduled debt repayments of INR595 million
and INR145 million in FY29 and FY30, respectively. The minimum debt
service coverage ratio, as per the management is likely to be 9.07x
during FY26-FY29.

Rating Sensitivities

Negative: Time or cost overruns and lower-than-Ind-Ra-expected
sales volume or lower realization from bookings, leading to
stressed cash flows and liquidity, could lead to a negative rating
action.

Positive: Higher-than-expected sales and the timely receipt of
advances from customers and utilization of the same primarily for
construction purposes, leading to stronger cash flows and an
improvement in the liquidity, could lead to a positive rating
action.

About the Company

CR is a partnership firm having its registered office at
Coimbatore, Tamil Nadu. The firm is involved in construction of
residential real estate projects and currently has three ongoing
projects - Cresendo, Aaranya and The Gardenia.

DELHI INTERNATIONAL AIRPORT: S&P Affirms 'BB' LT ICR on War Impact
------------------------------------------------------------------
On March 25, 2026, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on Delhi International Airport Ltd.  and the
'BB' long-term issue ratings on the company's senior secured
notes.

The positive outlook over the next six months on the issuer credit
rating reflects the improvement in the regulatory framework for
Dial, as well as our expectation that the company will refinance
its upcoming maturities by June 2026.

S&P said, "We anticipate the Middle East war will have a manageable
impact on the passenger traffic of Delhi International Airport Ltd.
(Dial), for now. Meanwhile, an improvement in the regulatory
environment for Indian airports will support the airport's cash
flow stability.

"We expect Dial's good funding access to help manage refinancing
risk for its US$523 million bond maturity in October 2026.

"We expect the Middle East war to have a limited impact on Dial's
passenger volumes, for now. About 28% of the airport's
international passengers and 7%-8% of its total passenger traffic
are exposed to the region."

Dial saw significant disruptions in the first week of the conflict.
However, traffic volumes have since rebounded as airlines rerouted
transiting flights away from the Middle East airspace. Transiting
flights account for 25%-30% of all traffic between Delhi airport
and the Middle East.

Additionally, Dial has allocated slots from Indian and Gulf-based
airlines to other airlines for two to three weeks. The company
plans to maintain these measures while the war continues to
mitigate the impact on its operations.

S&P said, "We believe Dial can manage refinancing risk for its
upcoming U.S. dollar bond maturity. The company has a US$523
million bond due October 2026. It plans to refinance it by June
2026, using either domestic debentures or external commercial
borrowings.

"The bond maturity, together with high capital expenditure (capex)
needs, will constrain Dial's liquidity. We have therefore revised
our liquidity assessment for the company to less than adequate from
adequate.

"However, we expect refinancing risk to be manageable, given Dial's
good funding access. In particular, the domestic debt market has
ample liquidity and is supportive of infrastructure assets with
regulated returns, such as airports.

"Solid passenger traffic growth to support Dial's cash flow. We
forecast a 1% decline in passenger traffic at Delhi airport to 78.6
million passengers in fiscal 2026 (ending March 31). This follows a
spate of operational disruptions during the year: the
India-Pakistan conflict; upgrade of runway 10/28; disruptions at
prominent airline Indigo; and the ongoing Middle East war.

"However, we project 7%-8% annual growth in passenger traffic in
fiscals 2027 and 2028. This will be driven by a low base in fiscal
2026, strong demand for both leisure and business travel, as well
as increased airline capacity.

"We forecast Dial's ratio of operating cash flow (OCF) to debt will
increase to about 6.1% in fiscal 2026 and 8%-9% over fiscal
2027-2028, from a negative figure in fiscal 2025."

S&P Global Ratings' base case assumes elevated hostilities in the
Middle East will persist into early April, with the Strait of
Hormuz facing material disruptions.

Recognizing the risk of spillovers and security incidents, our
analysis of Dial incorporates a three-month period of potential
airspace disruptions for international traffic, primarily routes to
and from the Middle East. S&P said, "That said, we anticipate
travel demand will temporarily surge following conflict resolution,
driven by pent-up demand. We expect DIAL's domestic traffic to
remain resilient."

However, a prolonged conflict that prevents a return to positive
total passenger traffic growth in fiscal 2027 could exert downside
pressure on our ratings on Dial.

Unlike other commercial airports, Dial benefits from a regulatory
framework where any shortfall in passenger traffic will be adjusted
to true-up in the upcoming regulatory period. Therefore, S&P
believes traffic trends over a five-year regulatory period are more
reflective than annual variations.

Rating upside reflects an improving regulatory environment for
Indian airports. Timeliness for tariff adjustments has improved,
and the consultation process and resolution of regulatory disputes
has become smoother. S&P said, "This could change our assessment of
Dial's business position over the next six months as we gain more
clarity on an upcoming tariff-reset process for other Indian
airports such as GMR Hyderabad International Airport Ltd. and
Bangalore International Airport Ltd."

Dial is less exposed to delays in tariff resets, as a fully
expanded mature airport. The tariffs for the fourth control period
(CP4) are effective from April 16, 2025, with about a one-year
delay in implementation. The delay was shorter than in the past,
reducing uncertainty for future tariff resets.

The CP4 tariffs adequately compensate Dial for its large expansion
capex, passthrough of increased operating costs, and additions to
the regulatory asset base. The tariffs also incorporate an approved
true-up amount relating to aeronautical taxes from the previous
control period.

The positive rating outlook on Dial over the next six months
reflects our expectation of a potential improvement in the
regulatory framework for timely and predictable tariff resets.

S&P also expects Dial to refinance its bond maturing in October
2026 by June 2026.

S&P could revise the outlook on Dial to stable if one or more of
the following occurs:

-- The regulatory framework for Indian airports does not
materially improve, leading to prolonged delays on tariff resets.

-- The company's OCF-to-debt ratio is unlikely to improve toward
8.5% on a sustainable basis. This could happen if the Middle East
war escalates or persists longer than our current base-case
assumptions, disrupting air traffic and materially lowering our
passenger growth forecasts.

-- Dial fails to execute its planned bond refinancing by June
2026, and refinancing risk for the upcoming bond increases.

S&P could raise the rating on Dial if one or more of the following
occurs:

-- S&P believes the regulatory framework for Indian airports has
strengthened with timely tariff implementations. This would support
stronger visibility over future tariff resets. Tariff resets
without material delay at other airports over the next six months
would indicate such improvement.

-- In a less likely scenario, Dial's financial profile continues
to strengthen such that its OCF-to-debt ratio increases to more
than 10.5% on a sustainable basis. This could happen if: (1) the
company benefits from an increase in commercial property
monetization, leading to higher rental income and cash flows; or
(2) a favorable ruling by Telecom Disputes Settlement and Appellate
Tribunal on pending issues for past regulatory periods results in
materially higher tariffs and cash flow than in S&P's current base
case.

An upgrade is also contingent on Dial refinancing its upcoming bond
maturity in October 2026 in a timely manner, demonstrating prudent
risk management.


DEVI ENGINEERING: Ind-Ra Corrects October 8, 2025 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Devi Engineering and
Constructions' version published on October 8, 2025 to correctly
mention the resolution of Rating Watch with Negative Implications
following the migration of the rating to the non-cooperating
category.

Details of Instruments

India Ratings and Research (Ind-Ra) has migrated all the ratings of
Devi Engineering and Constructions Private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 3 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time. Investors and
other users are advised to take appropriate caution while using
these ratings.

The agency had resolved the Rating Watch with Negative
Implications, following the migration of the rating to the
non-cooperating category due to insufficient information to provide
a forward-looking credit view. The rating will now appear as 'IND
BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website.  

The detailed rating actions is:

-- INR500 mil. Bank loan facilities rating migrated to non-
     cooperating category; Off Rating Watch with IND BB-/Negative
     (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Ind-Ra had earlier placed the rating on Rating Watch with Negative
Implications due to uncertainties arising from a corporate
insolvency resolution process initiated by an operational creditor
against the company. The resolution of the Rating Watch reflects
the subsequent migration of the rating to the non-cooperating
category, along with the absence of adequate clarity and
information regarding the insolvency proceedings.

The Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Devi Engineering and
Constructions Private Limited on the basis of best available
information and is unable to provide a forward-looking credit view.
Hence, the current outstanding rating might not reflect Devi
Engineering and Constructions Private Limited's credit strength. If
an issuer does not provide timely No Default Statement, it
indicates weak governance, particularly in 'Timely debt servicing'.
The agency may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

DECPL was incorporated in 2014 as a private limited company. It is
engaged in business of seismic data acquisition (geophysical
division), EPC on turnkey projects and gas compression services.
Its registered office is at Kakinada, Andhra Pradesh, corporate
office is at Hyderabad and its three branches are situated at
Tripura, Assam and Arunachal Pradesh.

EAKANSH MOTORS: CRISIL Withdraws B Rating on INR21.28cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Eakansh Motors Private Limited (EMPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Inventory Funding      18.72      Crisil B/Stable/Issuer Not
   Facility                          Cooperating (Withdrawn)

   Inventory Funding      21.28      Crisil B/Stable/Issuer Not
   Facility                          Cooperating (Withdrawn)

   Inventory Funding      10         Crisil B/Stable/Issuer Not
   Facility                          Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with EMPL for
obtaining information through letter and email dated February 18,
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-cooperation 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 EMPL. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on EMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of EMPL continues to be 'Crisil B/Stable Issuer Not
Cooperating'.

Crisil Ratings has withdrawn its rating on the bank facilities of
EMPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 2009 and promoted by Mr. Satish Kumar Bansal and
Mr. Pankaj Bansal, EMPL is an authorised dealer of MSIL vehicles
and has showrooms and service centres in Kaithal and Jind,
Haryana.


EMCEE ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Emcee
Engineering Works (EEW) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.03       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated January 29, 2025, placed the rating(s) of EEW under the
'issuer non-cooperating' category as EEW had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EEW continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 15, 2025, December 25, 2025, January 4, 2026 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Emcee Engineering Works (EEW) was converted into proprietorship
concern in 1980 after the exit of Mr. K. Shanmugasundaram. In 1985,
EEW forayed into fabrication of heavy box, column, beam, auto
welding etc. (on job work) which are used in boiler manufacturing.
From 2005, the firm started fabrication of pressure parts
components such as water wall panel, coils, header, piping, loose
bends etc. required for boilers. In 2008, the firm commenced its
second unit in Mandaiyur Village, Pudukottai, and Tamil Nadu for
producing similar boiler components for BHEL.


GRAND TIRUPATI: Ind-Ra Withdraws D Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Grand Tirupati
Hotels & Resorts Private Limited's (GTHRPL; formerly YKM
Entertainment & Hotels Private Limited) bank loan facilities'
rating as follows:

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR1.387
    bil. Bank loan facilities is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

About the Company

GTHRPL is developing a five-star hotel in Tirupati under the brand
name of ITC EPIQ Collection. GTHRPL will have 201 keys and
facilities such as restaurants, banquets, and meeting halls. The
hotel is likely to commence operations from April 2027.

GUPTA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta Power
Infrastructure Limited (GPIL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT         
                                     COOPERATING)

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with GPIL 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 GPIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GPIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

GPIL was incorporated as Gupta Cables Pvt Ltd in 1961 to
manufacture aluminium and alloy conductors and cables. Mr MK Gupta
and his family members, based in Odisha, acquired the business in
1970 and renamed the company to GPIL in 2008. The company's product
portfolio comprises a variety of cables, conductors, housing wires
and recently added LED lights and OFCs. The company also has an EPC
division, which undertakes turnkey power infrastructure projects.
Wires are sold in the retail segment under the Rhino brand. GIPL
has three manufacturing plants: in Khurda, Odisha; Kashipur,
Uttarakhand; and Chennai.


HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hariom Cotgin
Private Limited (HCPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              8         CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with HCPL 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 HCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HCPL continues to be 'Crisil D Issuer not cooperating'.  

HCPL, incorporated in 2008 by Mr. Ramesh, gins cotton, and presses
and processes cotton seed into oil and cakes. In October 2015, it
was taken over by Mr. Bharatbhain Selani and Mr. Chiragbhai Selani,
who have been in the cotton ginning and pressing business for five
decades.


HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HLM
Educational Society (HLM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3.50       CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      4.03       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan      3.47       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               9.00       CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with HLM 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 HLM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HLM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HLM continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

HLM was set up in 2005 by Mr Sunil Miglani (Chairman of the Migsun
group) in the memory of his late father, Mr Harbans Lal Miglani.
The Ghaziabad based society provides education courses such as law,
business management and Medical.


HOTEL SHIVAAY: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Hotel Shivaay
(HS) continues to be 'Crisil B/Stable Issuer not cooperating'.  

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan                5        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with HS 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 HS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of HS
continues to be 'Crisil B/Stable Issuer not cooperating'.  

Set up in 2017, HS is building a 37-room hotel at Bhagsunag in
Himachal Pradesh. HS is owned and managed by Mr Ashok Kumar Jaura.


J P RICE: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of J P Rice Mill
(JPRM) continue to be 'Crisil B/Stable Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            6.55       Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.19       Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.26       Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JPRM 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 JPRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JPRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JPRM continues to be 'Crisil B/Stable Issuer not cooperating'.  

JPRM was established as a partnership firm between Mr Tarun Kumar
Agarwala and his family in 1995. It mills and processes non-basmati
parboiled rice. The rice mill is in Burdwan (West Bengal).


JAI JAGDISH: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jai Jagdish Ship
Breakers Pvt. Ltd.'s (JJSPL) bank loan facilities as follows:

-- INR865.20 mil. Bank loan facilities affirmed with IND BB+/
     Stable/IND A4+ rating

Analytical Approach

Ind-Ra continues to take a fully consolidated view of JJSPL and its
group company Sachdeva Steel products (Ship Breakers) LLP (SSP;
debt rated at 'IND BB+'/Stable), together referred to as the
Sachdeva group, in view of the strong strategic and operational
ties between the companies and the common management.

Detailed Rationale of the Rating Action

The affirmation reflects the group's adequate liquidity,
diversification of revenue segments, along with continued
comfortable credit metrics and capital structure in FY26. The
ratings remain constrained by industry risk, small scale of
operations owing to the group's inability to purchase ships since
FY22, and a consequent decline in its revenue, Furthermore, in the
absence of ships available for dismantling, the group has
diversified itself into dismantling transformers for scrap and
giving their surplus funds on loan to earn interest. However, the
unsecured loans provided to the peers induce stress on the group's
liquidity. In the medium term, Ind-Ra expects the group's revenue
to increase with a recovery of the ship breaking business, leading
to a normalization of EBITDA margins to 10%-12%. The credit metrics
and capital structure are likely to remain comfortable, and the
liquidity is likely to remain adequate in the medium term.

Detailed Description of Key Rating Drivers

Industry Risk: The ship breaking industry is not performing well
worldwide since the past two-to-three years, which leads to the
risk of lack of supply of ships for dismantling. The revenue
visibility is majorly dependent on the availability of ships for
dismantling or recycling. However, Ind-Ra believes the availability
of the vessels to be recycled in the medium term will improve. This
is because the availability of ships had significantly dropped in
the past two-to-three years owing to geopolitical disruptions and
increased ocean freight profitability, leading to ships remaining
operational for longer; however, with the stabilization of
geopolitical landscape and pile up of ships due for recycling in
the past three years, the supply of ships is likely to eventually
increase.  The group's operations and profitability are highly
exposed to the risk of forex fluctuations and price fluctuations of
steel, commodities or scrap.

Small Scale of Operations: With unavailability of ships, group
diversified into another business model where surplus funds, along
with the funds infused by the promoters were given out as loans to
peer ship breaking companies to earn interest. Furthermore, in
FY25, the Sachdeva group started a new business vertical for
dismantling transformers and selling copper, aluminum and heavy
metal scrap (HMS). The customer base for this new vertical is the
same as that for the dismantled parts of the ships. In 9MFY26, the
group generated a revenue of INR449.6 million, out of which, the
transformer segment generated INR397.4 million (88.4% of the total
revenue) with INR52.3 million from the interest earned on loans
given out (11.6% of the total revenue). In the medium term, Ind-Ra
expects the revenue to increase with a recovery in the ship
breaking segment, along with continued income from interest on
loans. In FY25, though the consolidated revenue decreased to
INR110.31 million (FY24: INR115.58 million), the EBITDA improved to
INR58.13 million (INR46.62 million), driven by an increase in the
interest income earned on loans given out to peer ship breaking
companies. The interest income stood at INR76.1 million i.e., 69%
of the total revenue in FY25 (FY24: INR51.9 million i.e., 45% of
the total revenue).

Modest EBITDA Margins: In FY25, Sachdeva Group's EBITDA margin
stood at 58.13% (FY24: 46.62%) with a return on capital employed of
7.5% (8.9%). In FY25, the EBITDA margin improved owing to an
increase in the contribution from the interest income earned on the
loans given. In 9MFY26, the margin stood at 11.97% due to an
increase in the revenue from the transformer segment, which has
lower EBITDA margins; the transformer segment has an EBITDA margin
in range of 1%-3% while the ship breaking segment generates margins
of 10%-12%. A continued increase in the revenue from the
transformer segment could lead to a further decrease in the group's
EBITDA margins. In the medium term, Ind-Ra expects the EBITDA
margin to normalize and return to the 10%-12% range with an
increase in the revenue from ship breaking operations.

Comfortable Credit Metrics and Capital Structure: In FY25, the
group's interest coverage (operating EBITDA/gross interest
expenses) was 1.96x (FY24: 1.89x) and net leverage (adjusted net
debt/operating EBITDAR) was 2.54x (0.42x). While the interest
coverage remained at a similar level owing to a proportional
increase in the interest cost and EBITDA, the net leverage declined
owing to a decrease in the cash. The group's debt to equity ratio
improved to 0.35x in FY25 (FY24: 0.47x) owing to an infusion of
funds worth INR190 million in the form of partner capital. Ind-Ra
expects the credit metrics and capital structure debt to equity to
remain comfortable in the medium term.

The group mainly uses the letter of credit (LC) facility for
purchasing ships. The proceeds from the sale of raw materials
obtained from the dismantled ship are parked in fixed deposits. The
amount parked in the fixed deposit will be used to pay for LC
during maturity.

Favorable Location of Ship-Breaking Yard; Promoter Experience: The
Sachdeva group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity. The geographical features of the area include a high
tidal range, wide continental shelf, adequate slope and a mud-free
coast. These conditions are ideal for a wide variety of ships to be
beached easily during high tide. It accommodates nearly 165 plots
spread over a long stretch of around 10km along the seacoast of
Alang-Sosiya. Sachdeva Group has two yards; hence, it has capacity
to dismantle two ships at the same time. Both the shipyards of the
group have been accorded the reputed Class NK certification from
the ship classification society, Nippon Kaiji Kyokai, for the
operations of the ship-breaking yards from the environmental and
worker safety points of view, including secure management of
hazardous waste generated from the ship-breaking activities. The
ratings are also supported by the promoter's experience of over
three decades in the ship breaking industry.

Liquidity

Adequate: The group utilizes its non-fund-based LC limits for
purchasing ships from the cash buyers. The tenor for the same
depends upon the size and tonnage of the ships and ranges between
180 and 360 days. An upfront cash margin of 15% is retained at the
time of opening the LC. The group parks its surplus in fixed
deposits. This ensures a gradual build-up of reserve funds to meet
the sizeable LC payment obligations on maturity. However, since no
ships were procured in last year, there was no LC utilization in 12
months ended December 2025. However, the group availed cash credit
facilities for working capital requirements pertaining to
transformer segment and the group's average month-end utilization
of the fund-based limits stood at 32.26% for the 10 months ended
December 2025 (limits availed in March 2025).  The Sachdeva group
also lends money to peer companies in the form of unsecured loans
which creates a risk from liquidity perspective. As per the latest
interim financial statements provided to Ind-Ra, the total loans
and advances amounted to INR444.12 million at end-December 2025.

Rating Sensitivities

Negative: An inability to purchase new ship or substantial
deterioration in liquidity will be negative for ratings.

Positive: An improvement in the scale of operations through the
purchase of new ships while maintaining adequate liquidity will be
positive for ratings.

About the Company

JJSPL was incorporated in April 1998 for the dismantling of ships
at Alang, Gujarat. The company is managed by Ashwin Gujarati and
Jayesh Dhanani.

SSP, a limited liability partnership firm that was established in
1994, is engaged in ship breaking. Its facility is located at the
ship recycling yard in Alang, Gujarat. The plot area is spread
across 65 meters and is on lease from the Gujarat Maritime Board.
The firm is managed by the Dhanani and Gujarati families.

JAIPRAKASH ASSOCIATES: NCLAT Declines Interim Stay on Adanis Bid
----------------------------------------------------------------
The Economic Times reports that the insolvency appellate tribunal
on March 24 declined any interim stay over the Vedanta Group's plea
against the order passed by the NCLT approving Rs 14,535 crore bid
by Adani Group's bid for acquiring Jaiprakash Associates Ltd
(JAL).

ET relates that the National Company Law Appellate Tribunal's
(NCLAT) two-member bench sought a response from the Committee of
Creditors (CoC) of JAL within a week. It also directed to list the
matter on April 10 for the next hearing.

Vedanta group was in the race to acquire JAL through an insolvency
process, but the lenders in November last year approved the
resolution plan of Adani Enterprises Ltd.

Last week, the National Company Law Tribunal (NCLT) approved the
Adani Group's bid, ET notes.

Challenging the NCLT order, the Vedanta group has filed two appeals
before the NCLAT. In the first one, it has challenged the validity
of the resolution plan, and in the second one, it has challenged
the approval of the plan by the CoC and the adjudicating authority
(NCLT), according to ET.

In its hearing on March 24, NCLAT said all the parties agree that,
looking to the nature of the issues raised in the appeal, this
matter needs to be decided at an early date, ET relays.

"In the above view of the matter, we are of the view that the
Appeal needs to be heard at an early date. We direct the appeal to
be listed on April 10, 2026, as a fresh case," said NCLAT.

It has also directed Vedanta and the other side, including CoC, to
file their short notes of submission of not more than five pages
before the next date.

However, the bench comprising Chairperson Justice Ashok Bhushan and
Member (Technical) Barun Mitra also clarified that the
implementation of the plan would be subject to the outcome of the
appeals filed by the Anil Agarwal-led Vedanta Group, ET adds.

                              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.


JAIPRAKASH ASSOCIATES: UltraTech Cement Settles JAL Dispute
-----------------------------------------------------------
The Economic Times reports that UltraTech Cement has settled a
long-running arbitration with Jaiprakash Associates (JAL), agreeing
to redeem INR1,000 crore of preference shares tied to the Dalla
Super cement asset, people familiar with the matter told ET. The
resolution helps in monetising Jaypee assets after a bankruptcy
court recently allowed Adani Group to take over 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.


JEWEL ROCK: CARE Reaffirms Issuer Rating at B+
----------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Jewel Rock Hire Purchase and Leasing Private Limited (Jewel Rock),
as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Issuer rating        0.00        CARE B+; Stable; Reaffirmed

Rationale and key rating drivers

The rating assigned to issuer rating of Jewel Rock is constrained
by small scale of operations with geographical concentration of
portfolio, moderate asset quality, low capital base and
concentrated resource profile. The rating draws comfort from the
profitable operation despite limited track record.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors: Factors that could individually or collectively
lead to positive rating action/upgrade:

* Improvement in the scale of operations and good asset quality and
profitability on a sustained basis.

* Significant infusion of equity capital.

Negative factors: Factors that could individually or collectively
lead to negative rating action/downgrade:

* Weakening of asset quality levels in turn affecting
profitability.

* Significant weakening of capitalisation levels with overall
gearing above 6x on a sustained basis.

* Significant weakening of liquidity profile.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CareEdge Ratings) believes the entity shall
sustain its moderate financial risk profile in the medium term.

