260408.mbx

260408.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 8, 2026, Vol. 29, No. 70 Headlines A U S T R A L I A BBC TRAFFIC: Commences Wind-Up Proceedings BLACKBIRD CAPITAL: Insolvency Boss Accused of Secret Interest C J BUILD: Amanda Lott Appointed as Administrator CHEAP AS CHIPS: Sale Sparks Claims of Mismanagement, Missing Stock HD ALLIANCE: Commences Wind-Up Proceedings HELLERS AUSTRALIA: Bain Capital Marks NZ$1.1MM 1L Loan at 43% Off INFINITY PHARMACY: Lenders Warned Priceline Franchisee of Risks SMEATON BATHROOMS: First Creditors' Meeting Set for April 16 TARTAN BIDCO: Bain Capital Marks AUD3.1MM 1L Loan at 34% Off WELLBEING COMMUNITY: Second Creditors' Meeting Set for April 13 C A M B O D I A CAMBODIA: Moody's Alters Outlook on 'B2' Issuer Ratings to Stable I N D I A AIR INDIA: CEO Wilson Resigns Amid Losses and Regulatory Scrutiny AURANGABAD DIVISIONAL: CRISIL Cuts Rating on INR20cr LT Loan to B ENTERPRISE FLEET: Voluntary Liquidation Process Case Summary GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating INVACT SCHOOL: Voluntary Liquidation Process Case Summary KALKA AGRO: CRISIL Lowers Rating on INR9.75cr Cash Loan to B KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating KTM-SPORTMOTORCYCLE: Voluntary Liquidation Process Case Summary LIVEVOX SOLUTIONS: Voluntary Liquidation Process Case Summary MAMTA TRANSFORMERS: CRISIL Cuts Rating on LT/ST Term Loans to D MAREL INDIA: Voluntary Liquidation Process Case Summary MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating NARMADA CARS: CRISIL Lowers Rating on INR8.5cr LT Loan to B NEPTUNE LAMINATES: CRISIL Cuts Rating on INR4.4cr Term Loan to B NIANTIC INDIA: Voluntary Liquidation Process Case Summary NOBAL BUILDTECH: Insolvency Resolution Process Case Summary P. L. ASSOCIATES: CRISIL Keeps B Debt Ratings in Not Cooperating PINGSAFE INDIA: Voluntary Liquidation Process Case Summary PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating RAJSHREE IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating RAMDEV AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating RELIANCE GROUP: CBI Probes INR73,000 crore Loan Fraud RETAILMENOT INDIA: Voluntary Liquidation Process Case Summary RUBICON INSPECTION: CRISIL Keeps D Ratings in Not Cooperating SHAKTI VEGETABLES: CRISIL Keeps B Debt Ratings in Not Cooperating SHEARVAN PURCHASING: Voluntary Liquidation Process Case Summary SHEYN INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating SHIRT COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVAM CORPORATION: CRISIL Keeps D Debt Rating in Not Cooperating SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating SHUBHI AGRO INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating SHYAM SUNDER: CRISIL Keeps D Debt Rating in Not Cooperating SUR EXTINGUISHERS: Voluntary Liquidation Process Case Summary TEKZA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating TEZALPATTY TEA: CRISIL Keeps D Debt Ratings in Not Cooperating THERMO PRODUCTS: Liquidation Process Case Summary J A P A N SHARP CORP: S&P Upgrades LT ICR to 'B' on Confirmed Refinancing N E W Z E A L A N D CAMPAIGN CONSTRUCTION: Court to Hear Wind-Up Petition on May 7 ELITE STOPPERS: Creditors' Proofs of Debt Due on April 30 JAY MATAJI: Court to Hear Wind-Up Petition on April 23 JDR CONTRACTING: Creditors' Proofs of Debt Due on April 30 SPRUCE GROUP: Creditors' Proofs of Debt Due on May 6 P H I L I P P I N E S ABS-CBN CORP: Piki Lopez Raises Conflict-of-Interest Issues S I N G A P O R E ECOSUBSEA SINGAPORE: Placed Under Provisional Liquidation FUNSAGA PTE: Creditors' Proofs of Debt Due on May 5 GLOBAL LEADERSHIP: Creditors' Proofs of Debt Due on May 6 LOGIXTICS INC: Court Enters Wind-Up Order PROVIDORE SINGAPORE: Commences Wind-Up Proceedings S O U T H K O R E A HANWHA TOTALENERGIES: Moody's Confirms 'Ba1' CFR & Unsecured Rating X X X X X X X X [] SG, Indonesia Ink MOU on Cross-Border Insolvency Cooperation - - - - - ================= A U S T R A L I A ================= BBC TRAFFIC: Commences Wind-Up Proceedings ------------------------------------------ Members of BBC Traffic Management Pty Ltd on April 2, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Nicholas Wollinski Richard Albarran c/o Hall Chadwick Level 14, 440 Collins Street Melbourne, VIC 3000 BLACKBIRD CAPITAL: Insolvency Boss Accused of Secret Interest ------------------------------------------------------------- David Marin-Guzman at The Australian Financial Review reports that a renowned liquidator has been accused of being secretly behind an alleged predatory lender that appoints him to seize millions of dollars in assets from its defaulting borrowers. According to the Financial Review, Blackbird Capital Group is under investigation by class action law firm Adero Law over allegations of unfair lending practices whereby the firm charges interest on commercial loans of up to 60 per cent a year and exposes borrowers to disproportionate financial risk. The Financial Review relates that the non-bank lender – which is not related to well-known investment firm Blackbird Ventures – regularly appoints Richard Albarran, the head of insolvency and accountancy firm Hall Chadwick, as receiver, which gives him power to seize defaulters' property, freeze accounts and sell assets. But Adero has recently unearthed records showing an entity called Albarran Family Trust No 2 has had a registered security interest over all assets of Blackbird's leading lending entity, Blackbird Mortgage Corporation. The Financial Review says the records spurred legal action by Adero against Blackbird and Mr. Albarran for unconscionable conduct and raised questions over conflicts of interest for Mr. Albarran, who the law firm accused of recommending its client borrow money from Blackbird while acting as administrator of their companies. If the case is successful, it could potentially raise problems for Blackbird and Mr. Albarran in relation to other borrowers who have defaulted going back up to six years. The Financial Review notes that the legal action comes as Hall Chadwick has been executing ambitious growth plans by expanding its business overseas and into new areas. Late last year, the firm completed a US$207 million IPO on the Nasdaq for a special purpose acquisition company that targets businesses in rare earths and critical minerals, semiconductors and artificial intelligence. Mr. Albarran marked the occasion by appearing at Nasdaq's ringing the bell ceremony in November, with Blackbird founder Stewart Wilkinson, whose firm supported the process leading up to the listing, close behind him, the Financial Review recalls. According to the Financial Review, Adero associate principal Zack Mason said the law firm had been receiving several reports of unconscionable lending and enforcement practices by Blackbird Capital. "As a leading insolvency professional, Albarran ought to give full and frank disclosure of his relationships with Blackbird and the Albarran Family Trust," the report quotes Mr. Mason as saying. "Any failure to do so will speak for itself." Hall Chadwick and Albarran declined to comment on the allegations while the court matter was ongoing. Blackbird did not return requests for comment. C J BUILD: Amanda Lott Appointed as Administrator ------------------------------------------------- Amanda Lott of ACRIS on April 1, 2026, was appointed as Administrator of C J Build Pty Ltd. The Administrator may be reached at: Amanda Lott ACRIS PO Box 3569 Wamberal, NSW 2260 CHEAP AS CHIPS: Sale Sparks Claims of Mismanagement, Missing Stock ------------------------------------------------------------------ David Richards at channelnews.com.au reports that the collapse and subsequent sale of discount retailer Cheap as Chips has triggered a wave of allegations from investors, suppliers and creditors, who describe the company's downfall as a case of "gross mismanagement" marked by questionable payments, missing inventory and mounting debt. According to channelnews.com.au, administrators Glenn Livingstone, Benjamin Ho and Nicholas Charlwood of WLP Restructuring confirmed the business was sold late last month to Queensland-based discount chain Choice for $10.2 million is now subject to a Deed of Company Arrangement (DOCA). Of that amount, just $2.36 million will be distributed to creditors holding valid PPSR (Personal Property Securities Register) claims. However, the final sale price fell short of expectations after administrators uncovered significant discrepancies in stock levels across stores nationwide, channelnews.com.au relates. According to their report, inventory recorded by the former management team was "significantly higher" than what physically existed. The retailer had been led by CEO Nick Aboud, formerly of failed electronics chain Dick Smith, which collapsed with debts exceeding $350 million, channelnews.com.au says. In the lead-up to Cheap as Chips' administration, the business was reportedly losing up to $2 million per month. Despite this, Mr. Aboud received a $430,388 "success fee" for securing a potential buyer, along with a $550,000 redundancy payout - payments now drawing scrutiny from creditors. Investor anger has intensified, with minority shareholders alleging the company was burdened with excessive debt by former owner Alceon, eroding shareholder value. Some claim critical financial information was withheld, channelnews.com.au relays. "Stock discrepancies were known for at least a year before the sale," one investor said. "The board and senior management were completely out of their depth." channelnews.com.au relates that suppliers have also voiced frustration, with some alleging the company had been trading while insolvent. One creditor described the situation as a "managed decline" designed to facilitate an exit strategy for major stakeholders. Under the Deed of Company Arrangement (DOCA), unsecured creditors are expected to receive nothing, channelnews.com.au notes. Funds from the sale will instead cover employee entitlements and secured creditors. All Cheap as Chips stores have now transferred to Choice, which has retained most store employees. Fourteen