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260406.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, April 6, 2026, Vol. 29, No. 68 Headlines A U S T R A L I A CLEARSHIELD WHOLESALERS: First Creditors' Meeting Set for April 13 EXEL WORKFORCE: First Creditors' Meeting Set for April 14 IONIC INDUSTRIES: Goes Into Liquidation Owing AUD2.1MM KINGSTHORPE LABOUR: First Creditors' Meeting Set for April 14 MEREDITH FABRICATIONS: First Creditors' Meeting Set for April 14 MILLIGAN GROUP: Developer Calls in KPMG as Administrators NATIONAL RMBS 2026-1: Moody's Assigns Ba2 Rating to Class E Notes PLENTI PL 2025-1: Moody's Upgrades Rating on Class F Notes to Ba2 REDZED TRUST 2026-1: Fitch Assigns 'Bsf' Rating on Cl. F Notes WARRIGAL BLINDS: First Creditors' Meeting Set for April 13 C H I N A CHINA EVERGRANDE: China Probes Official Linked to State Investment ZK INTERNATIONAL: Sells Subsidiaries to Pioneer for $21MM H O N G K O N G CIMG INC: Cancels Second Tranche of Private Placement Offering I N D I A ALUE INDIA: Voluntary Liquidation Process Case Summary CENTRALS FARMERS: CRISIL Keeps B Debt Rating in Not Cooperating CINEVISTA LIMITED: CRISIL Cuts Rating on INR14.5cr Loan to B DEEPFACTOR INDIA: Voluntary Liquidation Process Case Summary FAIRSNOW AVIATION: Insolvency Resolution Process Case Summary GMR HYDERABAD INT'L AIRPORT: Moody's Withdraws 'Ba1' CFR KARVY DIGIKONNECT: Insolvency Resolution Process Case Summary KATALON INDIA: Voluntary Liquidation Process Case Summary NOMAX ELECTRICAL: CRISIL Keeps B Debt Rating in Not Cooperating OMIX RESEARCH: Voluntary Liquidation Process Case Summary P RATHNAIAH: CRISIL Lowers Rating on INR5.75cr LT Loan to B P.D. AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating Category PATLIPUTRA ACADEMY: Insolvency Resolution Process Case Summary PBR SELECT: CRISIL Keeps D Ratings in Not Cooperating Category POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating PRASAD MATHEW: CRISIL Keeps B Debt Rating in Not Cooperating PUJA QUENCH: CRISIL Keeps B Debt Ratings in Not Cooperating PUNEET INDIA: NCLAT Directs NCLT to Hear Belgotex's Insolvency Bid RAM INDUSTRIES: CRISIL Lowers Rating on INR13.25cr Loan to B RAMA BUILDERS: CRISIL Keeps B Debt Ratings in Not Cooperating RAMDEV COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating REPUTE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating SAMMAAN CAPITAL: Moody's Ups CFR to B1 & Alters Outlook to Positive SAXENA MARINE-TECH: CRISIL Keeps D Ratings in Not Cooperating SINGHANIA MILK: CRISIL Lowers Rating on INR6.5cr Cash Loan to B SIVASAKTHI MILLS: CRISIL Keeps B Debt Ratings in Not Cooperating STATOMAT SPECIAL: Liquidation Process Case Summary TAXUS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating TIRUPATI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating VASUDHA LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating VEDANTA RESOURCES: Fitch Hikes LongTerm IDR to BB-, Outlook Stable VFP BOX: Insolvency Resolution Process Case Summary VIVIDHAALAY SERVICES: CRISIL Keeps B Rating in Not Cooperating I N D O N E S I A INDIKA ENERGY: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable N E W Z E A L A N D AUSPICIOUS SOLUTION: Creditors' Proofs of Debt Due on May 7 BUSINESS MASTERY: Creditors' Proofs of Debt Due on May 15 C&C INTERNATIONAL: Court to Hear Wind-Up Petition on April 23 PROPITIOUS GOOD: Creditors' Proofs of Debt Due on May 7 SMITHS CITY: Owner Declared Bankrupt at High Court STUFF GROUP: To Close Petone Printing Press TOPCUT CONTRACTING: Court to Hear Wind-Up Petition on April 16 S I N G A P O R E AKSTRA PTE: Court to Hear Wind-Up Petition on April 17 AMS MARINE: Court Enters Wind-Up Order HUONE SINGAPORE: Commences Wind-Up Proceedings MAXEON SOLAR: Applies for Judicial Management as Cash Strains MIX POINT: Commences Wind-Up Proceedings SUMITOMO MITSUI: Creditors' Proofs of Debt Due on April 30 V I E T N A M VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Issuer & Deposit Ratings VPBANK SMBC: Moody's Upgrades CFR to Ba3, Outlook Remains Stable - - - - - ================= A U S T R A L I A ================= CLEARSHIELD WHOLESALERS: First Creditors' Meeting Set for April 13 ------------------------------------------------------------------ A first meeting of the creditors in the proceedings of Clearshield Wholesalers Pty Ltd will be held on April 13, 2026, at 10:00 a.m. via Teleconference Only. Steven Arthur Gladman of Hall Chadwick was appointed as administrator of the company on March 30, 2026. EXEL WORKFORCE: First Creditors' Meeting Set for April 14 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Exel Workforce Australia Pty Ltd will be held on April 14, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on March 31, 2026. IONIC INDUSTRIES: Goes Into Liquidation Owing AUD2.1MM ------------------------------------------------------ Adelaide Now reports that creditors of Melbourne-based advanced materials company Ionic Industries are unlikely to recover any funds after the firm collapsed with over AUD2.1 million in debt. According to Adelaide Now, the liquidator has warned that secured and unsecured creditors, along with employees, face total losses following the failure of the graphene-focused business. Ionic Industries Limited is an Australian-based company that focuses on the commercialization of graphene technologies. The Company develops real applications for graphene-based technologies in the fields of energy storage, nano-filtration, and water treatment. KINGSTHORPE LABOUR: First Creditors' Meeting Set for April 14 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Kingsthorpe Labour Co. Pty Ltd as trustee for Yelwoc Family Trust (trading as Little Kookas Kingsthorpe Child Care) will be held on April 14, 2026, at 10:00 a.m. at the offices of DVT Mcleods, at Level 4, 27 Garden Street, in Southport, QLD. Bill Karagrozis and Nick Keramos of DVT Mcleods were appointed as administrators of the company on March 31, 2026. MEREDITH FABRICATIONS: First Creditors' Meeting Set for April 14 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Meredith Fabrications Pty Ltd will be held on April 14, 2026, at 10:00 a.m. via virtual meeting. Terrence John Rose and David Michael Stimpson of SV Partners were appointed as administrators of the company on March 31, 2026. MILLIGAN GROUP: Developer Calls in KPMG as Administrators --------------------------------------------------------- The Australian Financial Review reports that the private developer behind Sydney's Halo timber office tower has put his part of the ambitious AUD1.8 billion project into voluntary administration in a move he said will ensure the unique 55-storey building will ultimately get built. The Financial Review relates that the surprise announcement that KPMG has been appointed to Milligan Group entities is the latest twist in the long-running saga to build one of the city's most high-profile but long-challenged developments. According to the Financial Review, the project had been struggling to come out of the ground as Milligan Group juggled a heavy debt burden after buying over 70 individual titles on the corner of Hunter and Pitt Streets and bringing in senior lenders, including Merricks Capital. Prospects for the project appeared to have finally turned the corner last September when super developer Cbus Property emerged as a white knight, signing up for a 50 per cent stake in the site alongside Milligan Group as the project's originator, the report says. On April 2, James Milligan, a former soldier-turned-property developer, was adamant that the appointment of KPMG to his share of the project would "provide a runway for the delivery and completion of the landmark Halo," the Financial Review relays. "I've always said to everyone that I'll never quit, I will never stop and I'll get this tower built," Mr. Milligan told The Australian Financial Review. "The whole intent for Halo was to create a building that inspires other sustainable office buildings. It's the world's highest hybrid timber office tower that's financially viable – I just wasn't going to let fail." An estimated AUD550 million or more has been invested into the tower project so far, with close to AUD400 million of that coming through a syndicate of six senior lenders, led by Merricks which is now part of Regal Partners, the Financial Review notes. Another AUD20 million or so was thrown in by those lenders last year despite the exposure contributing to the first monthly negative return in almost five years for Merricks flagship fund. That top-up debt enabled demolition and early works on the site, effectively paving the way for a joint venture partner - Cbus Property – to sign on. Another AUD100 million to AUD150 million has been invested through Mr. Milligan himself and a larger group of subordinated creditors – most of whom are the strata titleholders that Mr. Milligan bought out to secure the site. The Financial Review relates that Mr. Milligan said he would put forward a deed of company arrangement (DOCA) to his creditors as a path forward to get the tower built. He had consulted "critical stakeholders" – the Merricks-led lending syndicate, Cbus Property, and the builder appointed to early works, Multiplex – who all supported the proposed restructure of Milligan Group, he said. "We have been working on this project for eight years since 2018. During this time, our industry has experienced significant headwinds. Although those headwinds have now eased, the economics of the project have been impacted," the report quotes Mr. Milligan as saying. "Despite my own very significant economic interest in this project having been reduced to nil, I remain committed to delivering the project in order to protect, as best possible, the interests of my financial stakeholders, including the project financiers who have supported me throughout this period, and to fulfil my commitment to deliver Halo to the Sydney skyline." A spokesperson for the senior lenders said the syndicate supported the restructure of the Milligan Group's stake through the voluntary administration and a DOCA, the Financial Review adds. NATIONAL RMBS 2026-1: Moody's Assigns Ba2 Rating to Class E Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Corporate Trust Limited as trustee of National RMBS Trust 2026-1. Issuer: Perpetual Corporate Trust Limited as trustee of National RMBS Trust 2026-1 AUD1,610.00 million Class A1 Notes, Assigned Aaa (sf) AUD59.50 million Class A2 Notes, Assigned Aaa (sf) AUD40.25 million Class B Notes, Assigned Aa2 (sf) AUD19.25 million Class C Notes, Assigned A2 (sf) AUD8.75 million Class D Notes, Assigned Baa2 (sf) AUD10.50 million Class E Notes, Assigned Ba2 (sf) The AUD1.75 million Class F Notes are not rated by Moody's. The transaction is a securitisation of Australian prime residential mortgage loans originated and serviced by National Australia Bank Limited (NAB Aa2/P-1/Aa1(cr)/P-1(cr)). As of 30 September 2025, NAB's Australian mortgage assets totaled AUD380.4 billion. A proportion of the portfolio (4.2%) benefits from Lenders Mortgage Insurance policies covering losses up to 100% of the principal amount, the accrued interest of each loan and reasonable expenses involved in enforcing the mortgage. RATINGS RATIONALE The definitive ratings take into account, among other factors, the evaluation of the underlying