Detailed description of key rating drivers:

Key weaknesses

* Small scale of operations with geographical concentration of
portfolio: Jewel Rock was incorporated in 1996 and was subsequently
taken over by the current promoters, KV Sivakumar and his
associates, from erstwhile founders in 2021. The company primarily
focuses on gold loans, and a smaller exposure to unsecured personal
and business loans. The company's assets under management (AUM)
stood at INR26.11 crore as on March 31, 2025, and INR25.91 crore as
on December 31, 2025. The company has expanded its branch network
to 28 branches as on December 31, 2025, with operations
predominantly concentrated in Kerala.

* Low capital base: Jewel Rock reported a net worth of INR7.19
crore as on March 31, 2025, which marginally increased to INR7.32
crore as on December 31, 2025, supported by a capital infusion of
INR0.88 crore in 9MFY26 through a rights issue. Despite the
infusion, capital base remains modest, and the company would be
required to augment its capital levels in the medium term to comply
with the RBIstipulated minimum net owned fund (NOF) requirement of
INR10 crore by March 31, 2027. The company reported a capital
adequacy ratio (CAR) and Tier-I CAR of 43.37% and 25.90%,
respectively, as on March 31, 2025, compared to 45.96% and 24.00%,
respectively, as on March 31, 2024. The CAR and Tier-I CAR stood at
42.25% and 25.99%, respectively, as on December 31, 2025, remaining
comfortably above the regulatory requirement. Overall gearing
remained moderate at 2.81x as on March 31, 2025 (2.82x as on March
31, 2024), and improved to 2.58x as on December 31, 2025.

* Moderate asset quality: The company reported gross non-performing
assets (GNPA) and net NPA (NNPA) of 2.30% and 1.16%, respectively,
as on March 31, 2025, compared to 1.91% and 0.50%, respectively, as
on March 31, 2024. In 9MFY26, the GNPA and NNPA further increased
to 3.65% and 2.38%, respectively. The company had been recognising
NPAs on 120 days past due basis until March 2024 and has since
transitioned to the 90 days past due recognition norm, in line with
regulatory requirements. Delinquencies are primarily concentrated
in the short-tenure unsecured personal loan segment, which carries
relatively higher credit risk. The company's ability to control
delinquencies and maintain asset quality while scaling up
operations remains a key monitorable. However, significant
proportion of the portfolio comprising gold loans, which are
secured in nature, provides some comfort to the overall asset
quality profile. The company's ability to maintain overall asset
quality while scaling up operations will remain a key monitorable.

* Concentrated resource profile: The company's total borrowings
increased from INR14.30 crore as on March 31, 2024, to INR20.19
crore as on March 31, 2025, reflecting funding requirements for
portfolio growth. As on March 31, 2025, borrowings comprised
non-convertible debentures (NCDs) and subordinated debt accounting
for 58% of total borrowings (PY: 76%), bank borrowings in the form
of gold repledge facility constituting 32% (PY: 20%), and
borrowings from non-banking financial companies (NBFCs) accounting
for 10% (PY: Nil). As on December 31, 2025, the borrowing profile
comprised NCDs and subordinated debt forming 66% of total
borrowings, bank borrowings through gold repledge facility
accounting for 27%, borrowings from NBFCs constituting 6%, with the
remaining being loans from the director. The company's ability to
diversify its resource profile will remain a key monitorable.

Key strengths

* Profitable operation despite limited track record: The company
turned profitable in FY24, following change in management and
reported a profit after taxation (PAT) of INR0.98 crore on a total
income of INR6.89 crore in FY25, compared to a PAT of INR0.81 crore
on a total income of INR4.00 crore in FY24. The net interest margin
(NIM) improved to 18.15% in FY25 from 17.41% in FY24, supported by
higher yields and relatively lower cost of funds. Operating
expenses remained elevated, with Opex to total assets increasing to
14.27% in FY25 from 10.48% in FY24, largely due to investments
towards branch expansion and operational infrastructure. The credit
cost to total assets stood at 1.26% in FY25 compared to 0.79% in
FY24, resulting in a return on total assets (ROTA) of 3.94% in
FY25.

In 9MFY26, the company reported a PAT of INR1.09 crore on a total
income of INR6.38 crore, compared to a PAT of INR0.60 crore on a
total income of INR3.76 crore in 9MFY25. NIM moderated to 15.54% in
9MFY26, while Opex to total assets remained high at 14.82%,
resulting in a ROTA of 5.04% in 9MFY26. The company's ability to
sustain profitability while scaling up operations and improving
operating efficiency will remain a key monitorable.

Liquidity: Adequate

The company's cash and cash equivalents stood at INR0.70 crore as
on December 31, 2025. The company's borrowings in the form of NCDs
have tenor ranging from 3-5 years, while the loan portfolio largely
comprises short-tenure loans with maturity of up to one year.
Liquidity profile remains adequate considering the shorter tenure
of the loan portfolio relative to the longer tenor borrowings and
the company's current scale of operations, with overall gearing
remaining lower.

Jewel Rock is a non-banking financial company (NBFC) incorporated
on January 01, 1996, in Thrissur, Kerala. The company was taken
over by current promoters in 2021, following which the company
focused on expanding its lending operations and strengthening its
branch network. The company primarily operates in the gold loan
segment and unsecured personal and business loans. As on December
31, 2025, the company operates through 28 branches, predominantly
in Kerala, with expansion into Tamil Nadu in FY25 through two
branches.


JOMSONS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jomsons
Enterprises (India) Private Limited (JE; part of the Jomsons group)
continue to be 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          9.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with JE 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 JE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of JE
continues to be 'Crisil B/Stable Issuer not cooperating'.  

The Jomsons group trades in PVC panel profiles and is venturing
into customised printing in 3D texture on doors, ceilings, floors,
and other surfaces. JE, formerly known as Jomsons Plastics, was
established in 2011 and BP in 1993. Both entities, based in
Thrissur (Kerala), are managed by Mr Bestin Joy.


JRT INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of JRT
Industries LLP (JRT) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan      35       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan                5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with JRT 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 JRT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JRT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JRT continues to be 'Crisil B/Stable Issuer not cooperating'.  

JRT, formed in December 2018, set up a unit for manufacturing
asbestos cement corrugated sheets and non-asbestos flat sheets with
capacity of 80,000 tonne per annum at Kamrup in Assam. It commenced
commercial operations from April 2022. The firm is owned and
managed by Mr Deepak Kayal, Ms Kriti Agarwal, Mr Ravi Agarwal and
Ms Ritu Kayal.


KAILASH DAIRY: CRISIL Lowers Rating on INR8cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Kailash Dairy Limited (KDL), as:

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8         Crisil B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'Crisil B+/Stable ISSUER NOT
                                   COOPERATING')

Crisil Ratings has been consistently following up with KDL 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 KDL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KDL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KDL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

KDL was originally established in 1960 as a partnership firm by Mr.
Satya Prakash Agarwal and Mr. Vijendra Agarwal; the firm was
reconstituted as a private limited company in 1987, and then as a
public limited company in 2001. The company processes milk and
manufactures milk products; it is an ISO-certified manufacturer.
Its facility is located in Meerut region of Uttar Pradesh. The
company markets its products under the brand Kailash.


KAMAL AND COMPANY: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Kamal and
Company (KC) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with KC 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 KC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KC
continues to be 'Crisil B/Stable Issuer not cooperating'.  

Established in 1936 as a proprietorship firm and later
reconstituted as a partnership firm, KC is an authorised dealer of
the vehicles of Tata Motors. The firm has a showroom and two
service centres in Jaipur and has been appointed sub dealer in
Dausa and Kothputli regions (all in Rajasthan). KC is owned and
managed by Mr Dayanidhi Kasliwal, Mr Ishnidhi Kasliwal, Mr
Deshnidhi Kasliwal, Mr Payonidhi Kasliwal and Mr Sudhanidhi
Kasliwal.


KANS WEDDING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kans Wedding
Centre (KWC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit          6.78          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit          1.82          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan       1.22          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Working     0.18          CRISIL D (Issuer Not
   Capital Facility                   Cooperating)

Crisil Ratings has been consistently following up with KWC 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 KWC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KWC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KWC continues to be 'Crisil D Issuer not cooperating'.  

KWC, incorporated in 2009, is promoted Mr K A Niyas and his family,
who have been in this line of business for over two decades. It is
Kerala's largest wedding apparel retail firm, offering over 10,000
branded products. The firm has three operational retail stores in
Kerala.


KANWAL FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Kanwal Food
And Beverages (KFB) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             1.5       Crisil B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         4          Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KFB 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 KFB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KFB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KFB continues to be 'Crisil B/Stable Issuer not cooperating'.  

KFB, incorporated in 2015, manufactures various food products such
as mixed vegetables pickles, mixed fruit jams, murabas, spice
pastes/gravies, dehydrated fruits, canned vegetables and fruits.
The manufacturing unit in Jammu has installed capacity of 4,728
tonne per annum. The firm commenced operations from April 2017. Mr
Farooq Amin is the proprietor.


KARMYOGI ANKUSHRAO: Ind-Ra Affirms BB+ Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Karmyogi Ankushrao
Tope Samarth Sahakari Karkhana Ltd.'s (KATSSKL) bank loan
facilities as follows:

-- INR1.50 bil. Bank loan facilities affirmed with IND BB+/Stable

     /IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects KATSSKL's continued elevated net leverage,
which, Ind-Ra expects to remain at similar levels in FY26. This is
primarily driven by the substantial working capital requirements
arising from the projected increase in inventory levels. The
business remains inherently exposed to regulatory risks associated
with the sugar industry. However, the ratings derive comfort from
the company's medium scale of operations and an improvement in
EBITDA margins during in FY25, supported by a favorable product
mix. The ratings are also supported by a forward-integrated
operating structure and the experience of the promoters in the
sugar industry.

Detailed Description of Key Rating Drivers

Net Leverage to Remain Elevated in FY26 Before Moderating from
FY27: Ind-Ra expects the net leverage (net debt/EBITDA) to remain
elevated in FY26, primarily driven by an anticipated increase in
working capital requirements to fund the projected increase in
sugar inventory levels. The net leverage had improved significantly
to 4.79x in FY25 (FY24: 16.11x) due to a stronger EBITDA, a
reduction in total debt due to lower short-term borrowings, and
scheduled term loan repayments. However, this improvement is likely
to moderate in FY26 as higher inventory levels necessitate greater
short-term funding.

KATSSKL completed a major capex over FY24-FY25, including the
expansion of crushing capacity to 10,000 tons of canes per day
(TCD) from 7,500TCD and enhancement of the unit-1 boiling house
capacity to 7,500TCD in FY25; it has no further large-scale capex
planned in the medium term. Thus, Ind-Ra does not anticipate any
additional term loan requirements and the term loan is expected to
continue to reduce due to the scheduled repayments. However, the
short-term working-capital utilization is likely to increase to
support higher inventory holdings, which may partially offset the
deleveraging benefits from declining term debt in FY26. The
interest coverage (gross interest expenses/EBITDA) also improved to
2.14x in FY25 (FY24: 1.67x) on account of the higher EBITDA and is
likely to have a stable-to-moderately improving trajectory,
contingent upon operating profitability and working capital
intensity in FY26.

Inherent Regulatory Risk: The sugar industry will continue to
operate under a highly regulated environment, as sugar remains
classified as an essential commodity. Government interventions,
such as fixing the Fair and Remunerative Price for sugarcane,
regulating the diversion of sugar syrup and B-heavy molasses, and
controlling domestic sales quotas and export permissions are likely
to remain key determinants of industry performance. Although the
restrictions on diversion of sugar syrup and B-heavy molasses
imposed during the sugar season 2023–24 had created temporary
operational constraints. However, these restrictions were lifted in
October 2024 for the upcoming season, which is anticipated to
provide improved operational flexibility. Despite this regulatory
easing, Ind-Ra expects the sector to remain vulnerable to abrupt
policy shifts, particularly relating to domestic quota allocations
and export restrictions. Such interventions directly influence
production planning, inventory levels, and realizations for both
sugar and ethanol/extra neutral alcohol.