head office staff have been made redundant and will receive entitlements through the DOCA process. While the company has exited administration, creditors have been told to await a final report detailing expected returns - though for many, losses are already locked in, channelnews.com.au adds. HD ALLIANCE: Commences Wind-Up Proceedings ------------------------------------------ Members of HD Alliance Pty Ltd, trading as 'Take Me To The Hamptons' & 'Pocket Fit', on April 7, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: James Taplin Ian Currie BRI Ferrier GPO Box 890 Brisbane, QLD 4001 HELLERS AUSTRALIA: Bain Capital Marks NZ$1.1MM 1L Loan at 43% Off ----------------------------------------------------------------- Bain Capital Private Credit has marked its NZ$1,097,000 loan extended to Hellers to market at NZ$625,000 or 57% of the outstanding amount, according to Bain Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Bain Capital Private Credit is a participant in a First Lien Senior Secured Loan - Delayed Draw extended to Hellers. The 1L Loan accrues interest at a rate of BKBM 3.63% (1.88% PIK) 8.07% per annum. The 1L Loan matures on Sept. 27, 2030. Bain Capital Private Credit is a business development company that provides flexible private credit and financing solutions to middle-market and other corporate borrowers. The Fund is led by Michael A. Ewald as Trustee & Chief Executive Officer (Principal Executive Officer) and Michael J. Boyle as Trustee & President. The Fund can be reached at: Michael A. Ewald Bain Capital Private Credit 200 Clarendon Street, 37th Floor Boston, MA 02116 Telephone: (617) 516-2000 About Hellers Hellers is one of Australasia's suppliers of value-added meat products. The company is passionate about making every mealtime a great time, with its delicious range of classic and innovative flavour combinations. INFINITY PHARMACY: Lenders Warned Priceline Franchisee of Risks --------------------------------------------------------------- Carrie LaFrenz at The Australian Financial Review reports that lenders to the country's biggest operator of Priceline stores had warned the company it had to create a real board to review its operations and finances more than a year before it collapsed and was put up for sale. According to the Financial Review, the failure of Infinity Pharmacy amid soaring debts last year exposed serious questions about how Priceline, the cornerstone of retail conglomerate Wesfarmers' push into the lucrative healthcare market, was performing. Dozens of Infinity stores are now on the auction block. Correspondence from GCI Funds to Infinity shows concerns from lenders as far back as November 2024, with demands the company agree to an 11-step plan which included wide-ranging actions from restructuring multiple debt facilities to creating a board to oversee a divestment program, the Financial Review relates. "The board should consist of at least 3 directors and, where appropriate, have delegation authority to key individuals including the CFO," the letter to Infinity from GCI Funds co-founder Gavin Solsky read. He added that the lender believed the company was already in breach of loan obligations. "We thought it helpful to share with you the agreed action items . . . to respond to existing defaults that are subsisting under the facility agreement with GCI, to stabilise Infinity's balance sheet and to provide a pathway to profitability," the email read. Solsky added that directors needed to "sign a monthly representation that they have not increased the financial indebtedness of any Infinity entity of which they are a director". Infinity operated 91 pharmacies, mostly under the Priceline brand. GCI Funds is owed about $60 million of about $400 million in outstanding debts after Wesfarmers put half of Infinity's pharmacies into receivership in late December amid a dispute over $400 million it was owed alongside others, including Westpac and Commonwealth Bank, the Financial Review discloses. The rest of the Infinity chain was also placed into administration, and the entire network is being sold in a process overseen by advisory firm Teneo. The Australian Financial Review reported in March that four parties remained in the sale process, including Alchemi, owned by Richard Matta, who runs the discount Perfume Empire chain, and Priceline franchise partner Andrew Twist, who is leading a consortium of pharmacists. According to the Financial Review, the GCI letter shows the complex and disorganised nature of the business inherited by Perth-headquartered conglomerate Wesfarmers when it acquired Australian Pharmaceutical Industries – which owns Priceline and a drug wholesaling division – in 2022 for $687 million. It is a complicated market, with long-standing rules that limit how many pharmacies a pharmacist can own, the Financial Review states. Chemist Warehouse has navigated those regulations to become a $30 billion, ASX-listed giant after a merger with Sigma Healthcare early last year, but most other businesses in the industry have less developed governance and management. For instance, Infinity never had a formal board. Instead, it had eight senior shareholders act as directors, the Financial Review says. Before the administration, two directors controlled about 52 per cent of the company at the top of the corporate structure, with individual pharmacies each having different ownership. Wesfarmers had also raised concerns about Infinity, telling other franchisees its problems were driven by its "aggressive acquisition of new pharmacies, funded via expensive, high-interest-rate debt". The Financial Review adds that Emily Amos, the managing director of Wesfarmers Health, said on April 7 the company had "worked tirelessly over many years with Infinity to support them to trade through significant financial challenges". "Despite this, Infinity failed to meet their financial obligations, worsening their debt position and placing their network of pharmacies in an untenable situation, highlighting the risk of debt-fuelled pharmacy network growth," she said. Rod Corkill, who was acting as Infinity's chief financial officer at the time, raised concerns about the borrowings in November, a month before Wesfarmers called in receivers. In an email to staff, Mr. Corkill asked about borrowings from another lender, Medpro Finance, asking whether Westpac and CBA had agreed to the issuance of security over a pharmacy in Victoria. "Without appropriate consents we are in breach of the senior bank's and potentially other financier's facility agreements," he wrote. Corkill declined to comment, as did Teneo. Medpro, which had been lending to Infinity since at least late 2023, including $4.4 million to pay suppliers, also declined to comment, saying it could not discuss "borrower situations," adds the Financial Review. About Infinity Pharmacy Infinity was founded 15 years ago by managing director Ameet Jeraj, who rapidly expanded the group. But the business last year owed more than AUD400 million to creditors, which included Wesfarmers, when it was put into receivership, the Financial Review discloses. Martin Ford, Daniel Bryant, Stephen Longley and Mahala Hazell of Teneo were appointed as administrators of Infinity Pharmacy Group Pty, IPG Pacific Fair Pty Ltd, IPG Woodford Pty Ltd and Krina K Pty Ltd on Dec. 18, 2025. SMEATON BATHROOMS: First Creditors' Meeting Set for April 16 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Smeaton Bathrooms Pty Ltd will be held on April 16, 2026, at 10:00 a.m. via Microsoft Teams. Amanda Lott of ACRIS was appointed as administrator of the company on April 2, 2026. TARTAN BIDCO: Bain Capital Marks AUD3.1MM 1L Loan at 34% Off ------------------------------------------------------------ Bain Capital Private Credit has marked its AUD3,173,000 loan extended to Tartan Bidco Pty. Ltd. to market at AUD2,106,000 or 66% of the outstanding amount, according to Bain Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Bain Capital Private Credit is a participant in a First Lien Senior Secured Loan extended to Tartan Bidco Pty. Ltd. The 1L Loan accrues interest at a rate of BBSY 5.25%, 8.96% per annum. The 1L Loan matures on Dec. 31, 2027. Bain Capital Private Credit is a business development company that provides flexible private credit and financing solutions to middle-market and other corporate borrowers. The Fund is led by Michael A. Ewald as Trustee & Chief Executive Officer (Principal Executive Officer) and Michael J. Boyle as Trustee & President. The Fund can be reached at: Michael A. Ewald Bain Capital Private Credit 200 Clarendon Street, 37th Floor Boston, MA 02116 Telephone: (617) 516-2000 About Tartan Bidco Pty. Ltd. Tartan Bidco Pty. Ltd. is a corporate borrower financed through a first-lien senior secured loan, indicating a leveraged capital structure supported by floating-rate interest tied to the Australian bank bill swap rate. WELLBEING COMMUNITY: Second Creditors' Meeting Set for April 13 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Wellbeing Community Support Pty Ltd, trading as Mona's Pacific Store & Café, has been set for April 13, 2026, at 11:00 a.m. via teleconference facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by April 10, 2026 at 4:00 p.m. Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed as administrator of the company on March 11, 2026. =============== C A M B O D I A =============== CAMBODIA: Moody's Alters Outlook on 'B2' Issuer Ratings to Stable ----------------------------------------------------------------- Moody's Ratings has changed the outlook on the Government of Cambodia to stable from negative and affirmed its B2 long-term issuer ratings. The change in outlook to stable reflects Moody's assessments that the key downside risks underpinning the previous negative outlook are now less likely. In particular, the risk of a severe and persistent tariff shock from the US has diminished following the reduction of US tariffs on Cambodian exports to levels broadly in line with regional peers. Moody's expects GDP growth to moderate and stabilize at a lower rate in the near term, reflecting outstanding tariffs uncertainty, border tensions with Thailand that are weighing on tourism and remittance inflows, as well as additional downside risks from the prolonged disruption in the Middle East. However, Moody's expects Cambodia to absorb the external shock without a material weakening of its fiscal metrics, foreign direct investment inflows, and without significant erosion of external buffers amid strong reserve coverage. The affirmation of the B2 rating balances Cambodia's low-income levels, weak institutional framework, and high dollarization, which constrain policy flexibility, against its highly affordable government debt burden and still-robust medium-term growth potential. Fiscal metrics remain supported by concessional financing, while strong reserve buffers continue to underpin external stability, notwithstanding persistent downside risks from financial sector vulnerabilities amid ongoing property market downturn. Cambodia's local and foreign currency country ceilings remain unchanged at Ba3 and B1, respectively. The two-notch gap between the local currency ceiling and the sovereign rating reflects low economic diversification, weak institutional strength, a modest government footprint, and moderate external vulnerability risk. The one-notch gap between the foreign currency ceiling and the local currency ceiling incorporates Moody's assessments of Cambodia's weak policy effectiveness, a track record of transfer and convertibility restrictions in times of stress, and a relatively open capital account. RATINGS RATIONALE RATIONALE FOR THE CHANGE IN OUTLOOK TO STABLE DOWNSIDE RISKS FROM TARIFF EASED, THOUGH GROWTH WILL MODERATE IN NEAR TERM In April 2025, Moody's revised Cambodia's outlook to negative following the announcement of a 49% reciprocal tariff, which would have represented a severe shock to growth given Cambodia's high export exposure to the US, equivalent to around 40% of total exports, or close to 20% of GDP in 2024. At that time, Moody's estimated that such a scenario could reduce real GDP growth by about 3 percentage points from 2026 onward. Since then, the US tariff rate applied to Cambodian exports has been reduced to 19%, broadly comparable to the levels faced by regional competitors. While uncertainty surrounding US trade policy and tariffs persists following the US Supreme Court ruling, Moody's estimates that the growth impact from the 19% tariff rate has declined to around a 1-percentage-point drag on real GDP growth. This materially lowers the likelihood of a sharp and sustained growth dislocation. While uncertainty surrounding transshipment-related tariffs remains, the authorities agreed to eliminate 100% of its tariffs on US products while taking measures to mitigate the risks by tightening enforcement of rules of origin such as mandatory origin certification and enhanced inspections and inter-agency coordination. Under Moody's baseline, Moody's do not expect transshipment-related tariffs to materially disrupt Cambodia's export. That said, growth is expected to moderate and stabilize at a lower rate in the near term. While exports are expected to remain resilient, driven by the garment sector and a recent pick-up in non-garment activities, including automotive components, tires, and electronics, near-term growth is being shaped by geopolitical developments and domestic vulnerabilities. Under Moody's baseline, Moody's expects tourism and remittance inflows to remain weak through 2026 amid border tensions with Thailand, with a recovery only from 2027 onward as tensions gradually normalize. In addition, a prolonged conflict in the Middle East adds further downside risks through higher import costs and continued pressure on garment exporters' margins stemming from elevated shipping and logistics costs. At the same time, financial sector risks remain elevated. The prolonged downturn in the real estate sector continues to weigh on bank asset quality and credit growth, with the large size of the banking system relative to the economy amplifying potential macro-financial risks. While Moody's do not expect an acute banking crisis, these vulnerabilities are likely to remain a drag on growth and policy flexibility over the medium term. Meanwhile, Cambodia's external position continues to be supported by strong FDI inflows and sizeable foreign-exchange reserves. Although the prolonged conflict in the Middle East and border tensions with Thailand have dampened near-term growth, Moody's do not expect these pressures to materially undermine external financing conditions. FDI has remained resilient, driven primarily by Chinese inflows into manufacturing and industrial projects, and continues to finance the current account deficit. Foreign-exchange reserves remain close to multi-year highs, standing at around US$19 billion as of early 2026, equivalent to about seven months of import coverage. RATIONALE FOR THE AFFIRMATION OF B2 RATING The affirmation of the B2 rating balances Cambodia's low income levels, weak institutional framework, and high dollarization, which constrain policy flexibility, against its highly affordable government debt burden and still-robust medium-term growth potential. Moody's expects Cambodia's debt burden to edge close to 30% in 2026 driven by wider fiscal deficits amid weakening growth and continued fiscal support for returning migrant workers from Thailand and vulnerable households, with additional risks stemming from rising energy price linked to conflicts in the Middle East. Nonetheless, Cambodia's debt level remains modest, lower than the median of B-rate sovereigns. The country largely relies on official multilateral and bilateral creditor support for government borrowings, which supports high debt affordability. Reliance on concessional loans also insulates Cambodia against the possibility of an abrupt market-driven spike in the cost of debt. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE RISK Cambodia's ESG Credit Impact Score CIS-4 indicates that the rating is lower than it would have been if ESG exposures were not present, reflecting exposure to environmental and social risks and overall weak governance profile and limited resilience. Cambodia's exposure to environmental risks (E-3 issuer profile score) is driven by physical climate risks. The economy has been subject to droughts and floods, which pose disruptions to agricultural activity and can deter tourist activity, both major economic drivers. Water management is also a consideration, reflecting very weak access to safe drinking water, with poor water storage and infrastructure facilities. Exposure to social risks (S-4 issuer profile score) remains despite a young and growing population. Low per capita incomes and poor provision of health and education services, as well as weak access to other basic infrastructure, have constrained human capital development. The influence of governance on Cambodia's credit profile (G-4 issuer profile score) reflects relatively weak institutional arrangements, a high incidence of corruption, generally weak rule of law, and transparency issues, which compound policy effectiveness. GDP per capita (PPP basis, US$): 8,194 (2024) (also known as Per Capita Income) Real GDP growth (% change): 6% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 3% (2024) Gen. Gov. Financial Balance/GDP: -3% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: 0.5% (2024) (also known as External Balance) External debt/GDP: 45.3% (2024) Economic resiliency: b1 Default history: No default events (on bonds or loans) have been recorded since 1983. On March 30, 2026, a rating committee was called to discuss the rating of the Cambodia, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has materially decreased. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Upward pressure on the ratings could arise if the government implemented reforms that were likely to address the country's institutional weaknesses, enhance the government's policy effectiveness and improve competitiveness. Such reforms would also likely contribute to a material increase in economic diversification, stronger foreign direct investment inflows and more robust per-capita income growth. Material reduction in macro prudential and banking sector risks would also likely exert upward pressure on the rating. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Downward pressure on the ratings could arise if external shocks, including renewed trade disruptions or geopolitical developments, lead to a material deterioration in growth prospects and foreign direct investment inflows beyond Moody's baseline. Such a scenario would also elevate external vulnerability risks. A downgrade could also result from a significant weakening of financial stability, including prolonged stress in the banking sector that undermines macroeconomic stability or materially worsens fiscal and external metrics. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. Cambodia's "ba3" economic strength is set below the initial score of "ba1" to reflect financial stability risks stemming from the construction and real estate sectors, which are in the midst of a slump. Moody's also factors in challenges related to economic competitiveness, a narrow export base – notwithstanding some recent diversification – and low, albeit rising incomes, which point to low shock-absorption capacity. Cambodia's "baa1" fiscal strength is set below the initial score of "a3" to reflect the contingent liability risks associated with PPP projects and the downturn in the property sector affecting real estate and construction companies. Cambodia's "b" banking sector risk is set below the initial score of "ba" to account for the stresses on the banking system caused by the prolonged slowdown in the property sector. This leads to a final scorecard-indicated outcome of Ba3-B2, compared to an initial scorecard-indicated outcome of Ba1-Ba3. The assigned rating is within the final scorecard-indicated outcome. ========= I N D I A ========= AIR INDIA: CEO Wilson Resigns Amid Losses and Regulatory Scrutiny ----------------------------------------------------------------- Reuters reports that Air India CEO Campbell Wilson has resigned, a source with direct knowledge of the matter said on April 7, as the airline grapples with persistent losses and heightened regulatory scrutiny following a crash last year that killed 260 people. Reuters relates that the news of his resignation comes just days after its bigger rival IndiGo tapped aviation industry veteran Willie Walsh as its next CEO, as the country's two largest carriers come under pressure to tackle a mounting industry crisis stemming from the Middle East conflict compounded by domestic operational challenges. Reuters reported in January that Air India's board was scouting for a new CEO to ⁠replace Mr. Wilson, a former Singapore Airlines veteran brought in to steer the Indian carrier's turnaround in 2022 after years of decline under government ownership. Reuters says the airline, which is contending with aircraft delivery delays, has also been reprimanded by regulators for safety lapses, including flying an aircraft eight times without an airworthiness certificate and running planes without checking emergency equipment. New Zealand-born Wilson's term was due to end in 2027, Reuters notes. He is currently serving a six-month notice period and plans to stay with the company until a successor is found, the source said, declining to be identified as they were not authorised to speak with media. Since taking over the top job in 2022, Mr. Wilson has steered the airline through ⁠the early and difficult stages of its turnaround, including overhauling Air India's engineering department and refurbishing planes amid supply chain disruptions, according to Reuters. "Over the last four years, Campbell did a good job in very tough circumstances," Reuters quotes Brendan Sobie, a Singapore-based independent aviation analyst, as saying. "Finding the right candidate to complete (Air India's) transformation will not be easy and Tata will particularly feel the pressure to get this right following IndiGo's recent appointment of Willie Walsh," he said. In ⁠December, Air India admitted there was a "need for urgent improvements in process discipline, communication, and compliance culture," Reuters reported. About Air India Air India Ltd -- http://www.airindia.com/-- offers passenger and cargo air transportation services. It operates a wide range of aircraft under three categories, namely, wide body, narrow body Air India Express, and Alliance Air. Air India also offers cargo handling and accommodation services. The company serves domestic and international destinations in Asia-Pacific, Europe, Africa, the Middle East, and North America. The company also provides aircraft maintenance and engineering support services. Air India is owned by the Tata Group (74.9%) and Singapore Airlines (25.1%). Air India reported consolidated annual net losses of INR10,859 crore, INR4,444 crore and INR11,387 crore for the financial years 2025, 2024 and 2023, respectively. AURANGABAD DIVISIONAL: CRISIL Cuts Rating on INR20cr LT Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Aurangabad Divisional Life Insurance Employees Co-Operative Credit Society Limited (Aurangabad Divisional LIC Society), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term 20 Crisil B/Stable (Issuer Not Bank Facility Cooperating; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Aurangabad Divisional LIC Society 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 Aurangabad Divisional LIC Society, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Aurangabad Divisional LIC Society is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Aurangabad Divisional LIC Society revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Aurangabad Divisional LIC Society, set up in 1991, caters to the employees of LIC working in the districts of Aurangabad, Nanded, and Nashik (all in Maharashtra). The society is governed by the Maharashtra Co-operatives Act, 1960. Based on a member's eligibility, LIC Society lends up to INR25 lakh. The members compulsorily contribute INR500 every month towards the share capital. The society also collects fixed deposits (main funding source), and monthly thrift deposits (though not mandatory for members; also share of such deposit is minimal). As in the case of every employee co-operative society, loan dues and deposits are deducted by LIC from the member's salary. ENTERPRISE FLEET: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Enterprise Fleet Management India Private Limited HD-103, WeWork, Prestige Central, 36, Infantry Road, Bengaluru, Karnataka Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments, Shivanahalli, Jakkur Main Road, Yelahanka, Bengaluru, 560064 Tel: +91-9845884410 Email: vinod@vrconsulting.biz Last date for submission of claims: April 26, 2026 GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of GOL Offshore Limited (GOL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of credit 60 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 125 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Long Term Loan 90 CRISIL D (Issuer Not Cooperating) Long Term Loan 96 CRISIL D (Issuer Not Cooperating) Long Term Loan 43 CRISIL D (Issuer Not Cooperating) Long Term Loan 63 CRISIL D (Issuer Not Cooperating) Long Term Loan 150 CRISIL D (Issuer Not Cooperating) Long Term Loan 360 CRISIL D (Issuer Not Cooperating) Proposed Letter of 65 CRISIL D (Issuer Not Credit & Bank Cooperating) Guarantee Proposed Long Term 298 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Short Term Loan 50 CRISIL D (Issuer Not Cooperating) Short Term Loan 100 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GOL 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 GOL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GOL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GOL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GOL is an offshore oil field service provider in India, offering support services to oil and gas companies for exploration and production activities. The company was formed when the offshore division of The Great Eastern Shipping Co Ltd (GESCL) was demerged into a separate company in October 2006. GOL entered the offshore business, with the purchase of an offshore support vessel in 1983. The company entered the drilling business with its first rig in 1987. It was also the first to own a platform supply vessel, and pioneered the fire-fighting vessel segment with two dedicated vessels. GOL has seven wholly-owned subsidiaries: Deep Water Services (India) Ltd, Deep Water Services (International) Ltd, GOL Offshore Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd, Great Offshore (International) Ltd, and GOL Salvage Services. GOL also holds a 26% equity stake in a joint venture, United Helicharters Pvt Ltd. Bharati Shipyard, along with its subsidiaries, is the single-largest shareholder in GOL, with a stake of 49.7%. INVACT SCHOOL: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Invact School Private Limited Villa No. A1, No. 153/1 Olympia Enchante, Prestige Ozone Entrance, Hagadur Main Road, Whitefield, Bangalore, Karnataka, India, 560066 Liquidation Commencement Date: March 30, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan, 8th Main, 15th Cross Malleshwaram, Bangalore - 560055 Tel: 98456 66596;080-23565641 Email: pragnya.cas@gmail.com Last date for submission of claims: April 29, 2026 KALKA AGRO: CRISIL Lowers Rating on INR9.75cr Cash Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Shri Kalka Agro Industries (SKAI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.75 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SKAI 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 SKAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKAI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in 2007, SKAI is a partnership firm of Mr Dinesh Tayal and Mr Rajesh Tayal. The firm gins and presses raw cotton (kapas) to produce cotton bales. Its manufacturing facility is at Deulgaon Raja in Maharashtra. KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kharewali Steel Private Limited (SVIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVIPL 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 SVIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1995, SVIPL is promoted by Mr. Pravin Khade, Mr. Rajesh Grover and Mr. Narendra Sharma. Company is engaged in trading of MS structural steels (angles, plates, channels TMT bars etc.) and has started manufacturing of TMT bars. KTM-SPORTMOTORCYCLE: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: KTM-SportMotorcycle India Private Limited Bajaj Auto Ltd. Complex, Block 1, Mumbai Pune Road, Akurdi, Pune, Maharashtra India, 411035 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Dipti Mehta 201-206, Shiv Smriti Chambers, 2nd Floor, 49A, Dr. Annie Beasant Road, Above Corporation Bank, Worli, West Anjaneya Temple Street, Mumbai - 400018 Tel No: +91 (22) 66119696 Email: dipti@mehta-mehta.com vliq.ktmsport@gmail.com Last date for submission of claims: April 26, 2026 LIVEVOX SOLUTIONS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Livevox Solutions Private Limited Regus Classic Centers Private Limited Bengaluru, MSR North Towers, 16th Floor Dr. Puneeth Raj Kumar Road MS Ramaiah North City, Manyata Venkateshapura, Bangalore 560045 Liquidation Commencement Date: March 25, 2026 Court: National Company Law Tribunal, Maharashtra Bench Liquidator: Anagha Anasingaraju Kanjmag & Co, 1-2 Aishwarya Sankul, G.A. Kulkarni Path, Pune, Maharashtra, 411038 Tel No: 98811 29990 Email: rp.anagha@kanjcs.com Last date for submission of claims: April 24, 2026 MAMTA TRANSFORMERS: CRISIL Cuts Rating on LT/ST Term Loans to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Mamta Transformers Private Limited (MTPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MTPL for obtaining information through letters and emails dated January 8, 2025 and March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of MTPL has been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating' basis the delay in the debt servicing obligation as per