receivables and of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.00% of the note balance, the legal structure, and the credit strength and experience of NAB as servicer. Moody's MILAN Stressed Loss — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 3.0%. Moody's expected loss for this transaction is 0.3%, which represents a stressed, through-the-cycle loss relative to Australian historical data. Initially, the notes will be repaid on a sequential basis. Once serial paydown triggers are met, all classes of notes will receive pro-rata share of the principal payments. The serial paydown triggers include, among others, the payment date occurring on the later of (1) the second anniversary from closing; or (2) the Class A1 subordination reaching at least 16%. The key pool features are as follows: -- The pool has an average weighted-average scheduled loan-to-value (LTV) ratio of 63.7% and 2.1% of the loans have a scheduled LTV ratio above 80%. -- The portfolio has a relatively low exposure to investment loans (25.5%) and interest-only loans (9.9%). -- The portfolio is geographically well diversified, due to NAB's wide distribution network. -- The portfolio has a high proportion of non-purchase loans (36.5%). -- The portfolio is well seasoned (30.7 months), with around 18.6% of the mortgages with seasoning greater than 48 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. The Australian jobs market and housing market are major drivers of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and lack of transactional governance. PLENTI PL 2025-1: Moody's Upgrades Rating on Class F Notes to Ba2 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on five classes of notes issued by Plenti PL & Green ABS Trust 2025-1. The affected ratings are as follows: Issuer: Plenti PL & Green ABS Trust 2025-1 Class B Notes, Upgraded to Aaa (sf); previously on Jun 5, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Jun 5, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A2 (sf); previously on Jun 5, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jun 5, 2025 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba2 (sf); previously on Jun 5, 2025 Definitive Rating Assigned B2 (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 performance of the collateral pool to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the March 2026 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 24.4%, 17.6%, 14.3%, 9.5% and 4.3% respectively, from 15.2%, 11.0%, 8.9%, 5.9% and 2.7% at closing. Principal collections have been distributed on a sequential basis starting from the class A Notes (Class A1 and A1-G Notes) since closing. Current outstanding note balance as a percentage of the total closing note balance is 62.4%. As of end-February 2026, 2.0% of the outstanding pool was 30-plus days delinquent, and 0.7% was 90-plus days delinquent. The deal has incurred 0.5% of gross losses (as a percentage of the original pool balance) 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 Moody's expected default assumption at 5.0% of the outstanding pool balance (equivalent to 3.6% of the original pool balance) from closing. Moody's have lowered the Aaa portfolio credit enhancement to 22.0% from 24.5%. Moody's analysis has also considered various scenarios involving different mean default rate, portfolio credit enhancement and prepayment rate to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. 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 the notes' available credit enhancement. 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 the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. REDZED TRUST 2026-1: Fitch Assigns 'Bsf' Rating on Cl. F Notes -------------------------------------------------------------- Fitch Ratings has assigned final ratings to RedZed Trust Series 2026-1's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2026-1. This is a separate and distinct series created under a master trust deed. Fitch has also withdrawn the expected ratings of 'AAA(EXP)sf' from RedZed 2026-1's class A-1-S and A-2 notes. The final structure consolidated the class A-1-S and A-2 note balances into the class A-1-L notes and reduced the credit enhancement provided to the 'AAAsf' notes, as measured by note subordination, to 9.0% from 11.0%. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust Series 2026-1 A-1-S LT WDsf Withdrawn AAA(EXP)sf A-1-L AU3FN0107173 LT AAAsf New Rating AAA(EXP)sf A-2 LT WDsf Withdrawn AAA(EXP)sf B AU3FN0107199 LT AAsf New Rating AA(EXP)sf C AU3FN0107207 LT Asf New Rating A(EXP)sf D AU3FN0107215 LT BBBsf New Rating BBB(EXP)sf E AU3FN0107223 LT BBsf New Rating BB(EXP)sf F AU3FN0107231 LT Bsf New Rating B(EXP)sf G1 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf Transaction Summary The collateral pool totalled AUD800 million and consisted of 1,189 obligors as of the 31 December 2025 cut-off date. The asset portfolio is unchanged from the time of the expected ratings, however, updated indexation in Fitch's ResiGlobal model resulted in the weighted-average (WA) indexed current loan/value ratio (LVR) decreasing to 63.6%, from 65.7%, and WA indexed scheduled LVR to 65.5%, from 67.7%. For more information on the indexation update, see Fitch Ratings Updates APAC RMBS Criteria for Indexation and MVD; No Rating Impact, dated 16 March 2026. The WA unindexed current and scheduled LVRs remain at 66.3% and 68.0%, respectively. Fitch is withdrawing RedZed 2026-1's class A-1-S and A-2 expected ratings as the notes are no longer expected to convert to a final rating. KEY RATING DRIVERS Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency (WAFF) of 16.8% is driven by the WA unindexed current LVR of 66.3%, low-documentation loans making up 82.0% of the pool and, under Fitch's methodology, self-employed borrowers, non-conforming loans and investment loans forming 88.4%, 9.2% and 37.4%, respectively. The 'AAAsf' WA recovery rate (WARR) of 54.3% is driven by the portfolio's WA indexed scheduled LVR of 65.5%. The 'AAAsf' portfolio loss of 7.7% is lower than RedZed Trust Series 2025-2's loss of 9.2%, primarily due to a decrease in non-conforming loans to 9.2%, from 15.5%, self-employed borrowers (88.4%, from 94.1%), low-documentation loans (82.0%, from 88.9%) and investment loans (37.4%, from 44.6%). Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the class A-1-L to F invested balance, floored at AUD1.2 million. Other structural features include a retention amount that redirects excess available income to repay note principal in reverse sequential order (excluding G1 and G2 notes), with a limit of AUD500,000 and a post-call amortisation amount that redirects after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. 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. 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 delinquencies and defaults, which could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: A-1-L / B / C / D / E / F Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 15% increase in defaults: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf 30% increase in defaults: AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / Bsf 15% decrease in recoveries: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 30% decrease in recoveries: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 15% increase in defaults / 15% decrease in recoveries: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / Bsf 30% increase in defaults / 30% decrease in recoveries: AA+sf / A+sf / BBB+sf / BB+sf / BB-sf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A-1-L notes are at the highest level on Fitch's scale and cannot be upgraded. The upgrade sensitivity of the class E and F notes is constrained by Fitch's large obligor concentration test at their current ratings. Prepayments on the loans with the largest obligor exposures, leading the notes to pass Fitch's concentration test, could result in positive rating action, all else being equal. Upgrade Sensitivities Notes: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / Bsf 15% decrease in defaults / 15% increase in recoveries: AA+sf / A+sf / BBBsf / BBsf / Bsf 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 Prior to transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, 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. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. 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. WARRIGAL BLINDS: First Creditors' Meeting Set for April 13 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Warrigal Blinds Pty Limited will be held on April 13, 2026, at 10:30 a.m. via teleconference. Steven Arthur Gladman of Hall Chadwick was appointed as administrator of the company on March 30, 2026. ========= C H I N A ========= CHINA EVERGRANDE: China Probes Official Linked to State Investment ------------------------------------------------------------------ Caixin Global reports that China's top anti-graft body is investigating a senior official in Guangdong, in a case highlighting how a local government took control of a private firm later hit by financial distress amid the collapse of China Evergrande Group. Caixin relates that the Central Commission for Discipline Inspection said on March 27 that Guo Yonghang, a senior provincial political adviser, is under investigation for suspected corruption. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ZK INTERNATIONAL: Sells Subsidiaries to Pioneer for $21MM --------------------------------------------------------- ZK International Group Co., Ltd. held its 2026 Extraordinary General Meeting of Shareholders during which the shareholders voted to approve: (1) the proposed sale of the Company's subsidiaries, ZK Pipe Industry Co. Ltd., a company incorporated under the laws of Hong Kong, Wenzhou Weijia Pipeline Development Co., Ltd., a company incorporated under the laws of the People's Republic of China, Zhejiang Zhengkang Industrial Co. Ltd., a company incorporated under the laws of the PRC, Wenzhou Zhengfeng Industry and Trade Co. Ltd., a company incorporated under the laws of the PRC, Wenzhou Suona Piping Limited, a company incorporated under the laws of the PRC, XSigma Corporation, a company incorporated under the laws of the British Virgin Islands, xSigma Trading, LLC, a Delaware limited liability company, and ZK International Uganda Limited, a company incorporated under the laws of the Republic of Uganda, to Pioneer Investment Management Ltd., a U.S. company, in exchange for a cash consideration of $21,000,000, and (2) the proposal that conditional upon the passing of Resolution 1 (a) a general mandate be and is hereby granted to the board of directors of the Company to exercise absolute discretion, in determining, negotiating and finalizing all specific terms, conditions and arrangements related to the Transaction, as the Board deems fit; and (b) if and when deemed advisable by the Board in its sole discretion, any director or officer of the company be authorized, for and on behalf of the Company, to execute all definitive agreements related to the Transaction and take all such other acts and things and execute all such documents necessary or desirable to implement the Transaction. About ZK International Group Co. Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion-dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia. In its audit report dated February 4, 2026, attached to the Company's Annual Report on Form 20-F for the fiscal year ended September 30, 2025, Fortune CPA, Inc, the Company's auditor since 2024, issued a "going concern" qualification citing that the Company has negative working capital, negative cash flow from operating activities, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $62,867,718, $38,253,260 in total liabilities, and $24,614,458 in total equity. ================= H O N G K O N G ================= CIMG INC: Cancels Second Tranche of Private Placement Offering -------------------------------------------------------------- CIMG Inc. previously disclosed, on February 11, 2026, that it entered into a Convertible Note and Warrant Purchase Agreement with non-U.S. investors in connection with a private placement transaction exempt from registration under Regulation S. Pursuant to the Original Purchase Agreement, the Company agreed to issue convertible promissory notes and warrants to purchase shares of the Company's common stock in two tranches. On February 13, 2026, the initial closing under the Original Purchase Agreement occurred, and the Company issued the initial tranche of Original Notes and the related Original Warrants to the Investors. On March 21, 2026, in light of the suspension of trading of the Company's common stock on The Nasdaq Stock Market LLC, effective March 6, 2026, and its current quotation on the OTC market, the Company entered into an Amended and Restated Convertible Note and Warrant Purchase Agreement with the Investors, pursuant to which the Company issued and delivered to each Investor: (i) an Amendment No. 1 to the applicable Original Note and (ii) an amended and restated warrant in replacement of the applicable Original Warrant. In accordance with the A&R Purchase Agreement, the parties agreed that the second closing contemplated by the Original Purchase Agreement would be canceled. The Company also agreed to file a registration statement on Form S-1 covering the resale of the shares issuable upon conversion of the Original Notes, as amended by the Note Amendments, and upon exercise of the A&R Warrants. The Note Amendments amend, among other things, the Original Notes to provide that the conversion price will be subject to a floor price of $0.10 per share and that "Trading Market" includes any OTC market on which the Company's common stock is quoted for trading. The A&R Warrants amended and restated the Original Warrants to provide that the A&R Warrants may be exercised for cash only at an exercise price of $0.015 per share, subject to adjustment. Full text copies of the A&R Purchase Agreement, the Note Amendments, and the A&R Warrants are available at https://tinyurl.com/58s7sxhp, https://tinyurl.com/5xhxt94r, and https://tinyurl.com/36ep28ct. About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $74.18 million in total assets, $27.65 million in total liabilities, and a total stockholders' equity of $46.53 million. ========= I N D I A ========= ALUE INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Alue India Private Limited 507, 5th Floor, D.D.A. Building No.5, District Center, Janakpuri B-1, West Delhi, New Delhi, India, 110058 Liquidation Commencement Date: March 24, 2026 Court: Court: National Company Law Tribunal, New Delhi Bench Liquidator: Pawan Kumar Garg 25-A, Pocket-J, Sheikh Sarai-2, New Delhi - 110017 Tel No: 98739 81462 Email: ca.pawangarg@gmail.com Last date for submission of claims: April 23, 2026 CENTRALS FARMERS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of The Centrals Farmers Service Co-op Society Limited (CFSCSL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 9.5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CFSCSL for obtaining information through letter and email dated February 28, 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 CFSCSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CFSCSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CFSCSL continues to be 'Crisil B/Stable Issuer not cooperating'. CFSCSL was started in 1978 primarily for the agricultural sector catering to 8 villages in Andhra Pradesh. CFSCSL is one of the few societies, which is sponsored by the Central Bank of India. The society is managed by the board of directors, which is elected by the members of the society. Since this society is sponsored by the Central Bank, the Managing Director is deputed by the bank. CINEVISTA LIMITED: CRISIL Cuts Rating on INR14.5cr Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Cinevista Limited (Cinevista), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Cash 1.5 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 6 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Cinevista 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 Cinevista, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Cinevista is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Cinevista revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Cinevista, incorporated in 1993 by Mr. Prem Kishan Malhotra and Mr. Sunil Mehta, is engaged in production of television serials and commercial advertisements. The company currently has one serial on air and is planning to launch 3 new serials in fiscal 2019. It also owns a studio in Kanjurmarg, Mumbai. The company is listed on the Bombay and National Stock Exchanges. DEEPFACTOR INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Deepfactor India Private Limited Cabin No. 11 WS-05, Flat No. 401 Eden Park, Golden Square Business Centre, 20/14, Vittal Mallya Road, Mahatma Gandhi Road, Bangalore, Bangalore North, Karnataka, India, 560001 Liquidation Commencement Date: March 23, 2026 Court: Court: National Company Law Tribunal, Chennai Bench Liquidator: Vasudevan Gopu G.V. Enclave, 18/30, Ramani Street, K.K. Pudur, Saibaba Colony (4th Right Opposite Road to Salbaba Colony Hotel Annapoorna Road), Coimbatore - 641038, Tamil Nadu, India Tel No: 0422-4347063 Email: vasudevangopu.ip@gmail.com vasudevanacs@gmail.com Last date for submission of claims: April 22, 2026 FAIRSNOW AVIATION: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Fairsnow Aviation Limited 5B, Express Tower, 42A Shakespeare Sarani, Shakespeare Sarani, Kolkata, Kolkata, West Bengal, India - 700017 Insolvency Commencement Date: March 26, 2026 Court: Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: September 22, 2026 Insolvency professional: Sanjit Kumar Nayak Interim Resolution Professional: Sanjit Kumar Nayak 30 E, Haramohan Ghosh Lane, Suryadeep, Flat-2B, Beliaghata, Kolkata - 700085 Email: sknayak31@gmail.com CA-168, Salt Lake City, Kolkata - 700064 Email: cirp.fairsnow@gmail.com Last date for submission of claims: April 8, 2026 GMR HYDERABAD INT'L AIRPORT: Moody's Withdraws 'Ba1' CFR -------------------------------------------------------- Moody's Ratings has withdrawn the Ba1 corporate family rating of GMR Hyderabad International Airport Limited (HIAL). The outlook was stable prior to the withdrawal. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE GMR Hyderabad International Airport Limited has a long-term concession to operate the Rajiv Gandhi International Airport in Hyderabad, under a public-private partnership model. The airport is one of India's leading airports in terms of passenger traffic, with a design capacity of 34 million passengers per annum (MPPA). Equity in the company is held by GMR Airports Infrastructure Limited (74%), Airports Authority of India (13%) and the Government of Telangana (13%). KARVY DIGIKONNECT: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Karvy Digikonnect Limited Flat Nos. 502 & 503, 5th Floor, Arunachal Building, 19, Barakhamba Road, New Delhi, 110001 Insolvency Commencement Date: March 24, 2026 Court: Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: September 21, 2026 Insolvency professional: Ashu Gupta Interim Resolution Professional: Ashu Gupta 204A, 2nd Floor, 23, SBI Building, Najafgarh Road Industrial Area, Shivaji Marg, Opposite DLF Tower, New Delhi - 110015 Email: ashugupta.cs@gmail.com kdl.cirp@gmail.com Last date for submission of claims: April 8, 2026 KATALON INDIA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Katalon India Private Limited 55, 2nd Floor, Lane 2, Westend Marg, Saidullajab, Near Saket Metro Station, New Delhi, Delhi - 110030 Liquidation Commencement Date: March 23, 2026 Court: Court: National Company Law Tribunal, New Delhi Bench Liquidator: Amit Agrawal H-63, Vijay Chowk, Laxmi Nagar, Delhi, 110092 Tel: 01 14301 9279 Email: amitagcs@gmail.com Last date for submission of claims: April 22, 2026 NOMAX ELECTRICAL: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nomax Electrical Steel Private Limited (NESPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NESPL 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 NESPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NESPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NESPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1981 as a proprietorship firm (Eastern Electricals) by Mr. Moinuddin Mondal and reconstituted as a private limited company in April 2, 2007, NESPL manufactures cold-rolled grain-oriented silicon steel transformer cores for low and high frequency distribution and power transformers. Facilities admeasuring 90,000 square feet are in Kolkata and are ISO 9001: 2000 accredited. The cores are processed as per customer specifications. OMIX RESEARCH: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Omix Research and Diagnostics Laboratories Private Limited A 1402, Brigade Exotica, Old Madras Road, Avalahalli, P.O. Virgonagar, Bangalore, Bangalore South - 560049 Karnataka Liquidation Commencement Date: March 24, 2026 Court: Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076 Karnataka Tel: +91 94483 84064 Fax: +080 7963 4233 Email: gthirupal@gmail.com Last date for submission of claims: April 23, 2026 P RATHNAIAH: CRISIL Lowers Rating on INR5.75cr LT Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of P Rathnaiah (PR), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.75 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PR 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 PR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PR revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1960 and promoted by Mr. P. Rathnaiah, the firm is engaged in civil construction works and also derives lease rental by letting out its property to keys chain of hotels. P.D. AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of P.D. Agro Processors (PDAP) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 0.55 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 4 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PDAP 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 PDAP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PDAP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PDAP continues to be 'Crisil B/Stable Issuer not cooperating'. PDAP was established in July 2013 as a partnership firm by Mr. Bhupender Agarwal and Ms. Kamla Agarwal. The firm processes non-basmati rice (Sona Masuri, Samba Masuri, HMT) at its unit in Rae Bareilly, Uttar Pradesh, which has installed milling and sorting capacity of 15 tonne per hour. PDAP commenced operations in January 2014. PATLIPUTRA