Sustained Increase in Scale of Operations; Revenue Contribution
from Ethanol Likely to Increase in FY26: Ind-Ra expects KATSSKL to
maintain its medium scale of operations, with the overall
performance in FY26 likely to reflect a shift in revenue
composition driven by the distillery segment. The company is
projected to surpass its FY25 revenue base of INR8,000 million,
supported primarily by an increase in ethanol revenue. This
improvement will stem from enhanced sugarcane availability during
the season and the commissioning of the expanded 300 kilo liters
per day (KLPD) distillery capacity, which will elevate production
volumes and strengthen segmental contribution.

Despite the anticipated rise in sugarcane availability in FY26, the
domestic sugar quota allocated to the company is likely to remain
lower than FY25 levels, based on the 11MFY26 quota of 86,493 metric
tons (MT) compared to 106,409 MT in 11MFY25 and 113,603 MT in FY25.
Ind-Ra also expects KATSSKL to benefit from an export quota of
4,235MT, which should provide partial relief from reduced domestic
quota availability. Given this constrained domestic quota, growth
in the sugar segment revenue is likely to remain muted in FY26.
However, the company's overall revenue profile is likely to
strengthen, supported by increased contribution from the distillery
division and steady performance of co-generation, dairy products,
and other by-products. Furthermore, the revenue mix is likely to
gradually shift in favor of ethanol in FY26, building on FY25
levels wherein sugar contributed 49%, distillery 47%, co-generation
3%, and dairy/other by-products 1%.

Recovery in EBITDA Margin in FY25, Likely to Remain at Similar
Levels in FY26: The EBITDA margin improved to 9.29% in FY25 (FY24:
4.52%; FY23: 8.09%), recovering from the moderation seen in FY24,
which was primarily due to lower absorption of overheads on account
of reduced sales volumes. In FY26, the agency expects the EBITDA
margin to remain at similar levels, supported by a higher revenue
contribution from the distillery division, which generally operates
at stronger gross margins owing to the use of internally produced
feedstock. The absolute EBITDA surged to INR762.68 million in FY25
(FY24: INR273.8 million). The margin was modest with a return on
capital employed of 2.2% in FY25.

Integrated Sugar Plant Likely to Benefit Business Profile: Ind-Ra
expects KATSSKL's operations to remain well-supported by its
forward-integrated business model, comprising of a co-generation
capacity of 18MW and a distillery capacity of 300KLPD, which
together provide stable alternative revenue streams and help
cushion the inherent cyclicality in the sugar business. In FY25,
the co-generation and distillery segments contributed around 3%
(FY24: 3%) and 47% (31%) to the revenue, respectively, reflecting
the growing importance of the distillery division. In FY26, the
agency anticipates a further increase in revenue contribution from
the distillery segment, supported by improved sugarcane
availability and higher operational days. Distillery operations,
which can typically run for 300-320 days a year, are likely to
smoothen the seasonality associated with sugar operations and
provide greater stability to the company's revenue profile.

Experienced Promoters: The promoters have nearly three decades in
the sugar industry, which is likely to aid in strategic
decision-making and operational efficiency in the medium term.

Liquidity

Stretched: The sugar manufacturing business is inherently working
capital intense in nature and KATSSKL's net working capital cycle
reduced to 121 days in FY25 (FY24: 229 days; FY22: 91 days), owing
to a decrease in inventory level. However, Ind-Ra expects the net
working capital cycle to elongate in the medium term owing to the
rising inventory levels after every crushing season. The cash flow
from operations turned positive to INR1,201 million in FY25 (FY24:
negative INR1,201 million FY23: positive INR1,632 million) due to
favorable changes in working capital, primarily on account of
reduced inventory levels. Consequently, the free cash flow has
turned positive to INR820.82 million in FY25 (FY24: negative
INR2,578.88 million).

The company's average maximum utilization of the fund-based working
capital limits was 46% for the 12 months ended January 2026. The
unencumbered cash and cash equivalents stood at INR28.02 million at
FYE25 (FYE24: INR20.46 million). KATSSKL has high debt repayment
obligations of INR457 million and INR410 million in FY26 and FY27,
respectively, which will exert pressure on the liquidity position.

Rating Sensitivities

Negative: Deterioration in the scale of operations, a
higher-than-expected decline in the EBITDA margin or liquidity or a
higher-than-expected deterioration in the credit metrics, all on a
sustained basis, will be negative for the ratings.

Positive: A significant improvement in the scale of operations, an
improvement in the liquidity and financial reporting standards or
the interest coverage rising above 2.5x, all on a sustained basis,
will be positive for the ratings.

About the Company

KATSSKL manufactures sugar with a installed capacity of 7,500 TCD
in Unit I and 2,500 TCD in Unit II. The company has fully
integrated units in Jalna, Maharashtra. Unit-1 and Unit-II are
located at the distance of 45-50km. It also owns a co-generation
facility of 18MW and a distillery unit of 240KLPD in Unit I and a
60-KLPD distillery in Unit II.

KARPADHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Karpadha Agro Foods (SKAF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated January 27, 2025, placed the rating(s) of SKAF under the
'issuer non-cooperating' category as SKAF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKAF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 23, 2025, January 2, 2026 and March 16, 2026 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Shri Karpadha Agro Foods (SKAF) is a partnership firm engaged in
rice milling business and the present partners are Mr. Arul and Ms.
Lalithambigai. Originally the firm was established in 2006 in the
name of "Karpadha Agro Foods" (KAF) promoted by Mr. P. Palanisamy,
Mrs. P. Dhanam, Mr. P. Kalaivanan and Mr. P. Arul. Subsequently the
partnership was reconstituted in April 2015.


KARVY RENEWABLE: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karvy
Renewable Energy Projects Limited (KREPL; a part of the Karvy Data
Management Services Ltd (KDMSL) group) continues to be 'CRISIL C
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        12.15       CRISIL C (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KREPL 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 KREPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KREPL continues to be 'Crisil C Issuer not cooperating'.  

Incorporated in 2016, Hyderabad-based KREPL provides EPC solutions
for solar projects.

Incorporated in 2008, KDMSL, headquartered in Hyderabad, is a
step-down subsidiary of Karvy Stock Broking Ltd (KSBL). It provides
business and knowledge process services. The company started off as
a pure-play back office service provider and added other verticals,
such as e-governance, banking, telecom, and e-commerce. The company
is a strong player in government mandates, such as UIDAI's Aadhaar,
PAN card, NPR Biometric, and E-TDS. It has established healthy
working relationships with several key government departments and
enjoys strong support from the Karvy group.


KASTURCHAND FERTILISERS: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Kasturchand
Fertilisers Private Limited (KFPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              8        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KFPL for
obtaining information through letter and email dated February 11,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KFPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

KFPL, incorporated in 1995, is a Nagpur (Maharashtra)-based company
that manufactures NPK mixture fertilisers and granulated single
super phosphate, at installed capacity of 3,000 tonne per month
(tpm) and 2,000 tpm, respectively; the fertilisers are sold
primarily in Vidarbha under the brand, Krushidhan. Mr Munnalal
Agrawal and his son, Mr Abhay Agrawal, are the promoters.


KATARIA CONSTRUCTIONS: CRISIL Cuts Rating on INR5cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Kataria Constructions Private Limited (KCPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      5        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      2.5      CRISIL B/Stable (Issuer Not   
   Bank Loan Facility               COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with KCPL 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 KCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KCPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

Incorporated in 1985 by Mr. Pradeep Kataria and Mr. Sandeep
Kataria, KCPL develops residential real estate in New Delhi.


KAVERI JEWELLERS: Lowers Rating on INR4.458cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Kaveri Jewellers (KJ), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.45       Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Drop Line             1.50       Crisil B/Stable (ISSUER NOT
   Overdraft Facility               COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    4.05       Crisil B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with KJ for
obtaining information through letter and email dated February 11,
2026 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.      

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KJ, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KJ
revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
B+/Stable Issuer not cooperating'.

KJ was established in 1993 by Mr Ashish Kumar. The firm retails
jewellery at its two showrooms at Vikash Nagar near Dehradun and
Paonta Sahib with a total area of 3,200 square foot.


KAY ENN: CRISIL Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kay Enn
Trading (Kay) Trading 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 Kay 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 Kay, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Kay
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Kay continues to be 'Crisil B/Stable Issuer not cooperating'.  

Kay, established by Mr K N Abdul Gafoor, commenced operations in
July 2016. The firm is a distributor and retailer of readymade
garments and fabrics.


KIJALK INFRASTRUCTURE: Lowers Rating on INR9cr Term Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Kijalk Infrastructure Private Limited (KIPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               9        Crisil B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'Crisil B+/Stable ISSUER NOT
                                    COOPERATING')

Crisil Ratings has been consistently following up with KIPL 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 KIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KIPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil B+/Stable Issuer not cooperating'.

KIPL was incorporated in 2006 by Mr. Ashok Kumar Verma and his
brother, Mr. Surendra Kumar Verma. However, there were no
operations till 2011. The company presently operates a 2 MW solar
power plant in Raj Nagar, Jharkhand, which was commissioned in
February 2012.


KOMAL FIBRES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Komal Fibres
(KF; part of the Komal group) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        Crisil B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-          1        Crisil B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

Crisil Ratings has been consistently following up with KF 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 KF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KF
continues to be 'Crisil B/Stable Issuer not cooperating'.  

KP, set up in 2015, manufactures polyester hollow fibre, while KF,
established in 1987, manufactures recycled polyester staple fibre.
Mr Kharag Singh Dudhoria and Mr Karan Dudhoria are the promoters of
the group. The manufacturing unit in Valsad, Gujarat, has installed
capacity of 20 tonne per day.


LOKNETE BABURAO: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Loknete Baburao Patil Agro Industries Limited's (LBPAIL) bank loan
facilities to Stable from Negative while affirming the long-term
rating at 'IND BB+' and short-term rating at 'IND A4+' as follows:

-- INR1.20 bil. Bank loan facilities affirmed; Outlook revised to

     Stable with IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The Outlook revision to Stable reflects LBPAIL's
higher-than-Ind-Ra-expected increase in the revenue and credit
metrics in FY25, a reduction in the inventory levels and the
consequent reduction in working capital utilization.

However, the ratings are constrained by the company's medium scale
of operations, which are likely to decline in FY26 due to lower
sugar quota allocation, the working capital-intensive nature of the
business, a likely deterioration in interest coverage, and the
inherent regulatory risks pertaining to the sugar industry.

The ratings are, however, supported by the absence of any long-term
loans and synergies from the integrated nature of the business.

Detailed Description of Key Rating Drivers

Medium Scale of Operations: LBPAIL's scale of operations, although
improved in FY25, remained medium and vulnerable to fluctuations in
cane availability and regulatory policies. In FY25, revenue
increased to INR2,896.45 million (FY24: INR2,143.47 million) and
total sales quantity to 69,458 metric tons (MT; 43,683 MT) despite
a shorter crushing season due to the availability of opening stock,
along with the availability of domestic sugar quota. Furthermore,
the ban on sugar exports, which was imposed in October 2023, was
partially lifted in January 2025; hence, the company was also able
to utilize its export quota. The average sugar realization also
improved to about INR37,500 per MT in 9MFY26 (FY25: INR35,700 per
MT; FY24: INR35,000 per MT).

The EBITDA remained largely stagnant at INR207.51 million in FY25
(FY24: INR203.41 million) due to lower gross margins. Despite
expectations of higher sugarcane availability in FY26 and FY27 due
to favorable monsoons, competition from peer sugar mills in the
Solapur region could constrain its ability to secure adequate cane
for crushing in future seasons. Ind-Ra expects the revenue to
decline in FY26, as the domestic quota allocation is nearly 50%
lower than FY25 levels. Furthermore, the company reported INR1,078
million of sugar revenue from 28,734MT of sales in 9MFY26 and
revenue of around INR2,300 million till 11MFY26. Ind-Ra believes
future revenue visibility remains susceptible to quota
restrictions.