the publicly available information. Incorporated in 1995, MTPL is based in Indore (Madhya Pradesh) and is primarily engaged in the manufacturing and repairing of distribution transformers. The company is promoted by Mr. R L Ora, Mr Vineet Ora and their family members. MAREL INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Marel India Private Limited J P Classic, No.157/1, 3rd Floor, EPIP Zone, Sonnenahalli, K.R. Puram, Hobli, Bangalore - 560066 Liquidation Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anagha Anasingaraju 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opposite Joshi Railway Museum, Kothrud, Pune - 411038 Tel: 020-25466265/25461561 Email: rp.anagha@kanjcs.com Last date for submission of claims: April 25, 2026 MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mogals Educational and Charitable Trust (MECT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 16 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MECT 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 MECT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MECT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MECT continues to be 'Crisil D Issuer not cooperating'. MECT, based in Nagercoil (Tamil Nadu), was established in 2004 by Mr Mohamed Eakieem. The trust offers undergraduate, graduate, and post-graduate courses in engineering, and teacher training courses through MET College of Education, MET Engineering College, and MET Teacher Training College. NARMADA CARS: CRISIL Lowers Rating on INR8.5cr LT Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Narmada Cars Private Limited (NCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Inventory 8 Crisil B/Stable (Issuer Not Funding Facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 8.5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING')) Term Loan 3 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NCPL 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 NCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NCPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2010, NCPL, based in Baroda (Gujarat), is promoted by Mr. Bhavesh Sharma, Mr. Jignesh Sharma and Mr. Chintan Sharma. It is an authorised dealer for Toyota in Baroda and Anand. NEPTUNE LAMINATES: CRISIL Cuts Rating on INR4.4cr Term Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Neptune Laminates Private Limited (NLPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 4.4 Crisil B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING')) Crisil Ratings has been consistently following up with NLPL for obtaining information through letter and email dated February 11, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NLPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. NLPL, incorporated in 2013, is promoted by the Veraval, Gujarat-based Limbani family and others. It manufactures laminates and started commercial production in January 2015. NIANTIC INDIA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Niantic India Private Limited R-16, Srila Park Pride, Hydernagar, Hyderabad, 500049 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments, Shivanahalli, Jakkur Main Road, Yelahanka, Bengaluru, 560064 Tel: +91-9845884410 Email: vinod@vrconsulting.biz Last date for submission of claims: April 26, 2026 NOBAL BUILDTECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Nobal Buildtech Private Limited Sikka House, C-60, Preet Vihar, Vikas Marg, Delhi, Delhi, India - 110092 Insolvency Commencement Date: March 24, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: September 19, 2026 Insolvency professional: Hermant Sethi Interim Resolution Professional: Hermant Sethi C-1/2846 Sushant Lok-Phase 1, Gurugram (Haryana - 122002) Block No.1B, House No.8-C, Ashok Vihar, Phase-1, Delhi - 110052 Email: hemantmlsethi60@gmail.com AAA House, 64, 1st Floor Okhla Estate, Phase III, Near Modi Mill, New Delhi - 110020 Email: nobalbuildtech.cirp@gmail.com Last date for submission of claims: April 6, 2026 P. L. ASSOCIATES: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P. L. Associates (PL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL B/Stable (Issuer Not Cooperating) Foreign Letter 5 CRISIL B/Stable (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with PL 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 PL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PL continues to be 'Crisil B/Stable Issuer not cooperating'. PL, set up in 2010 in Gandhidham, is promoted by Mr Salabh Kumar Agarwal. It processes and trades in pine wood logs and lumbers. PINGSAFE INDIA: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Pingsafe India Private Limited 3rd Floor, 307, Sakthi Satesman, Begur Hobli, Iblur Village, Bengaluru, Karnataka, India, 560103 Liquidation Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Pramod Srihari 3rd Floor, Raj Towers, 23rd Cross, Banashankari 2nd Stage, Bengaluru - 560070 Tel: 080-41607277 Email: liquidator.pramod@capad.in Last date for submission of claims: April 25, 2026 PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Pupneja Rice Mills (PRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.20 CRISIL D (Issuer Not Cooperating) Warehouse Financing 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PRM 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 PRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PRM continues to be 'Crisil D Issuer not cooperating'. PRM was established in 1982 as a partnership firm in Jalalabad, Punjab. The firm was founded by Mr. Suraj Chand, along with his son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In 2006, Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm, and subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and Mr. Rajan Pupneja took over the business. PRM hulls and mills paddy rice. It has a processing mill with a capacity of 5 tonne per ho RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajendraguru Group (RG) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 24 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RG 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 RG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RG continues to be 'Crisil D Issuer not cooperating'. RG was established in 2016 as a partnership firm by Mr Rishabh Jain and Mr Kishor Jain. The firm is setting up a cotton ginning unit in Vijayapura, Karnataka. RAJSHREE IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rajshree Impex Private Limited (RIPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 Crisil D (Issuer Not Cooperating) Cash Credit 4 Crisil D (Issuer Not Cooperating) Long Term Loan 3.53 Crisil D (Issuer Not Cooperating) Proposed Long Term 0.47 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RIPL 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 RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in April 2014, RIPL is engaged into manufacturing of women ready-made garments(ladies kurti) for brands like W, Vatsal experience etc. RIPL is promoted by Mr. Chandakh and Mr.Laxman. Its manufacturing facility is located at Jodhpur, Rajasthan with an installed capacity of 50000 kurtis/month. RAMDEV AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Ramdev Agro Processor (SRAP) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.25 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 3.75 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SRAP 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 SRAP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRAP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRAP continues to be 'Crisil B/Stable Issuer not cooperating'. SRAP was setup in 2007 by Mr Ajit Gupta and Mr. Pramod Chandak. The firm processes raw cotton (kapas) to manufacture cotton bales and extract cotton seeds, at its unit in Akot, Akola. RELIANCE GROUP: CBI Probes INR73,000 crore Loan Fraud ----------------------------------------------------- The Hindu reports that the Central Bureau of Investigation (CBI) is probing bank loan frauds cumulatively worth INR73,000 crore in seven cases registered against the Reliance Anil Ambani Group, according to a status report filed in the Supreme Court in February. The CBI informed the court that it is actively investigating seven cases, and is probing the roles of certain public servants as well. After reviewing the status report filed by the CBI and its financial investigations counterpart, the Enforcement Directorate (ED), the apex court issued an order on March 23. ". . . the losses in the other cases also come to several thousands of crores, totalling claims of approximately INR73,006 crore," the apex court order said, referring to the CBI probe. A response from the Reliance Group to a query sent by PTI regarding this development is awaited. According to The Hindu, the ED told the court that it seized certain documents that speak about a purported "Project Help", indicating that insolvency proceedings were "deliberately" started through unrelated lenders. "According to the report, all funding for IBC (insolvency and bankruptcy code) acquisitions was arranged through a group of eight NBFCs (non-banking financial companies) . . . It is noted that claims totalling approximately INR2,983 crore were settled for INR26 crore," the Supreme Court said, after perusing the ED report. The Hindu relates that the ED also informed the court that it has constituted a special investigation team to probe these cases and is currently working on eight cases related to the Reliance Anil Ambani Group (RAAG). The Supreme Court said, "Since the preliminary facts speak for themselves, it is a situation where senior officials of the investigating agencies must collaborate and make a strong effort to uncover any irregularities, illegal acts, or collusion and connivance by public officials, especially those in the financial institutions, if any, in granting undue benefits to the management of RAAG. "While we do not express any opinion on the merits of the allegations, all that we wish to observe is that it is imperative upon the CBI and the ED to complete the investigation in a most dispassionate, fair, transparent