ACADEMY: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Patliputra Academy for Education and Training Private Limited Office No. 303, 3rd Floor, Navyug's Kamla Business Park, East Boring Canal Road, Patna, Bihar - 800001 Insolvency Commencement Date: March 20, 2026 Court: Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: September 16, 2026 Insolvency professional: Binod Kumar Singh Interim Resolution Professional: Binod Kumar Singh WA-23, 1st Floor, Shakarpur, Lakshmi Nagar Metro Station, East, Delhi, 110092 Email: binod.adv@gmail.com A-213, Shanti Gopal Chamber, Street No. 1, Main Vikas Marg, Shakarpur, Delhi - 110092 Email: patliputraacademy912@gmail.com Last date for submission of claims: April 3, 2026 PBR SELECT: CRISIL Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PBR Select Infra Projects (PBRS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Secured Overdraft 6 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PBRS 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 PBRS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PBRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PBRS continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2010 as a partnership firm, PBRS undertakes civil construction activities, primarily in construction of roads, bridges and flyovers. Based out of Hyderabad (Telangana), the firm is managed by Mr. P Bhaskar Reddy and his family. POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Poonam Trading Company (PTC) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil D (Issuer Not Cooperating) Inland/Import 4 Crisil D (Issuer Not Letter of Credit Cooperating) Inland/Import 13 Crisil D (Issuer Not Letter of Credit Cooperating) Crisil Ratings has been consistently following up with PTC 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 PTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PTC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PTC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1998 and based in Tenkasi, Tamil Nadu, PTC trades in and processes timber. It is promoted and managed by Mr. Navin Patel and Mr. Haresh Patel. PRASAD MATHEW: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Prasad Mathew (PM) 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 PM 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 PM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PM continues to be 'Crisil B/Stable Issuer not cooperating'. PM is a Thiruvalla, Kerala based proprietorship engaged in civil construction. PUJA QUENCH: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Puja Quench Distributors India Private Limited (PQPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 4 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PQPL 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 PQPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PQPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PQPL continues to be 'Crisil B/Stable Issuer not cooperating'. The Delhi-based PQPL was set up as a proprietorship concern in 2003 and reconstituted as a private limited company in 2010. The company is primarily engaged in trading bulk milk and soft-drinks. It is a carrying and forwarding agent for Coca Cola India Pvt Ltd, for soft-drinks, and supplies milk in bulk quantities to co-packers, milk traders and dairies. PUNEET INDIA: NCLAT Directs NCLT to Hear Belgotex's Insolvency Bid ------------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order rejecting Belgotex India's insolvency plea against Puneet India on the ground of a pre-existing dispute. Allowing the Belgotex India appeal, a two-member NCLAT bench has remanded the matter back to the New Delhi bench of NCLT, directing it to pass a fresh order after hearing all the parties, ET relates. According to ET, the appellate tribunal said a "patent illegality has been committed" by the National Company Law Tribunal (NCLT) in computing the date of default as well in computation of the amount falling under the period as provided under Section 10A of the Code. "We are of the considered view that the Ld. Adjudicating Authority (NCLT) has committed manifest illegality in rejecting the application moved by the appellant/applicant (Belgotex) under Section 9 of the Code, and therefore, the impugned judgment may not withstand the test of law and is hereby set aside. Consequently, the appeal is allowed," said NCLAT. "The matter is remanded back to Adjudicating Authority to pass an order a fresh after providing an opportunity of being heard to the parties," said the bench comprising Justice Mohd Faiz Alam Khan and Naresh Salecha, in its order, ET relays. Belgotex is a leading manufacturer of carpet and vinyl flooring. It is part of Belgotex International Group, which is Africa's leading carpet and artificial grass manufacturer. It had entered into an agreement on Oct. 15, 2019, with its corporate debtor Puneet India, appointing it as the authorised dealer/distributor on an exclusive basis in the Delhi-NCR region for three years, ET recalls. As per the terms of the agreement, Puneet India was required to clear the invoices of Belgotex within the credit period as mentioned in the purchase order, not exceeding 40 days from the date of dispatch of goods made from the Indian warehouse and within 90 days in case of dispatch of goods being made post-import of the products from outside India, according to ET. ET says the case of the appellant is that several invoices were raised by it and out of the total outstanding amount of INR2.41 crore (INR2,41,30,811), Puneet India made a payment of only INR95.71 lakh (INR95,71,865), thus a sum of INR1.45 crore (INR1,45,58,946) remained due. It had issued four cheques to the operational creditor, however, all these cheques were dishonoured. As the payment was not made, Belgotex India served a notice in May 2020 and filed an insolvency plea under Section 9 as an operational creditor before NCLT. However, NCLT dismissed its plea, which was challenged before NCLAT by Belgotex India. It contended that NCLT has passed the order without appreciating the facts, and the record and its contention were not discussed in the right perspective, ET adds. Puneet India specializes in the installation and maintenance of various flooring types, including hardwood, laminate, vinyl, carpet, and carpet tile. RAM INDUSTRIES: CRISIL Lowers Rating on INR13.25cr Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Shri Ram Industries-Shahjahanpur (SRI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SRI 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 SRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established as a partnership firm in 2002 by Mr Suresh Chand Singhal and Mr Amit Singhal, SRI mills and processes rice and also trades in wheat and paddy. Facilities are in Shahjahanpur, Uttar Pradesh. RAMA BUILDERS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rama Builders (RB) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.9 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.1 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RB 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 RB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RB continues to be 'Crisil B/Stable Issuer not cooperating'. Set-up in 1999, RB is engaged in trading of construction and building materials such as paint, cement and steel bars. Mr Anil Gupta owns and manages the firm. RAMDEV COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ramdev Cotton Industries (SRCI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 0.45 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.05 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SRCI 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 SRCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRCI continues to be 'Crisil B/Stable Issuer not cooperating'. SRCI was established in 2007; operations are managed by Mr Natvarbhai Ramdas and his son, Mr aneshkumar Natvarbhai. The firm, based in Vijapur, undertakes ginning and pressing activity. REPUTE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Repute Foods Private Limited (RFPL) continue to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Term Loan 2.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RFPL 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 RFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, RFPL is involved in production and assortment of agricultural products like cashew, pista, wheat, etc. SAMMAAN CAPITAL: Moody's Ups CFR to B1 & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings has upgraded Sammaan Capital Limited's long-term corporate family rating to B1 from B2. At the same time, Moody's have also upgraded Sammaan Capital's foreign and local currency senior secured medium-term note (MTN) program ratings to (P)B1 from (P)B2. The company's rating outlook is positive. Previously, the ratings were on review for upgrade. The rating action concludes the review for upgrade that was initiated on October 07, 2025, following the company's announcement on March 24, 2026 that the Reserve Bank of India (RBI) has approved Avenir Investment RSC Ltd's (Avenir) proposed capital infusion to acquire a controlling stake in Sammaan Capital. Avenir is a wholly owned entity of International Holding Company PJSC. While there are still additional approvals required, Moody's believes that there is a high degree of certainty for the deal closure following RBI's approval. RATINGS RATIONALE The upgrade of Sammaan Capital's rating to B1 from B2 reflects the benefit of the capital infusion from Avenir which will help bolster its capital and improve its ability to support growth. Asset quality has also improved with a reduction in legacy exposures and funding access is expected to strengthen following the proposed transaction. The positive outlook reflects expectations of a further improvement in Sammaan Capital's credit profile, supported by enhanced profitability from lower funding costs and a gradual pickup in loan growth. On a pro forma basis, the capital infusion will strengthen Sammaan Capital's tangible common equity to tangible managed assets (TCE/TMA) ratio to over 36% from 31.6% as of March 2025, and above 39% including the conversion of warrants over the next 18 months. This would be the highest TCE/TMA ratio among non-bank finance companies in India that Moody's rates. Moody's expects the ratio to remain above 20% over the next 3-4 years even after considering credit growth. Moody's expects Sammaan Capital's funding costs to decline because of improved funding access post transaction. Asset quality will also improve as the company continues to reduce the legacy assets. However, earnings remain volatile due to gains and losses from asset derecognition and credit cost from its legacy assets. A sustained improvement in profitability and consistent execution of growth strategy will be a key monitorable for a potential rating upgrade. The company's 12 month debt maturity coverage ratio will also rise above 80% from 30% as of March 2025 given the capital infusion. That said, Moody's expects the ratio to normalize over the next year once the company deploys the new funds to originate loans and to reduce some maturing debts. Capital's rating does not factor in affiliate support from Avenir. Avenir will become a strategic shareholder in the company with a 41.3% stake and board representation, which could increase post open offer. However, its willingness to provide support in times of stress is yet to be tested. If Sammaan Capital fails to secure the remaining regulatory approvals or if Avenir withdraws from the proposed transaction it will be credit negative for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Sammaan Capital's rating if its net income to average managed assets improves to above 1.0% on a sustained basis, its problem loans to gross loans declines below 4.0% and net charge-offs as proportion of gross loans declines below 2.0%. An upgrade will require clear evidence of stronger execution of its growth strategy and a material enhancement in risk management and financial reporting. Given the positive outlook, a downgrade of Sammaan Capital's rating is unlikely over the next 12-18 months. Nevertheless, Moody's could downgrade the rating if the company reports a significant loss that erodes the benefit of the new capital or its asset quality deteriorates significantly. A downgrade is also likely if there is material weakening in its liquidity and access to funding. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Sammaan Capital Limited, headquartered in New Delhi, reported total assets of INR711.4 billion as of September 30, 2025. SAXENA MARINE-TECH: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saxena Marine-Tech Private Limited (SMPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 13.8 Crisil D (Issuer Not Cooperating) Cash Credit 21 Crisil D (Issuer Not Cooperating) Letter of Credit 5 Crisil D (Issuer Not Cooperating) Long Term Loan 0.2 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMPL 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 SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1973 by M S Saxena, SMPL manufactures engineering products, particularly pre-engineered building (PEB) structures for Military Engineer Services (MES) and private entities. The company has two divisions - Ghaziabad and Noida in Uttar Pradesh, with a combined installed capacity of 1,200 tonne per month. SINGHANIA MILK: CRISIL Lowers Rating on INR6.5cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Singhania Milk Products Private Limited (SMPPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SMPPL 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 SMPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMPPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. SMPPL was established as a private limited company in 2004 by Mr. Om Prakash Singhania and Mr. Mahesh Prakash Singhania. SMPPL processes milk and manufactures milk products. The manufacturing facility is based in Sitapur region in Uttar Pradesh. The company markets its products under the brand, Energy Fresh. SIVASAKTHI MILLS: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sivasakthi Mills (SSM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 4.52 CRISIL B/Stable (Issuer Not Cooperating) Working Capital 1.48 CRISIL B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SSM 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 SSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSM continues to be 'Crisil B/Stable Issuer not cooperating'. Based in Trippur, Tamil Nadu, SSM is engaged in manufacturing of recycled yarn. The firm is owned and managed by Mr. K.R. Saminathan and his family. STATOMAT SPECIAL: Liquidation Process Case Summary -------------------------------------------------- Debtor: Statomat Special Machines (India) Private Limited R-719, T.T.C. Industrial Area, M.I.D.C., Rabale, Navi Mumbai, Thane - 400701 Liquidation Commencement Date: March 20, 2026 Court: Court: National Company Law Tribunal, Mumbai Bench Liquidator: Shailesh Desai Headway Resolution and Insolvency Services Pvt. Ltd. 708, Raheja Centre, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra Email: ip10362.desai@gmail.com cirpstatomat@gmail.com Last date for submission of claims: April 19, 2026 TAXUS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Taxus Infrastructure and Power Projects Private Limited (TIPPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TIPPPL for obtaining information through letter and email dated February 12, 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 TIPPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIPPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TIPPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TIPPPL, established in 2009, executes turnkey projects for automatic power factor control panels and trades in electrical equipment. In 2011-12 (refers to financial year, April 1 to March 31), it started setting up a 5-megawatt solar power plant in Gujarat, which became operational in April 2013. TIRUPATI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tirupati Agencies Private Limited (TAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.6 CRISIL D (Issuer Not Cooperating) Cash Credit 7.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TAPL for obtaining information through letter and email dated February 12, 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 TAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TAPL, incorporated in 1981, trades in roller ball bearings of odd sizes. The company has four warehouses, one in Kolkata and the others in Mumbai. Operations are managed by the promoter-director Mr Chandra Kant Khemka. VASUDHA LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Vasudha Life Science Private Limited (PLSPL; previously known as Prakruti Life Science Private Limited) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.03 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PLSPL for obtaining information through letter and email dated February 12, 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 PLSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PLSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PLSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. PLSPL, set up in 2012 and based in Udupi, Karnataka, is part of the Prakruti group. It undertakes contract manufacturing of pharmaceutical drugs. Operations are managed by Mr M R Shetty. VEDANTA RESOURCES: Fitch Hikes LongTerm IDR to BB-, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded UK-based Vedanta Resources Limited's (VRL) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB-' from 'B+'. The Outlook is Stable. Fitch has also upgraded VRL's senior unsecured rating to 'BB-' from 'B+', and the ratings on the US dollar bonds issued by VRL's subsidiary Vedanta Resources Finance II Plc, and unconditionally and irrevocably guaranteed by VRL, to 'BB-' from 'B+' with Recovery Rating of 'RR4'. The upgrade reflects Fitch's expectation that higher commodity prices, healthy volumes, and a generally improving cost structure will support robust EBITDA generation and sustained deleveraging at VRL over the financial years ending March 26 (FY26) to FY29. The Stable Outlook reflects its expectation that VRL's proportionately consolidated credit metrics and holding company (holdco) capital structure, with the holdco comprising VRL and other offshore investment holding companies owned by VRL, will remain consistent with the upgraded rating over the next few years. The rating incorporates VRL's large, diversified, market-leading and low-cost positions in some of its key segments, balanced by a moderate financial profile and a one-notch impact from governance and group structure risks. Management's commitment to reduce holdco debt further also supports the rating. Key Rating Drivers Robust EBITDA Generation: Fitch expects VRL's EBITDA to rise to USD6.5 billion-7.0 billion over FY26-FY29 (FY25: USD5.3 billion), on a fully consolidated basis, which is 12%-15% higher than its previous estimates. The revision is driven by higher aluminium, zinc and silver prices. Higher EBITDA is also aided by healthy demand for VRL's key commodities, including value-added products, and an improving cost structure (like increasing backward integration in aluminium and higher use of renewable power in zinc), despite cost pressures in FY27 due to the Iran conflict. Middle East Conflict Impact Manageable: Fitch believes VRL's low exposure to the Middle East for revenue (FY25: 6%) and for sourcing of key inputs (like coal, bauxite, alumina) limit supply chain risks. Fitch believes second-order inflation in energy, materials, logistics and other costs will be mitigated by VRL's improving cost structure, higher commodity and product prices, and rising aluminium premiums. Nonetheless, Fitch reflects these risks by assuming its FY27 cost of production (COP) will increase by around USD200 per metric ton (MT) for aluminium and USD100/MT for zinc, versus VRL's expectations of USD50/MT or less. Sustained Deleveraging: Fitch expects VRL's proportionately consolidated EBITDA net leverage to remain below 3.0x in FY26-FY29 (FY25: 3.7x), supported by robust EBITDA and management commitment to deleveraging. The leverage ratio proportionately consolidates VRL's operating subsidiaries (opcos) Vedanta Limited (VLTD, effective ownership 56.4%), Hindustan Zinc Limited (34.2%), and Bharat Aluminium Corporation Limited (28.8%). However, lower-than-expected commodity prices or higher-than-expected cost inflation could delay deleveraging. Improved Financial Discipline: VRL's recent record of proactive refinancing, smoother debt maturities and lower borrowing costs at the holdco shows improved financial discipline. Fitch expects brand fees and opco dividends to cover USD0.8 billion-1.0 billion of annual holdco debt service in FY26-FY29. Fitch expects holdco debt to gradually reduce (February 2026: USD5.3 billion, excluding inter-company loan), but management's FY27 target of USD3 billion looks ambitious. It remains to be seen if VRL maintains its improved financial discipline amid stronger industry conditions. Increased Investments and Dividends: Fitch expects VRL's capex to rise to USD2.3 billion-2.6 billion over FY26-FY29 (FY25: INR2 billion), and dividends to USD250 million from FY27 (FY26E: USD50 million; FY19-FY22 average: USD236 million; dividends in recent years not significant). This will be aided by VRL's improved credit profile. Fitch expects any additional investing or financing cash outflows to be within the scope of VRL's deleveraging plans. A significant deviation from these assumptions, particularly if it coincides with weaker EBITDA, could present credit risks. Governance and Group Structure Risks: Fitch's governance assessment leads to a one-notch negative impact on VRL's rating. A small three-member board with two from the same family may limit independent oversight and creditor protections. The group structure is also complex with structurally subordinated cash flows, opcos held through multi-jurisdiction intermediate subsidiaries and limited clarity on contagion risk from other shareholder-owned businesses. Adverse regulatory rulings and crystallisation of material contingent liabilities are event risks. Strong Business Profile; Cyclical Industry: VRL's rating benefits from its large scale, leading position in some segments, and commodity diversification, with zinc, aluminium, and oil and gas contributing around 40%, 40% and 10%, respectively, to FY25 EBITDA. However, the prices of most of these