Working Capital-Intensive Business Profile: The sugar industry is
working capital intensive due to fluctuating inventory levels,
which depend on factors such as domestic and export quota
availability, realization on sugar stock, among others. The working
capital requirement is usually high during the end of the sugar
season when the production is ongoing and inventory is stored for
off season. In FY25, the inventory holding period improved to 130
days (FY24: 501 days) as the company was able to sell opening stock
in FY25 due to the partial lifting of the export ban, higher quota
availability and lower sugar production due to shorter crushing
season. However, Ind-Ra expects the inventory holding period to
rise again in FY26 owing to a longer crushing season in FY26 (from
April to February) than FY25 (from the end of November to January)
and lower domestic quota allocation for FY26.

The net working capital cycle also improved to 75 days in FY25
(FY24: 277 days) majorly due to a lower inventory holding period.
The creditor period decreased to 60 days in FY25 (FY24: 247 days)
due to low sugarcane (raw material) availability. In FY26, Ind-Ra
expects an increase in creditor days due to higher sugarcane
availability during the year, which will offset the likely increase
in the inventory level to some extent. The working capital
utilization was higher, due to higher inventory balance during
FY25, owing to a higher opening stock,  leading to an increase in
gross interest expenses while EBITDA growth was stagnant. Hence,
the interest coverage (gross interest expenses/EBITDA) deteriorated
to 1.63x in FY25 (FY24: 2.38x).

Inherent Regulatory Risks: Ind-Ra expects the sugar industry to
continue operating in a highly regulated environment, as sugar will
remain classified as an essential commodity. Consequently,
government interventions such as setting the Fair and Remunerative
Price for sugarcane, regulating diversion of sugar syrup and
B-heavy molasses, and controlling domestic sales quota and export
permissions will continue to act as major determinants of industry
performance. Although the partial lifting of the export ban in
January 2025 enabled the utilization of export quotas, LBPAIL's
operations will remain significantly exposed to policy decisions
relating to export approvals and domestic quota distribution.
Despite the recent regulatory easing, the sector is likely to
remain vulnerable to abrupt policy shifts, particularly around
domestic quota allocations and export restrictions. Such
interventions will continue to directly influence production
planning, inventory management, and realizations for both sugar and
extra neutral alcohol.

Absence of Long-term Debt: LBPAIL does not have any long-term debt
since FY20. Management does not have any capex plans in the
near-to-medium term and does not plan to avail any long-term loans.
The total debt consists of only short-term debt, which is fully
backed by pledged sugar inventory with the lenders mitigating the
credit risk for the lenders. The short-term debt utilization was
high at 91% of the value of inventory as of end-March 2025, the
debt utilization was INR770 million against inventory value of
INR840 million. During FY25, the net leverage (net debt/EBITDA)
improved to 3.57x (FY24: 5.17x) due to lower working capital
utilization at the end of the year as the closing inventory was
lower than in FY24. Ind-Ra expects the net leverage to rise again
due to a likely increase in the inventory balance. However, the
company does not have any repayment liability in the medium term,
thereby having a significant liquidity impact.

Synergies from Integrated Nature of Operations: LBPAIL benefits
from the synergies of the integrated nature of its operations.
Although the company does not sell ethanol, the C-heavy molasses
produced during sugar production is used for the production of
extra neutral alcohol. Furthermore, the bagasse required for steam
generation in the co-generation plant is produced in-house as a
byproduct during the crushing of sugarcane. This enables the entity
to maximize its profitability in the cogeneration and distillery
segments.

Liquidity

Stretched: LBPAIL had unencumbered cash and cash equivalents of
INR34.93 million at FYE25 (FYE24: INR26.62 million). The average
maximum utilization of its fund-based working capital limits was
around 18% for the 12 months ended February 2025 was only around
18%. The cash flow from operations turned positive to INR391.20
million in FY25 (FY24: negative at INR373.33 million) due to
favorable changes in working capital. The net working capital cycle
improved to 75 days in FY25 (FY24: 277 days) majorly due to a
reduction in the inventory holding period to 130 days (501 days)
and inventory level to INR848.51 million (INR2,057.87 million). The
agency notes that the current ratio is maintained below 1.0x with
short-term funds used for long-term purposes.

Rating Sensitivities

Negative: A sustained decline in the operating profits with the
EBITDA reducing below INR150 million and the interest coverage
falling below 1.5x, all on a sustained basis, will be negative for
the ratings.

Positive: The EBITDA sustaining above INR200 million, an
improvement in the liquidity position and the current ratio, along
with the interest coverage exceeding 2.0x, all on a sustained
basis, will be positive for the ratings. Enhanced financial
disclosure will also lead to a positive rating action.

About the Company

LBPAIL has been in operations since 1999 when it was established as
a co-operative society by Rajan Baburao Patil before being
converted into an unlisted public company in 2012. The company has
a sugar plant at Mohol in Solapur district of Maharashtra, with an
installed capacity of 5,500 tons of cane per day. The entity also
has a 17.4 MW cogeneration plant and a 30-KLPD distillery.

M/S ANKIT: Ind-Ra Moves B+ Loan Rating to NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/S Ankit
International's (AI) bank loan facilities' rating to the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating action is:

-- INR450 mil. Bank loan facilities migrated to non-cooperating
     category and withdrawn.

*Migrated to 'IND B+/Stable (ISSUER NOT COOPERATING)'/'IND A4
(ISSUER NOT COOPERATING)' before being withdrawn

Detailed Rationale of the Rating Action

The rating has been migrated to the non-cooperating category before
being withdrawn as the issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency through emails and phone calls. This is in accordance
with Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings

Non-Cooperation by the Issuer

Ind-Ra has not been able to conduct management interaction with AI
while reviewing the ratings. Ind-Ra had consistently followed up
with AI over emails until February 16, 2026, apart from phone
calls. The issuer has submitted the no-default statement until
December 2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of AI, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

About the Company

AI was established in 2010 as a proprietorship firm by Pranav Jain.
The firm engages in importing and trading of ferrous and nonferrous
products such as steel pipes, scrap, sponge iron, and HR coils,
among others.

MEGRAJ HOLDINGS: Ind-Ra Withdraws BB NonConvertible Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Megraj Holdings
Private Limited (MHPL)'s non-convertible debentures (NCDs) rating
as follows:

-- The 'IND BB/Negative' rating on the INR1.40 bil. Non-
     convertible debentures is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as MHPL has
been merged with its group company Green Gold Animation Private
Limited (GGAPL; 'IND BB'/Negative) and now ceases to exist. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

About the Company

MHPL was incorporated for the strategic purpose and was merged with
GGAPL, a Hyderabad-based Indian animation company. GGAPL has
offices in India, Singapore, Philippines and the US and is known
for creating the Chhota Bheem television series and the Krishna
film series. GGAPL was founded by Rajiv Chilaka in January 2001.

OMEGA PREMISES: CRISIL Downgrades Rating on INR12cr Loan to D
-------------------------------------------------------------
Crisil Ratings has downgraded its rating on the long-term bank
facilities of Omega Premises Private Limited (OPPL) to 'Crisil D'
from 'Crisil B-/Stable' basis the delay in the debt servicing
obligation of a guaranteed debt as per the publicly available
information.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------   
   Lease Rental             2.69     Crisil D (Downgraded from
   Discounting Loan                  'Crisil B-/Stable')

   Lease Rental             9.54     Crisil D (Downgraded from
   Discounting Loan                  'Crisil B-/Stable')

   Lease Rental            12        Crisil D (Downgraded from
   Discounting Loan                  'Crisil B-/Stable')

   Lease Rental             1.55     Crisil D (Downgraded from
   Discounting Loan                  'Crisil B-/Stable')

   Lease Rental            14.50     Crisil D (Downgraded from
   Discounting Loan                  'Crisil B-/Stable')

   Lease Rental             6        Crisil D (Downgraded from
   Discounting Loan                  'Crisil B-/Stable')

   Proposed Long Term       3.72     Crisil D (Downgraded from
   Bank Loan Facility                'Crisil B-/Stable')  

The rating continues to reflect company's modest debt service
coverage ratio (DSCR), exposure to risks and cyclicality inherent
in the domestic real estate industry. These weaknesses are
partially offset by the extensive experience of the promoter in the
real estate industry, favorable location, and its improved
financial risk profile.

Analytical Approach

Crisil Ratings has evaluated standalone business and financial risk
profile of OPPL.

Unsecured loans from the promoters stood at Rs 5.43Crore as on 31st
March 2025. They have been treated as debt due to limited track
record of non-withdrawal.

Key Rating Drivers - Weaknesses

* Delay in debt repayments: There has been delay in servicing
guaranteed debt by OPPL as per the publicly available information

* Modest debt service coverage ratio: The DSCR remains modest with
a minimum of 0.94 times in fiscal 2025. DSCR is expected to be
around 1 time in fiscal 2026. The DSCR is further exposed to the
risk of escalation of rates for future renewals and lease rates of
vacant properties. Non-renewal of contracts could also affect the
ratio.

* Exposure to risks and cyclicality inherent in the domestic real
estate segment: The real estate sector in India is cyclical and
affected by volatile prices, opaque transactions, and a highly
fragmented market structure. Hence, the business risk profile will
remain susceptible to risks arising from any industry slowdown.

Key Rating Drivers - Strengths

* Extensive experience of the promoter in the real estate segment:
OPPL is part of the Suhas Mantri Group, which has been operational
in the real estate industry for over three decades. This experience
has helped the company establish itself in the real estate market
of Pune, Maharashtra, and has enabled it to develop a successful
project implementation track record. Further, the properties are
located in prime areas of Pune, and OPPL benefits from long-tenured
contracts with a few clients, such as Ramchandra Institute of
Management. The clientele is diversified and includes Atlas Copco
ltd, HDFC Bank, and WeShine Tech Pvt Ltd.

* Improved financial risk profile: The company's financial risk
profile has improved, with a reduction in debt levels from Rs 43.17
crore as on March 31, 2024 to Rs 26.51 crore on March 31, 2025,
following the pre-closure of around Rs 13.00 crore of its term
loan. The gearing and TOL/TNW ratios have also improved from 1.22
times and 1.78 times in as of March 31, 2024 to 0.77 times and 1.82
times, respectively, as of March 31, 2025.

Liquidity Poor

The liquidity profile of OPPL is marked by a modest cushion between
accruals and repayments, with net cash accruals of Rs 2.75 crore
against repayment obligations of Rs 2.06 crore in fiscal 2025.
Although the company's liquidity is supported by USL and FD, the
liquidity profile remains constrained due to the modest DSCR.

Also, the company is involved in litigation with Bank of
Maharashtra, which has filed a case in the National Company Law
Tribunal (NCLT), the outcome of the litigation is uncertain and
could potentially impact the company's financial and liquidity
position.

The promoter's support and the company's ability to generate cash
flow from its existing projects will be crucial in maintaining its
liquidity position.

Rating sensitivity factors

Upward factors

* Track record of timely debt servicing for 90 days or more
* Sustained improvement in cash DSCR to above 1.1 times, with
higher cash flows or reduced debt
* Increase in scale of operations due to higher rental income
leading to higher accruals

OPPL is a part of the Suhas Mantri group, involved in the business
of construction since 1985. The company undertakes commercial and
residential real estate projects in Pune. It generates revenue
through leasing out properties for commercial purposes while also
through sale of residential and commercial real estate project.


PIRAMAL FINANCE: Moody's Alters Outlook on 'Ba3' CFR to Positive
----------------------------------------------------------------
Moody's Ratings has affirmed Piramal Finance Limited's (PFL)
long-term corporate family rating and senior secured debt rating at
Ba3. Moody's have also affirmed PFL's (P)Ba3 senior secured
medium-term note programme ratings. At the same time, Moody's have
changed PFL's rating outlook, where applicable, to positive from
stable.

RATINGS RATIONALE

The positive outlook reflects Moody's expectations that PFL's asset
quality and profitability will further improve over the next 12
months. The affirmation of PFL's Ba3 ratings reflects its high
capitalization and an increasingly diversified portfolio mix,
offset by its moderate profitability.