and independent manner and take the ongoing investigation to its logical conclusion in a time-bound manner," it added. The Hindu adds that the ED also informed the three-member Supreme Court bench led by Chief Justice Surya Kant that it has "not received" certain information sought from sister probe agencies concerning this investigation. The court directed that all agencies and financial institutions shall extend their "full cooperation" to the ED and make the necessary information available in a timely fashion. It has scheduled the next hearing for April 30, The Hindu notes. Reliance Group provides telecom, financial services, construction, entertainment, power, health care, manufacturing, defence, aviation, and transportation services. RETAILMENOT INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Retailmenot India Private Limited Suite 305, Delta Wing 3rd Floor, Raheja Towers, No.177, Anna Salai, Chennai, Tamil Nadu, India, 600002 Liquidation Commencement Date: March 30, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Chennur Dwarakanath No.31, Vidya Bhavan, 3rd Floor, Rear Block, Opposite Karanji Anjaneya Temple, West Anjaneya Temple Street, Basavanagudi, Bengaluru, Karnataka - 560004 Tel No: 080-41203012 Email: dwarakanath.c@gmail.com Last date for submission of claims: April 29, 2026 RUBICON INSPECTION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rubicon Inspection Systems Private Limited (RISPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.97 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 0.33 CRISIL D (Issuer Not Cooperating) Secured Overdraft 2.00 CRISIL D (Issuer Not Facility Cooperating) Working Capital 0.20 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RISPL 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 RISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RISPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Based in Delhi and promoted by Mr Inderjeet Singh in 2007, RISPL undertakes service contracts for drain maintenance, CCTV inspection of storm water drains and sewer lines, trenchless laying of gravity pipes and underground earthwork. The company's main customers include Tata Steel Ltd, Ahmedabad Municipal Corporation, UP Jal Board and other government entities and boards. RISPL has a fleet of truck-mounted machines and excavators, which are used to carry out the jobs it undertakes. The promoter has been in the same business since 1997 through his proprietorship firm Rubicon Inspection Systems, which was reconstituted as RISPL during 2007. SHAKTI VEGETABLES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shakti Vegetables and Fruits Storage (SVFS) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.25 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 9.75 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVFS 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 SVFS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVFS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVFS continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2014, SVFS provides cold storage facilities for potatoes and fruits on rent. Its facility is in Palanpur (Gujarat), with 5000 tonne capacity, and is promoted by Mr Shamalbhai Patel and his family. The facility started operations in March 2015. SHEARVAN PURCHASING: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Shearvan Purchasing India Private Limited 103, Suncity Business Tower, 1st Floor, Golf Course Road, Sector-54, Gurgaon, Harnaya, India, 122002 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan, 8th Main, 15th Cross Malleshwaram, Bangalore - 560055 Tel No: 98456 66596; 080-23565641 Email: pragnya.cas@gmail.com Last date for submission of claims: April 26, 2026 SHEYN INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sheyn International School (SIS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIS 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 SIS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIS continues to be 'Crisil D Issuer not cooperating'. SIS was set up in 2013 as a unit of Shaurya Jyoti Foundation (also set up in 2013); it runs two schools, one each in Mango and Kandra, both in Jamshedpur (Jharkhand). Mr Avinash Singh manages the operations. SHIRT COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shirt Company (India) Private Limited (SCL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 10.88 CRISIL D (Issuer Not Cooperating) Packing Credit 16 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.81 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 13.62 CRISIL D (Issuer Not Cooperating) Term Loan 30.19 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCL 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 SCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SCL was established by Mumbai-based Mr. Shivanand Shetty in 1984. The company manufactures shirts, T-shirts, tops, dresses, and other ready-made garments for men, women, and children. SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiv Tools Engineering Private Limited (STEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STEPL 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 STEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STEPL continues to be 'Crisil D Issuer not cooperating'. STEPL was set up in 1996 as a proprietorship firm by Mr Bhikkan Singh and was reconstituted as a private limited company in 2004. The company is managed by Mr Singh, his wife, and their two sons. STEPL initially manufactured dyes, paints, and tools for automobiles and tractors. It has now diversified into manufacturing external body parts for automobiles and tractors. Its registered office is in Faridabad (Haryana). SHIVAM CORPORATION: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Shivam Corporation India (Shivam) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Shivam 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 Shivam, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Shivam is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Shivam continues to be 'Crisil D Issuer not cooperating'. Shivam trades in pig iron, cast iron, and iron scrap. It has dealership of Jayaswal Neco Industries Ltd, Tata Metaliks Ltd and Sesa Goa Ltd amongst others. Shivam has warehouses in Faridabad (Haryana), Ghaziabad (Uttar Pradesh), Samalkha (Haryana), and Delhi. SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shreenidhi Metals Private limited (SMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Inland/Import 1 CRISIL D (Issuer Not Letter of Credit Cooperating) Term Loan 2.34 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'. SMPL is engaged in the manufacturing and trading of aluminum Circles, Squares, and Hexagon plates. The company was formed by promoters Mr. Prahlad Maloo and Family. SMPL was formed in the year 2013 and started operations in August 2014. SMPL had an installed capacity of 1,800 metric ton per annum (MTPA) at its manufacturing plant located at Vadodara, Gujarat. SHUBHI AGRO INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shubhi Agro Industries Limited (SAIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Non Convertible 52.5 CRISIL D (ISSUER NOT Debentures COOPERATING) Crisil Ratings has been consistently following up with SAIL 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 SAIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities and Non Convertible Debentures of SAIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007 and promoted by Mr Nandkishore Attal, SAIL (formerly, Vaishno Devi Dairy Products Pvt Ltd) processes milk into milk concentrate, ghee, butter, skimmed milk powder, dairy whitener, curd, and paneer. The manufacturing facilities in Sahajpur near Pune, Maharashtra, have a milk-processing capacity of 0.7 million litre per day. SHYAM SUNDER: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shyam Sunder Estates Private Limited (SSEPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 30 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSEPL 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 SSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSEPL continues to be 'Crisil D Issuer not cooperating'. SSEPL, promoted by Mumbai based Darvesh group, is currently undertaking construction of residential project- 'Darvesh Grand' at Khar (West), Mumbai. SUR EXTINGUISHERS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Sur Extinguishers PVT LTD 163, Acharya Jagadish Chandra Bose Road, Kolkata, West Bengal, India, 700014 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: B Akhila 1st Floor, No 80, 5th Cross, 2nd A Main, Subashnagar, T.C. Palya Main Road, Bhatarahalli, Bangalore, Karnataka - 560049 Tel: +91-7386788418 Email: ip.akhilabolla@gmail.com Last date for submission of claims: April 26, 2026 TEKZA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tekza Ceramic LLP (TCL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.48 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 4.34 CRISIL D (Issuer Not Cooperating) Working Capital 2.18 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with TCL 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 TCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. TCL manufactures parking tiles which are sold under the brand name, Tekza. The manufacturing facility is at Morbi. TEZALPATTY TEA: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tezalpatty Tea Private Limited (TTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.97 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TTPL for obtaining information through letter and email dated February 12, 2026 among others, apart from telephonic communication. However, the issuer hhas 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 TTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TTPL continues to be 'Crisil D Issuer not cooperating'. TTPL was set up in 1994, TTPL by the promoters, Mr Adilur Rahman, Mr Atikur Rahman, Ms Nilufar Rahman, and Ms Rumena Rahman. The company plants and processes organic Assam tea. It also manufactures conventional tea by