minerals tend to move sharply and in the same direction. The rating also reflects benefits from the generally low-cost position of VRL's zinc mining assets in India. The assets have a modest weighted-average reserve mine life of around 10 years. Demerger Likely Credit Neutral: Fitch expects the proposed demerger of VLTD into five entities to have limited credit impact on VRL initially, as Fitch assumes its access to brand fees from the opcos and the cash flows within the rating perimeter will remain broadly unchanged. This is despite the potential of the demerger to increase VRL's flexibility to attract sector-specific investors and/or divest non-core stakes, if needed. Peer Analysis VRL is rated at the same level as Capstone Copper Corp. (BB-/Stable) and Hudbay Minerals Inc. (BB-/Stable). VRL has a meaningfully larger EBITDA scale and broader commodity diversification than Capstone, which is largely concentrated in copper and operates four mines. Hudbay's EBITDA scale is also smaller, and its diversification across copper and gold remains weaker than VRL's. VRL's mining assets—mostly held through VLTD—also benefit from an attractive cost position, with most in the first or second quartile of their respective cost curves. Capstone's cost position is higher, though improving, while Hudbay's low-cost profile is broadly comparable to VRL's. However, VRL's rating is weighed down by its higher EBITDA net leverage and governance risks. Fitch’s Key Rating-Case Assumptions London Metal Exchange prices in FY27, FY28 and FY29 for zinc of USD2,950/MT, USD2,750/MT and USD2,613/MT, respectively, and for aluminium of USD2,850/MT, USD2,675/MT and USD2,600/MT, respectively. Brent crude oil prices in FY27, FY28 and FY29 of USD68.3/barrel, USD62.3/barrel and USD60/barrel, respectively. Capex of USD2.3 billion-2.6 billion per year over FY26-FY29. Volume growth across various segments based on capex-led new capacity ramping up. Dividends received by VRL from opcos' profit of USD0.7 billion-0.9 billion per year over FY27-FY29. Common dividend payments by VRL of USD0.25 billion per year from FY27. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (b+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Recovery Analysis Fitch applies a Generic approach to rate and assign Recovery Ratings to the senior unsecured notes of Vedanta Resources Finance II Plc, which are guaranteed by VRL, as the IDR is now at 'BB-'. The approach assumes average recovery for the senior unsecured notes in the event of bankruptcy, leading to the unsecured debt instrument ratings being equalised to the IDR of 'BB-', along with a Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade VRL's proportionately consolidated EBITDA net leverage increases above 3.2x for a sustained period. Signs of weakening financial discipline, liquidity, and/or funding access. Adverse regulatory action and/or materialisation of contingent liabilities Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade VRL's proportionately consolidated EBITDA net leverage decreases below 2.2x for a sustained period, driven by both EBITDA growth and gross debt reduction. Liquidity and Debt Structure The VRL holding company had around USD5.5 billion of debt (including an inter-company loan of USD0.2 billion) as of February 2026, with only USD0.5 billion of external debt repayments due until FYE27. The inter-company loan is also due in FYE27. Fitch expects VRL to meet the debt maturities through dividends from its opcos and refinancing, given improved funding access. Potential sales of stakes in listed opcos provide additional buffers. Fitch expects VRL to manage the weak liquidity at its opcos by refinancing, given their strong business profiles and adequate funding access. Fitch thinks the opcos have some flexibility on capex as well. Issuer Profile UK-based VRL acts as a group financing vehicle and a holding company for diversified metal and mining businesses held under its 56.4% stake in VLTD. Fitch estimates that the zinc, aluminium, and oil and gas segments contributed almost 90% of VRL's Fitch-adjusted consolidated EBITDA of around USD5.3 billion in FY25. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Vedanta Resources Limited. ESG Considerations VRL has an ESG Relevance Score of '4' for Group Structure due to its complex group organisation, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. VRL has an ESG Relevance Score of '4' for Governance Structure due to a smaller board of directors than peers, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Vedanta Resources Limited LT IDR BB- Upgrade B+ senior unsecured LT BB- Upgrade B+ Vedanta Resources Finance II Plc senior unsecured LT BB- Upgrade RR4 B+ VFP BOX: Insolvency Resolution Process Case Summary --------------------------------------------------- Debtor: VFP Box Private Limited 15B, Ganga Jamna Society, Near Hanumanji Temple, Panchvati Area, Borisana, Kalol, Gujarat - 382721 Insolvency Commencement Date: March 24, 2026 Court: Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: September 20, 2026 Insolvency professional: Bhavi Shreyans Shah Interim Resolution Professional: Bhavi Shreyans Shah C 201, Embassy Apartment, Near Ketav Petrolpump, Dr. V S Road, Ahmadabad, Gujarat, 380015 Email: ca.bhavishah@gmail.com 9-B, Vardan Complex, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380009 Email: cirp.vfpbox@gmail.com Last date for submission of claims: April 8, 2026 VIVIDHAALAY SERVICES: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on Non Convertible Debentures of Vividhaalay Services Private Limited (VSPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 3.75 Crisil B/Stable (Issuer Not Debentures-LT Cooperating) Crisil Ratings has been consistently following up with VSPL for obtaining information through letter and email dated February 12, 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 VSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on Non Convertible Debentures of VSPL continues to be 'Crisil B/Stable Issuer not cooperating'. VSPL, was incorporated in 2019 and is managed by Mr. Anand Kolharkar and Mr. Ajay Patni. The company is planning to construct service apartments in Erandwane, Pune. ================= I N D O N E S I A ================= INDIKA ENERGY: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Indonesia-based PT Indika Energy Tbk's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+'. The Outlook is Stable. Fitch has also affirmed the rating on Indika's US dollar notes at 'B+' with a Recovery Rating of 'RR4'. At the same time, Fitch Ratings Indonesia has affirmed the National Long-Term Rating at 'A(idn)' with a Stable Outlook. The 'B+' IDR reflects Indika's position as a mid-sized thermal coal producer in Indonesia, its upcoming diversification into gold, a healthy reserve life profile and sufficient liquidity. The Stable Outlook reflects Fitch's expectation that firm gold prices and the commencement of the Awak Mas gold project by early 2027 will support deleveraging to below the negative rating sensitivities in 2027. Recent firmer thermal coal prices also support an EBITDA recovery at its existing thermal coal operations. Indika also has financial flexibility from potential asset disposals and the ability to scale back uncommitted capex to absorb any impact from Indonesia's introduction of an export duty and preserve its balance sheet. 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Sensitivity Breach Temporary; 2027 Deleveraging: Fitch forecasts Indika's EBITDA net leverage will breach Fitch's negative sensitivity, rising to about 5.2x in 2026 (2025E: 3.2x), while EBITDA interest coverage is expected to remain around 2.0x as capex peaks to complete the construction of the Awak Mas gold project. Fitch forecasts EBITDA net leverage will fall below 3.5x while interest coverage will revert to around 3.1x by 2027 following the commissioning of Awak Mas, planned for early 2027. Indika has limited rating headroom before the completion. Weaker commodity prices and/or further delays or execution setbacks at Awak Mas would increase negative rating pressure. Fitch believe Indika retains some flexibility to scale back capex for its other new businesses and could pursue potential non-core asset disposals to support its balance sheet, if required. Manageable Execution Risk; Higher Investment Costs: Management indicates the construction of the Awak Mas project is around 50% complete, with first production targeted in early 2027. The remaining milestones are largely related to the completion of construction works. Indika attributes the 33% rise in project costs to USD568 million to infrastructure upgrades at Awak Mas, as well as higher staffing and procurement costs to accelerate delivery. Indika expects to fund the incremental capex primarily with debt. Fitch believes the higher investment costs should be mitigated by stronger cash flow generation, supported by elevated gold prices, once the project is operational. Concentration Risk, Upcoming Gold Diversification: Successful execution of the Awak Mas development is key to diversifying Indika's commodities and cash flow. Indika's EBITDA remains heavily concentrated in cash flow from the PT Kideco Jaya Agung thermal coal mine until Awak Mas starts production. Fitch expects Awak Mas, once ramped up meaningfully by 2027, to contribute 35%-40% of Indika's EBITDA. Tighter Coal Market in 2026: Fitch expects Indika's thermal coal operations to improve modestly in 2026 as thermal coal prices have risen following the US-Iran conflict, reflecting stronger energy-security-driven demand and supply uncertainty in Indonesia. However, Fitch expects structural demand weakness from the energy transition to weigh on prices over the next few years. Indika's EBITDA underperformed in 2025 as cost-reduction measures were insufficient to offset lower average selling prices (ASPs) due to softer demand. Regulatory Risk: The Indonesian thermal coal sector faces rising policy risk such as potential lower production quota and export duties, which Fitch has not fully reflected given the uncertainty. Significant policy changes that dampen cash flow could increase Indika's negative rating pressure, although this is not in Fitch's base case. Fitch also believes that an export duty, if implemented, would likely be offset by stronger ASPs, as it is in the government's interest to balance higher state revenue without impairing miners' cash flow generation. Mid-Sized Coal Producer: Indika produces around 30 million tonnes per annum (mtpa) of thermal coal and has a Fitch-estimated reserve life of more than 13 years, positioning the company as a mid-sized producer. Fitch expects the EBITDA of Indika's thermal coal operations to average USD5.50-7.00 per tonne (2025E: USD6.1/tonne) under Fitch's price deck for the next 24 months. Indika is in the third quartile of the cost curve and has historically been able to adjust its mine plan to lower costs if coal prices fall materially. Capex Discipline for New Business: Fitch views large debt-funded capex for other new businesses or continued losses in new businesses as negative for the ratings. Indika's electric two-wheeler business has yet to break even and partly contributed to weaker EBITDA in 2025. Management expects losses to start narrowing. The company has budgeted USD130 million in capex