PFL's consolidated return on average assets improved to 1.4% for
nine months ending December 2025 from 0.6% in the fiscal year ended
March 2025 driven by stronger net interest margins, improved
operating efficiency and stable credit costs. Asset quality
remained stable with stage 3 loans ratio at 2.5% of gross loans in
December 2025 as compared to 2.6% in March 2025. The legacy real
estate assets exposures declined to 5% of total assets under
management from 9% over the same period.

Moody's expects the company's twin strategy of increasing retail
and mid-market exposures while reducing the legacy lumpy real
estate exposures will help granularize the loan book and reduce the
risk of volatility in its asset quality.

Capitalization is a key credit strength. Its tangible common equity
to tangible managed assets (TCE/TMA) ratio was strong at 26.6% as
of September 2025 with a consolidated regulatory capital adequacy
ratio of 20.3% as of the end of December 2025. The strong capital
level provides adequate cushion against unexpected risks.

Like industry peers, the company relies fully on wholesale sources
for its funding needs. The company maintains access to the domestic
bond, bank loan market and external commercial borrowings. While
its on-balance sheet liquidity is modest like other Indian peers,
the company matches the maturities of its assets and liabilities,
which helps manage liquidity.

This rating action is predicated upon Moody's baseline scenario
which anticipates a short-lived conflict in the Middle East, likely
a matter of weeks. Nevertheless, Moody's recognizes that Indian
non-bank finance companies credit profile may be susceptible to a
more adverse scenario in the conflict, reflecting their activity in
a sector exposed to the macro financial conditions risk
transmission channel, which could lead to a more consequential
impact on creditworthiness.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The positive outlook on PFL's rating reflects Moody's views that
the company's credit fundamentals including franchise,
profitability and asset quality will improve over the next 12
months.

Given the positive outlook, Moody's could upgrade PFL's rating if
the company sustains its profitability with consolidated return on
assets above 1.7% over the next few quarters, further reduction of
legacy real estate exposures while maintaining high capitalization
and healthy asset quality.

A downgrade of PFL's rating is unlikely over the next 12 months.
Nevertheless, Moody's could downgrade the rating if the company's
asset quality or capitalization deteriorates, or its access to
funding worsens. In addition, a reduction in regulatory capital
below 17% could lead to a rating downgrade.

Piramal Finance Limited is headquartered in Mumbai and reported
consolidated assets of INR1.03 trillion as of December 31, 2025.

The principal methodology used in these ratings was Finance
Companies published in July 2024.


RDC CONCRETE: Ind-Ra Assigns Neg. Outlook on BB+ Loans Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has resolved the Rating Watch
with Negative Implications on RDC Concrete (India) Limited's (RDC)
non-convertible debentures (NCDs) and assigned a Negative Outlook,
while maintaining the rating in the non-cooperating category. The
issuer has not made available critical information for the rating
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. The rating will now appear as 'IND
BB+/Negative(ISSUER NOT COOPERATING)' on the agency’s website.  

The detailed rating action is:

- INR2,760 million bank loan facilities has assigned IND BB+/  
   Negative(ISSUER NOT COOPERATING) / IND A4+(ISSUER NOT
   COOPERATING)

   Rating Action: Rating watch off; Negative Outlook assigned;
   Maintained in non-cooperating category

- INR 650 million Non-convertible debentures has assigned
   IND BB+/Negative(ISSUER NOT COOPERATING)

   Rating Action: Rating watch off; Negative Outlook assigned;
   Maintained in non-cooperating category

Detailed Rationale of the Rating Action

Ind-Ra has maintained the rating within the non-cooperating
category is in accordance with Ind-Ra’s policy, Guidelines on
What Constitutes Non-Cooperation.

Ind-Ra had earlier placed the ratings on Rating Watch with Negative
Implications to reflect the risks to RDC’s credit profile if the
consolidated liquidity position of its parent Hella remained
stretched.  The resolution of the Rating Watch reflects the
maintenance of the ratings within the non-cooperating category, due
to the absence of adequate clarity and information (including
Hella’s consolidated operational and financial performance,
liquidity position, debt servicing obligations, future plans, etc.)
to monitor the ratings and insufficient visibility to provide a
forward-looking credit view.

The Negative Outlook reflects the likelihood of a downgrade of the
entity’s ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has been following up with RDC over various emails for the
required information to monitor the ratings, but has not received
critical details including:

- Operational and financial performance since 1QFY26

- Current liquidity position including working capital position,
   cash flow generation since 1QFY26

- Updates on capex spends/plans and its funding

- Consolidated net debt status and updated repayment schedule
   FY27 onwards

- Updates on its Singapore subsidiary

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of RDC, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in ‘Transparency of Financial
Information’. The agency may also consider this as symptomatic of
a possible disruption/distress in the issuer’s credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. RDC has been
non-cooperative with the agency since September 22, 2025.


S.A.AANANDAN MILL: Ind-Ra Affirms BB Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.A.Aanandan Mill
Limited's (SAML) bank loan facilities' rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR550 mil. (reduced from INR600 mil.) Bank loan facilities
     affirmed with ND BB/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects Ind-Ra's expectation of SAML's scale of
operations remaining small and its EBITDA margins remaining modest
in FY26. The rating also factors in the likelihood of continued
modest credit metrics and stretched liquidity position in FY26. In
FY27, Ind-Ra expects an increase in revenue owing to a recovery in
demand and expansion of the retail division. Furthermore, the
EBITDA margins are likely to improve in FY27 due to a decrease in
power costs, led by the commissioning of solar panels, while the
credit metrics are likely to remain modest. The liquidity is likely
to remain stretched in FY27.  The ratings are supported by the
promoters' experience of nearly three decades in the cotton yarn
manufacturing business.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: Ind-Ra expects the revenue to
remain stable in FY26 and improve in FY27, backed by  recovery in
demand and further expansion of the retail division.  However, the
scale of operations would remain small. SAML's revenue declined
marginally to INR1,155.92 million in FY25 (FY24: INR1,227.32
million), mainly due to muted demand. The EBITDA improved to
INR80.64 million in FY25 (FY24: INR80.06 million). In 10MFY26, SAML
booked revenue of about INR800 million, and EBITDA of INR68
million. SAML has two revenue segments – manufacturing and
retail. The manufacturing division contributed 60% to the total
revenue in FY25 (FY24: 80%) and retail division contributed 40%
(20%). In FY25, the revenue contribution of the retail division
increased due to the opening of two new showrooms during the year.

Credit Metrics to Remain Modest:  Ind-Ra expects the credit metrics
to remain modest and largely stable in FY26, as the likely increase
in debt and interest obligations might  be offset an increase in
the EBITDA. In FY27, Ind-Ra expects the credit metrics to remain
modest, with leverage likely to stay elevated owing to the planned
capex for solar panel installation.  In FY25, SAML's net leverage
deteriorated to 7.34x (FY24: 6x) due to the short-term debt availed
towards the end of the financial year. The gross interest coverage
(operating EBITDA/gross interest expense) remained largely stable
at 1.24x in FY25 (FY24: 1.21x).

Modest EBITDA Margins: In FY26, Ind-Ra expects the EBITDA margins
to remain modest but see an improvement due to a decline in
operating costs, resulting from a shift in production from hosiery
yarn to finer counts. The EBITDA margins are likely to improve
further in FY27, driven by a reduction in power costs following the
commissioning of the solar panel. In FY25, SAML's EBITDA margin was
largely stable at 6.98% (FY24: 6.52%) owing to similar scale and
nature of operations. The main raw material required by SAML is raw
cotton, which is procured domestically. In FY25, the return on
capital employed stood at 8.9% (FY24: 9.3%).  

Promoter Experience: The ratings are supported by the promoters'
experience of nearly three decades in the cotton yarn manufacturing
business, leading to established relationships with customers as
well as suppliers.

Liquidity

Stretched: In FY25, SAML's working capital cycle remained elongated
and deteriorated to 218 days (FY24: 167 days) due to a decrease in
payables days to 59 days (86 days), resulting from an increase in
cash purchases of raw material, and a rise in inventory days to 258
days (233 days). The management expects the working capital cycle
to remain elongated, as continued cash purchases are necessary for
maintaining high inventory levels, due to multiple stock keeping
units in the retail division. SAML's  average monthly utilization
of its fund-based limits was around 97.03% and that of its
non-fund-based limits was 100% over the 12 months ended February
2026. SAML has debt repayment obligations of INR41.2 million for
FY26 and INR16.3 million for FY27. Furthermore, the company does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. In FY25,
SAML's cash flow from operations turned negative at INR103.30
million (FY24:  INR102.01 million) due to unfavorable changes in
working capital. Consequently, the free cash flow turned negative
at INR118.77 million in FY25 (FY24:  INR74.75 million). At FYE24,
the cash and cash equivalent stood at INR0.82 million (FY24:
INR3.12 million).

Rating Sensitivities

Negative: Further decline in the scale of operations and EBITDA
margins, leading to additional strain on the liquidity position and
credit metrics, on a sustained basis, will be negative for the
ratings

Positive: A significant improvement in the revenue and EBITDA
margins along with an improvement in the overall credit metrics,
with the EBITDA interest coverage exceeding 2x, and an improvement
in the liquidity position, would be positive for the ratings.

About the Company

Incorporated in 1996 in Tamil Nadu, SAML manufactures cotton yarn
and is also involved in the retailing of readymade garments through
four stores in Andhra Pradesh and one in Tamil Nadu. The promoter
of the company is A. Ilavarasu.

SACHDEVA STEEL: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sachdeva Steel
Products (Ship Breakers) LLP's (SSP) bank loan facilities as
follows:

-- INR1.0 bil. Bank loan facilities affirmed with IND BB+/Stable/

     IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects the group's adequate liquidity,
diversification of revenue segments, along with continued
comfortable credit metrics and capital structure in FY26. The
ratings remain constrained by industry risk, small scale of
operations owing to the group's inability to purchase ships since
FY22, and a consequent decline in its revenue, Furthermore, in the
absence of ships available for dismantling, the group has
diversified itself into dismantling transformers for scrap and
giving their surplus funds on loan to earn interest. However, the
unsecured loans provided to the peers induce stress on the group's
liquidity. In the medium term, Ind-Ra expects the group's revenue
to increase with a recovery of the ship breaking business, leading
to a normalization of EBITDA margins to 10%-12%. The credit metrics
and capital structure are likely to remain comfortable, and the
liquidity is likely to remain adequate in the medium term.

Detailed Description of Key Rating Drivers

Industry Risk: The ship breaking industry is not performing well
worldwide since the past two-to-three years, which leads to the
risk of lack of supply of ships for dismantling. The revenue
visibility is majorly dependent on the availability of ships for
dismantling or recycling. However, Ind-Ra believes the availability
of the vessels to be recycled in the medium term will improve. This
is because the availability of ships had significantly dropped in
the past two-to-three years owing to geopolitical disruptions and
increased ocean freight profitability, leading to ships remaining
operational for longer; however, with the stabilization of
geopolitical landscape and pile up of ships due for recycling in
the past three years, the supply of ships is likely to eventually
increase.  The group's operations and profitability are highly
exposed to the risk of forex fluctuations and price fluctuations of
steel, commodities or scrap.

Small Scale of Operations: With unavailability of ships, group
diversified into another business model where surplus funds, along
with the funds infused by the promoters were given out as loans to
peer ship breaking companies to earn interest. Furthermore, in
FY25, the Sachdeva group started a new business vertical for
dismantling transformers and selling copper, aluminum and heavy
metal scrap (HMS). The customer base for this new vertical is the
same as that for the dismantled parts of the ships. In 9MFY26, the
group generated a revenue of INR449.6 million, out of which, the
transformer segment generated INR397.4 million (88.4% of the total
revenue) with INR52.3 million from the interest earned on loans
given out (11.6% of the total revenue). In the medium term, Ind-Ra
expects the revenue to increase with a recovery in the ship
breaking segment, along with continued income from interest on
loans. In FY25, though the consolidated revenue decreased to
INR110.31 million (FY24: INR115.58 million), the EBITDA improved to
INR58.13 million (INR46.62 million), driven by an increase in the
interest income earned on loans given out to peer ship breaking
companies. The interest income stood at INR76.1 million i.e., 69%
of the total revenue in FY25 (FY24: INR51.9 million i.e., 45% of
the total revenue).