purchasing leaves from other tea estates. THERMO PRODUCTS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Thermo Products Private Limited Plot No. 5, Gat No. 906, Sanaswadi, Tal. Shirur, Maharashtra, Pune - 412208 Liquidation Commencement Date: March 17, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Anil Kashi Drolia B-906, Park Side 1, Raheja Estate, Kulupwadi, Near National Park, Borivali-East, Mumbai, Maharashtra - 400066 Email: anildrolia@gmail.com Bajaj Bhavan, 2nd Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021 Email: thermo.liquidation@gmail.com Last date for submission of claims: May 1, 2026 ========= J A P A N ========= SHARP CORP: S&P Upgrades LT ICR to 'B' on Confirmed Refinancing --------------------------------------------------------------- S&P Global Ratings raised to 'B' from 'B-' its long-term issuer credit rating on Sharp Corp. and its overseas subsidiaries, and removed them from CreditWatch. S&P had placed the ratings on CreditWatch with positive implications on Dec. 19, 2025. S&P affirmed its 'B' short-term issuer credit rating. The stable outlook reflects S&P's view that relatively stable, albeit weak, performance will continue, and Sharp will maintain its financial base. Sharp Corp. will ease some pressure on its liquidity, in our view. The company has agreed with banks to refinance approximately JPY390 billion in loans due in April 2026, which account for over 80% of its borrowings. S&P believes the completion of this refinancing demonstrates a certain degree of lender support. S&P said, "We expect Sharp's performance to continue recovering gradually over the next one to two years. We anticipate losses will narrow in the small-to-medium-sized LCD business. The cessation of production at the loss-making Kameyama No. 2 plant will drive this, coupled with increased sales of high-margin products such as LCDs for automotive applications." The brand business, including home appliance and office equipment, will likely suffer amid a slowdown in replacement demand for PCs, which was strong through the first half of fiscal 2025 (ended Sept. 30, 2025). Additional pressure will come from rising memory prices over the next year or so. S&P said, "We believe the company will continue to generate relatively stable, albeit low, profits, underpinned by its market position in home appliances and copiers. "As a result, we forecast annual consolidated operating profit of approximately JPY30 billion (after our adjustments) for fiscal 2025, increasing to JPY40 billion-JPY60 billion in the following one to two years. "The company's debt dependency will likely remain high and its financial position weak for the next year or so. We estimate the debt-to-EBITDA ratio declined to 7x-8x as of March 2026 due to sales of assets and businesses. The ratio was over 10x as of March 2025. We expect it to remain above 5x in fiscal 2026 as the pace of financial recovery slows. "Although profits are recovering, we believe free cash flow will remain approximately JPY10 billion-JPY20 billion this year. This is due to continued capital and growth investments while asset and business sales subside. "We believe the company's funding will continue to heavily rely on the support of banking groups. We estimate that over JPY300 billion in bank borrowings will remain outstanding even after this refinancing. Given the new loans' maturity date of March 2028, we believe Sharp may need to engage in another round of refinancing negotiations with banking groups within the next one to two years. This will somewhat constrain the company's creditworthiness. "Given the company's completion of the latest refinancing and stable performance, we do not anticipate that Sharp will face significant difficulties in such negotiations. "The stable outlook reflects our view that the company's consolidated earnings will remain relatively stable, albeit at low levels, despite the challenging competitive environment across all businesses. It also reflects our view that the company will maintain its current financial base, even with a certain amount of capital and growth investments." S&P may consider a downgrade if it sees a heightened likelihood of any of the following: -- Sharp posts operating losses again, because of a worsening in external business conditions and the competitive environment. -- The company's equity decreases significantly. -- Banks' support for Sharp weakens. -- Parent company Hon Hai's financial support for Sharp weakens. S&P may consider an upgrade if it sees no change in the support stance of Sharp's bank syndicate in addition to a heightened likelihood of all of the following situations: -- Sharp secures operating and net profits on a consolidated basis -- Debt to EBITDA incorporating some cash declines and stays below 5.0x -- There is no change in Hon Hai's support stance. S&P will consider no change in the support stance of the banks if, for example, the company successfully renews its JPY200 billion commitment line in April 2027, and there is a reasonable expectation that a new loan maturing in March 2028 will also be refinanced. ===================== N E W Z E A L A N D ===================== CAMPAIGN CONSTRUCTION: Court to Hear Wind-Up Petition on May 7 -------------------------------------------------------------- A petition to wind up the operations of Campaign Construction Limited will be heard before the High Court at Auckland on May 7, 2026, at 10:00 a.m. Summit Plumbing Limited filed the petition against the company on March 17, 2026. The Petitioner's solicitors are: Lisa McKeown Joshua Pietras c/o Duncan Cotterill Level 7, Duncan Cotterill House 50 Customhouse Quay Wellington 6011 ELITE STOPPERS: Creditors' Proofs of Debt Due on April 30 --------------------------------------------------------- Creditors of Elite Stoppers Limited 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 24, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 JAY MATAJI: Court to Hear Wind-Up Petition on April 23 ------------------------------------------------------ A petition to wind up the operations of Jay Mataji Food Pty Limited will be heard before the High Court at Napier on April 23, 2026, at 2:15 p.m. Bidfood Limited (trading as Bidfood Foodservice Hawkes Bay) filed the petition against the company on March 10, 2026. The Petitioner's solicitor is: Ivan Milan Vodanovich Vodanovich Law 4A Shamrock Drive Kumeu, Auckland JDR CONTRACTING: Creditors' Proofs of Debt Due on April 30 ---------------------------------------------------------- Creditors of JDR Contracting Limited 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 30, 2026. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 SPRUCE GROUP: Creditors' Proofs of Debt Due on May 6 ---------------------------------------------------- Creditors of Spruce Group Limited are required to file their proofs of debt by May 6, 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: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 ===================== P H I L I P P I N E S ===================== ABS-CBN CORP: Piki Lopez Raises Conflict-of-Interest Issues ----------------------------------------------------------- Bilyonaryo.com reports that the fight over saving ABS-CBN from financial collapse has exposed a bigger issue inside the Lopez empire: who is really in charge, whose interests are being protected, and why half a billion pesos was burned on shares now worth only a fraction of what the family paid. Based on documents obtained by Bilyonaryo, Lopez Inc. president Federico "Piki" Lopez is now openly questioning whether some members of the LI board led by former ABS-CBN chairman Gabby Lopez were ever in a position to make a neutral decision on the proposed capital infusion into ABS-CBN. Federico pointed out that the bailout request itself was routed through LI because of how tightly intertwined the family holding firm is with ABS-CBN, according to Bilyonaryo.com. "ABS-CBN wanted infusion from the major stockholders. They wrote LI because it is where mostly family members are. Also, a number of the family members on the board are closely affiliated. They either work there or they get compensated from ABS-CBN," said Piki. "Members of LI more directly related to ABS-CBN are Eugenio III (Gabby), Rafael, Martin, Martin's wife also works at ABS, Miguel Ernesto, his wife also works at one of the subsidiaries . . . So, four members of the LI Board are directly related to ABS-CBN," he added. Bilyonaryo.com says Gabby and LI chairman Rafael are brothers representing the Geny Lopez side of the family under Crème on the LI board. Martin, the ABS-CBN president, and Miguel Ernesto are brothers of Manuel "Beaver" Lopez Jr., who represents the Manolo Lopez side of the family under Mantes. Bilyonaryo.com relates that Piki said that overlap raises serious questions about the board's independence. Last November, Gabby's camp pushed at the LI board to pour PHP2 billion in fresh funds into ABS-CBN, which was on the verge of liquidation due to massive debt and mounting losses, Bilyonaryo.com recalls. Piki, his brother Jay, and sister Mercedes, who represent the Oscar Lopez side of the family under Croslo, opposed the move out of financial caution and transparency concerns, especially after an earlier investment had already gone sour, according to Bilyonaryo.com. "There was a previous request to infuse money and money was infused about PHP500 million . . . and bought some unissued shares at about PHP15. Since that time, the price went down to less than PHP4," Piki said, Bilyonaryo.com relays. This was the main reason Piki's bloc opposed the additional PHP2 billion investment in ABS-CBN, of which about PHP1.1 billion would allegedly go to the retirement benefits of 68 executives in Gabby's inner circle. Bilyonaryo.com relates that Piki's bloc said it wanted to avoid pouring more money into a business that was already bleeding. It also urged the other cousins to think about future generations of the Lopez family, especially since some relatives were already unhappy about the earlier PHP500 million investment. Because the Croslo branch was far removed from