for other new businesses but these are largely uncommitted with the flexibility to reduce the scale if required. Rated on Standalone Basis: Indika's ultimate majority shareholder, PT Indika Inti Investindo, is privately held, and Fitch has no financial information for it. However, Fitch believes the majority shareholder's access to Indika's cash is limited to shareholder returns, as Indika is listed with public shareholders. In addition, material related-party transactions with the parent are subject to disclosure requirements and approval from independent shareholders. Peer Analysis PT Golden Energy Mines Tbk (GEMS, BB-/A+(idn)/Stable) is rated higher due to its stronger financial profile, larger operating scale and lower execution risk. Both GEMS and Indika have adequate reserve life in key thermal coal mines. Indika's financial profile is weaker due to higher net leverage as it executes its diversification strategy. Indika's commodity diversification should improve relative to GEMS's once its gold mining operations ramp up by 2027, although this benefit is likely to be moderated by Indika's higher leverage. Mongolian Mining Corporation (MMC, B+/Stable) is a single-product hard coking coal producer with a high concentration of end-customers, mainly in northern China, and faces higher country risk for its mining operations in Mongolia (B+/Stable). However, MMC is more profitable in terms of EBITDA/tonne and has lower net leverage than Indika. Fitch’s Key Rating-Case Assumptions - Kideco's average coal selling prices moving in line with Fitch's coal price deck for the Newcastle 6000 index: USD110/tonne in 2026, USD95/tonne in 2027, and USD90/tonne in 2028; - Gold prices in line with Fitch's gold price deck: USD3,800/ounce (oz) in 2027 and USD3,300/oz in 2028; - Kideco's coal-mining production volume of 30mtpa in 2026-2028 (2025: 31mtpa); - Kideco's cash production costs (excluding royalty) of around USD32-35 per tonne during 2026-2028; - Awak Mas' production volume at about 70,000oz in 2027 before reaching 110,000oz by 2028. Cash costs of around USD1400/oz per year; - Capex of about USD400 million in 2026 and USD170 million-180 million per year in 2027 and 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb+, lower), sector characteristics (bb+, moderate), market and competitive positioning (bb-, higher), diversification and asset quality (bb, moderate), company operational characteristics (bb, moderate), profitability (b-, moderate), financial structure (b, higher), and financial flexibility (b, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Fitch's recovery analysis assumes Indika would be reorganised as a going-concern in a bankruptcy scenario. Fitch assumed a 10% administrative claim. - Fitch applies an enterprise value (EV) multiple of 3.5x, reflecting the company's business profile, including its thermal coal operations and the contribution expected from its gold business. - Fitch assumes a going-concern EBITDA of USD300 million, representing an average level of earnings derived mainly from Kideco and Awak Mas and based on Fitch's mid-cycle price assumptions for thermal coal and gold. - In the recovery waterfall, Fitch has assumed all secured debt as prior ranking debt. The company's US dollar bonds rank pari passu with its bank borrowings. - Using these assumptions in the recovery calculation, the recovery of Indika's US dollar bonds corresponds to an 'RR3' Recovery Rating. - According to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Indonesia is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Lower coal or gold prices, or weaker execution at the Awak Mas gold project, leading to EBITDA net leverage remaining above 3.5x in 2027. - EBITDA interest coverage remaining below 3.0x in 2027. - Weakened external funding access. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Evidence of reduced execution risk, leading to EBITDA net leverage sustained below 2.5x. Liquidity and Debt Structure Indika's liquidity is adequate. The company's term loan maturities in 2026 are manageable at around USD50 million and should be covered by its cash balance of about USD520 million. Fitch expects Indika to maintain funding access to fund higher capex for its Awak Mas project, premised on its sufficient liquidity and upcoming diversification into the gold project. Issuer Profile Indika's main asset is Indonesia's fifth-largest thermal coal mine, Kideco, in which it owns a 91% stake. Indika also has direct and indirect ownership of 100% in Awak Mas, 100% in EMI (electric vehicles), 100% in Interport (fuel storage and logistics, and port terminal), 51% in EMITS (roof-top solar), 100% in Natura (essential oil) and 100% in Mekko (bauxite mine). REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING Indika's ultimate majority shareholder, PT Indika Inti Investindo, is privately held, and Fitch has no financial information for it. However, Fitch believes the majority shareholder's access to Indika's cash is limited to shareholder returns, as Indika is listed with public shareholders. In addition, material related-party transactions with the parent are subject to disclosure requirements and approval from independent shareholders. Fitch believes its assumptions about financial policy, governance and shareholder returns adequately incorporate the risk of the parent extracting cash from Indika, despite the lack of financial information on its ultimate parent. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for PT Indika Energy Tbk is 79. The elevated signal reflects energy transition risks, including reduced demand for coal-fired power generation and the increasing availability of renewable energy as an alternative source of generation. The elevated Climate.VS has not affected the current rating due to the longer energy transition timeline, particularly in emerging markets such as Indonesia, and thermal coal remains a key base load for power generation among major consuming countries in Asia. ESG Considerations PT Indika Energy Tbk has an ESG Relevance Score of '4' for GHG Emissions & Air Quality as it derives most of its revenue from thermal coal and faces the risk of declining demand in the medium-to-long term because of coal's high carbon footprint. Funding access for thermal coal companies has also progressively tightened, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- PT Indika Energy Tbk LT IDR B+ Affirmed B+ Natl LT A(idn) Affirmed A(idn) LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ ===================== N E W Z E A L A N D ===================== AUSPICIOUS SOLUTION: Creditors' Proofs of Debt Due on May 7 ----------------------------------------------------------- Creditors of Auspicious Solution Limited are required to file their proofs of debt by May 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 27, 2026. The company's liquidator is: Larissa Logan Fixity Suite 14456 17B Farnham Street Parnell, Auckland 1052 BUSINESS MASTERY: Creditors' Proofs of Debt Due on May 15 --------------------------------------------------------- Creditors of Business Mastery Coaching Limited, Kiwi Gold Deals 2025 Limited and Burger Geek Limited are required to file their proofs of debt by May 15, 2026, to be included in the company's dividend distribution. Business Mastery Coaching and Kiwi Gold Deals 2025 commenced wind-up proceedings on March 25, 2026. Burger Geek commenced wind-up proceedings on March 25, 2026. The company's liquidators are: Paul Thomas Manning C/o BDO Tauranga Limited Level 1, The Hub 525 Cameron Road Tauranga C&C INTERNATIONAL: Court to Hear Wind-Up Petition on April 23 ------------------------------------------------------------- A petition to wind up the operations of C&C International Group Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 11, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PROPITIOUS GOOD: Creditors' Proofs of Debt Due on May 7 ------------------------------------------------------- Creditors of Propitious Good Fortune Limited are required to file their proofs of debt by May 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 27, 2026. The company's liquidator is: Larissa Logan Fixity Suite 14456 17B Farnham Street Parnell, Auckland 1052 SMITHS CITY: Owner Declared Bankrupt at High Court -------------------------------------------------- Otago Daily Times reports that the owner of collapsed large retailer Smiths City has been declared bankrupt. Colin Ashley Neal was adjudicated to be bankrupt by Justice Rob Osborne at the High Court at Christchurch just after 10:00 a.m. on April 1, according to ODT. ODT relates that bankruptcy proceedings were called by Tower Rail Precinct Limited against Mr. Neal over a breach of contract. His plight follows Smiths City going under, owing many unpaid creditors more than NZD26 million. According to ODT, more than 200 creditors were found to be owed money after liquidators Colin Gower and Diana Matchett from BDO Christchurch examined the company's assets and debts in their first report. They believed it unlikely, at that stage, unsecured creditors would see their money back. Initially put into voluntary administration, the company went into liquidation after a meeting of creditors last October. Founded in 1918, the Christchurch institution operated nine stores mainly in the South Island with a focus on furniture, electronics and appliances. About 130 staff were employed before the company wound down operations and closed its doors, ODT notes. Mr. Neal's company Polar Capital LP is the sole shareholder of Smiths City Holdings (2020) Ltd which bought Smiths City in 2020. Last December, Associate Judge Dale Lester ordered Mr Neal pay just over NZD1.03 million with interest to Tower Rail, ODT recalls. Mr. Neal had taken no steps after being served with a summary judgement application on October 21. ODT says Tower Rail's claims included outstanding rent and costs to reinstate the premises as a result of a guarantee provided by him for Smiths City Holdings (2020) which was the tenant of a property owned by Tower Rail. Smiths City ceased trading and vacated the premises. STUFF GROUP: To Close Petone Printing Press ------------------------------------------- Otago Daily Times reports that news publisher Stuff Group has announced the closure of its Petone printing press and the loss of 30 jobs on site. According to Stuff, owner and publisher Sinead Boucher told staff on March 26 that the plant would shut down in 2027, with print operations moving to Christchurch. She said consolidation had been the goal since she bought the company for NZD1 in 2020 and an active focus of the past two years. "We had considered various options over that period, however the Christchurch consolidation clearly stood out as best for the business, as it significantly reduces ongoing costs as well as improving operational efficiencies," she said. Stuff relates that Ms. Boucher said the Petone site was bought from Australia's Nine Media by new owners in November. "This did not factor into the future of the plant for Stuff, as the Christchurch option was already well advanced." She said the lease didn't expire for another year and consultation with the 30 people employed at the Petone site would take place over the coming weeks and months. "[We] will be looking for opportunities for redeployment within the business, including at our Christchurch site where we will be adding jobs to accommodate the additional work." Ms. Boucher said there was a plan underway to decommission the plant, Stuff adds. TOPCUT CONTRACTING: Court to Hear Wind-Up Petition on April 16 -------------------------------------------------------------- A petition to wind up the operations of Topcut Contracting Limited will be heard before the High Court at Auckland on April 16, 2026, at 10:45 a.m. Waitomo Petroleum Limited filed the petition against the company on Feb. 11, 2026. The Petitioner's solicitor is: Daniel Wein Ellice Tanner Hart Solicitors 455 Grey Street Hamilton ================= S I N G A P O R E ================= AKSTRA PTE: Court to Hear Wind-Up Petition on April 17 ------------------------------------------------------ A petition to wind up the operations of Akstra Pte. Ltd. will be heard before the High Court of Singapore on April 17, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 26, 2026. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 AMS MARINE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on March 27, 2026, to wind up the operations of AMS Marine Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Ms. Tan Suah Pin Ms. Lim Soh Yen c/o Acutus Advisory Pte. Ltd. 133 New Bridge #24-01/02 Chinatown Point Singapore 059413 HUONE SINGAPORE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Huone Singapore Pte. Ltd. on March 27, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Kim Han Luke Anthony Furler c/o Quantuma (Singapore) Pte Ltd 137 Amoy Street #02-03, Far East Square Singapore 049965 MAXEON SOLAR: Applies for Judicial Management as Cash Strains ------------------------------------------------------------- Stock Titan reports that Maxeon Solar Technologies reports severe liquidity pressure and has applied, together with subsidiary Maxeon Solar Pte Ltd, to the Singapore High Court to be placed under judicial management. This court‑supervised process would transfer control from the board to independent judicial managers to attempt a restructuring or value‑maximizing wind‑down. Stock Titan relates that the company cites continued U.S. Customs & Border Protection refusals to admit certain solar panel shipments, rising price competition, and setbacks in developing Maxeon 8 technology. Contract disputes tied to shipment denials have led to customer lawsuits seeking damages upward of SGD70 million, and management states there are significant doubts about having sufficient working capital to meet short‑term obligations. To raise near‑term liquidity, Maxeon has terminated several collaboration and procurement agreements, securing a SGD2.52 million termination fee from TZE, a SGD196,500 fee from a Lumetech procurement agreement, and a net settlement of about SGD164,449 from Huansheng parties, according to Stock Titan. It also assigned to a licensing agent the right to an approximately SGD14 million April 2026 patent license payment in exchange for roughly SGD7.9 million payable in three instalments, expected before the end of April, to fund operating and restructuring costs during judicial management, Stock Titan says. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $186.31 million in total assets, $507.96 million in total liabilities, and $21.65 million in net deficit. MIX POINT: Commences Wind-Up Proceedings ---------------------------------------- Members of Mix Point Pte. Ltd. on March 26, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tan Eng Soon 7500A Beach Road #05-303/304 The Plaza Singapore 199591 SUMITOMO MITSUI: Creditors' Proofs of Debt Due on April 30 ---------------------------------------------------------- Creditors of Sumitomo Mitsui Trust Leasing (Singapore) Pte. Ltd. are required to file their proofs of debt by April 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2026. The company's liquidators are: Junichi Naganawa 18 Robinson Road #20-02 18 Robinson Singapore 048547 ============= V I E T N A M ============= VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Issuer & Deposit Ratings ------------------------------------------------------------------ Moody's Ratings has affirmed Vietnam Prosperity Jt. Stk. Commercial Bank's (VPBank) Ba3 long-term (LT) local- (LC) and foreign-currency (FC) issuer and deposit ratings. Moody's have also affirmed the bank's ba3 Baseline Credit Assessment (BCA) and Adjusted BCA. At the same time, Moody's have affirmed VPBank's (P)Ba3 LT FC senior unsecured medium-term note program rating, Ba2 LT LC and FC Counterparty Risk Ratings (CRRs), Ba2(cr) LT Counterparty Risk (CR) Assessment, Not-Prime (NP) short-term (ST) LC and FC deposit and issuer ratings, NP ST FC and LC CRRs, and NP(cr) ST CR Assessment. The rating outlook of VPBank, where applicable, remains stable. RATINGS RATIONALE The affirmation of VPBank's Ba3 ratings and ba3 BCA reflects the bank's strong profitability and steady funding. At the same time, its very high credit growth creates unseasoned risk and has led to a decline in its capital ratio, while its liquidity remains modest. VPBank's Ba3 ratings also incorporate Moody's assumptions of a moderate probability of support from the Government of Vietnam (Ba2 stable) in times of need, but the support assumption does not lead to any uplift on the bank's ratings. Moody's expects VPBank's problem loan ratio will decrease to less than 3.0% over the next 12-18 months from 3.3% as of December 31, 2025, driven by base effects, as well as improvements in its real estate exposure and consumer loans, including those at its subsidiary, VPBank SMBC Finance Company Limited (FE Credit, Ba3 stable). Meanwhile, the bank is exposed to unseasoned risk because of its very high credit growth. VPBank's loan book expanded by more than 35% year-on-year in 2025 and Moody's expects the loan growth to remain at a similar pace in 2026. Moody's expects VPBank's profitability will remain amongst the highest in Vietnam, with a return on tangible assets of around 2.0% over the next 12-18 months. Key profit drivers include lower credit cost and a growing focus on the higher-yielding retail and small- and medium-sized enterprise (SME) lending. At the same time, VPBank's tangible common equity (TCE)/risk-weighted assets (RWA) ratio will decrease to around 12% in 2026 from about 13% as of December 31, 2025 given its very high credit growth. VPBank's liquidity remains modest. Apart from its very high loan growth, the bank is also subject to lower reserve requirements than the industry because it participated in the central bank's mandatory transfer of Generation of Prosperity Sole Member Limited Commercial Bank (GPBank). However, liquidity risk is mitigated by its entrenched franchise in Vietnam and access to long-term overseas funding with the help of its strategic shareholder, Sumitomo Mitsui Banking Corporation (SMBC, A1/A1 stable, a3). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade VPBank's deposit ratings and BCA over the next 12-18 months if its return on tangible assets increases above 2%, its TCE/RWA ratio stays above 13% and its problem loan ratio decreases below 2.5%, while its other key credit metrics remain broadly unchanged. Moody's could downgrade VPBank's deposit ratings if the bank's BCA is downgraded by more than one notch. Moody's could downgrade VPBank's BCA over the next 12-18 months if its return on tangible assets decreases below 1.8% or if its problem loan ratio increases above 4%. The principal methodology used in these ratings was Banks published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Vietnam Prosperity Jt. Stk. Commercial Bank, headquartered in Hanoi, reported total assets of VND1,260 trillion as of December 31, 2025. VPBANK SMBC: Moody's Upgrades CFR to Ba3, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings has upgraded VPBank SMBC Finance Company Limited's (FE Credit) corporate family rating to Ba3 from B1. The company's rating outlook remains stable. RATINGS RATIONALE The upgrade of FE Credit's CFR to Ba3 from B1 reflects the company's improving asset quality and profitability since 2024. The Ba3 CFR is two notches higher than FE Credit's b2 standalone assessment, reflecting Moody's assumptions that the probability of support from Vietnam Prosperity Jt. Stk. Commercial Bank (VPBank, Ba3 stable, Baseline Credit Assessment (BCA) ba3) will be very high in times of need. FE Credit is Vietnam's largest consumer finance company. It is a joint venture between VPBank and SMBC Consumer Finance Co., Ltd., which is part of Sumitomo Mitsui Financial Group, Inc. (SMFG, A1 stable). FE Credit has been cleaning up its balance sheet and restructuring its business after being hard hit during the pandemic in 2021-2022. The company plans to achieve stability and drive growth in 2026. Moody's expects FE Credit's problem loan and net charge-off ratios will decrease further over the next 12-18 months from around 15% as of December 31, 2025. Moody's also expects its net income (NI)/average managed assets (AMA) ratio will improve over the same period from 0.7% in 2025. On the other hand, FE Credit's tangible common equity (TCE)/tangible managed assets (TMA) ratio will decline over the next 12-18 months from 15.7% as of December 31, 2025 as its loan growth rebounds. FE Credit's cash balance and funds from operations have been modest relative to funding obligations. However, liquidity risk is mitigated largely by the significant amount of deposits placed by VPBank, which Moody's expects to be rolled over in times of stress. The rating action also considers Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology. Reflecting the company's progress in balance sheet cleanup and business restructuring, Moody's have changed its financial strategy and risk management score to 3 from 4, management track record score to 2 from 3, and governance issuer profile score to G-3 from G-4. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade of FE Credit's rating is unlikely as it is already aligned with VPBank's ba3 BCA and the bank's rating outlook is stable. However, Moody's could raise FE Credit's standalone assessment over the next 12-18 months if its NI/AMA ratio improves above 1.5%, its problem loan ratio decreases below 7.0%, and its net charge-off ratio falls below 7.0%. Moody's could downgrade FE Credit's rating if Moody's downgrade VPBank's BCA or if Moody's lower FE Credit's standalone assessment. Moody's could lower FE Credit's standalone assessment over the next 12-18 months if its problem loan and net charge-off ratios stay above 10% and 15%, respectively, its TCE/TMA ratio decreases below 12%, and its NI/AMA ratio falls below 0.5%. The principal methodology used in this rating was Finance Companies published in July 2024. FE Credit's "Assigned Standalone Assessment" score of b2 is set two notches below the "Financial Profile" initial score of Ba3 to reflect Moody's expectations that the company's TCE/TMA ratio will decrease over the next 12-18 months and Moody's views that its low asset encumbrance does not materially enhance its access to funding in Vietnam. VPBank SMBC Finance Company Limited, headquartered in Ho Chi Minh City, reported total assets of VND70.2 trillion as of December 31, 2025. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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