Modest EBITDA Margins: In FY25, Sachdeva Group's EBITDA margin
stood at 58.13% (FY24: 46.62%) with a return on capital employed of
7.5% (8.9%). In FY25, the EBITDA margin improved owing to an
increase in the contribution from the interest income earned on the
loans given. In 9MFY26, the margin stood at 11.97% due to an
increase in the revenue from the transformer segment, which has
lower EBITDA margins; the transformer segment has an EBITDA margin
in range of 1%-3% while the ship breaking segment generates margins
of 10%-12%. A continued increase in the revenue from the
transformer segment could lead to a further decrease in the group's
EBITDA margins. In the medium term, Ind-Ra expects the EBITDA
margin to normalize and return to the 10%-12% range with an
increase in the revenue from ship breaking operations.

Comfortable Credit Metrics and Capital Structure: In FY25, the
group's interest coverage (operating EBITDA/gross interest
expenses) was 1.96x (FY24: 1.89x) and net leverage (adjusted net
debt/operating EBITDAR) was 2.54x (0.42x). While the interest
coverage remained at a similar level owing to a proportional
increase in the interest cost and EBITDA, the net leverage declined
owing to a decrease in the cash. The group's debt to equity ratio
improved to 0.35x in FY25 (FY24: 0.47x) owing to an infusion of
funds worth INR190 million in the form of partner capital. Ind-Ra
expects the credit metrics and capital structure debt to equity to
remain comfortable in the medium term.

The group mainly uses the letter of credit (LC) facility for
purchasing ships. The proceeds from the sale of raw materials
obtained from the dismantled ship are parked in fixed deposits. The
amount parked in the fixed deposit will be used to pay for LC
during maturity.

Favorable Location of Ship-Breaking Yard; Promoter Experience: The
Sachdeva group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity. The geographical features of the area include a high
tidal range, wide continental shelf, adequate slope and a mud-free
coast. These conditions are ideal for a wide variety of ships to be
beached easily during high tide. It accommodates nearly 165 plots
spread over a long stretch of around 10km along the seacoast of
Alang-Sosiya. Sachdeva Group has two yards; hence, it has capacity
to dismantle two ships at the same time. Both the shipyards of the
group have been accorded the reputed Class NK certification from
the ship classification society, Nippon Kaiji Kyokai, for the
operations of the ship-breaking yards from the environmental and
worker safety points of view, including secure management of
hazardous waste generated from the ship-breaking activities. The
ratings are also supported by the promoter's experience of over
three decades in the ship breaking industry.

Liquidity

Adequate: The group utilizes its non-fund-based LC limits for
purchasing ships from the cash buyers. The tenor for the same
depends upon the size and tonnage of the ships and ranges between
180 and 360 days. An upfront cash margin of 15% is retained at the
time of opening the LC. The group parks its surplus in fixed
deposits. This ensures a gradual build-up of reserve funds to meet
the sizeable LC payment obligations on maturity. However, since no
ships were procured in last year, there was no LC utilization in 12
months ended December 2025. However, the group availed cash credit
facilities for working capital requirements pertaining to
transformer segment and the group's average month-end utilization
of the fund-based limits stood at 32.26% for the 10 months ended
December 2025 (limits availed in March 2025).  The Sachdeva group
also lends money to peer companies in the form of unsecured loans
which creates a risk from liquidity perspective. As per the latest
interim financial statements provided to Ind-Ra, the total loans
and advances amounted to INR444.12 million at end-December 2025.

Rating Sensitivities

Negative: An inability to purchase new ship or substantial
deterioration in liquidity will be negative for ratings.

Positive: An improvement in the scale of operations through the
purchase of new ships while maintaining adequate liquidity will be
positive for ratings.

About the Company

SSP, a limited liability partnership firm that was established in
1994, is engaged in ship breaking. Its facility is located at the
ship recycling yard in Alang, Gujarat. The plot area is spread
across 65 meters and is on lease from the Gujarat Maritime Board.
The firm is managed by the Dhanani and Gujarati families.

JJSPL was incorporated in April 1998 for the dismantling of ships
at Alang, Gujarat. The company is managed by Ashwin Gujarati and
Jayesh Dhanani.

SANT TUKARAM: Ind-Ra Corrects February 20, 2026 Rating Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies the rating of Shri
Sant Tukaram Sahakari Sakhar Karkhana Limited's (SSTSSKL) published
on February 20, 2026 to correctly state the due date of loan
repayment as December 2025 in the detailed rationale of the rating
action and detailed description of key rating drivers.

The amended version is:

India Ratings and Research (Ind-Ra) has downgraded Shri Sant
Tukaram Sahakari Sakhar Karkhana Limited's (SSTSSKL) bank loan
facilities to IND C from IND BB+. The Outlook was Stable.

The detailed rating action is:

-- INR2.0 bil. Bank loan facilities downgraded with IND C/IND A4
     rating.

Detailed Rationale of the Rating Action

The downgrade reflects a default in the repayment of the principal
amount and interest on loans availed from National Cooperative
Development Corporation (NCDC) which were due in December 2025 and
remain unpaid to date.

Detailed Description of Key Rating Drivers

Default in Repayment of SDF Loan: The company has defaulted in
timely repayment of principal and interest thereon which was due in
December 2025. The loan facility is not rated by the Ind-Ra. The
delay was caused by a slower-than-expected recoveries from the
distillery operations. As per the management, the company plans to
repay the outstanding amount by 28 February 2026.

Net Leverage Likely to Remain above 5x in Medium Term due to
Debt-funded Capex: The company's net leverage (net debt/EBITDA) is
likely to remain above 5x in FY26 (FY25: 9.18x; FY24: 6.89x), due
to the addition of long-term debt of INR780 million over FY24-FY25
that was availed to fund the recently completed 45 kilo liter per
day (KLPD) distillery project. Furthermore, the inherently high
working capital requirement of the sugar industry will contribute
to maintaining a high leverage position in FY26. However, Ind-Ra
expects deleveraging to start FY27 onwards supported by scheduled
repayments of the loans and operational synergies from the
distillery, leading to an improvement of the EBITDA. Furthermore,
the gross interest coverage (gross interest expense/EBITDA)
deteriorated to 1.98x in FY25 (FY24: 2.21x) on account of higher
interest cost on increased long-term debt and limited operational
synergies to the EBITDA as the distillery was operational for only
a month during FY25.

Likely Muted Revenue Growth in FY26; Ramp-up of Distillery
Operations Key Monitorable in Mid Term: The government has reduced
the quota allocation for FY26 as domestic sugar demand remained
softer than expected during October-November 2025, prompting more
conservative quota allocations to maintain price stability. Due to
lower quota allocation, Ind-Ra expects the revenue from sugar to
decline in FY26; however, it would be offset by an increase in
distillery revenue given the segment's first full year of
operations. Therefore, the agency expects the overall revenue
growth to remain flat in FY26.

Regulatory Risks Inherent to Sugar industry: The sugar industry is
regulated and vulnerable to government policies as it is classified
as an essential commodity. Besides setting quotas for the domestic
sale of sugar and restricting sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of fair and remunerative price (FRP) for
sugarcane as well as implementing restrictions on the diversion of
sugar syrup and B-heavy molasses in the previous season (2023-24),
although the restrictions have been lifted in August 2024 for the
upcoming season. All these factors impact the production and sales
of sugar and ethanol/ENA, posing significant uncertainty risks on
SSTSSKL's scale of operations.

Successful Completion of Capex in FY25; Ramp-up of Operation likely
FY26 Onwards: SSTSSKL has successfully completed capex for
installing 45 KLPD distillery which has been fully operational in
FY26. Until January 2026, the company reported a top line of INR290
million from the distillery operations. The distillery produces
ethanol from the in-house molasses produced as a by-product during
sugar production. It will complete the forward integration of the
entity's operations and align its revenue streams with most big
players in the sugar industry. The distillery will have a gross
margin significantly higher than unintegrated distilleries,
improving the overall profitability.  Furthermore, the bagasse
required for steam generation in the co-generation plant is also
produced in-house as a byproduct during the crushing of sugarcane
enabling the entity to maximize its profitability in the
cogeneration and distillery segments.

Furthermore, the entity has an operational track record of more
than two decades in the sugar industry with established
relationships with farmers in the region. So far, it has never
experienced a shortage of cane for crushing due to lift irrigation
schemes in the region, which have augmented cane availability.

Profitability from Distillery Operations likely to Benefit in Long
Run: The management expects ethanol sales to generate incremental
revenue of around INR600 million, supported by  the distillery
division's first full year of operations in FY26. As per the
management, the company has also been permitted to use sugar syrup
for production of ethanol, which commands higher realization
ethanol produced from B-heavy molasses, at INR65.61 per liter. As
the molasses required for production is available in-house as a
by-product of sugar production, the profitability in distillery
sales is likely to significantly higher absorbing any losses in the
sugar segment due to the higher cane costs relative to current
sugar output prices. Ind-Ra expects this incremental revenue to
boost SSTSSKL's EBITDA margin significantly in the medium term. The
agency considers the risk of ramp up of the distillery capacities
relatively low due to high demand for ethanol at present due to the
government advancing the 20% ethanol blending target in petrol to
ESY2025-26 (Ethanol Supply year; November-October).

Liquidity

Poor: SSTSSKL had unencumbered cash and cash equivalents of
INR227.2 million at FYE25 (FYE24: INR93.68 million) including fixed
deposits of INR117.38 million. The cash flow operation remained
negative INR80.84 million (FY24: negative INR392.65 million), due
to decrease in inventory. The entity has repayment obligations of
INR206.7 million and INR207.9 million in FY26 and FY27,
respectively. From the repayment liability, liability up to
INR14.57 million which was due in December 2025 has not been repaid
on due date.

About the Company

Established in 1997, SSTSSKL produces sugar and related by products
from sugar processing. The company has a fully integrated unit
located near Pune, Maharashtra, for manufacturing sugar with a
crushing capacity of 3,500 ton cane per day (TCD), a 15MW
cogeneration facility, and is in the process of further integrating
its operations with 45 KLPD molasses-based Distillery estimated to
be operational by January 2025.

SCORE INFORMATION: Ind-Ra Moves BB- Loan Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the rating for
Score Information Technologies Limited's (SITL) bank loan
facilities to the non-cooperating category and has simultaneously
withdrawn the same.

The detailed rating action is:

-- INR185 mil. Bank loan facilities* migrated to non-cooperating
     category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information

*Migrated to 'IND BB-/Stable (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category
before being withdrawn as the issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls and has not provided
information about latest audited financial statement, sanctioned
bank facilities, business plans and projections for the next three
years. This is in accordance with Ind-Ra's policy of 'Guidelines on
What Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SITPL while reviewing the
rating. Ind-Ra had consistently followed up with SITL over emails,
apart from phone calls

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SITPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 2000, SITL operates in the information and
technology sector and is mainly involved in closed- circuit
television surveillance system integration. It also deals in the
issue of smart cards, installation of public address systems,
software development and maintenance and smart card application
solutions. The company has its registered office in Kolkata.

SHUBHEKSHA ADVISORS: Ind-Ra Withdraws BB+ Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shubheksha
Advisors Private Limited's Long-Term Issuer Rating as follows:

-- The 'IND BB+/Stable' rating on the Issuer rating is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the rating, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

About the Company

Incorporated in 2018, Shubheksha Advisors is engaged in the power
trading business. Promoted by Madhur Batra and Niraj Kumar, the
company has its registered office in Noida. It owns a Central
Electricity Regulatory Commission-approved trading license.