ABS-CBN's day-to-day operations, Piki's bloc conducted its own informal review, Bilyonaryo.com says. It said getting information took too long and left them with many unanswered questions, while the review uncovered several red flags that management had yet to address. That was why they decided to send a letter to both ABS-CBN management and the LI board. In the end, Piki's bloc believed the most prudent move was to stop throwing good money after bad, especially when the first PHP500 million still had no clear path to recovery. After being rebuffed on the PHP2 billion request, Gabby's camp raised PHP500 million in emergency funds for ABS-CBN: PHP300 million from LI's "rainy day" fund, and PHP100 million each from Gabby and Beaver. A few months later, the camps of Gabby, Beaver, and Maria Eugenia L. Psinakis-Brown, who represents the Presentacion Lopez branch of the family under Presta, voted 5-2 to oust Piki as LI president during a Zoom meeting on Feb. 27. Bilyonaryo.com adds that Piki recently secured a court injunction stopping Gabby's bloc from removing him not only from LI, but also from First Philippine Holdings Corp., First Gen, and Lopez Holdings. About ABS-CBN ABS-CBN Broadcasting operated a network of TV & radio stations in the Philippines. The Company produced entertainment and news programs for basic and cable channels. On May 5, 2020, the National Telecommunications Commission (NTC) issued a cease-and-desist order (CDO) against ABS-CBN, immediately directing it to stop broadcast operations in radio and television. The order followed the expiration of ABS-CBN's broadcast franchise on May 4, 2020. On July 10, 2020, members of the House of Representatives denied ABS-CBN's renewal franchise application, citing several issues on the network's prior 25-year franchise. The network has now rebranded itself as a mass content company and produced television programs, films and other entertainment content through partnerships with independent production companies and broadcasters. ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from PHP2.46 billion in 2022. ABS-CBN posted PHP4.37 billion net loss in 2024. ================= S I N G A P O R E ================= ECOSUBSEA SINGAPORE: Placed Under Provisional Liquidation --------------------------------------------------------- Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on March 30, 2026, were appointed as provisional liquidator of Ecosubsea Singapore Pte. Ltd. The provisional liquidator can be reached at: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 FUNSAGA PTE: Creditors' Proofs of Debt Due on May 5 --------------------------------------------------- Creditors of Funsaga Pte. Ltd. are required to file their proofs of debt by May 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 30, 2026. The company's liquidators are: Abuthahir s/o Abdul Gafoor Yessica Budiman c/o AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 GLOBAL LEADERSHIP: Creditors' Proofs of Debt Due on May 6 --------------------------------------------------------- Creditors of Global Leadership Summit Singapore Limited are required to file their proofs of debt by May 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2026. The company's liquidator is: Mr. Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 LOGIXTICS INC: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 27, 2026, to wind up the operations of Logixtics Inc Pte. Ltd. Fal SG Loop Partnership filed the petition against the company. The company's liquidators are: Goh Wee Teck Ng Kian Kiat c/o RSM SG Corporate Advisory Pte. Ltd. 8 Wilkie Road #03-08, Wilkie Edge Singapore 228095 PROVIDORE SINGAPORE: Commences Wind-Up Proceedings -------------------------------------------------- Members of The Providore Singapore (PLQ) Pte. Ltd., The Providore Singapore (DTG) Pte. Ltd., The Providore Singapore (VC) Pte. Ltd., and The Providore Singapore Pte. Ltd. on March 27, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o ClearView Associates 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 ===================== S O U T H K O R E A ===================== HANWHA TOTALENERGIES: Moody's Confirms 'Ba1' CFR & Unsecured Rating ------------------------------------------------------------------- Moody's Ratings has confirmed Hanwha TotalEnergies Petrochemical Co., Ltd.'s (HTP) Ba1 corporate family rating and senior unsecured rating, with a negative outlook. Previously, the ratings were on review for downgrade. This concludes Moody's ratings review that was initiated on December 04, 2025. "The confirmation reflects Moody's expectations of a significant improvement in HTP's earnings in 2026, supported by its condensate-driven feedstock advantage and stronger refining earnings, which should substantially reduce financial leverage," said Sean Hwang, Vice President and Senior Analyst at Moody's Ratings. "The negative outlook underscores continued uncertainty over the sustainability of this profitability improvement, amid the persistent industry overcapacity and evolving sector restructuring in Korea," adds Hwang. RATINGS RATIONALE Based on Moody's baseline scenario for the Middle East that assumes no major damage to key production facilities or infrastructure for the global economy, Moody's projects that HTP's adjusted EBITDA will turn around sharply to KRW600 billion-KRW700 billion in 2026 from a small EBITDA loss in 2025. Moody's also expects HTP to use excess cash to reduce its adjusted debt to around KRW2.2 trillion (a measure including the hybrid instrument) by the end of 2026 from KRW2.5 trillion at the end of 2025. As a result, adjusted debt/EBITDA will improve to 3.0x-3.5x from last year's very weak level. The sharp earnings improvement will be mainly attributed to high refining margins for HTP's petroleum output, such as jet kerosene and diesel, and better aromatics spreads since the beginning of the year. In addition, HTP's use of condensate as primary feedstock and geographically diversified feedstock sourcing, compared with predominantly naphtha-based competitors, will allow the company to maintain a relatively high operating rate despite the ongoing disruptions in the Strait of Hormuz. Nonetheless, there is uncertainty over HTP's ability to sustain robust profitability once the energy supply from the Middle East normalizes, given the persistent industry overcapacity. The government-led restructuring of Korea's petrochemical sector has been gathering pace, including announced plans that involve capacity rationalization at major industrial complexes. Moody's expects such measures to support domestic spreads over time, but the magnitude and timing of benefits remain to be seen, particularly against the backdrop of continued capacity additions in China and Korea. In terms of environmental, social and governance (ESG) factors, HTP is exposed to increasingly stringent environmental and safety regulations. The company also maintains a reasonably prudent financial policy and a balanced ownership structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could change the outlook to stable if HTP improves its earnings in a sustained manner, such that its adjusted debt/EBITDA improves and stays below 5.0x. The ratings could be downgraded if HTP's adjusted debt/EBITDA remains above 5.0x. The principal methodology used in these ratings was Chemicals published in February 2026. HTP's Ba1 ratings are three notches above the scorecard-indicated outcome of B1. The difference mainly reflects the projected recovery of its financial metrics from last year's very weak levels. Hanwha TotalEnergies Petrochemical Co., Ltd. is a leading vertically integrated petrochemicals manufacturer in Korea with a total annual production capacity of about 13.6 million tons as of December 31, 2025. Its key products include base chemicals, polymers and energy products. It is 50%-owned by Hanwha Impact Corporation and 50%-owned by TotalEnergies SE through its subsidiary, TotalEnergies Holdings UK Limited. =============== X X X X X X X X =============== [] SG, Indonesia Ink MOU on Cross-Border Insolvency Cooperation --------------------------------------------------------------- On March 30, 2026, the Supreme Court of Singapore and the Supreme Court of Indonesia signed a Memorandum of Understanding (MOU) to Enhance Cross-Border Communication and Cooperation in Cross-Border Insolvency Proceedings. The signing ceremony was held on the sidelines of the inaugural Judicial Well-Being Workshop for ASEAN Judges in Bali, Indonesia, with The Honourable the Chief Justice Sundaresh Menon of Singapore and Chief Justice Prof. Dr. H. Sunarto, S.H., M.H. of Indonesia as the MOU signatories. The MOU is another significant milestone in the robust ties between the two jurisdictions, following their first bilateral agreement for judicial cooperation in 2023. Building upon the Model Framework for Communication and Cooperation Between ASEAN Courts in Cross-Border Insolvency Proceedings (Model Framework) approved at the 12th Council of ASEAN Chief Justices Meeting in November 2025, this MOU aims to further improve communication and cooperation in insolvency and restructuring through the designated liaison points, ensuring smoother coordination in the resolution of cross-border insolvency proceedings. By formalising how both courts communicate and providing clarity to stakeholders, the MOU enables more efficient restructuring processes for companies operating across both countries. Indonesia is the latest ASEAN jurisdiction to join the Singapore judiciary in affirming its commitment to cooperation and communication in cross-border insolvency proceedings by entering into bilateral arrangements. This follows the 2021 protocol on court-to-court communication and cooperation in cross-border corporate insolvency matters with the Federal Court of Malaysia and the 2025 MOU to enhance cross-border communication and cooperation in cross-border insolvency proceedings with the Supreme Court of the Philippines, demonstrating the commitment of ASEAN judiciaries to adopting the Model Framework. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***