SOFTLABS INFOTECH: Ind-Ra Assigns BB+ Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Softlabs Infotech
Private Limited (SIPL) a Long-term Issuer Rating as follows:

-- Issuer rating assigned with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects SIPL's small scale of operations, stretched
liquidity, and industry risks. However, Ind-Ra expects the scale of
operations to improve in the medium term backed by the receipts of
more tenders. The rating is supported by the company's comfortable
credit metrics and healthy EBIDTA margin. Ind-Ra expects the credit
metrics to improve in the medium term with EBITDA margins remaining
at a similar level. The rating is further supported by SIPL's
promoters 20 years of experience in the system integration and
solution-providing industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations; Expected to Improve: The rating reflects
SIPL's small scale of operations, as indicated by revenue of
INR444.99 million in FY25 (FY24: INR559.11 million) and EBITDA of
INR30.47 million (INR46.2 million). The revenue declined in FY25
due to a delay in order delivery, causing some revenue to be
recorded in April 2025. 95% of the company sales are to government
agencies, while the remaining 5% comes from private companies. SIPL
booked revenue of INR640 million till 11MFY26 and had an order book
of INR2,500 million as of 28 February 2026, out of which orders
amounting to INR600 million are likely to be executed by FY26.
Ind-Ra expects revenue to improve in the medium term due to the
receipt of more tenders, backed by an expected increase in demand
for solutioning services.

Industry Risk: SIPL operates in a highly competitive industry,
exposed to rapid technological changes and evolving regulatory
requirements. Intense competition from established domestic and
global technology players, along with the need for continuous
product enhancements to meet client and regulatory requirements,
could exert pressure on client retention, execution capabilities,
and profitability.

Comfortable Credit Metrics; Expected to Improve: The rating also
reflects SIPL's comfortable credit metrics, as reflected by an
interest coverage ratio (operating EBITDA/gross interest expenses)
of 6.31x in FY25 (FY24: 13.71x) and a net leverage ratio (total
adjusted net debt/operating EBITDAR) of 1.94x (0.22x). The credit
metrics deteriorated in FY25 due to a decline in EBITDA margin to
6.85% in FY25 (FY24: 8.26%). SIPL does not have any major capex
planned in the near term. Ind-Ra expects the credit metrics to
improve in the medium term, due to a likely increase in EBITDA
backed by an increase in revenue.

Healthy EBITDA Margin: SIPL had healthy EBITDA margin of 6.85% in
FY25 (FY24: 8.26%) with a return on capital employed of 20.4%
(51.3%). The margin deteriorated in FY25 due to increased rent
expenses from acquiring larger space and higher personnel costs
from hiring more technically skilled staff. Ind-Ra expects the
EBITDA margin to remain at a similar level due to consistent
operational volumes.

Experienced Promoter: The rating is supported by the company's
promoters' over two decades of experience in the system integration
and solution-providing industry. This has facilitated the company
to establish strong relationships with customers as well as
suppliers.

Liquidity

Stretched: SIPL's average maximum utilization of the fund-based
limits was 57.2%, with one instance of overutilization of up to 1
day, and that of non-fund-based limits was 69.09% during the 12
months ended January 2026. The cash flow from operations improved
by stayed low at INR23.97 million in FY25 (FY24: negative INR17.78
million) due to favorable changes in working capital. Furthermore,
the free cash flow stood at negative INR11.9 million in FY25 (FY24:
negative INR19.15 million) due to capex of INR35.87 million
(INR1.37 million). The average net working capital cycle increased
to 76 days in FY25 (FY24: 33 days) on account of higher debtor days
of 140 (117) due to delays in the release of payments from
government contracts. SIPL has debt repayment obligations of INR0.9
million each in FY26 and FY27.  The cash and cash equivalents stood
at INR1.95 million at FYE25 (FYE24: INR1.72 million). Furthermore,
SIPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements.

Rating Sensitivities

Negative: A substantial decline in the scale of operations, leading
to deterioration in the overall credit metrics or liquidity
position could lead to a negative rating action.

Positive: A substantial increase in the scale of operations, along
with an improvement in the liquidity profile and the overall credit
metrics, all on a sustained basis, could lead to a positive rating
action.

About the Company

Incorporated in 2016, SIPL provides into system integration
services. It focuses on government projects and provides cyber
security and data center solutioning along with data center
infrastructure. SIPL is promoted by Gopal Maheshwari and Sushma
Sharma.

VINCA REALTORS: Ind-Ra Moves BB- Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Vinca Realtors Private Limited to the non-cooperating category as
per Ind-Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR850 mil. Bank loan facilities Outlook revised to Negative;
     rating migrated to non-cooperating category with IND BB-/
     Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vinca Realtors Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Vinca Realtors Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

VRPL was incorporated in 2011 and engaged in property development
of residential and commercial projects. It is located in Mumbai,
Maharasthra. The company is executing one residential project named
Sajay Avenue 18, located at Bandra East, Mumbai, and two commercial
projects, The Business Hub and Sajay Business Hub, are located in
Andheri East, Mumbai.



=========
J A P A N
=========

SHIRATORI SHOTEN: Begins Bankruptcy With JPY600 Miillion Debt
-------------------------------------------------------------
Meyka reports that Sapporo-based Shiratori Shoten, an operator of
Tsubohachi-branded restaurants, and a related company started
bankruptcy proceedings, with total liabilities reported at JPY600
million.

The case centers on regional izakaya outlets and underscores
pressure on Japan's casual dining network from weak late-night
demand and higher input costs, Meyka says.  

Local coverage confirms the filings and the parties involved,
placing the event squarely in Hokkaido's dining market.

The companies operated izakaya outlets under the Tsubohachi name in
and around Sapporo, serving as part of a wider franchise network.
While the brand remains present nationwide through various
operators, this filing concerns a regional business unit, Meyka
notes. Asset dispositions, potential successor operators, and any
site transfers will determine whether affected storefronts reopen
quickly or stay dark.

According to Meya, bankruptcy usually pauses creditor actions while
a court-supervised process evaluates assets and obligations. Some
outlets may close temporarily as administrators assess viability
and negotiate with stakeholders. Suppliers could face delayed
collections, and landlords may encounter interim vacancy risk.  




=====================
N E W   Z E A L A N D
=====================

BBC1 BIRKENHEAD: Court to Hear Wind-Up Petition on April 1
----------------------------------------------------------
A petition to wind up the operations of BBC1 Birkenhead Brewing
Company Limited will be heard before the High Court at Auckland on
April 1, 2026, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 10, 2026.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


CONVERGE ENTERTAINMENT: Creditors' Proofs of Debt Due on April 22
-----------------------------------------------------------------
Creditors of Converge Entertainment Limited and Converge Holdings
Limited are required to file their proofs of debt by April 22,
2026, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 19, 2026.

The company's liquidator is:

          Kristal Pihama
          c/o KPMG
          18 Viaduct Harbour Avenue
          PO Box 1584
          Shortland Street
          Auckland 1140


GGET GOOD: Court to Hear Wind-Up Petition on April 1
----------------------------------------------------
A petition to wind up the operations of Gget Good Hospitality
Limited will be heard before the High Court at Christchurch on
April 1, 2026, at 10:00 a.m.

Innov808 Limtied filed the petition against the company on Feb. 18,
2026.

The Petitioner's solicitor is:

          Micah Neville
          Aspiring Law
          60 Queenspark Drive
          Parklands
          Christchurch 8083


TEAK CONSTRUCTION: Creditors' Proofs of Debt Due on May 4
---------------------------------------------------------
Creditors of Teak Construction Group Limited and Teak Builders
Limited are required to file their proofs of debt by May 4, 2026,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 2, 2026.

The company's liquidators are:

          Rees Logan
          Iain Shephard
          BDO Auckland
          Level 4, BDO Centre
          4 Graham Street
          Auckland 1010


TERRACE RISE: Creditors' Proofs of Debt Due on April 20
-------------------------------------------------------
Creditors of Terrace Rise 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 17, 2026.

The company's liquidators are:

          Kristal Pihama
          Leon Francis Bowker
          c/o KPMG
          18 Viaduct Harbour Avenue
          PO Box 1584
          Shortland Street
          Auckland 1140




=================
S I N G A P O R E
=================

AI SOCIAL: Court to Hear Wind-Up Petition on April 10
-----------------------------------------------------
A petition to wind up the operations of AI Social Marketing Pte.
Ltd. will be heard before the High Court of Singapore on April 10,
2026, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 19, 2026.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


COMMUNITY JUSTICE: Creditors' Proofs of Debt Due on April 27
------------------------------------------------------------
Creditors of The Community Justice Centre Limited are required to
file their proofs of debt by April 27, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2026.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


REX INTERNATIONAL: Shares Fall on Auditor's Going Concern Doubts
----------------------------------------------------------------
The Business Times reports that Rex International lost more than a
third of its value on March 25, a day after independent auditors at
Deloitte cast significant doubt on the group's ability to continue
as a going concern.

According to BT, the oil player said that a material uncertainty
warning was included in the audited financial statements for the
year ended Dec. 31, 2025, following large financial shortfalls
across the mainboard-listed oil exploratory firm.

Shares of the counter slid 35.4 per cent or SGD0.046 to close at
SGD0.084 on March 25, BT notes.

The group reported a capital deficiency of US$94.4 million and a
net current liability position of US$81.3 million as at Dec. 31,
2025, BT discloses.

The deficits were primarily driven by its subsidiary, Lime
Petroleum Holding (LPH), which alone recorded a net loss of
US$128.3 million for 2025 and had a capital deficit of US$152.8
million.

Rex International's net loss for the year was US$152.7 million. The
group has a market capitalisation of about SGD225 million.

BT says the group has total loans and borrowings of US$248.7
million; its financial woes are heavily tied to LPH's debt load,
which includes senior secured bonds with a carrying amount of
US$224.9 million and US$23.4 million in senior secured bonds issued
by another wholly owned subsidiary, Jasmine Energy.

To manage its obligations, LPH appointed financial and legal
advisers in February to execute a comprehensive debt restructuring,
BT recalls. This followed a January agreement, through which
bondholders allowed LPH to defer US$5 million in interest payments
and temporarily suspended a minimum liquidity covenant until March
31. In addition, on March 16, a summons was issued to bondholders
to facilitate potential expedited interim liquidity funding.

BT adds that Rex International's board and management said that it
"may play a part" in LPH's turnaround by providing capital,
stability and operational expertise. It added that it has already
put forward a non-binding proposed plan to LPH's advisers. Despite
the auditor's warning, the board maintained that preparing the
financial statements on a going concern basis "remains
appropriate", citing its belief that a successful debt
restructuring will enable LPH to "continue operations for the
foreseeable future".

Headquartered in Singapore, Rex International Holding Limited --
https://www.rexih.com/ -- an investment holding company, operates
as an oil exploration and production company.




=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: Delays March Pay as Liquidity Strain Persists
----------------------------------------------------------
Chosun Biz reports that Homeplus Co., which is undergoing a
rehabilitation process, failed to pay employees' March wages on
time. Majority shareholder MBK Partners injected an emergency
KRW100 billion, but most of it was used to pay back wages and Lunar
New Year bonuses that had been in arrears, resulting in another
delay in salary payments.

According to Chosun Biz, industry said Homeplus paid all overdue
wages for January–February and Lunar New Year bonuses to
employees March 17. However, it did not execute the March payroll
that was scheduled for March 21. Settlement payments to most
partner firms and taxes also reportedly remain unpaid.

Earlier, MBK Partners disbursed KRW50 billion on March 4 and
injected an additional KRW50 billion on March 11. During the
fundraising, personal assets, including the residence of MBK
Chairman Kim Byung-ju, were provided as collateral.

However, as unpaid amounts - wages including bonuses, settlements
owed to partner firms, taxes and public charges, and rent - were
reported to exceed KRW100 billion, it is analyzed that this
disrupted the March wage payments, Chosun Biz relates.

Homeplus Co. plans to resolve its liquidity issues by selling its
subsidiary Homeplus Express, Chosun Biz notes. Multiple bidders are
said to have shown interest, and the deadline for submitting
letters of intent (LOIs) is March 31, Chosun Biz adds.

                          About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.   



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. 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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***